Common use of Servicer Termination Event Clause in Contracts

Servicer Termination Event. 88 SECTION 10.2 Consequences of a Servicer Termination Event................................90 SECTION 10.3 Appointment of Successor....................................................91 SECTION 10.4 Notification to Securityholders.............................................92 SECTION 10.5 Waiver of Past Defaults.....................................................93 SECTION 10.6 Action Upon Certain Failures of the Servicer................................93 ARTICLE XI TERMINATION..............................................................................93 SECTION 11.1 Optional Purchase of All Receivables........................................93

Servicer Termination Event. 88 85 SECTION 10.2 10.2. Consequences of a Servicer Termination Event................................90 ..................................................87 SECTION 10.3 10.3. Appointment of Successor....................................................91 ..................................89 SECTION 10.4 10.4. Notification to Securityholders.............................................92 Noteholders and Certificateholders.....................................90 SECTION 10.5 10.5. Waiver of Past Defaults.....................................................93 ...................................90 SECTION 10.6 10.6. Action Upon Certain Failures of the Servicer................................93 ...............................................91 TABLE OF CONTENTS (continued) Page ARTICLE XI TERMINATION..............................................................................93 SECTION 11.1 Optional Purchase of All Receivables........................................93XI

Servicer Termination Event. 88 77 SECTION 10.2 10.2. Consequences of a Servicer Termination Event................................90 ....................................................79 SECTION 10.3 10.3. Appointment of Successor....................................................91 .................................80 SECTION 10.4 10.4. Notification to Securityholders.............................................92 Noteholders and Certificateholders.......................................81 SECTION 10.5 10.5. Waiver of Past Defaults.....................................................93 ..................................82 SECTION 10.6 10.6. Action Upon Certain Failures of the Servicer................................93 .................................................82 ARTICLE XI TERMINATION..............................................................................93 SECTION 11.1 Optional Purchase of All Receivables........................................93

Servicer Termination Event. 88 71 SECTION 10.2 10.2. Consequences of a Servicer Termination Event................................90 ...............73 SECTION 10.3 10.3. Additional Consequences of a Servicer Termination Event......................................................74 SECTION 10.4. Appointment of Successor....................................................91 ...................................74 SECTION 10.4 10.5. [RESERVED].................................................72 SECTION 10.6. Notification to Securityholders.............................................92 Noteholders and Rating Agencies............76 SECTION 10.5 10.7. Waiver of Past Defaults.....................................................93 ....................................76 SECTION 10.6 Action Upon Certain Failures 10.8. Termination of the Servicer................................93 ARTICLE XI TERMINATION..............................................................................93 Trust Collateral Agent......................76 SECTION 11.1 Optional Purchase of All Receivables........................................9310.9.

Servicer Termination Event. 88 77 SECTION 10.2 9.2. Consequences of a Servicer Termination Event................................90 ........................................ 79 SECTION 10.3 9.3. Appointment of Successor....................................................91 ..................... 80 SECTION 10.4 9.4. Notification to Securityholders.............................................92 Noteholders.................. 82 SECTION 10.5 9.5. Waiver of Past Defaults.....................................................93 SECTION 10.6 Action Upon Certain Failures of the Servicer................................93 ...................... 82 ARTICLE XI TERMINATION..............................................................................93 SECTION 11.1 Optional Purchase of All Receivables........................................93X Termination

Servicer Termination Event. 88 55 SECTION 10.2 9.2. Consequences of a Servicer Termination Event................................90 ...........................56 SECTION 10.3 9.3. Appointment of Successor....................................................91 ...............................................57 SECTION 10.4 9.4. Notification to Securityholders.............................................92 Noteholders............................................58 SECTION 10.5 9.5. Waiver of Past Defaults.....................................................93 ................................................58 ARTICLE X Termination......................................................................58 SECTION 10.6 Action Upon Certain Failures of the Servicer................................93 ARTICLE XI TERMINATION..............................................................................93 SECTION 11.1 10.1. Optional Purchase of All Receivables........................................93...................................58 ARTICLE XI Administrative Duties of the Servicer...........................................59 SECTION 11.1. Administrative Duties..................................................59 SECTION 11.2. Records................................................................61 SECTION 11.3. Additional Information to be Furnished to the Issuer...................61

Servicer Termination Event. 88 65 SECTION 10.2 10.2. Consequences of a Servicer Termination Event................................90 ............................................67 SECTION 10.3 10.3. Additional Consequences of a Servicer Termination Event.................................68 SECTION 10.4. Appointment of Successor....................................................91 ................................................................68 SECTION 10.4 10.5. [RESERVED]..............................................................................72 SECTION 10.6. Notification to Securityholders.............................................92 Noteholders and Rating Agencies.........................................70 SECTION 10.5 10.7. Waiver of Past Defaults.....................................................93 .................................................................70 SECTION 10.6 Action Upon Certain Failures 10.8. Termination of the Servicer................................93 ARTICLE XI TERMINATION..............................................................................93 Trust Collateral Agent...................................................70 SECTION 11.1 Optional Purchase of All Receivables........................................9310.9.

