Common use of Appointment of the Successor Master Servicer Clause in Contracts

Appointment of the Successor Master Servicer. In connection with the termination of Master Servicer’s responsibilities under this Agreement pursuant to Section 5.1 or 6.1, Owner shall appoint a successor master servicer that shall have a long-term debt rating of at least “Baa3” by Mxxxx’x and “BBB-” by S&P. The successor master servicer shall succeed to all rights and assume all of the responsibilities, duties and liabilities of Master Servicer under this Agreement (such successor master servicer being referred to as the “Successor Master Servicer”); provided, that the Successor Master Servicer shall have no responsibility for any actions of Master Servicer prior to the date of its appointment as Successor Master Servicer. The Successor Master Servicer shall accept its appointment by executing, acknowledging and delivering to Owner an instrument in form and substance acceptable to Owner. Owner shall provide prior written notice of such appointment to the Rating Agencies and the Indenture Trustee.

Appointment of the Successor Master Servicer. In connection with the termination of Master Servicer’s 's responsibilities under this Agreement pursuant to Section 5.1 or 6.1, Owner shall appoint a successor master servicer that shall have a long-term debt rating of at least “"Baa3” " by Mxxxx’x Xxxxx'x and “"BBB-” " by S&P. The successor master servicer shall succeed to all rights and assume all of the responsibilities, duties and liabilities of Master Servicer under this Agreement (such successor master servicer being referred to as the “"Successor Master Servicer”"); provided, that the Successor Master Servicer shall have no responsibility for any actions of Master Servicer prior to the date of its appointment as Successor Master Servicer. The Successor Master Servicer shall accept its appointment by executing, acknowledging and delivering to Owner an instrument in form and substance acceptable to Owner. Owner shall provide and by providing prior written notice of such appointment to the Rating Agencies and the Indenture Trustee.

Appointment of the Successor Master Servicer. In connection with the termination of Master Servicer’s 's responsibilities under this Agreement pursuant to Section 5.1 or 6.1, Owner shall appoint a successor master servicer that shall have a long-term debt rating of at least “"Baa3” " by Mxxxx’x Xxxxx'x and “"BBB-” " by S&P. The successor master servicer shall succeed to all rights and assume all of the responsibilities, duties and liabilities of Master Servicer under this Agreement (such successor master servicer being referred to as the “"Successor Master Servicer”"); provided, that the Successor Master Servicer shall have no responsibility for any actions of Master Servicer prior to the date of its appointment as Successor Master Servicer. The Successor Master Servicer shall accept its appointment by executing, acknowledging and delivering to Owner an instrument in form and substance acceptable to Owner. Owner shall provide prior written notice of such appointment to the Rating Agencies and the Indenture Trustee.

Appointment of the Successor Master Servicer. In connection with the termination of Master Servicer’s responsibilities under this Agreement pursuant to Section 5.1 or 6.1, Owner shall appoint a successor master servicer that shall have a long-term debt rating of at least “Baa3” by Mxxxx’x Xxxxx’x and “BBB-” by S&P. The successor master servicer shall succeed to all rights and assume all of the responsibilities, duties and liabilities of Master Servicer under this Agreement (such successor master servicer being referred to as the “Successor Master Servicer”); provided, that the Successor Master Servicer shall have no responsibility for any actions of Master Servicer prior to the date of its appointment as Successor Master Servicer. The Successor Master Servicer shall accept its appointment by executing, acknowledging and delivering to Owner an instrument in form and substance acceptable to Owner. Owner shall provide prior written notice of such appointment to the Rating Agencies and the Indenture Trustee.