Removal of Servicer. Upon the occurrence of an Event of Default, in addition to any other rights it may have pursuant to this Agreement, any Ancillary Document or applicable Law (including the Uniform Commercial Code), whether at law or in equity and whether pursuant to statute or regulation or otherwise, the Initial Member shall have the right to take, at the Initial Member’s option and the Manager’s expense, one or more of the following actions: (i) upon notice in writing to the Manager (effective at such time as is specified in such notice), to act on behalf of the Manager (in its individual capacity) to terminate the existing Servicer (and any Subservicers) and to cause the Manager (in its individual capacity) to enter into a new Servicing Agreement with a servicer (a “successor Servicer”) selected by Initial Member (in its sole and absolute discretion), and (ii) upon notice in writing to the Manager (effective at such time as is specified in such notice), to remove the Private Owner as the Manager and appoint a successor Manager (which successor Manager may be the Initial Member) in the sole discretion of the Initial Member, whereupon (without limitation of Section 13.5), such successor Manager shall immediately succeed to all, or such portion as the Initial Member and successor Manager agree, of the rights and obligations of the Private Owner as the Manager of the Company, and, in such case, the Initial Member shall further have the right (A) to terminate the Servicer (in its sole and absolute discretion), and cause or permit the successor Manager selected by the Initial Member (and/or the Company directly, as determined by the Initial Member in its sole discretion) to enter into a Servicing Agreement with a successor Servicer, such Servicing Agreement to be between the applicable successor Manager (and/or the Company) and the successor Servicer chosen by Initial Member, or (B) to retain the existing Servicer and cause or permit the successor Manager (and/or the Company directly, as determined by the Initial Member in its sole discretion) to enter into a new Servicing Agreement between such successor Manager (and/or the Company) and the Servicer (or to effect an assignment of the existing Servicing Agreement from the existing Manager (in its individual capacity) to such successor Manager (and/or the Company). None of the Initial Member, any successor Manager or the Company shall have any obligation to assume any obligations or liabilities of the removed Manager (in its i...
Removal of Servicer. The Depositors may, with the prior written consent of the Certificate Insurer and a Majority in Aggregate Voting Interest, remove the Servicer upon 90 days' prior written notice to the Servicer. No such removal shall become effective until a successor (other than the Trustee, unless the Trustee agrees to so act) has assumed the Servicer's responsibilities and obligations hereunder in accordance with Section 9.02. The Servicer shall promptly notify each Rating Agency of such removal.
Removal of Servicer. If the Trustee has determined that:
Removal of Servicer. The Certificate Insurer or the Holders of Certificates representing a Majority in Aggregate Voting Interest may, with the prior written consent of the Certificate Insurer, remove the Servicer upon the occurrence of and continuation of a Servicer Default upon 90 days' prior written notice to the Servicer. No such removal shall become effective until a successor (other than the Trustee, unless the Trustee agrees to so act) has assumed the Servicer's responsibilities and obligations hereunder in accordance with SECTION 9.02. The Servicer shall promptly notify each Rating Agency of such removal.
Removal of Servicer. ARTICLE X
Removal of Servicer. Upon the occurrence of an Event of Default, in addition to any other rights it may have pursuant to this Agreement, any Transaction Document or applicable Law (including the Uniform Commercial Code), whether at law or in equity and whether pursuant to statute or regulation or otherwise, the Initial Member shall have the right to take, at the Initial Member’s option and the Manager’s expense, one or more of the following actions: (i) upon notice in writing to the Manager (effective at such time as is specified in such notice), to act on behalf of the Manager (in its individual capacity) to terminate the existing Servicer (and any Subservicers) and to cause the Manager (in its individual capacity) to enter into a new Servicing Agreement with a servicer (a “successor Servicer”) selected by Initial Member (in its sole and absolute discretion), and (ii) upon notice in writing to the Manager (effective at such time as is specified in such notice), to remove the Private Owner as the Manager and appoint a successor Manager (which successor Manager may be the Initial Member) in the sole discretion of the Initial Member, whereupon (without limitation of Section 13.5), such successor Manager shall immediately succeed to all, or such portion as the Initial Member and successor Manager agree, of the rights and obligations of the Private Owner as the Manager of the Company, and, in such case, the Initial Member shall further have the right
Removal of Servicer. So long as any Notes are outstanding, the Issuer shall not remove the Servicer without cause unless the Rating Agency Condition shall have been satisfied in connection with such removal.
Removal of Servicer. The Certificate Insurer or the Holders of Certificates representing a Majority in Aggregate Voting Interest may, with the prior written consent of the Certificate Insurer, remove the Servicer upon the occurrence of and continuation of a Servicer Default or a Termination Without Cause Event upon 90 days' prior written notice to the Servicer (or 30 days' prior written notice in the case of a Servicer Default described in Section 10.01(a)(viii)). No such removal shall become effective until a successor (other than the Trustee, if the Trustee agrees to so act) has assumed the Servicer's responsibilities and obligations hereunder in accordance with Section 9.02. The Trustee shall promptly notify each Rating Agency and the NIMS Insurer of such removal.
Removal of Servicer. Upon the occurrence and during the continuation of a Servicer Replacement Event, the Borrower may, upon consent of the Agent acting at the direction of the Majority Lenders and shall, at the direction of the Agent acting at the direction of the Majority Lenders (i) terminate the Servicing Agreement in accordance with Section 12(b) thereof and/or (ii) proceed by appropriate court action to enforce [Warehouse Loan Agreement] performance of the Servicing Agreement by the Servicer and/or recover actual direct (and not consequential) damages which result from a breach of any of the Servicer’s representations, warranties or covenants thereunder. In the event that the Servicing Agreement is terminated as provided in clause (o)(i) above or otherwise, the Agent shall be entitled to direct the Borrower to enter into (or, if the Borrower fails to promptly take such direction, the Agent may enter into on the Borrower’s behalf) a new servicing agreement with a successor servicer on terms satisfactory to the Agent.
Removal of Servicer. 37 Section 7.1 Removal of Servicer; Resignation of Servicer. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 Section 7.2 Notification to Certificateholders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 ARTICLE VIII. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 Termination . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 Section 8.1 Termination of Agreement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 Section 8.2 Termination Upon Exercise of Collateral Purchase Options and Servicer's Optional Termination Right. . . . . . 41 Section 8.3 Disposition of Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 Section 8.4
