Common use of Active Servicing Duties Clause in Contracts

Active Servicing Duties. In the event that the Servicer is terminated, resigns or otherwise ceases to function as Servicer under the Sale and Servicing Agreement, the Indenture Trustee shall (unless otherwise directed by MBIA, if then the Controlling Party) deliver a Transfer Notice to the Backup Servicer appointing the Backup Servicer as Successor Servicer. Upon the expiration of the Transfer Period, the Backup Servicer shall assume the duties, liabilities and obligations of the Servicer under the Sale and Servicing Agreement, as modified in accordance with Schedule III, and the Insurance Agreement as modified in accordance with Schedule IV.

Active Servicing Duties. In the event that the Servicer is terminated, resigns or otherwise ceases to function as Servicer under the Sale and Servicing Agreement, the Indenture Trustee shall (unless otherwise directed by MBIAthe Insurer, if then the Controlling Party) deliver a Transfer Notice to the Backup Servicer appointing the Backup Servicer as Successor Servicer. Upon the expiration of the Transfer Period, the Backup Servicer shall assume the duties, liabilities and obligations of the Servicer under the Sale and Servicing Agreement, as modified in accordance with Schedule III, and the Insurance Agreement Agreement, as modified in accordance with Schedule IV.

Active Servicing Duties. In the event that the Servicer is terminated, resigns or otherwise ceases to function as Servicer under the Sale and Servicing Agreement, the Indenture Trustee shall (unless otherwise directed by MBIA, if then the Controlling Party) deliver a Transfer Notice to the Backup Servicer appointing the Backup Servicer as Successor Servicer. Upon the expiration of the Transfer Period, the Backup Servicer shall assume the duties, liabilities and obligations of the Servicer under the Sale and Servicing Agreement, as modified in accordance with Schedule III, and the Insurance Agreement Agreement, as modified in accordance with Schedule IV.