Common use of Termination of Servicer Clause in Contracts

Termination of Servicer. In the event of an 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 both Classes, and shall, upon the direction of the Note Insurer (or as otherwise provided in the Sale and Servicing Agreement), terminate the Servicer as provided in Section 7.01 of the Sale and Servicing Agreement. If the Indenture Trustee terminates the Servicer, the Indenture Trustee shall, pursuant to Section 7.02 of the Sale and Servicing Agreement, assume the duties of the Servicer or appoint a successor Servicer acceptable to the Trust, the Note Insurer and the Rating Agencies and meeting the requirements set forth in the Sale and Servicing Agreement.

Termination of Servicer. In the event of an 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 and, upon the consent request of the Note Insurer or, with the prior written consent of the Note Insurer, the Holder Holders of Notes representing not less more than 50% of the Class Note Principal Balance of the Outstanding Notes of both ClassesNotes, and shall, upon the direction of the Note Insurer shall (or as otherwise provided in the Sale and Servicing Agreement), terminate the Servicer as provided in Section 7.01 of the Sale and Servicing Agreement. If the Indenture Trustee terminates the Servicer, the Indenture Trustee as successor servicer shall, pursuant to Section 7.02 of the Sale and Servicing Agreement, assume the duties of the Servicer or the Indenture Trustee shall appoint a successor Servicer servicer acceptable to the Trust, the Note Insurer and the Rating Agencies and meeting the requirements set forth in the Sale and Servicing AgreementAgreement and shall provide notice to the Swap Provider of such appointment.

Termination of Servicer. In the event of an 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 both ClassesNotes, and shall, upon the direction of the Note Insurer (or as otherwise provided in the Sale and Servicing Agreement), terminate the Servicer as provided in Section 7.01 of the Sale and Servicing Agreement. If the Indenture Trustee terminates the Servicer, the Indenture Trustee shall, pursuant to Section 7.02 of the Sale and Servicing Agreement, assume the duties of the Servicer or appoint a successor Servicer acceptable to the Trust, the Note Insurer and the Rating Agencies and meeting the requirements set forth in the Sale and Servicing Agreement.

Termination of Servicer. In the event of an 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 and, upon the consent request of the Note Insurer or, with the prior written consent of the Note Insurer, the Holder Holders of Notes representing not less more than 50% of the Class Note Principal Balance of the Outstanding Notes of both ClassesNotes, and shall, upon the direction of the Note Insurer shall (or as otherwise provided in the Sale and Servicing Agreement), terminate the Servicer as provided in Section 7.01 of the Sale and Servicing Agreement. If the Indenture Trustee terminates the Servicer, the Indenture Trustee as successor servicer shall, pursuant to Section 7.02 of the Sale and Servicing Agreement, assume the duties of the Servicer or the Indenture Trustee shall appoint a successor Servicer servicer acceptable to the Trust, the Note Insurer and the Rating Agencies and meeting the requirements set forth in the Sale and Servicing AgreementAgreement [and shall provide notice to the Swap Provider of such appointment].

Termination of Servicer. In the event of an 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 and, upon the consent request of the Note Insurer or, with the prior written consent of the Note Insurer, the Holder Holders of Notes representing not less more than 50% of the Class Note Principal Balance of the Outstanding Notes of both ClassesNotes, and shall, upon the direction of the Note Insurer shall (or as otherwise provided in the Sale and Servicing Agreement), terminate the Servicer as provided in Section 7.01 of the Sale and Servicing Agreement. If the Indenture Trustee terminates the Servicer, the Indenture Trustee as successor servicer shall, pursuant to Section 7.02 of the Sale and Servicing Agreement, assume the duties of the Servicer or the Indenture Trustee shall appoint a successor Servicer servicer acceptable to the Trust, the Note Insurer and the Rating Agencies and meeting the requirements set forth in the Sale and Servicing AgreementAgreement and shall provide notice to the Hedge Providers of such appointment.

