Common use of Termination of Backup Servicer Clause in Contracts

Termination of Backup Servicer. If the Backup Servicer shall ------------------------------ fail to duly observe or perform any of its covenants, agreements or obligations set forth in this Agreement which failure (i) would have a material adverse effect on the Noteholders (determined without regard to the availability of funds under the Note Policy), the Insurer (unless an Insurer Default shall have occurred and be continuing) or the Trust Property, and (ii) if capable of remedy, continues unremedied for a period of 30 days after the earlier to occur of (x) the date on which written notice of such failure, requiring the same to be remedied, shall have been received by an Authorized Officer of the Backup Servicer from the Insurer (or, if an Insurer Default shall have occurred and be continuing by any Noteholder or group of Noteholders evidencing not less than 25% of the principal balance of the Notes) or (y) the discovery of such failure by an Authorized Officer of the Backup Servicer, the Insurer (or, if an Insurer Default shall have occurred and be continuing, any Noteholder or group of Noteholders evidencing not less than 25% of the principal balance of the Notes) may terminate all of the duties of the Backup Servicer under this Agreement. Any removal pursuant to the provisions of this Section 10.09 shall take effect only upon the appointment of a successor to the Backup Servicer and the acceptance in writing by such successor to Backup Servicer of such appointment and of its obligation to perform its duties hereunder in accordance with the provisions hereof.

Termination of Backup Servicer. If the Backup Servicer shall ------------------------------ fail to duly observe or perform any of its covenants, agreements or obligations set forth in this Agreement which failure (i) would have a material adverse effect on the Noteholders (determined without regard to the availability of funds under the Note Policy), the Insurer (unless an Insurer Default shall have occurred and be continuing) or the Trust Property, and (ii) if capable of remedy, continues unremedied for a period of 30 days after the earlier to occur of (x) the date on which written notice of such failure, requiring the same to be remedied, shall have been received by an Authorized Officer of the Backup Servicer from the Insurer (or, if an Insurer Default shall have occurred and be continuing by any Noteholder or group of Noteholders evidencing not less than 25% of the principal balance of the Notes) or (y) the discovery of such failure by an Authorized Officer of the Backup Servicer, the Insurer (or, if an Insurer Default shall have occurred and be continuing, any Noteholder or group of Noteholders evidencing not less than 25% of the principal balance of the Notes) may terminate all of the duties of the Backup Servicer under this Agreement. Any removal pursuant to the provisions of this Section 10.09 shall take effect only upon the appointment of a successor to the Backup Servicer and the acceptance in writing by such successor to Backup Servicer of such appointment and of its obligation to perform its duties hereunder in accordance with the provisions hereof.

Termination of Backup Servicer. If (a) the Successor ------------------------------ Servicer shall assume the duties of the Servicer or (b) the Backup Servicer shall ------------------------------ fail to duly observe or perform any of its covenants, agreements or obligations set forth in this Agreement which failure (i) would have a material adverse effect Material Adverse Effect on the Noteholders Lender (determined without regard to the availability of funds under the Note Policy), the Insurer (unless an Insurer Default shall have occurred and be continuing) or the Trust PropertyContracts, and (ii) if capable of remedy, continues unremedied for a period of 30 days after the earlier to occur of (x) the date on which written notice of such failure, requiring the same to be remedied, shall have been received by an Authorized a Responsible Officer of the Backup Servicer from the Lender or the Insurer (or, if an provided no Insurer Default shall have occurred and be continuing by any Noteholder or group of Noteholders evidencing not less than 25% of the principal balance of the Notescontinuing) or (y) the discovery of such failure by an Authorized a Responsible Officer of the Backup Servicer, the Lender or the Insurer (or, if an provided no Insurer Default shall have occurred and be continuing, any Noteholder or group of Noteholders evidencing not less than 25% of the principal balance of the Notes) may terminate all of the duties of the Backup Servicer under this Agreement. Any removal pursuant to the provisions of this Section 10.09 8.01 shall take effect only upon the appointment ------------ of a successor to the Backup Servicer and the acceptance in writing by such successor to Backup Servicer of such appointment and of its obligation to perform its duties hereunder in accordance with the provisions hereof.