Servicer Termination Event. 88 67 SECTION 10.2 10.2. Consequences of a Servicer Termination Event................................90 Event ........................ 69 SECTION 10.3 10.3. Consequences of an Insurance Agreement Event of Default ............. 70 SECTION 10.4. Appointment of Successor....................................................91 Successor ............................................ 70 SECTION 10.4 10.5. Notification to Securityholders.............................................92 Noteholders and Certificateholders .................. 72 SECTION 10.5 10.6. Waiver of Past Defaults.....................................................93 Defaults ............................................. 72 SECTION 10.6 Action Upon Certain Failures of the Servicer................................93 ARTICLE XI TERMINATION..............................................................................93 SECTION 11.1 Optional Purchase of All Receivables........................................9310.7.

Servicer Termination Event. 88 71 SECTION 10.2 10.2. Consequences of a Servicer Termination Event................................90 ...........................................................73 SECTION 10.3 10.3. Additional Consequences of a Servicer Termination Event................................................74 SECTION 10.4. Appointment of Successor....................................................91 ...............................................................................74 SECTION 10.4 10.5. [RESERVED].............................................................................................72 SECTION 10.6. Notification to Securityholders.............................................92 Noteholders and Rating Agencies........................................................76 SECTION 10.5 10.7. Waiver of Past Defaults.....................................................93 ................................................................................76 SECTION 10.6 Action Upon Certain Failures 10.8. Termination of the Servicer................................93 ARTICLE XI TERMINATION..............................................................................93 Trust Collateral Agent..................................................................76 SECTION 11.1 Optional Purchase of All Receivables........................................9310.9.

Servicer Termination Event. 88 64 SECTION 10.2 9.2. Consequences of a Servicer Termination Event................................90 ....................................................... 65 SECTION 10.3 9.3. Appointment of Successor....................................................91 ........................................................................... 66 SECTION 10.4 9.4. Notification to Securityholders.............................................92 Noteholders........................................................................ 67 SECTION 10.5 9.5. Waiver of Past Defaults.....................................................93 ............................................................................ 67 ARTICLE X TERMINATION 67 SECTION 10.6 Action Upon Certain Failures of the Servicer................................93 ARTICLE XI TERMINATION..............................................................................93 SECTION 11.1 10.1. Optional Purchase of All Receivables........................................93............................................................... 67 ARTICLE XI ADMINISTRATIVE DUTIES OF THE SERVICER 68

Servicer Termination Event. 88 76 SECTION 10.2 10.2. Consequences of a Servicer Termination Event................................90 ...................78 SECTION 10.3 10.3. Appointment of Successor....................................................91 .......................................80 SECTION 10.4 10.4. Notification to Securityholders.............................................92 Noteholders and Certificateholders...........................................81 SECTION 10.5 10.5. Waiver of Past Defaults.....................................................93 ........................................81 SECTION 10.6 10.6. Action Upon Certain Failures of the Servicer................................93 ...................82 ARTICLE XI TERMINATION..............................................................................93 SECTION 11.1 Optional Purchase of All Receivables........................................93

Servicer Termination Event. 88 65 SECTION 10.2 10.2. Consequences of a Servicer Termination Event................................90 ...................67 SECTION 10.3 10.3. Appointment of Successor....................................................91 .......................................68 SECTION 10.4 10.4. Notification to Securityholders.............................................92 Noteholders and Certificateholders.............69 SECTION 10.5 10.5. Waiver of Past Defaults.....................................................93 ........................................69 SECTION 10.6 10.6. Action Upon Certain Failures of the Servicer................................93 ...................69 ARTICLE XI TERMINATION..............................................................................93 SECTION 11.1 Optional Purchase of All Receivables........................................93

