Common use of Assumption of Servicing Duties Clause in Contracts

Assumption of Servicing Duties. If any Event of Default has occurred and is continuing, in addition to all other rights and remedies under this Agreement or otherwise, the Lender Agent may, subject to any restrictions imposed by the relevant Servicing Contract (to the extent such restrictions are valid and enforceable under the applicable Uniform Commercial Code and other relevant Law), including any such requirements with respect to assignment of the related Borrower’s servicing duties or rights thereunder, act, or contract with one or more third Persons to act, as successor asset manager, servicer, special servicer or sub-servicer of each item of Collateral requiring asset management or servicing and perform all obligations required in connection with such Servicing Contracts. The Borrowers shall use their best efforts to effect any such assignment requested by the Lender Agent, including without limitation soliciting consent to such assignment and providing such records, data, access to systems and other assistance as may be necessary or advisable, in the judgment of the Lender Agent, to facilitate the assumption of servicing obligations by any such Person designated by the Lender Agent.

Assumption of Servicing Duties. If any Event of Default has occurred and is continuing, in addition to all other rights and remedies under this Agreement or otherwise, the Lender Agent may, subject to any restrictions imposed by the relevant Servicing Contract (to the extent such restrictions are valid and enforceable under the applicable Uniform Commercial Code and other relevant Law), including any such requirements with respect to assignment of the related Borrower’s servicing duties or rights thereunder, act, or contract with one or more third Persons to act, as successor asset manager, servicer, special servicer or sub-servicer of each item of Collateral requiring asset management or servicing and perform all obligations required in connection with such Servicing Contracts. The Borrowers shall use their best efforts to effect any such assignment requested by the Lender AgentLender, including without limitation soliciting consent to such assignment and providing such records, data, access to systems and other assistance as may be necessary or advisable, in the judgment of the Lender AgentLender, to facilitate the assumption of servicing obligations by any such Person designated by the Lender AgentLender.” (n) Section 8.03(a) is hereby amended and restated in full to read as follows: