Common use of Assignment by Servicer Clause in Contracts

Assignment by Servicer. The Servicer may, with the prior written consent of Vanderbilt, assign its rights and delegate its duties and obligations under this Agreement; provided that the Person accepting such assignment or delegation shall be a Person which executes and delivers to Vanderbilt and the Trustee an agreement, in form and substance reasonably satisfactory to Vanderbilt and the Trustee, which contains an assumption by such Person of the due and punctual performance and observance of each covenant and condition to be performed or observed by the Servicer under this Agreement; provided further that the Rating Agencies' rating of the Class A Certificates, Class M-1 Certificates and Class B Certificates in effect immediately prior to such assignment and delegation will not be withdrawn or reduced as a result of such assignment and delegation, as evidenced by a letter addressed to the Servicer and the Trustee from the Rating Agencies. In the case of any such assignment and delegation, the Servicer shall be released from its obligations under this Agreement, except that the Servicer shall remain liable for all liabilities and obligations incurred by it as Servicer hereunder prior to the satisfaction of the conditions to such assignment and delegation set forth in the next preceding sentence.

Assignment by Servicer. The Servicer may, with the prior written consent of Vanderbilt, assign its rights and delegate its duties and obligations under this Agreement; provided that the Person accepting such assignment or delegation shall be a Person which is satisfactory to the Trustee, in its sole judgment, and executes and delivers to Vanderbilt and the Trustee an agreement, in form and substance reasonably satisfactory to Vanderbilt and the Trustee, which contains an assumption by such Person of the due and punctual performance and observance of each covenant and condition to be performed or observed by the Servicer under this Agreement; provided further that the Rating Agencies' rating of the Class A Certificates, Class M-1 Certificates and Class B Certificates in effect immediately prior to such assignment and delegation will not be withdrawn or reduced as a result of such assignment and delegation, as evidenced by a letter addressed to the Servicer and the Trustee from the Rating Agencies. In the case of any such assignment and delegation, the Servicer shall be released from its obligations under this Agreement, except that the Servicer shall remain liable for all liabilities and obligations incurred by it as Servicer hereunder prior to the satisfaction of the conditions to such assignment and delegation set forth in the next preceding sentence.

Assignment by Servicer. The Servicer may, with the prior written consent of Vanderbiltthe Company, assign its rights and delegate its duties and obligations under this Agreement; provided that the Person accepting such assignment or delegation shall be a Person which is satisfactory to the Trustee, in its sole judgment, and executes and delivers to Vanderbilt the Company and the Trustee an agreement, in form and substance reasonably satisfactory to Vanderbilt the Company and the Trustee, which contains an assumption by such Person of the due and punctual performance and observance of each covenant and condition to be performed or observed by the Servicer under this Agreement; provided further that the Rating Agencies' rating of the Class A Certificates, Class M-1 Certificates and Class B Certificates in effect immediately prior to such assignment and delegation will not be withdrawn or reduced as a result of such assignment and delegation, as evidenced by a letter addressed to the Servicer and the Trustee from the Rating Agencies. In the case of any such assignment and delegation, the Servicer shall be released from its obligations under this Agreement, except that the Servicer shall remain liable for all liabilities and obligations incurred by it as Servicer hereunder prior to the satisfaction of the conditions to such assignment and delegation set forth in the next preceding sentence.