Common use of Merger or Consolidation of the Servicer Clause in Contracts

Merger or Consolidation of the Servicer. The Servicer will keep in full effect its existence, rights and franchises as a corporation, and will obtain and preserve its qualification to do business as a foreign corporation in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement or any of the Mortgage Loans and to perform its duties under this Agreement. Any Person into which the Servicer may be merged or consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Servicer shall be a party, or any Person succeeding to substantially all of the business of the Servicer (whether or not related to mortgage loan servicing), shall be the successor of the Servicer hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided, however, that the successor or surviving Person shall be an institution (a) having a GAAP net worth of not less than $10,000,000, and (b) that is one of the following: (i) an institution the deposits of which are insured by the FDIC or (ii) an institution which is a HUD-approved mortgagee whose primary business is in origination and servicing of first and second mortgage loans or (iii) an institution which is a Fannie Mae/Freddie Mac approved servicer in good standing.

Merger or Consolidation of the Servicer. The Servicer will keep in full effect its existence, rights and franchises as a corporation, and will obtain and preserve its qualification to do business as a foreign corporation in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement or any of the Mortgage Loans and to perform its duties under this Agreement. Any Person into which the Servicer may be merged or consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Servicer shall be a party, or any Person succeeding to substantially all of the business of the Servicer (whether or not related to mortgage loan servicing), shall be the successor of the Servicer hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided, however, that the successor or surviving Person shall be an institution (a) having a GAAP net worth of not less than $10,000,000, and (b) that is one of the following: (i) an institution the deposits of which are insured by the FDIC or (ii) an institution which is a HUD-approved mortgagee whose primary business is in origination and servicing of first and second mortgage loans or (iii) an institution which is a Fannie Mae/Freddie ▇▇▇▇▇▇ Mae/▇▇▇▇▇▇▇ Mac approved servicer in good standing.

Merger or Consolidation of the Servicer. The Servicer will keep in full effect its existence, rights and franchises as a corporationcorporation under the laws of the state of its incorporation except as permitted herein, and will obtain and preserve its qualification to do business as a foreign corporation in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement or any of the Mortgage Loans and to perform its duties under this Agreement. Any Person into which the Servicer may be merged or consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Servicer shall be a party, or any Person succeeding to substantially all of the business of the Servicer (whether or not related to mortgage loan servicing), shall be the successor of the Servicer hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided, however, that the successor or surviving Person shall be an institution (ai) having a GAAP net worth of not less than $10,000,00025,000,000, and (bii) that is one of the following: (i) an institution the deposits of which are insured by the FDIC FDIC, SAIF and/or BIF, or (ii) an institution which is a HUD-approved mortgagee whose primary business is in origination and servicing of first lien mortgage loans, and second mortgage loans or (iii) an institution which is a Fannie Mae/Freddie ▇▇▇▇▇▇ ▇▇▇ or ▇▇▇▇▇▇▇ Mac approved seller/servicer in good standing.

Merger or Consolidation of the Servicer. The Servicer will keep in full effect its existence, rights and franchises as a corporation, and will obtain and preserve its qualification to do business as a foreign corporation in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement or any of the Mortgage Loans and to perform its duties under this Agreement. Any Person into which the Servicer may be merged or consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Servicer shall be a party, or any Person succeeding to substantially all of the business of the Servicer (whether or not related to mortgage loan servicing), shall be the successor of the Servicer hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided, however, that the successor or surviving Person shall be an institution (a) having a GAAP net worth of not less than $10,000,000, and (b) that is one of the following: (i) an institution the deposits of which are insured by the FDIC or (ii) an institution which is a HUD-approved mortgagee whose primary business is in origination and servicing of first and second mortgage loans or (iii) an institution which is a Fannie F▇▇▇▇▇ Mae/Freddie F▇▇▇▇▇▇ Mac approved servicer in good standing.

Merger or Consolidation of the Servicer. The Servicer will keep in full effect its existence, rights and franchises as a corporationcorporation under the laws of the state of its incorporation except as permitted herein, and will obtain and preserve its qualification to do business as a foreign corporation in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement or any of the Mortgage Loans and to perform its duties under this Agreement. Any Person into which the Servicer may be merged or consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Servicer shall be a party, or any Person succeeding to substantially all of the business of the Servicer (whether or not related to mortgage loan servicing), shall be the successor of the Servicer hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided, however, that the successor or surviving Person shall be an institution (ai) having a GAAP net worth of not less than $10,000,00025,000,000, and (bii) that is one of the following: (i) an institution the deposits of which are insured by the FDIC FDIC, SAIF and/or BIF, or (ii) an institution which is a HUD-approved mortgagee whose primary business is in origination and servicing of first lien mortgage loans, and second mortgage loans or (iii) an institution which is a Fannie Mae/Mae or Freddie Mac approved seller/servicer in good standing.

Merger or Consolidation of the Servicer. The Servicer will keep in full effect its existence, rights and franchises as a corporationcorporation under the laws of the State of its incorporation except as permitted herein, and will obtain and preserve its qualification to do business as a foreign corporation in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement or any of the Mortgage Loans and to perform its duties under this Agreement. Any Person into which the Servicer may be merged or consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Servicer shall be a party, or any Person succeeding to substantially all of the business of the Servicer (whether or not related to mortgage loan servicing), shall be the successor of the Servicer hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided, however, that the successor or surviving Person shall be an institution (ai) having a GAAP net worth of not less than $10,000,00025,000,000, and (bii) that is one of the following: (i) an institution the deposits of which are insured by the FDIC FDIC, SAIF and/or BIF, or (ii) an institution which is a HUD-approved mortgagee whose primary business is in origination and servicing of first or second lien mortgage loans, and second mortgage loans or (iii) an institution which is a Fannie Mae/Freddie ▇▇▇▇▇▇ ▇▇▇ or ▇▇▇▇▇▇▇ Mac approved seller/servicer in good standing.