Servicer Termination Event. 88 SECTION 10.2 34 Section 7.02 Consequences of a Servicer Termination Event................................90 SECTION 10.3 .......................................................... 36 Section 7.03 Consequences of an Insurance Agreement Event of Default............................................... 36 Section 7.04 Appointment of Successor....................................................91 SECTION 10.4 Notification to Securityholders.............................................92 SECTION 10.5 .............................................................................. 37 Section 7.05 Waiver of Past Defaults.....................................................93 SECTION 10.6 Action Upon Certain Failures of the Servicer................................93 ARTICLE XI TERMINATION..............................................................................93 SECTION 11.1 Optional Purchase of All Receivables........................................93............................................................................... 39 Section 7.06 Additional Termination Requirements................................................................... 40

Servicer Termination Event. 88 SECTION 10.2 50 Section 9.2 Consequences of a Servicer Termination Event................................90 SECTION 10.3 ............... 51 Section 9.3 Appointment of Successor....................................................91 SECTION 10.4 ................................... 51 Section 9.4 Notification to Securityholders.............................................92 SECTION 10.5 Noteholders................................ 52 Section 9.5 Waiver of Past Defaults.....................................................93 SECTION 10.6 Action Upon Certain Failures of the Servicer................................93 .................................... 52 ARTICLE XI X TERMINATION..............................................................................93 SECTION 11.1 ................................................................. 53 Section 10.1 Optional Purchase of All Receivables........................................93....................... 53

Servicer Termination Event. 88 64 SECTION 10.2 9.2. Consequences of a Servicer Termination Event................................90 ........... 65 SECTION 10.3 9.3. Appointment of Successor....................................................91 ............................... 66 SECTION 10.4 9.4. Notification to Securityholders.............................................92 Noteholders............................ 67 SECTION 10.5 9.5. Waiver of Past Defaults.....................................................93 ................................ 67 ARTICLE X Termination.................................................... 68 SECTION 10.6 Action Upon Certain Failures of the Servicer................................93 ARTICLE XI TERMINATION..............................................................................93 SECTION 11.1 10.1. Optional Purchase of All Receivables........................................93................... 68 ARTICLE XI Administrative Duties of the Servicer......................... 69 SECTION 11.1. Administrative Duties.................................. 69 SECTION 11.2. Records................................................ 71 SECTION 11.3. Additional Information to be Furnished to the Issuer... 71

Servicer Termination Event. 88 67 SECTION 10.2 10.2. Consequences of a Servicer Termination Event................................90 ...................................... 69 SECTION 10.3 10.3. Consequences of an Insurance Agreement Event of Default........................... 70 SECTION 10.4. Appointment of Successor....................................................91 .......................................................... 70 SECTION 10.4 10.5. Notification to Securityholders.............................................92 Noteholders and Certificateholders................................ 72 SECTION 10.5 10.6. Waiver of Past Defaults.....................................................93 ........................................................... 72 SECTION 10.6 Action Upon Certain Failures of the Servicer................................93 ARTICLE XI TERMINATION..............................................................................93 SECTION 11.1 Optional Purchase of All Receivables........................................9310.7.

Servicer Termination Event. 88 69 SECTION 10.2 10.2. Consequences of a Servicer Termination Event................................90 .................70 SECTION 10.3 10.3. Additional Consequences of a Servicer Termination Event.......................................................72 SECTION 10.4. Appointment of Successor....................................................91 .....................................72 SECTION 10.4 10.5. [RESERVED]...................................................72 SECTION 10.6. Notification to Securityholders.............................................92 Noteholders and Rating Agencies..............73 SECTION 10.5 10.7. Waiver of Past Defaults.....................................................93 ......................................74 SECTION 10.6 Action Upon Certain Failures 10.8. Termination of the Servicer................................93 ARTICLE XI TERMINATION..............................................................................93 Trust Collateral Agent........................74 SECTION 11.1 Optional Purchase of All Receivables........................................9310.9.

Servicer Termination Event. 88 SECTION 10.2 51 Section 9.2 Consequences of a Servicer Termination Event................................90 SECTION 10.3 ........................................52 Section 9.3 Appointment of Successor....................................................91 SECTION 10.4 ............................................................53 Section 9.4 Notification to Securityholders.............................................92 SECTION 10.5 Secured Parties.....................................................54 Section 9.5 Waiver of Past Defaults.....................................................93 SECTION 10.6 Action Upon Certain Failures of the Servicer................................93 ARTICLE XI TERMINATION..............................................................................93 SECTION 11.1 Optional Purchase of All Receivables........................................93.............................................................54

