Common use of Successor Backup Servicer Clause in Contracts

Successor Backup Servicer. The Backup Servicer under this Agreement shall at all times be a corporation or a banking association organized and existing in good standing under the laws of the United States or a state thereof; having a combined capital and surplus not less than $50,000,000 and subject to supervision or examination by federal or state authorities. If such association or corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 9.04, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Backup Servicer shall cease to be eligible in accordance with the provisions of this Section 9.04, or shall cease to be an Eligible Servicer, the Backup Servicer shall resign immediately in the manner and with the effect specified in Section 4.02.

Successor Backup Servicer. The Backup Servicer under this Agreement shall at all times be a corporation or a banking association organized and existing in good standing under the laws of the United States or a state thereof; having a combined capital and surplus as designated from time to time by each Rating Agency or as otherwise approved by the Rating Agency (but in any event not less than $50,000,000 100,000,000) and subject to supervision or examination by federal or state authorities. If such association or corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 9.04, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Backup Servicer shall cease to be eligible in accordance with the provisions of this Section 9.04, or shall cease to be an Eligible Servicer, the Backup Servicer shall resign immediately in the manner and with the effect specified in Section 4.02.