Common use of Appointment of Successor Servicer Clause in Contracts

Appointment of Successor Servicer. If the Initial Member exercises its right to appoint a Successor Servicer pursuant to Section 5.1(a)(vi), the costs and expenses associated with such Successor Servicer (including any servicing fees) shall be borne by the Manager (and not Initial Member or Debtor), and no termination or other fee shall be due to Manager or the Servicer or any subservicer in connection with or as a result of any such action. All authority and power of the Manager to act with respect to the terminated Servicer shall pass to and be vested in the Initial Member pursuant to this Article 5 and, without limitation, the Initial Member is hereby authorized and empowered, as attorney-in-fact or otherwise, to execute and deliver, on behalf of and at the expense of the Manager, any and all documents and other instruments and to do or take any and all acts necessary or appropriate to effect the termination of the Servicer and the replacement of the Servicer with a Successor Servicer.

Appointment of Successor Servicer. If the Initial Member exercises its right to appoint a Successor Servicer pursuant to Section 5.1(a)(vi), the costs and expenses associated with such Successor Servicer (including any servicing fees) shall be borne by the Manager (and not Initial Member or Debtor), and no termination or other fee shall be due to Manager or the Servicer or any subservicer Subservicer in connection with or as a result of any such action. All authority and power of the Manager to act with respect to the terminated Servicer shall pass to and be vested in the Initial Member pursuant to this Article 5 and, without limitation, the Initial Member is hereby authorized and empowered, as attorney-in-fact or otherwise, to execute and deliver, on behalf of and at the expense of the Manager, any and all documents and other instruments and to do or take any and all acts necessary or appropriate to effect the termination of the Servicer and the replacement of the Servicer with a Successor Servicer.

Appointment of Successor Servicer. If the Initial Member exercises its right to appoint a Successor Servicer pursuant to Section 5.1(a)(vi), the costs and expenses associated with such Successor Servicer (including any servicing fees) shall be borne by the Manager (and not the Initial Member or Debtor), and no termination or other fee shall be due to the Manager or the Servicer or any subservicer Subservicer in connection with or as a result of any such action. All authority and power of the Manager to act with respect to the terminated Servicer shall pass to and be vested in the Initial Member pursuant to this Article 5 V and, without limitation, the Initial Member is hereby authorized and empowered, as attorney-in-fact or otherwise, to execute and deliver, on behalf of and at the expense of the Manager, any and all documents and other instruments and to do or take any and all acts necessary or appropriate to effect the termination of the Servicer and the replacement of the Servicer with a Successor Servicer.

Appointment of Successor Servicer. If the Initial Member exercises its right to appoint a Successor Servicer pursuant to Section 5.1(a)(vi), the costs and expenses associated with such Successor Servicer (including any servicing fees) shall be borne by the Manager (and not Initial Member or the Debtor), and no termination or other fee shall be due to Manager or the Servicer or any subservicer Subservicer in connection with or as a result of any such action. All authority and power of the Manager to act with respect to the terminated Servicer shall pass to and be vested in the Initial Member pursuant to this Article 5 V and, without limitation, the Initial Member is hereby authorized and empowered, as attorney-in-fact or otherwise, to execute and deliver, on behalf of and at the expense of the Manager, any and all documents and other instruments and to do or take any and all acts necessary or appropriate to effect the termination of the Servicer and the replacement of the Servicer with a Successor Servicer.