Common use of Termination and Resignation of Master Servicer Clause in Contracts

Termination and Resignation of Master Servicer. 11.1(1) In the Absence of a Guarantor Event of Default. Prior to a Guarantor Event of Default or if a Guarantor Event of Default has occurred and has been cured with respect to a Trust, Xxxxxx Xxx cannot be removed as Master Servicer with respect to that Trust. A successor to Xxxxxx Mae as Master Servicer (if Xxxxxx Xxx has resigned pursuant to Subsection 11.1(2)) may be removed by the Guarantor (or, if a Guarantor Event of Default has occurred and has not been cured, by the Trustee) upon not less than 60 days’ written notice to that successor Master Servicer.

Termination and Resignation of Master Servicer. 11.1(1) In the Absence of a Guarantor Event of Default. Prior to a Guarantor Event of Default or if a Guarantor Event of Default has occurred and has been cured with respect to a Trust, Xxxxxx Xxx cannot be removed as Master Servicer with respect to that Trust. A successor to Xxxxxx Mae Xxx as Master Servicer (if Xxxxxx Xxx has resigned pursuant to Subsection 11.1(2)) may be removed by the Guarantor (or, if a Guarantor Event of Default has occurred and has not been cured, by the Trustee) upon not less than 60 days’ written notice to that successor Master Servicer.