Termination of Servicer. In the event of an 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 both of the Classes, and shall, upon the direction of the Note Insurer (or as otherwise provided in the Sale and Servicing Agreement), terminate the Servicer as provided in Section 7.01 of the Sale and Servicing Agreement. If the Indenture Trustee terminates the Servicer, the Indenture Trustee shall, pursuant to Section 7.02 of the Sale and Servicing Agreement, assume the duties of the Servicer or appoint a successor Servicer acceptable to the Trust, the Note Insurer and the Rating Agencies and meeting the requirements set forth in the Sale and Servicing Agreement.

Termination of Servicer. In the event of an 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 and, upon the consent request of the Note Insurer or, with the prior written consent of the Note Insurer, the Holder Holders of Notes representing not less more than 50% of the Class Note Principal Balance of the Outstanding Notes of both ClassesNotes, and shall, upon the direction of the Note Insurer shall (or as otherwise provided in the Sale and Servicing Agreement), terminate the Servicer as provided in Section 7.01 of the Sale and Servicing Agreement. If the Indenture Trustee terminates the Servicer, the Indenture Trustee as successor servicer shall, pursuant to Section 7.02 of the Sale and Servicing Agreement, assume the duties of the Servicer or the Indenture Trustee shall appoint a successor Servicer servicer acceptable to the Trust, the Note Insurer and the Rating Agencies and meeting the requirements set forth in the Sale and Servicing Agreement.

Termination of Servicer. In the event of an event of the occurrence of a Servicer Event of Servicing Default specified in Section 7.01 8.01 of the Sale and Servicing Agreement, the Indenture Trustee may, with and, upon the consent request of the Note Insurer or, with the prior written consent of the Note Insurer, the Holder Holders of Notes representing not less more than 50% of the Class Note Principal Balance of the Outstanding Notes of both ClassesNotes, and shall, upon the direction of the Note Insurer shall (or as otherwise provided in the Sale and Servicing Agreement), terminate the Servicer as provided in Section 7.01 of the Sale and Servicing Agreement, subject to the rights of the Servicing Rights Pledgee. If the Indenture Trustee terminates the Servicer, the Indenture Trustee as successor servicer shall, pursuant to Section 7.02 8.02 of the Sale and Servicing Agreement, assume the duties of the Servicer or the Indenture Trustee shall appoint or petition a court and appoint a successor Servicer servicer acceptable to the Trust, the Note Insurer and the Rating Agencies and meeting the requirements set forth in the Sale and Servicing Agreement.

Termination of Servicer. In the event of an 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 more than 50% of the Note Principal Balance of the Outstanding Notes of both ClassesNotes, and shall, upon the direction of the Note Insurer (or as otherwise provided in the Sale and Servicing Agreement), terminate the Servicer as provided in Section 7.01 of the Sale and Servicing Agreement. If the Indenture Trustee terminates the Servicer, the Indenture Trustee shall, pursuant to Section 7.02 of the Sale and Servicing Agreement, assume the duties of the Servicer or appoint a successor Servicer acceptable to the Trust, the Note Insurer and the Rating Agencies and meeting the requirements set forth in the Sale and Servicing Agreement.

Termination of Servicer. In the event of an event of Upon the occurrence and during the continuance of a Servicer Event of Default specified in Section 7.01 9.01 of the Sale and Servicing Agreement, the Indenture Trustee may, with the consent of the Note Insurer Purchaser or, with the prior written consent of the Note InsurerPurchaser, the Holder of Secured Notes representing not less than 50% of the Note Principal Balance of the Outstanding Notes of both ClassesSecured Notes, and shall, upon the direction of the Note Insurer Purchaser (or as otherwise provided in the Sale and Servicing Agreement), terminate the Servicer as provided in Section 7.01 9.01 of the Sale and Servicing Agreement. If the Indenture Trustee terminates the Servicer, the Indenture Trustee shall, pursuant to Section 7.02 9.02 of the Sale and Servicing Agreement, assume the duties of the Servicer or appoint a successor Servicer acceptable to the Trust, Trust and the Note Insurer and the Rating Agencies Purchaser and meeting the requirements set forth in the Sale and Servicing Agreement.

