Common use of Removal of Designated Servicing Agreements Clause in Contracts

Removal of Designated Servicing Agreements. (A) With the prior written consent of the Administrative Agent, the Receivables Seller or the Servicer may remove any Servicing Agreement as a Designated Servicing Agreement under Section 2(d) of the Receivables Sale Agreement, whereupon such agreement shall no longer constitute a “Designated Servicing Agreement” for purposes of this Indenture (except that, unless the Issuer conducts a Permitted Refinancing, Receivables related to Advances made by the Servicer pursuant to that agreement prior to its removal shall continue to be part of the Trust Estate, in which case the Receivables Seller may not assign to another Person any Receivables arising under that Servicing Agreement until all Receivables that arose under that Servicing Agreement that are included in the Trust Estate shall have been paid in full or sold in a Permitted Refinancing). Prior to removing any Designated Servicing Agreement as provided in this Section 2.1(c), the Issuer must (1) receive prior written approval from the Administrative Agent, which may be given or withheld in its sole discretion and (2) send prior written notice to each Note Rating Agency for Outstanding Notes.

Removal of Designated Servicing Agreements. (Ai) With the prior written consent of the Administrative Agent, the Receivables Seller or the Servicer may remove any Servicing Agreement as a Designated Servicing Agreement under Section 2(d) of the Receivables Sale Agreement, whereupon such agreement shall no longer constitute a “Designated Servicing Agreement” for purposes of this Indenture (except that, unless the Issuer conducts a Permitted Refinancing, Receivables related to Advances made by the Servicer pursuant to that agreement prior to its removal shall continue to be part of the Trust Estate, in which case the Receivables Seller may not assign to another Person any Receivables arising under that Servicing Agreement until all Receivables that arose under that Servicing Agreement that are included in the Trust Estate shall have been paid in full or sold in a Permitted Refinancing). Prior to removing any Designated Servicing Agreement as provided in this Section 2.1(c), the Issuer must (1A) receive prior written approval from the Administrative Agent, which may be given or withheld in its sole and absolute discretion and (2B) send prior written notice to each Note Rating Agency for Outstanding Notes.S&P.

Removal of Designated Servicing Agreements. (Ai) With the prior written consent of the Administrative Agent, the Receivables Seller or the Servicer may remove any Servicing Agreement as a Designated Servicing Agreement under Section 2(d2(c) of the Receivables Sale Agreement, whereupon such agreement shall no longer constitute a “Designated Servicing Agreement” for purposes of this Indenture (except that, unless the Issuer conducts a Permitted Refinancing, Receivables related to Advances made by the Servicer pursuant to that agreement prior to its removal shall continue to be part of the Trust Estate, in which case the Receivables Seller may not assign to another Person any Receivables arising under that Servicing Agreement until all Receivables that arose under that Servicing Agreement that are included in the Trust Estate shall have been paid in full or sold in a Permitted Refinancing). Prior to removing any Designated Servicing Agreement as provided in this Section 2.1(c), the Issuer must (1A) receive prior written approval from the Administrative Agent, which may be given or withheld in its sole and absolute discretion and (2B) send prior written notice to each Note Rating Agency for Outstanding Notes.S&P.