Common use of Assumption or Termination of Subservicing Agreement Clause in Contracts

Assumption or Termination of Subservicing Agreement. In connection with the assumption of the responsibilities, duties and liabilities and of the authority, power and rights of the Servicer hereunder by the Trustee pursuant to Section 7.01, the Servicer's rights and obligations under any Subservicing Agreement shall be assumed simultaneously by the Trustee without act or deed on part of the Trustee; provided, however, that the Trustee (if acting as successor Servicer) or any other successor Servicer may terminate the Subservicer as provided in Section 3.03. The Servicer shall at its expense, upon the reasonable request of the Trustee, deliver to the assuming party documents and records relating to each Subservicing Agreement and an accounting of amounts collected and held by it and otherwise use its best reasonable efforts to effect the orderly and efficient transfer of the Subservicing Agreements to the assuming party.

Assumption or Termination of Subservicing Agreement. In connection with the assumption of the responsibilities, duties and liabilities and of the authority, power and rights of the Servicer hereunder by the Trustee pursuant to Section 7.01, the Servicer's ’s rights and obligations under any Subservicing Agreement shall be assumed simultaneously by the Trustee without act or deed on part of the Trustee; provided, however, that the Trustee (if acting as successor Servicer) or any other successor Servicer may terminate the Subservicer as provided in Section 3.03. The Servicer shall at its expense, upon the reasonable request of the Trustee, deliver to the assuming party documents and records relating to each Subservicing Agreement and an accounting of amounts collected and held by it and otherwise use its best reasonable efforts to effect the orderly and efficient transfer of the Subservicing Agreements to the assuming party.