Common use of Assumption of Sub-Servicing Agreement by Successor Servicer Clause in Contracts

Assumption of Sub-Servicing Agreement by Successor Servicer. In the event the Servicer shall for any reason no longer be the Servicer (including by reason of an Event of Default or Trigger Event), the Successor Servicer may, at its election, assume all of the rights and obligations of the Servicer under each Sub-Servicing Agreement that may have been entered into. The Indenture provides that the Successor Servicer may, at its election, assume all of the Servicer's interest therein and replace the Servicer as a party to the Sub-Servicing Agreement to the same extent as if the Sub-Servicing Agreement had been assigned to the assuming party, except that the Servicer shall not thereby be relieved of any liability or obligation under the Sub-Servicing Agreement. The Servicer shall, upon request of the Trustee or the Successor Servicer but at the expense of the Servicer, deliver to the Successor Servicer all documents and records pursuant to Section 2.09 relating to the Sub-Servicing Agreement and the Accounts then being serviced and an accounting of amounts collected and held by it and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub-Servicing Agreement to the assuming party.

Assumption of Sub-Servicing Agreement by Successor Servicer. In the event the Servicer shall for any reason no longer be the Servicer (including by reason of an Event of Default or Trigger Event), the Successor Servicer may, at its election, assume all of the rights and obligations of the Servicer under each Sub-Servicing Agreement that may have been entered into. The Indenture provides that the Successor Servicer may, at its election, assume all of the Servicer's interest therein and replace the Servicer as a party to the Sub-Servicing Agreement to the same extent as if the Sub-Servicing Agreement had been assigned to the assuming party, except that the Servicer shall not thereby be relieved of any liability or obligation under the Sub-Servicing Agreement. The Servicer shall, upon request of the Indenture Trustee or the Successor Servicer but at the expense of the Servicer, deliver to the Successor Servicer all documents and records pursuant to Section 2.09 relating to the Sub-Servicing Agreement and the Accounts Mortgage Assets then being serviced and an accounting of amounts collected and held by it and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub-Servicing Agreement to the assuming party.

Assumption of Sub-Servicing Agreement by Successor Servicer. In the event the Servicer shall for any reason no longer be the Servicer Service (including by reason of an Event of Default or Trigger Event), the Successor Servicer may, at its election, assume all of the rights and obligations of the Servicer under each Sub-Servicing Agreement that may have been entered into. The Indenture provides that the Successor Servicer may, at its election, assume all of the Servicer's interest therein and replace the Servicer as a party to the Sub-Servicing Agreement to the same extent as if the Sub-Servicing Agreement had been assigned to the assuming party, except that the Servicer shall not thereby be relieved of any liability or obligation under the Sub-Servicing Agreement. The Servicer shall, upon request of the Trustee or the Successor Servicer but at the expense of the Servicer, deliver to the Successor Servicer all documents and records pursuant to Section 2.09 relating to the Sub-Servicing Agreement and the Accounts then being serviced and an accounting of amounts collected and held by it and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub-Servicing Agreement to the assuming party.

Assumption of Sub-Servicing Agreement by Successor Servicer. In the event the Servicer shall for any reason no longer be the Servicer (including by reason of an Event of Default or Trigger Event), the Successor Servicer may, at its election, assume all of the rights and obligations of the Servicer under each Sub-Servicing Agreement that may have been entered into. The Indenture provides that the Successor Servicer may, at its election, assume all of the Servicer's interest therein and replace the Servicer as a party to the Sub-Servicing Agreement to the same extent as if the Sub-Servicing Agreement had been assigned to the assuming party, except that the Servicer shall not thereby be relieved of any liability or obligation under the Sub-Servicing Agreement. The Servicer shall, upon request of the Indenture Trustee or the Successor Servicer but at the expense of the Servicer, deliver to the Successor Servicer all documents and records pursuant to Section 2.09 relating to the Sub-Servicing Agreement and the Accounts then being serviced and an accounting of amounts collected and held by it and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub-Servicing Agreement to the assuming party.

Assumption of Sub-Servicing Agreement by Successor Servicer. In the event the Servicer shall for any reason no longer be the Servicer (including by reason of an Event of Default or Trigger Event), the Successor Servicer may, at its election, assume all of the rights and obligations of the Servicer under each Sub-Servicing Agreement that may have been entered into. The Indenture provides that the Successor Servicer may, at its election, assume all of the Servicer's interest therein and replace the Servicer as a party to the Sub-Servicing Agreement to the same extent as if the Sub-Servicing Agreement had been assigned to the assuming party, except that the Servicer shall not thereby be relieved of any liability or obligation under the Sub-Servicing Agreement. The Servicer shall, upon request of the Indenture Trustee or the Successor Servicer but at the expense of the Servicer, deliver to the Successor Servicer all documents and records pursuant to Section 2.09 relating to the Sub-Servicing Agreement and the Accounts Mortgage Loans then being serviced and an accounting of amounts collected and held by it and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub-Servicing Agreement to the assuming party.