Common use of Termination of the Servicing Agreement Clause in Contracts

Termination of the Servicing Agreement. (a) Absent a termination pursuant to Section 6.01, the respective duties and obligations of the Servicer, the Issuer and the Trustee created by this Agreement shall terminate upon the discharge of the Indenture in accordance with its terms; and the respective duties and obligations of the Trustee shall terminate with respect to the Trustee in the event the Trustee resigns or is replaced under Section 7.09 of the Indenture; provided, however, that no resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee under Section 7.10 of the Indenture. Upon the termination of this Agreement pursuant to this Section 8.01(a), the Servicer shall pay all monies with respect to the Receivables and Vacation Credits held by the Servicer, as the case may be, and to which the Servicer is not entitled, to the Issuer or upon the Issuer's order. The Servicer's indemnification obligations pursuant to Section 5.01 hereof will survive the termination of this Agreement.

Termination of the Servicing Agreement. (a) Absent a termination pursuant to Section 6.01, the respective duties and obligations of the Servicer, the Issuer and the Trustee created by this Agreement shall terminate upon the discharge of the Indenture in accordance with its terms; and the respective duties and obligations of the Trustee shall terminate with respect to the Trustee in the event the Trustee resigns or is replaced under Section 7.09 of the Indenture; provided, however, that no resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee under Section 7.10 of the Indenture. Upon the termination of this Agreement pursuant to this Section 8.01(a), the Servicer shall pay all monies with respect to the Receivables and Vacation Credits the Related Security held by the Servicer, as the case may be, and to which the Servicer is not entitled, to the Issuer or upon the Issuer's order. The Servicer's indemnification obligations pursuant to Section 5.01 hereof will survive the termination of this Agreement.