Common use of Term and Notice Clause in Contracts

Term and Notice. Unless terminated pursuant to Section 5.2, the term of this Agreement shall extend to the later of (i) the distribution of the final payment or Liquidation Proceeds on the last Mortgage Loan to the Owner and (b) the disposition by the Servicer of all Mortgaged Properties acquired upon foreclosure of the last Mortgage Loan and the remittance of all funds due hereunder. Appointment of a successor Servicer shall be subject to the following conditions: (i) written confirmation from the Rating Agencies shall have been obtained that appointment of such successor servicer will not result in the qualification, reduction or withdrawal of any rating assigned to an outstanding Class of Securities, (ii) the Master Servicer shall have consented to such appointment, (iii) such successor Servicer shall have entered into a servicing agreement substantially similar to this Agreement and (iv) the successor Servicer shall be able to make the representations and warranties set forth in Article VII hereof on the date it commences servicing the Mortgage Loans.