Common use of Appointment of the Successor Servicer Clause in Contracts

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

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

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

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

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