TERMINATION OF MASTER SERVICER. Section 8.01
TERMINATION OF MASTER SERVICER. 54 Section 8.12.
TERMINATION OF MASTER SERVICER. In the event of the occurrence of a Servicer Event of Default specified in Section 7.01 of the Sale and Servicing Agreement, the Indenture Trustee may, with the consent of the Note Insurer or, with the prior written consent of the Note Insurer, the Holder of Notes representing not less than 50% of the Note Principal Balance of the Outstanding Notes of all of the Classes, and shall, upon the written direction of the Note Insurer (or as otherwise provided in the Sale and Servicing Agreement), terminate the Master Servicer as provided in Section 7.01 of the Sale and Servicing Agreement. If the Indenture Trustee terminates the Master Servicer, the Backup Servicer shall, pursuant to Section 7.02 of the Sale and Servicing Agreement, assume the duties of the Master Servicer or appoint a successor master servicer acceptable to the Rating Agencies in accordance with the directions of the Note Insurer and meeting the requirements set forth in the Sale and Servicing Agreement.
TERMINATION OF MASTER SERVICER. 119 Section 7.01 Events of Default......................................119 Section 7.02 Trustee to Act; Appointment of Successor...............120 Section 7.03 Notification to Certificateholders.....................122
TERMINATION OF MASTER SERVICER. In the event of the occurrence of a Servicer Event of Default specified in Section 7.01 of the Sale and Servicing Agreement, the Indenture Trustee may, with the consent of the Note Insurer or, with the prior written consent of the Note Insurer, the Holder of Notes representing not less than 50% of the Note Principal Balance of the Outstanding Notes of all of the Classes, and shall, upon the direction of the Note Insurer (or as otherwise provided in the Sale and Servicing Agreement), terminate the Master Servicer as provided in Section 7.01 of the
TERMINATION OF MASTER SERVICER. Notwithstanding anything in this Agreement, the Certificate Insurer may terminate the Master Servicer at such time as is permitted under any separate agreements between them, so long as no Certificate Insurer Default has occurred and is continuing.
TERMINATION OF MASTER SERVICER. Upon the occurrence and during the continuance of a Master Servicer Default (as defined in the Servicing Agreement) specified in Section 3.05 of the Master Servicing Agreement, the Indenture Trustee may, [with the consent of the Note Insurer,] and shall, [upon the direction of
TERMINATION OF MASTER SERVICER. In the event of a Master Servicer Event of Default specified in Section 7 of the Master Servicing Agreement, the Indenture Trustee may, with the consent of the Note Insurer, and shall, upon the direction of the Note Insurer (or as otherwise provided in the Master Servicing Agreement), terminate the Master Servicer as provided in Section 7 of the Master Servicing Agreement. If the Indenture Trustee terminates the Master Servicer, the Indenture Trustee shall, pursuant to Section 7 of the Master Servicing Agreement, assume the duties of the Master Servicer or appoint a successor servicer acceptable to the Note Insurer and meeting the requirements set forth in the Master Servicing Agreement.
TERMINATION OF MASTER SERVICER. Section 6.01 Events of Default 31 Section 6.02 Indenture Trustee to Act; Appointment of Successor 32 Section 6.03 Notification to Noteholders 33 ARTICLE VII. CONCERNING THE INDENTURE TRUSTEE Section 7.01 Duties of Indenture Trustee 34 Section 7.02 Indenture Trustee Not Liable for Mortgage Loans 35 Section 7.03 Master Servicer to Pay Indenture Trustee’s and Owner Trustee’s Fees and Expenses 35 ARTICLE VIII. MISCELLANEOUS PROVISIONS Section 8.01 Amendment 36 Section 8.02 Governing Law 37 Section 8.03 Notices 37 Section 8.04 Severability of Provisions 38 Section 8.05 Assignment 38 Section 8.06 Inspection and Audit Rights 38 Section 8.07 Termination 38 Section 8.08 No Petition 38 Section 8.09 No Recourse 38 -2-
TERMINATION OF MASTER SERVICER. In the event of an event of default specified in Section 2.20 of the Servicing Agreement, the Indenture Trustee may, with the consent of the Note Insurer, and shall, upon the direction of the Note Insurer (or as otherwise provided in the Servicing Agreement), remove the Master Servicer as provided in Section 2.20 of the Servicing Agreement. Upon the removal or resignation of the Master Servicer pursuant to Section 2,20 of the Servicing Agreement, the Indenture Trustee shall, after giving notice to the Note Insurer and the Backup Master Servicer, appoint the Backup Master Servicer as Master Servicer; provided, that the Note Insurer may direct the Indenture Trustee to appoint another party as Master Servicer. In the event the Backup Master Servicer is prevented by law from acting as Master Servicer and the Note Insurer does not direct the appointment of a Master Servicer, the Indenture Trustee shall take the required steps to have an approved servicer appointed, as set forth in Section 2.20(g) of the Servicing Agreement, the Indenture Trustee shall assume all the duties of the Master Servicer (except as otherwise provided in the Servicing Agreement) until a successor Master Servicer has been appointed.
