Common use of Termination of Company’s Rights as Servicer Clause in Contracts

Termination of Company’s Rights as Servicer. If Participant exercises its right pursuant to this Section to terminate the Company’s rights as servicer under this Agreement, all authority and power of the Company to act as servicer under this Agreement shall pass to and be vested in Participant under this Section and, without limitation, Participant is hereby authorized and empowered, as attorney-in-fact or otherwise, to execute and deliver, on behalf of and at the expense of the Company, any and all documents and other instruments and to do or take any and all acts necessary or appropriate to effect the termination and replacement of the Servicer and, in the event Participant decides to retain the Servicer, to enter into a new Servicing Agreement between Participant and the Servicer or to effect an assignment of the existing Servicing Agreement from the Company to Participant. Participant shall have and be entitled to exercise all rights of the Company as servicer under this Agreement and the costs and expenses associated with any such successor Servicer or the existing Servicer (including any servicing fees) shall be borne by the Company (and not Participant).

Termination of Company’s Rights as Servicer. If the Participant exercises its right pursuant to this Section to terminate the Company’s rights as servicer under this Agreement, all authority and power of the Company to act as servicer under this Agreement shall pass to and be vested in the Participant under this Section and, without limitation, the Participant is hereby authorized and empowered, as attorney-in-fact or otherwise, to execute and deliver, on behalf of and at the expense of the Company, any and all documents and other instruments and to do or take any and all acts necessary or appropriate to effect the termination and replacement of the Servicer and, in the event the Participant decides to retain the Servicer, to enter into a new Servicing Agreement between the Participant and the Servicer or to effect an assignment of the existing Servicing Agreement from the Company to the Participant. The Participant shall have and be entitled to exercise all rights of the Company as servicer under this Agreement and the costs and expenses associated with any such successor Servicer or the existing Servicer (including any servicing fees) shall be borne by the Company (and not the Participant).