Common use of Resignation and Termination of Master Servicer Clause in Contracts

Resignation and Termination of Master Servicer. (a) The Master Servicer may at any time resign and terminate its obligations under this Master Agreement upon at least one hundred eighty (180) days’ prior written notice to the Purchaser; provided, however, that no such resignation or termination shall be effective until a successor Master Servicer is appointed (and accepts such appointment) pursuant to the terms of this Section 5.12. Promptly after receipt of notice of the Master Servicer’s intended resignation, the Purchaser shall appoint, by written instrument, a successor master servicer. If the Purchaser fails to appoint a successor master servicer pursuant to the terms hereof within thirty (30) days after receipt of the Master Servicer’s notice of resignation, Master Servicer may petition a court of competent jurisdiction to appoint a successor master servicer. One original counterpart of any aforementioned instrument of appointment shall be delivered to each of the Purchaser and the successor master servicer.

Resignation and Termination of Master Servicer. (a) The Master Servicer may at any time resign and terminate its obligations under this Master Agreement upon at least one hundred eighty (180) days’ ' prior written notice to the Purchaser; provided, however, that no such resignation or termination shall be effective until a successor Master Servicer is appointed (and accepts such appointment) pursuant to the terms of this Section 5.12. Promptly after receipt of notice of the Master Servicer’s 's intended resignation, the Purchaser shall appoint, by written instrument, a successor master servicer. If the Purchaser fails to appoint a successor master servicer pursuant to the terms hereof within thirty (30) days after receipt of the Master Servicer’s 's notice of resignation, Master Servicer may petition a court of competent jurisdiction to appoint a successor master servicer. One original counterpart of any aforementioned instrument of appointment shall be delivered to each of the Purchaser and the successor master servicer.