Common use of Assignment or Transfer of Servicing Clause in Contracts

Assignment or Transfer of Servicing. The Servicer may assign or transfer this Agreement to a new servicer, provided such successor is subject to the prior written approval of the Buyer and such successor shall have assumed the Servicer’s responsibility and obligations under this Agreement and if the Buyer elects, the successor enters into a new servicing agreement with the Buyer in form and substance satisfactory to the Buyer in its discretion. Notwithstanding any other provision in this Agreement, the Servicer may assign its rights in this Agreement, at any time and for any reason, to its Affiliates, without the execution or filing of any paper or any further act on the part of any of the parties hereto.

Assignment or Transfer of Servicing. The Servicer may assign or transfer this Agreement to a new servicer, provided such successor is subject to the prior written approval of Buyer and if such new servicer is not an Affiliate of the Buyer, the prior approval of the Buyer Seller (which approval shall not be unreasonably withheld or delayed), and such successor shall have assumed the Servicer’s responsibility and obligations under this Agreement and if the Buyer elects, the successor enters into a new servicing agreement with the Buyer in form and substance satisfactory to the Buyer in its discretionAgreement. Notwithstanding any other provision in this Agreement, the Servicer may assign its rights in this Agreement, at any time and for any reason, to its Affiliates, without the execution or filing of any paper or any further act on the part of any of the parties hereto.