Common use of REPLACEMENT OF MANAGER AND SERVICER Clause in Contracts

REPLACEMENT OF MANAGER AND SERVICER. Without demand or notice of any nature whatsoever, upon an Event of Default, Agent may terminate any then existing servicing agreement and replace any then existing Servicer with the Standby Servicer or such other servicer as Agent may select in its Permitted Discretion. Agent shall also have the right to assume management of the Resorts.

REPLACEMENT OF MANAGER AND SERVICER. Without demand or notice of any nature whatsoever, upon an Event of Default, Agent may terminate any then existing servicing agreement and replace any then existing Servicer with the Standby Servicer or such other servicer as Agent may select in its Permitted Discretionsole and absolute discretion. Agent shall also have the right to assume management of the Resorts.