Common use of Assignment by the Issuer Clause in Contracts

Assignment by the Issuer. The Servicer agrees that the Issuer may at any time after the Closing Date and after the first date on which the Bonds are no longer Outstanding, without the consent of the Servicer, assign and transfer its right, title and interest under this Servicing Agreement to any other Person financially capable of performing the Issuer’s obligations hereunder; provided that such Person expressly assumes the obligations of the Issuer under this Servicing Agreement and the obligations of the Trust (as such term is defined in the Paying Agent and Custody Agreement) under the Paying Agent and Custody Agreement. Upon any such assignment and transfer, whether by sale at foreclosure or otherwise, the Servicer shall thereafter render to the assignee the services that are to be performed by it under this Servicing Agreement, and unless otherwise expressly agreed in writing, neither the Issuer nor the Indenture Trustee, as the case may be, shall have any further obligation or liability to the Servicer following such assignment and transfer, except, however, that the Servicer shall be entitled to receive the Servicing Fees and any other amounts due to the Servicer that shall have accrued to the Servicer prior to such assignment and transfer pursuant to the terms of this Servicing Agreement. However, the Servicer shall in no event be entitled to receive payment from the Issuer, but must instead be paid from funds available under the Paying Agent and Custody Agreement.

Assignment by the Issuer. The Servicer agrees that the Issuer may at any time after the Initial Closing Date and after the first date on which the Bonds are no longer OutstandingDate, without the consent of the Servicer, assign and transfer its right, title and interest under this Servicing Agreement to any other Person financially capable of performing the Issuer’s obligations hereunder; provided that such Person expressly assumes the obligations of the Issuer under this Servicing Agreement and the obligations of the Trust (as such term is defined in the Paying Agent and Custody Agreement) under the Paying Agent and Custody Agreement. Upon any such assignment and transfer, whether by sale at foreclosure or otherwise, the Servicer shall thereafter render to the assignee the services that are to be performed by it under this Servicing Agreement, and unless otherwise expressly agreed in writing, neither the Issuer nor the Indenture TrusteeCollateral Agent and Custodian, as the case may be, shall have any further obligation or liability to the Servicer following such assignment and transfer, except, however, that the Servicer shall be entitled to receive the Servicing Fees and any other amounts due to the Servicer that shall have accrued to the Servicer prior to such assignment and transfer pursuant to the terms of this Servicing Agreement. However, the Servicer shall in no event be entitled to receive payment from the Issuer, but must instead be paid from funds available under the Paying Agent and Custody Agreement.