Common use of Backup Servicer Clause in Contracts

Backup Servicer. The Administrative Agent shall have the right, in its sole discretion, to appoint a Backup Servicer that will (i) serve as a backup servicer of the Purchased Loans until such time as Administrative Agent shall elect to appoint the Backup Servicer as successor servicer of the Purchased Loans and (ii) become the successor servicer of the Purchased Loans at Administrative Agent’s option. In connection with the appointment of a Backup Servicer as provided in the preceding sentence, the Administrative Agent may make such arrangements for the compensation of Backup Servicer out of Income on the Mortgage Loans or otherwise as the Administrative Agent and such Backup Servicer shall agree. Seller shall provide Backup Servicer with such data, files and information, in form, format and content as Backup Servicer may request, in order to permit Backup Servicer to service the Mortgage Loans in accordance with Accepted Servicing Practices; all such data, files and information shall be updated by Seller on a monthly basis as required by Backup Servicer.

Backup Servicer. The Administrative Agent Buyer shall have the right, in its sole discretion, to appoint a Backup Servicer that will (ia) serve as a backup servicer of the Purchased Loans until such time as Administrative Agent the Buyer shall elect to appoint the Backup Servicer as successor servicer of the Purchased Loans and (iib) become the successor servicer of the Purchased Loans at Administrative Agentthe Buyer’s option. In connection with the appointment of a Backup Servicer as provided in the preceding sentence, the Administrative Agent Buyer may make such arrangements for the compensation of the Backup Servicer out of Income on the Mortgage Loans or otherwise as the Administrative Agent Buyer and such Backup Servicer shall agree. The Seller shall provide Backup Servicer with such data, files and information, in form, format and content as the Backup Servicer may request, in order to permit the Backup Servicer to service the Mortgage Loans in accordance with Accepted Servicing Practices; all such data, files and information shall be updated by the Seller on a monthly basis as required by the Backup Servicer.