Common use of Authority and Power Clause in Contracts

Authority and Power. All authority and power granted to the Servicer under this Agreement shall automatically cease and terminate upon termination of this Agreement as to the Servicer and shall pass to and be vested in the applicable Loan Party and each Loan Party is hereby authorized and empowered to execute and deliver, on behalf of the Servicer, as attorney-in-fact or otherwise, all documents and other instruments, and to do and accomplish all other acts or things necessary or appropriate to effect the purposes of such transfer of servicing rights. The Servicer agrees to cooperate with each Loan Party in effecting the termination of the responsibilities and rights of the Servicer to conduct servicing of the Collateral.