Termination of Servicer. In the event of an event of the occurrence of a Servicer Event of Servicing Default specified in Section 7.01 8.01 of the Sale and Servicing Agreement, the Indenture Trustee may, with and, upon the consent request of the Note Insurer or, with the prior written consent of the Note Insurer, the Holder Holders of Notes representing not less more than 50% of the Class Note Principal Balance of the Outstanding Notes of both ClassesNotes, and shall, upon the direction of the Note Insurer shall (or as otherwise provided in the Sale and Servicing Agreement), terminate the Servicer as provided in Section 7.01 of the Sale and Servicing Agreement. If the Indenture Trustee terminates the Servicer, the Indenture Trustee as successor servicer shall, pursuant to Section 7.02 8.02 of the Sale and Servicing Agreement, assume the duties of the Servicer or the Indenture Trustee shall appoint or petition a court and appoint a successor Servicer servicer acceptable to the Trust, the Note Insurer and the Rating Agencies and meeting the requirements set forth in the Sale and Servicing AgreementAgreement and shall provide notice to the Hedge Counterparties of such appointment.

Termination of Servicer. In the event of an 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 both 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 Servicer as provided in Section 7.01 of the Sale and Servicing Agreement. If the Indenture Trustee terminates the Servicer, the Indenture Trustee shall, pursuant to Section 7.02 of the Sale and Servicing Agreement, assume the duties of the Servicer or appoint a successor Servicer acceptable to the Trust, the Note Insurer and the Rating Agencies and meeting the requirements set forth in the Sale and Servicing Agreement.

Termination of Servicer. In the event of an event of Upon the occurrence and during the continuance of a Servicer Event of Default specified in Section 7.01 9.01 of the Sale and Servicing Agreement, 44 the Indenture Trustee may, with the consent of the Note Insurer Purchaser or, with the prior written consent of the Note InsurerPurchaser, the Holder of Secured Notes representing not less than 50% of the Note Principal Balance of the Outstanding Notes of both ClassesNotes, and shall, upon the direction of the Note Insurer Purchaser (or as otherwise provided in the Sale and Servicing Agreement), terminate the Servicer as provided in Section 7.01 9.01 of the Sale and Servicing Agreement. If the Indenture Trustee terminates the Servicer, the Indenture Trustee shall, pursuant to Section 7.02 9.02 of the Sale and Servicing Agreement, assume the duties of the Servicer or appoint a successor Servicer acceptable to the Trust, Trust and the Note Insurer and the Rating Agencies Purchaser and meeting the requirements set forth in the Sale and Servicing Agreement.

Termination of Servicer. In the event of an 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 Holders of Notes representing not less more than 50% of the Note Principal Balance of the Outstanding Notes of both Classes, and shall, upon the written direction of the Note Insurer (or as otherwise provided in the Sale and Servicing Agreement), terminate the Servicer as provided in Section 7.01 of the Sale and Servicing Agreement. If the Indenture Trustee terminates the Servicer, the Indenture Trustee as successor servicer shall, pursuant to Section 7.02 of the Sale and Servicing Agreement, assume the duties of the Servicer or appoint a successor Servicer servicer acceptable to the Trust, Rating Agencies in accordance with the directions of the Note Insurer and the Rating Agencies and meeting the requirements set forth in the Sale and Servicing Agreement.

Termination of Servicer. In the event of an 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 more than 50% of the Note Principal Balance of the Outstanding Notes of both of the Classes, and shall, upon the direction of the Note Insurer (or as otherwise provided in the Sale and Servicing Agreement), terminate the Servicer as provided in Section 7.01 of the Sale and Servicing Agreement. If the Indenture Trustee terminates the Servicer, the Indenture Trustee shall, pursuant to Section 7.02 of the Sale and Servicing Agreement, assume the duties of the Servicer or appoint a successor Servicer acceptable to the Trust, the Note Insurer and the Rating Agencies and meeting the requirements set forth in the Sale and Servicing Agreement.