Servicer Termination Event. 88 71 SECTION 10.2 9.2. Consequences of a Servicer Termination Event................................90 ........... 73 SECTION 10.3 9.3. Appointment of Successor....................................................91 ............................... 74 SECTION 10.4 9.4. Notification to Securityholders.............................................92 Noteholders............................ 75 SECTION 10.5 9.5. Waiver of Past Defaults.....................................................93 ................................ 75 ARTICLE X Termination.................................................... 75 SECTION 10.6 Action Upon Certain Failures of the Servicer................................93 ARTICLE XI TERMINATION..............................................................................93 SECTION 11.1 10.1. Optional Purchase of All Receivables........................................93................... 75 ARTICLE XI Administrative Duties of the Servicer......................... 76 SECTION 11.1. Administrative Duties.................................. 76 SECTION 11.2. Records................................................ 78 SECTION 11.3. Additional Information to be Furnished to the Issuer... 78

Servicer Termination Event. 88 64 SECTION 10.2 9.2. Consequences of a Servicer Termination Event................................90 ............................................... 65 SECTION 10.3 9.3. Appointment of Successor....................................................91 ................................................................... 66 SECTION 10.4 9.4. Notification to Securityholders.............................................92 Noteholders................................................................ 67 SECTION 10.5 9.5. Waiver of Past Defaults.....................................................93 .................................................................... 67 ARTICLE X TERMINATION........................................................................................... 68 SECTION 10.6 Action Upon Certain Failures of the Servicer................................93 ARTICLE XI TERMINATION..............................................................................93 SECTION 11.1 10.1. Optional Purchase of All Receivables........................................93....................................................... 68 ARTICLE XI ADMINISTRATIVE DUTIES OF THE SERVICER................................................................ 68

Servicer Termination Event. 88 89 SECTION 10.2 Consequences of a Servicer Termination Event................................90 91 SECTION 10.3 Appointment of Successor....................................................91 92 SECTION 10.4 Notification to Securityholders.............................................92 93 SECTION 10.5 Waiver of Past Defaults.....................................................93 SECTION 10.6 Action Upon Certain Failures of the Servicer................................93 94 ARTICLE XI TERMINATION..............................................................................93 94 SECTION 11.1 Optional Purchase of All Receivables........................................9394

Servicer Termination Event. 88 SECTION 10.2 65 Section 9.2. Consequences of a Servicer Termination Event................................90 SECTION 10.3 ........................................66 Section 9.3. Appointment of Successor....................................................91 SECTION 10.4 ............................................................67 Section 9.4. Notification to Securityholders.............................................92 SECTION 10.5 Noteholders.........................................................68 Section 9.5. Waiver of Past Defaults.....................................................93 SECTION 10.6 Action Upon Certain Failures of the Servicer................................93 ARTICLE XI TERMINATION..............................................................................93 SECTION 11.1 .............................................................68 Article X Termination....................................................................................68 Section 10.1. Optional Purchase of All Receivables........................................93................................................68 Article XI Administrative Duties of the Servicer.........................................................69 Section 11.1. Administrative Duties...............................................................69 Section 11.2. Records.............................................................................71 Section 11.3. Additional Information to be Furnished to the Issuer................................71

Servicer Termination Event. 88 SECTION 10.2 .. 19 Section 4.2. Consequences of a Servicer Termination Event................................90 SECTION 10.3 ............................................... 20 Section 4.3. Appointment of Successor....................................................91 SECTION 10.4 ................................................................... 21 Section 4.4. Notification to Securityholders.............................................92 SECTION 10.5 Secured Parties............................................................ 21 Section 4.5. Waiver of Past Defaults.....................................................93 SECTION 10.6 Action Upon Certain Failures of the Servicer................................93 ARTICLE XI TERMINATION..............................................................................93 SECTION 11.1 Optional Purchase of All Receivables........................................93.................................................................... 21

Servicer Termination Event. 88 63 SECTION 10.2 10.2. Consequences of a Servicer Termination Event................................90 ................65 SECTION 10.3 10.3. Appointment of Successor....................................................91 ....................................66 SECTION 10.4 10.4. Notification to Securityholders.............................................92 Noteholders and Certificateholders..........67 SECTION 10.5 10.5. Waiver of Past Defaults.....................................................93 .....................................67 SECTION 10.6 10.6. Action Upon Certain Failures of the Servicer................................93 ................67 ARTICLE XI TERMINATION..............................................................................93 SECTION 11.1 Optional Purchase of All Receivables........................................93