Common use of Consequences of a Servicer Default Clause in Contracts

Consequences of a Servicer Default. If a Servicer Default shall occur and be continuing, the Indenture Trustee or holders of Notes evidencing not less than a majority in principal amount of the Controlling Class of each Series of Notes then outstanding may, in addition to other rights and remedies available in a court of law or equity to damages, injunctive relief and specific performance, terminate all the rights and obligations of the Servicer hereunder and under the Titling Trust Servicing Agreement, whereupon the Indenture Trustee will succeed to all the responsibilities, duties and liabilities of the Servicer under this Agreement and the Titling Trust Servicing Agreement and will be entitled to similar compensation arrangements. On or after the receipt by the Servicer of such written notice, all authority and power of the Servicer under this Agreement and the Titling Trust Servicing Agreement, whether with respect to the Receivables or otherwise, shall pass to and be vested in the Indenture Trustee pursuant to and under this Section 7.

Consequences of a Servicer Default. If a Servicer Default shall occur and be continuing, the Indenture Trustee or holders of Notes Securities evidencing not less than a majority in principal amount of the Outstanding Amount of the Controlling Class of each Series of Notes then outstanding may, in addition to other rights and remedies available in a court of law or equity to damages, injunctive relief and specific performance, terminate all the rights and obligations of the Servicer hereunder and hereunder, under the Titling Trust Servicing Agreement, and under all sub-servicing agreements whereupon the Indenture Trustee will succeed to all the responsibilities, duties and liabilities of the Servicer under this Agreement and the Titling Trust Servicing Agreement and will be entitled to similar compensation arrangements. On or after the receipt by the Servicer of such written notice, all authority and power of the Servicer under this Agreement and the Titling Trust Servicing Agreement, whether with respect to the Receivables or otherwise, shall pass to and be vested in the Indenture Trustee pursuant to and under this Section 7.