Common use of Replacement Servicer Clause in Contracts

Replacement Servicer. If (x) a Servicer Termination Event has occurred or (y) the Servicer or the Back-Up Servicer has resigned, then, upon the written request of the Administrative Agent (acting at the direction of the Required Lenders) (which request may be in the form of any email from counsel to the Administrative Agent and the Lenders), the Loan Parties shall promptly exercise any and all rights such Loan Parties have under the terms of the applicable ABS Documentation (including the limited liability company agreements of the SPV Subsidiaries) (to the extent of such rights)with respect to the appointment of a new servicer or replacement servicer reasonably acceptable to the Required Lenders for all Commission Receivables owned or held by the SPV Subsidiaries and the ABS Note Subsidiaries. Each capitalized term used in this Section 4.19 that is not defined in this Agreement has the meaning assigned thereto in the applicable ABS Documentation.