Common use of Approved Servicer Clause in Contracts

Approved Servicer. Except as disclosed to the Lender Agent prior to the Amendment Closing Date (i) with respect to the Borrowers only, each such Borrower is approved by ▇▇▇▇▇▇ Mae as an approved lender, (ii) GMACM is approved by each of ▇▇▇▇▇▇▇ Mac and ▇▇▇▇▇▇ Mae as an approved seller, HUD pursuant to Sections 203 and 211 of the National Housing Act, the FHA as an FHA Approved Mortgagee and Servicer, and the VA as a VA Approved Lender, (iii) each Borrower is approved by ▇▇▇▇▇▇▇ Mac, ▇▇▇▇▇▇ ▇▇▇ and ▇▇▇▇▇▇ ▇▇▇ as an approved servicer, (iv) each Borrower is in good standing with ▇▇▇▇▇▇▇ Mac, ▇▇▇▇▇▇ ▇▇▇, HUD, the FHA, and/or the VA, as applicable, (v) no circumstances exist that would either entitle ▇▇▇▇▇▇▇ Mac, ▇▇▇▇▇▇ ▇▇▇, HUD, the FHA or the VA to revoke or suspend any such approvals or entitle ▇▇▇▇▇▇▇ Mac or ▇▇▇▇▇▇ ▇▇▇ to terminate any Borrower as servicer for cause under any servicing arrangement, (vi) no Borrower has received from ▇▇▇▇▇▇▇ Mac, ▇▇▇▇▇▇ ▇▇▇, HUD, the FHA or the VA any notice revoking or suspending, or indicating any intent to revoke or suspend, or indicating any adverse fact or circumstance which could reasonably be expected to entitle ▇▇▇▇▇▇▇ Mac, ▇▇▇▇▇▇ ▇▇▇, HUD, the FHA or the VA, as the case may be, to revoke or suspend any of the aforementioned approvals, and (vii) each FHA Insurance Contract and VA Guaranty Agreement applicable to the Borrowers or their Subsidiaries is in full force and effect. Notwithstanding the foregoing, with respect to each Borrower, if the failure of such Borrower to comply with any of clauses (i) through (vii) above could not reasonably be expected to have a Material Adverse Effect (including any material adverse change in the value, validity, enforceability or collectability of the ▇▇▇▇▇▇▇ Advances, such failure shall not constitute a breach of this Section 6.01(n).

Approved Servicer. Except as disclosed to the Lender Agent prior to the Amendment Closing Date (i) with respect to the Borrowers only, each such Borrower is approved by ▇▇▇▇▇▇ Mae ▇▇▇ as an approved lender, (ii) GMACM GMAC Mortgage is approved by each of ▇▇▇▇▇▇▇ Mac and ▇▇▇▇▇▇ Mae ▇▇▇ as an approved seller, HUD pursuant to Sections 203 and 211 of the National Housing Act, the FHA as an FHA Approved Mortgagee and Servicer, and the VA as a VA Approved Lender, (iii) each Borrower GMAC Mortgage is approved by ▇▇▇▇▇▇▇ Mac, ▇▇▇▇▇▇ ▇▇▇ and ▇▇▇▇▇▇ ▇▇▇ as an approved servicer, (iv) each Borrower is in good standing with ▇▇▇▇▇▇▇ Mac, ▇▇▇▇▇▇ ▇▇▇, HUD, the FHA, and/or the VA, as applicable, (v) no circumstances exist that would either entitle ▇▇▇▇▇▇▇ Mac, ▇▇▇▇▇▇ ▇▇▇, HUD, the FHA or the VA to revoke or suspend any such approvals or entitle ▇▇▇▇▇▇▇ Mac or ▇▇▇▇▇▇ ▇▇▇ to terminate any Borrower as servicer for cause under any servicing arrangement, (vi) no Borrower has received from ▇▇▇▇▇▇▇ Mac, ▇▇▇▇▇▇ ▇▇▇, HUD, the FHA or the VA any notice revoking or suspending, or indicating any intent to revoke or suspend, or indicating 5254878 08048307 18 Line of Credit Agreement any adverse fact or circumstance which could reasonably be expected to entitle ▇▇▇▇▇▇▇ Mac, ▇▇▇▇▇▇ ▇▇▇, HUD, the FHA or the VA, as the case may be, to revoke or suspend any of the aforementioned approvals, and (vii) each FHA Insurance Contract and VA Guaranty Agreement applicable to the Borrowers or their Subsidiaries is in full force and effect. Notwithstanding the foregoing, with respect to each Borrower, if the failure of such Borrower to comply with any of clauses (i) through (vii) above could not reasonably be expected to have a Material Adverse Effect (including any material adverse change in the value, validity, enforceability or collectability of the ▇▇▇▇▇▇▇ Advances, such failure shall not constitute a breach of this Section 6.01(n).

Approved Servicer. Except as disclosed to the Lender Agent prior to the Amendment Closing Date (i) with With respect to the Borrowers only, each such Borrower is approved by ▇▇▇▇▇▇ Mae ▇▇▇ as an approved lender, (ii) GMACM and GMAC Mortgage is approved by each of ▇▇▇▇▇▇▇ Mac and ▇▇▇▇▇▇ Mae ▇▇▇ as an approved seller, HUD pursuant to Sections 203 and 211 of the National Housing Act, the FHA as an FHA Approved Mortgagee and Servicer, and the VA as a VA Approved Lender, (iii) each Borrower . GMAC Mortgage is approved by ▇▇▇▇▇▇▇ Mac, ▇▇▇▇▇▇ ▇▇▇ and ▇▇▇▇▇▇ ▇▇▇ as an approved servicer. In each such case, (ivw) each Borrower is in good standing with ▇▇▇▇▇▇▇ Mac, ▇▇▇▇▇▇ ▇▇▇, HUD, the FHA, and/or the VA, as applicable, (vx) no circumstances exist that would either entitle ▇▇▇▇▇▇▇ Mac, ▇▇▇▇▇▇ ▇▇▇, HUD, the FHA or the VA to revoke or suspend any such approvals or entitle ▇▇▇▇▇▇▇ Mac or ▇▇▇▇▇▇ ▇▇▇ to terminate any Borrower as servicer for cause under any servicing arrangement, (viy) no Borrower has received from ▇▇▇▇▇▇▇ Mac, ▇▇▇▇▇▇ ▇▇▇, HUD, the FHA or the VA any notice revoking or suspending, or indicating any intent to revoke or suspend, suspend or indicating any adverse fact or circumstance which could reasonably be expected to entitle ▇▇▇▇▇▇▇ Mac, ▇▇▇▇▇▇ ▇▇▇, HUD, the FHA or the VA, as the case may be, to revoke or suspend any of the aforementioned approvals, and (viiz) each FHA Insurance Contract and VA Guaranty Agreement applicable to the Borrowers or any other Obligor or their Subsidiaries is in full force and effect. Notwithstanding the foregoing, with respect to each Borrower, if the failure of such Borrower to comply with any of clauses (i) through (vii) above could not reasonably be expected to have a Material Adverse Effect (including any material adverse change in the value, validity, enforceability or collectability of the ▇▇▇▇▇▇▇ Advances, such failure shall not constitute a breach of this Section 6.01(n).