Common use of Assumption of Servicing Duties Clause in Contracts

Assumption of Servicing Duties. (a) Upon written notification by the Administrative Agent to the Backup Servicer and the Servicer exercising its right under and in accordance with Section 11.08 to appoint a Successor Servicer and the approval of the SBA if required by the SBA 504 Loan Program, which notice shall be binding upon the Backup Servicer, requesting the Backup Servicer to become Successor Servicer under this Agreement, the Backup Servicer shall become Successor Servicer under this Agreement in accordance with Section 11.08. Within forty-five (45) Business Days following the aforesaid notice of Administrative Agent, the Backup Servicer will commence the performance of such servicing duties as Successor Servicer in accordance with the terms and conditions of this Agreement. (b) The Backup Servicer will have the right to assign its obligations hereunder with the prior written consent of the Administrative Agent and the Required Lenders, which consent shall not be unreasonably withheld. In addition, the Backup Servicer may execute any of its duties under this Agreement (both as Backup Servicer and as Successor Servicer) by or through agents; provided that the Backup Servicer shall remain primarily liable for the due performance of its duties hereunder.