Common use of Effect of Termination Notice Clause in Contracts

Effect of Termination Notice. (a) After receipt by the Servicer or any Co-Servicer of a Termination Notice pursuant to Clause 4.1, and on the date that a Successor Servicer shall have been appointed by the Beneficiaries pursuant to Clause 4.3, all authority and power of the Servicer and any Co-Servicer under this Agreement shall pass to and be vested in a Successor Servicer and, without limitation, each Beneficiary is hereby appointed, authorised and empowered (upon the failure of the Servicer or any Co-Servicer to cooperate in a timely manner) in order to secure the performance of the Servicer or any Co-Servicer in so doing to execute and deliver, on behalf of the Servicer or any Co-Servicer, as its attorney, all documents, records and other instruments upon the failure of the Servicer or Co-Servicer to execute or deliver such documents, records or instruments, and to do and accomplish all other acts or things necessary or appropriate to effect the purposes of such transfer of servicing rights and obligations;