Common use of Consequences of a Servicer Default Clause in Contracts

Consequences of a Servicer Default. If a Servicer Default shall occur and be continuing, the Administrative/Collateral Agent, acting at the direction of the Required Lenders, by written notice given to the Servicer, may terminate all of the rights and obligations of the Servicer pursuant to the terms of the Sale and Servicing Agreement and appoint a successor pursuant to the terms thereof. In addition, upon the occurrence of a Servicer Default, the Servicer shall, if so requested by the Administrative/Collateral Agent, acting at the direction of the Required Lenders, deliver to the Backup Servicer its Monthly Records within two days after demand therefor and a computer tape or diskette (or any other means of electronic transmission acceptable to the Backup Servicer) containing as of the close of business on the date of demand all of the data maintained by the Servicer in computer format in connection with servicing the Transferred Contracts.