Common use of Rights with Respect to the Servicer Clause in Contracts

Rights with Respect to the Servicer. (a) The Trustee may terminate all rights and powers of the Servicer at any time, in accordance with the terms of the Servicing Agreement. (b) If the Company shall have knowledge of the occurrence of any default or event of default under the Servicing Agreement, the Company shall promptly notify the Trustee in writing, the Noteholders and DCR thereof, and shall specify in such notice the action, if any, the Company is taking in respect of such event of default. (c) Upon any termination of the original Servicer's rights and powers pursuant to the Servicing Agreement, a successor Servicer may be appointed in accordance with the provisions thereof, and if no successor is so appointed the Trustee shall serve as Servicer in accordance with the provisions of the Servicing Agreement.

Rights with Respect to the Servicer. (a) The Trustee may terminate all rights and powers of the Servicer at any time, in accordance with the terms of the Servicing Agreement. (b) If the Company shall have knowledge of the occurrence of any default or event Servicer Event of default Default under the Servicing Agreement, the Company shall promptly notify the Trustee in writing, the Noteholders and DCR thereof, and shall specify in such notice the action, if any, the Company is taking in respect of such event of default. (c) Upon any termination of the original Servicer's rights and powers pursuant to the Servicing Agreement, a successor Servicer may be appointed in accordance with the provisions thereof, and if no successor is so appointed the Trustee shall serve as Servicer in accordance with the provisions of the Servicing Agreement.