Common use of Appointment of Successor Master Servicer Clause in Contracts

Appointment of Successor Master Servicer. (a) On and after the time the Master Servicer receives a notice of termination pursuant to Section 8.02 or upon the resignation of the Master Servicer pursuant to Section 7.06, the Indenture Trustee shall be the successor in all respects to the Master Servicer in its capacity as Master Servicer under this Agreement and shall be subject to all the rights, responsibilities, restrictions, duties, liabilities and termination provisions relating to the Master Servicer under this Agreement, except as otherwise stated herein. The Depositor, the Owner Trustee, the Indenture Trustee and such successor Master Servicer shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. If a successor Master Servicer is acting as Master Servicer hereunder, it shall be subject to termination under Section 8.02 upon the occurrence of any Master Servicer Termination Event after its appointment as successor Master Servicer.