Common use of Appointment of Successor Clause in Contracts

Appointment of Successor. (a) As soon as practicable but no later than thirty (30) days following the time of receipt by the Servicer and the Backup Servicer of notice of the Servicer’s termination pursuant to Section 9.2 or upon the resignation of the Servicer pursuant to Section 8.7, the Backup Servicer (unless the Majority Noteholders shall have exercised its option pursuant to Section 9.3(b) to appoint an alternate successor Servicer) shall be the successor in all respects to the Servicer in its capacity as servicer under this Agreement and the other Basic Documents and the transactions set forth or provided for in this Agreement and the other Basic Documents, and shall be subject to all the rights, responsibilities, restrictions, duties, liabilities and termination provisions relating thereto placed on the Servicer by the terms and provisions of this Agreement and the other Basic Documents except as otherwise stated herein or therein, as applicable. The Indenture Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. If a successor Servicer is acting as Servicer hereunder, it shall be subject to termination under Section 9.2 upon the occurrence of any Servicer Termination Event applicable to it as Servicer.

Appointment of Successor. (a) As soon as practicable but no later than thirty (30) days following On and after the time of receipt by the Servicer and the Backup Servicer of receives a notice of the Servicer’s termination pursuant to Section 9.2 or upon the resignation of the Servicer pursuant to Section 8.7, (i) the Backup Servicer (unless the Majority Noteholders shall have exercised its option pursuant to Section 9.3(b) to appoint an alternate successor Servicer) shall be the successor in all respects to the Servicer in its capacity as servicer under this Agreement and the other Basic Documents and the transactions set forth or provided for in this Agreement and the other Basic DocumentsAgreement, and shall be subject to all the rights, responsibilities, restrictions, duties, liabilities and termination provisions relating thereto placed on the Servicer by the terms and provisions of this Agreement and the other Basic Documents except as otherwise stated herein or therein, as applicableherein. The Indenture Trustee Trust Collateral Agent and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. If a successor Servicer is acting as Servicer hereunder, it shall be subject to termination under Section 9.2 upon the occurrence of any Servicer Termination Event applicable to it as Servicer.

Appointment of Successor. (a) As soon as practicable but no later than thirty (30) days following On and after the time of receipt by the Servicer and the Backup Servicer of receives a notice of the Servicer’s termination pursuant to Section 9.2 8.02, upon non-extension of the servicing term as referred to in Section 4.14, or upon the resignation of the Servicer pursuant to Section 8.77.06, the Backup Servicer (unless the Majority Noteholders Security Insurer shall have exercised its option pursuant to Section 9.3(b8.03(b) to appoint an alternate successor Servicer) shall be the successor in all respects to the Servicer in its capacity as servicer Servicer under this Agreement and (including its appointment as Administrator under the other Basic Documents and the transactions Administration Agreement as set forth or provided for in this Agreement and the other Basic Documents, Section 8.03(c)) and shall be subject to all the rights, responsibilities, restrictions, duties, liabilities liabilities, and termination provisions relating thereto placed on to the Servicer by the terms and provisions of under this Agreement and the other Basic Documents Agreement, except as otherwise stated herein or therein, as applicableherein. The Seller, the Owner Trustee, the Indenture Trustee and such successor Servicer shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. If a successor Servicer is acting as Servicer hereunder, it shall be subject to term-to-term servicing as referred to in Section 4.14 and to termination under Section 9.2 8.02 upon the occurrence of any Servicer Termination Event applicable to it as Servicer.

Appointment of Successor. (a) As soon as practicable but no later than thirty (30) days following the time of the receipt by the Servicer and the Backup Servicer of notice of the Servicer’s termination pursuant to Section 9.2 or upon the resignation of the Servicer pursuant to Section 8.7, the Backup Servicer (unless the Majority Noteholders shall have exercised its option pursuant to Section 9.3(b) to appoint an alternate successor Servicer) shall be the successor in all respects to the Servicer in its capacity as servicer under this Agreement and the other Basic Documents and the transactions set forth or provided for in this Agreement and the other Basic Documents, and shall be subject to all the rights, responsibilities, restrictions, duties, liabilities and termination provisions relating thereto placed on the Servicer by the terms and provisions of this Agreement and the other Basic Documents except as otherwise stated herein or therein, as applicable. The Indenture Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. If a successor Servicer is acting as Servicer hereunder, it shall be subject to termination under Section 9.2 upon the occurrence of any Servicer Termination Event applicable to it as Servicer.

Appointment of Successor. (a) As soon as practicable but no later than thirty (30) days following On or after the time of the receipt by the Servicer and the Backup Servicer of notice of the Servicer’s termination pursuant to Section 9.2 or upon the resignation of the Servicer pursuant to Section 8.7, the Backup Servicer (unless the Majority Noteholders shall have exercised its option pursuant to Section 9.3(b) to appoint an alternate successor Servicer) shall be the successor in all respects to the Servicer in its capacity as servicer under this Agreement and the other Basic Documents and the transactions set forth or provided for in this Agreement and the other Basic Documents, and shall be subject to all the rights, responsibilities, restrictions, duties, liabilities and termination provisions relating thereto placed on the Servicer by the terms and provisions of this Agreement and the other Basic Documents except as otherwise stated herein or therein, as applicable. The Indenture Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. If a successor Servicer is acting as Servicer hereunder, it shall be subject to termination under Section 9.2 upon the occurrence of any Servicer Termination Event applicable to it as Servicer.

Appointment of Successor. (a) As soon as practicable but no later than thirty (30) days following On or after the time of receipt by the Servicer and the Backup Servicer of receive a notice of the Servicer’s termination pursuant to Section 9.2 or upon the resignation of the Servicer pursuant to Section 8.7, the Backup Servicer (unless the Majority Noteholders shall have exercised its option pursuant to Section 9.3(b) to appoint an alternate successor Servicer) shall be the successor in all respects to the Servicer in its capacity as servicer under this Agreement and the other Basic Documents and the transactions set forth or provided for in this Agreement and the other Basic Documents, and shall be subject to all the rights, responsibilities, restrictions, duties, liabilities and termination provisions relating thereto placed on the Servicer by the terms and provisions of this Agreement and the other Basic Documents except as otherwise stated herein or therein, as applicable. The Indenture Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. If a successor Servicer is acting as Servicer hereunder, it shall be subject to termination under Section 9.2 upon the occurrence of any Servicer Termination Event applicable to it as Servicer.

Appointment of Successor. (a) As soon as practicable but no later than thirty On and after (30i) days following the time of receipt by the Master Servicer and the Backup Servicer of receives a notice of the Servicer’s termination pursuant to Section 9.2 10.2, (ii) upon non-extension of the servicing term as referred to in Section 4.14, or (iii) upon the resignation of the Master Servicer pursuant to Section 8.79.5, the Backup Servicer Trust Collateral Agent (unless the Majority Noteholders Insurer shall have exercised its option pursuant to Section 9.3(b10.3(b) to appoint an alternate successor Master Servicer) shall be the successor in all respects to the Master Servicer in its capacity as servicer under this Agreement and the other Basic Documents and the transactions set forth or provided for in this Agreement and the other Basic DocumentsAgreement, and shall be subject to all the rights, responsibilities, restrictions, duties, liabilities and termination provisions relating thereto placed on the Master Servicer by the terms and provisions of this Agreement and the other Basic Documents except as otherwise stated herein or therein, as applicableherein. The Indenture Trustee Trust Collateral Agent and such successor 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 term-to-term servicing as referred to in Section 4.14 and to termination under Section 9.2 10.2 upon the occurrence of any Master Servicer Termination Event applicable to it as Master Servicer.