Common use of Standby Servicer Clause in Contracts

Standby Servicer. Upon an Event of Default, the Agent may, without demand or notice of any nature whatsoever, terminate any then existing servicing agreement and replace any then existing servicer with the Standby Servicer or such other servicer as the Agent may select in its sole and absolute discretion. Upon an Event of Default, at the election of the Agent, the Borrower agrees that the Standby Servicer or such other servicer as the Agent may select in its sole and absolute discretion may assume control over the servicing of the Consumer Loan Collateral or any other consumer loans pledged to the Agent, reporting to the Banks.”