Common use of Successor to the Servicer Clause in Contracts

Successor to the Servicer. (a) In the event that the Servicer resigns or is terminated pursuant to Section 5.05, 6.01 or Section 7.02 herein, the Servicer shall, at the Buyer’s option, perform such duties and responsibilities hereunder during the period from the date it acquires knowledge of such termination or resignation until the effective date of such termination or resignation (if such dates are not the same) with the same degree of diligence and prudence that it is obligated to exercise under this Agreement.

Successor to the Servicer. (a) In the event that the Servicer resigns or is terminated pursuant to Section 5.03, Section 5.05, Section 6.01 or Section 7.02 7.01 herein, the Servicer shall, at the BuyerOwner’s option, perform such duties and responsibilities hereunder during the period from the date it acquires knowledge of such termination or resignation until the effective date of such termination or resignation (if such dates are not the same) with the same degree of diligence and prudence that it is obligated to exercise under this Agreement.