Merger or Consolidation of the Servicer. The Servicer will keep in full effect its existence, rights and franchises as a corporationcorporation under the laws of the state of its incorporation except as permitted herein, and will obtain and preserve its qualification to do business as a foreign corporation in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement or any of the Mortgage Loans and to perform its duties under this Agreement. Any Person into which the Servicer may be merged or consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Servicer shall be a party, or any Person succeeding to substantially all of the business of the Servicer (whether or not related to mortgage loan servicing), shall be the successor of the Servicer hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided, however, that the successor or surviving Person shall be an institution (ai) having a GAAP net worth of not less than $10,000,00025,000,000, and (bii) that is one of the following: (i) an institution the deposits of which are insured by the FDIC FDIC, SAIF and/or BIF, or (ii) an institution which is a HUD-approved mortgagee whose primary business is in origination and servicing of first lien mortgage loans, and second mortgage loans or (iii) an institution which is a Fannie Mae/Freddie F▇▇▇▇▇ Mae or F▇▇▇▇▇▇ Mac approved seller/servicer in good standing.

Merger or Consolidation of the Servicer. The Servicer will keep in full effect its existence, rights and franchises franchises, as a corporation, and will obtain and preserve its qualification to do business as a foreign corporation in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement or any of the Mortgage Loans and to perform its duties under this Agreement. Any Person into which the Servicer may be merged or consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Servicer shall be a party, or any Person succeeding to substantially all of the business of the Servicer (whether or not related to mortgage loan servicing), shall be the successor of the Servicer hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided, however, that the successor or surviving Person shall be an institution (ai) having a GAAP net worth of not less than $10,000,00015,000,000, and (bii) that is one of the following: (i) an institution the deposits of which are insured by the FDIC or (ii) an institution which is a HUD-approved mortgagee whose primary business is in origination and servicing of first and second mortgage loans or and (iiiii) an institution which who is a Fannie MaeFNMA or FHLMC approved seller/Freddie Mac approved servicer in good standing.

Merger or Consolidation of the Servicer. The Servicer will keep in full effect its existence, rights and franchises as a corporationcorporation under the laws of the State of its incorporation except as permitted herein, and will obtain and preserve its qualification to do business as a foreign corporation in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement or any of the Mortgage Loans and to perform its duties under this Agreement. Any Person into which the Servicer may be merged or consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Servicer shall be a party, or any Person succeeding to substantially all of the business of the Servicer (whether or not related to mortgage loan servicing), shall be the successor of the Servicer hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided, however, that the successor or surviving Person shall be an institution institution (ai) having a GAAP net worth of not less than $10,000,00025,000,000, and (bii) that is one of the following: (i) an institution the deposits of which are insured by the FDIC FDIC, SAIF and/or BIF, or (ii) an institution which is a HUD-approved mortgagee whose primary business is in origination and servicing of first and second lien mortgage loans or loans, (iii) an institution which is a Fannie Mae/Freddie ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac approved seller/servicer in good standing, and (iv) is acceptable to the Owner.

Merger or Consolidation of the Servicer. The Servicer will keep in full effect its existence, rights and franchises as a corporationcorporation under the laws of the state of its incorporation except as permitted herein, and will obtain and preserve its qualification to do business as a foreign corporation in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement or any of the Mortgage Loans and to perform its duties under this Agreement. Any Person into which the Servicer may be merged or consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Servicer shall be a party, or any Person succeeding to substantially all of the business of the Servicer (whether or not related to mortgage loan servicing), shall be the successor of the Servicer hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided, however, that the successor or surviving Person shall be an institution (ai) having a GAAP net worth of not less than $10,000,00025,000,000, and (bii) that is one of the following: (i) an institution the deposits of which are insured by the FDIC FDIC, SAIF and/or BIF, or (ii) an institution which is a HUD-approved mortgagee whose primary business is in origination and servicing of first lien mortgage loans, and second mortgage loans or (iii) an institution which is a Fannie Mae/Freddie ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac approved seller/servicer in good standing.

Merger or Consolidation of the Servicer. The Servicer will keep in full effect its existence, rights and franchises as a corporationcorporation under the laws of the state of its incorporation except as permitted herein, and will obtain and preserve its qualification to do business as a foreign corporation in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement or any of the Mortgage Loans and to perform its duties under this Agreement. Any Person into which the Servicer may be merged or consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Servicer shall be a party, or any Person succeeding to substantially all of the business of the Servicer (whether or not related to mortgage loan servicing), shall be the successor of the Servicer hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided, however, that the successor or surviving Person shall be an institution (ai) having a GAAP net worth of not less than $10,000,00025,000,000, and (bii) that is one of the following: (i) an institution the deposits of which are insured by the FDIC FDIC, SAIF and/or BIF, or (ii) an institution which is a HUD-approved mortgagee whose primary business is in origination and servicing of first lien mortgage loans, and second mortgage loans or (iii) an institution which is a Fannie Mae/Freddie F▇▇▇▇▇ M▇▇ or F▇▇▇▇▇▇ Mac approved seller/servicer in good standing.