Common use of Standby Servicer Clause in Contracts

Standby Servicer. The Standby Servicer shall perform the obligations from time to time applicable to it under this Agreement, including without limitation, under Section 6.01 and to become the Successor Servicer hereunder if so appointed by the Agent. In order to permit the Standby Servicer to be prepared to perform its obligations hereunder in the event that a Servicer Default, the Servicer and the Standby Servicer agree to undertake the procedures and perform the other obligations described in the Standby Servicing Agreement. Subject to the terms of any agreement between the Standby Servicer and the Lender or the Agent, the Standby Servicer may resign at any time by not less than 60 days' notice to the Agent and the Servicer. In addition, the Standby Servicer may be removed at any time without cause by the Lender or the Agent by not less than 60 days' notice then given in writing to the Standby Servicer, the Servicer and the Borrower. In the event of any such resignation or removal, the Standby Servicer may be replaced by the Agent by notice given in writing to the Servicer and the Borrower.

Standby Servicer. The Standby Servicer shall perform the obligations from time to time applicable to it under this Agreement, including without limitation, under Section 6.01 and to become the Successor Servicer hereunder if so appointed by the Agent. In order to permit the Standby Servicer to be prepared to perform its obligations hereunder in the event that a Servicer Default, the Servicer and the Standby Servicer agree to undertake the procedures and perform the other obligations described in the Standby Servicing Agreement. Subject to the terms of any agreement between the Standby standby Servicer and the Lender Purchaser or the Agent, the Standby Servicer may resign at any time by not less than 60 days' notice to the Agent and the Servicer. In addition, the Standby Servicer may be removed at any time without cause by the Lender Purchaser or the Agent by not less than 60 days' notice then given in writing to the Standby Servicer, the Servicer and the BorrowerSeller. In the event of any such resignation or removal, the Standby Servicer may be replaced by the Agent by notice given in writing to the Servicer and the BorrowerSeller.