Common use of Termination of Servicer Clause in Contracts

Termination of Servicer. If a Servicer Termination Event occurs and is continuing, the Indenture Trustee may or, if directed by the Noteholders of a majority of the Note Balance of the Controlling Class, must terminate the Servicer under this Agreement by notice to the Servicer, the Issuer, the Owner Trustee and the Secured Parties. The notice of termination will state the date the termination will be effective. On receipt of the notice, the Issuer will promptly notify the Rating Agencies and the Asset Representations Reviewer and the Owner Trustee will promptly notify the holder of the Residual Interest.

Termination of Servicer. If a Servicer Termination Event occurs and is continuing, the Indenture Trustee may or, if directed by the Noteholders of a majority of the Note Balance of the Controlling Class, must terminate the Servicer under this Agreement by delivering a notice of termination to the Servicer, the Issuer, Issuer and the Owner Trustee Trustee, and providing notice to the Secured Parties. The notice of termination will state the date the termination will be effective. On receipt of the noticea notice of termination, the Issuer will promptly notify the Rating Agencies and the Asset Representations Reviewer and the Owner Trustee will promptly notify the holder of the Residual Interest.