Common use of Initial Servicer Clause in Contracts

Initial Servicer. Each Loan Party hereby appoints G▇▇▇▇ Capital BDC, Inc., pursuant to the terms and conditions of this Agreement, as Servicer, with the authority to service, administer and exercise rights and remedies, on behalf of each Loan Party, in respect of the Collateral. Until the Administrative Agent gives G▇▇▇▇ Capital BDC, Inc. a Servicer Removal Notice, G▇▇▇▇ Capital BDC, Inc. hereby accepts such appointment and agrees to perform the duties and responsibilities of the Servicer pursuant to the terms hereof. The Servicer and the Borrower hereby acknowledge that the Administrative Agent and the Secured Parties are third party beneficiaries of the obligations undertaken by the Servicer hereunder.

Initial Servicer. Each Loan Party hereby appoints G▇▇▇▇▇ Capital BDC, Inc., pursuant to the terms and conditions of this Agreement, as Servicer, with the authority to service, administer and exercise rights and remedies, on behalf of each Loan Party, in respect of the Collateral. Until the Administrative Agent gives G▇▇▇▇▇ Capital BDC, Inc. a Servicer Removal Notice, G▇▇▇▇▇ Capital BDC, Inc. hereby accepts such appointment and agrees to perform the duties and responsibilities of the Servicer pursuant to the terms hereof. The Servicer and the Borrower hereby acknowledge that the Administrative Agent and the Secured Parties are third party beneficiaries of the obligations undertaken by the Servicer hereunder.