Merger of Servicer; Appointment of Nominee Clause Samples

Merger of Servicer; Appointment of Nominee. Any corporation (i) into which the Servicer may be merged or consolidated, (ii) resulting from any merger, conversion or consolidation to which the Servicer shall be a party, (iii) succeeding to the business of the Servicer or (iv) more than 50% of the voting stock of which is owned directly or indirectly by NMAC or any Affiliate thereof and which is otherwise servicing motor vehicle leases or retail installment sales contracts, which corporation in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Servicer, shall be the successor to the Servicer without the execution or filing of any paper or any further act on the part of any of the parties to this Agreement.