Standby Servicer. Borrower acknowledges and agrees that upon written notice from Agent, to be given at any time during the term of the Loan in Agent's sole and absolute discretion, the Servicing Agent shall be replaced by the Standby Servicer, or such other servicing entity as may be selected by Agent in its sole and absolute discretion, for the purpose of servicing all Notes Receivable comprising the Collateral.
Appears in 2 contracts
Sources: Loan, Security and Agency Agreement (Silverleaf Resorts Inc), Loan, Security and Agency Agreement (Silverleaf Resorts Inc)
Standby Servicer. Borrower acknowledges and agrees that upon written notice from Agent, to be given at any time during the term of the Loan in Agent's ’s sole and absolute discretion, the Servicing Agent shall be replaced by the Standby Servicer, or such other servicing entity as may be selected by Agent in its sole and absolute discretion, for the purpose of servicing all Notes Receivable comprising the Collateral.
Appears in 1 contract