Common use of Effective Period, Termination, and Amendment; Interpretive and Additional Provisions Clause in Contracts

Effective Period, Termination, and Amendment; Interpretive and Additional Provisions. The Master Servicer’s appointment as Custodian will become effective as of the Cut-Off Date and will continue in full force and effect until terminated as herein provided. The appointment of the Master Servicer as Custodian may be terminated by the Master Servicer by written notice to the Issuer and the Indenture Trustee, such termination to take effect no sooner than sixty (60) days after the date of such notice. Notwithstanding the foregoing, if BANA resigns as Master Servicer in accordance with the provisions of this Agreement or if all of the rights and obligations of the Master Servicer are terminated under Section 6.2, the appointment of the Master Servicer as Custodian hereunder will be terminated. As soon as practicable after any termination under this Section 2.2, unless the Receivables Servicer is holding the documents and instruments relating to the Receivables for the benefit of the Issuer and Indenture Trustee, the Custodian will deliver to the Indenture Trustee or the Indenture Trustee’s designee, the Receivable Files and the related accounts and Records maintained by the Custodian at such place or places as the Indenture Trustee may reasonably designate.

Appears in 1 contract

Sources: Master Servicing Agreement (Banc of America Securities Auto Trust 2006-G1)

Effective Period, Termination, and Amendment; Interpretive and Additional Provisions. The Master Servicer’s 's appointment as Custodian will become effective as of the Cut-Off Cutoff Date and will continue in full force and effect until terminated as herein provided. The appointment of the Master Servicer as Custodian may be terminated by the Master Servicer either party hereto by written notice to the Issuer and the Indenture Trusteeother party, such termination to take effect no sooner than sixty (60) days after the date of such notice. Notwithstanding the foregoing, if BANA Wells Fargo resigns as Master Servicer in accordance with the provisions of this ▇▇▇▇ Agreement or if all of the rights and obligations of the Master Servicer are terminated under Section 6.2, the appointment of the Master Servicer as Custodian hereunder will may be terminatedterminated in the same manner as the Servicer may be terminated under Section 6.2. As soon as practicable after any termination under this Section 2.2, unless the Receivables Servicer is holding the documents and instruments relating to the Receivables for the benefit of the Issuer and Indenture Trustee, the Custodian will deliver to the Indenture Trustee Purchaser, or the Indenture Trustee’s Purchaser's designee, the Receivable Files and the related accounts and Records records maintained by the Custodian at such place or places as the Indenture Trustee Purchaser may reasonably designate, at the expense of (i) the Custodian, if the Custodian resigns, if a Servicer Termination Event has occurred and is continuing or if the long-term unsecured senior debt rating of the Servicer is withdrawn or reduced below "A2" by Moody's or "A" by Standard & Poor's or (ii) the Purchaser, if the Pur▇▇▇▇▇▇ terminates the Custodian and no Servicer Termination Event has occurred.

Appears in 1 contract

Sources: Servicing Agreement (Banc of America Securities Auto Trust 2005-Wf1)