Common use of Termination of Agent Clause in Contracts

Termination of Agent. The Agent may be terminated at any time upon ten (10) days prior written notice from the Lead Securitization Noteholder. In the event that the Agent is terminated pursuant to this Section 37, all of its rights and obligations under this Agreement shall be terminated, other than any rights or obligations that accrued prior to the date of such termination. The Agent may resign at any time upon notice, so long as a successor Agent, reasonably satisfactory to the Noteholders, has agreed to be bound by this Agreement and perform the duties of the Agent hereunder. MSMCH, as Initial Agent, may transfer its rights and obligations to the Master Servicer, as successor Agent, at any time without the consent of any Noteholder. MSMCH, as Initial Agent, shall promptly and diligently attempt to cause the Master Servicer to act as successor Agent, and, if the Master Servicer declines to act in such capacity, shall promptly and diligently attempt to cause a similar servicer to act as successor Agent. The termination or resignation of the Master Servicer, as Master Servicer under the Servicing Agreement, shall be deemed a termination or resignation of the Master Servicer as Agent under this Agreement.

Termination of Agent. The Agent may be terminated at any time upon ten (10) days prior written notice from the Lead Securitization Noteholder. In the event that the Agent is terminated pursuant to this Section 3738, all of its rights and obligations under this Agreement shall be terminated, other than any rights or obligations that accrued prior to the date of such termination. The Agent may resign at any time upon notice, so long as a successor Agent, reasonably satisfactory to the Noteholders, has agreed to be bound by this Agreement and perform the duties of the Agent hereunder. MSMCHJPMCB, as Initial Agent, may transfer its rights and obligations to the Master Servicer, as successor Agent, at any time without the consent of any Noteholder. MSMCHJPMCB, as Initial Agent, shall promptly and diligently attempt to cause the Master such Servicer to act as successor Agent, and, if the Master such Servicer declines to act in such capacity, shall promptly and diligently attempt to cause a similar servicer to act as successor Agent. The termination or resignation of the Master such Servicer, as Master Servicer under the Servicing Agreement, shall be deemed a termination or resignation of the Master such Servicer as Agent under this Agreement. Notwithstanding the to the contrary in this Agreement, upon a Securitization of the Lead Securitization Note, the Certificate Administrator shall automatically become and be the Agent.