Amendment to Servicing Agreement. The Indenture Trustee may, without the consent of any Holder, enter into or consent to any amendment or supplement to the Servicing Agreement for the purpose of increasing the obligations or duties of any party other than the Indenture Trustee or the Holders of the Notes. The Indenture Trustee may, in its discretion, decline to enter into or consent to any such supplement or amendment: (i) unless the Indenture Trustee receives an Opinion of Counsel that the position of the Holders would not be materially adversely affected or written confirmation from the Rating Agencies that the then-current implied ratings on the Notes (without taking into account the MBIA Insurance Policy) would not be adversely affected by such supplement or amendment or (ii) if its own rights, duties or immunities would be adversely affected.
Amendment to Servicing Agreement. In connection with the transfer of the Mortgage Loans hereunder, the Servicer agrees that, from and after the date hereof, each Mortgage Loan transferred hereunder will be subject to the Servicing Agreement, provided that, solely with respect to the Mortgage Loans transferred hereunder, Exhibit 7 (“Servicing Criteria to be Addressed in Assessment of Compliance”) shall be replaced with Exhibit 6 hereto. For the avoidance of doubt, the Servicing Agreement is not hereby amended with respect to any other mortgage loans sold thereunder and shall remain in full force and effect in accordance with its terms with respect to such other mortgage loans.
Amendment to Servicing Agreement. In connection with the transfer of the Mortgage Loans hereunder, the Servicer agrees that, from and after the date hereof, each Mortgage Loan transferred hereunder will be subject to the Servicing Agreement, provided that, solely with respect to the Mortgage Loans transferred hereunder, the following modifications shall be made:
(a) Exhibit 7 of the Servicing Agreement (“Servicing Criteria to be Addressed in Assessment of Compliance”) shall be replaced with Exhibit 6 hereto.
(b) the second paragraph of Section 2.01 shall be deleted and replaced as follows: “Subject only to the Accepted Servicing Practices and the terms of this Agreement and of the respective Mortgage Loans, the Servicer shall have full power and authority to do or cause to be done any and all things in connection with such servicing and administration which it may deem necessary or desirable. Without limiting the generality of the foregoing, the Servicer in its own name or in the name of the Owner, is hereby authorized and empowered by the Owner when the Servicer believes it appropriate in its best judgment in accordance with Accepted Servicing Practices, to execute and deliver any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Mortgage Loans and the Mortgaged Properties and to institute foreclosure proceedings or obtain a deed in lieu of foreclosure so as to convert the ownership of such properties, and to hold or cause to be held title to such properties, in the name of the Servicer on behalf of the Owner and without reference to the Owner except as otherwise required by law. The Owner shall execute, at the written request of the Servicer, and furnish to the Servicer such documents as are necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties hereunder, and the Owner hereby grants to the Servicer, and this Agreement shall constitute, a power of attorney to carry out such duties including a power of attorney to take title to Mortgaged Properties after foreclosure on in the name of the Servicer on behalf of the Owner and without reference to the Owner except as otherwise required by law. Except as otherwise provided herein, the Owner shall not be liable for the actions of the Servicer under such powers of attorney. Notwithstanding anything in this Agreement to the contrary, the Servicer shall not (i) permit any modification with respect t...
Amendment to Servicing Agreement. In connection with the transfer of the Mortgage Loans hereunder, the Servicer agrees that, from and after the date hereof, each Mortgage Loan transferred hereunder will be subject to the Servicing Agreement, provided that, solely with respect to the Mortgage Loans transferred hereunder, the following modifications shall be made:
(a) The definition of “Annual Independent Public Accountants’ Servicing Report” is hereby added:
Amendment to Servicing Agreement. The Indenture Trustee may, without the consent of any Holder, enter into or consent to any amendment or supplement to the Servicing Agreement for the purpose of increasing the obligations or duties of any party other than the Indenture Trustee or the Holders of the Bonds. The Indenture Trustee may, in its discretion, decline to enter into or consent to any such supplement or amendment: (i) unless the Indenture Trustee receives an Opinion of Counsel for the Issuer that the position of the Holders would not be materially adversely affected or (ii) if its own rights, duties or immunities would be adversely affected.
Amendment to Servicing Agreement. In connection with the transfer of the Mortgage Loans hereunder, the Servicer agrees that, from and after the date hereof, each Mortgage Loan transferred hereunder will be subject to the Servicing Agreement, provided that, solely with respect to the Mortgage Loans transferred hereunder, the following modifications shall be made:
(a) The definition of “Business Day” shall be amended by adding the phrase “,Maryland, Minnesota” after the words “New York”.
(b) Section 7.1 shall be amended by adding the following after the words “30 days”: “(or 15 days, in the case of Sections 5.4(c) and 5.5)”.
(c) Exhibit E (“Servicing Criteria to be Addressed in Assessment of Compliance”) shall be replaced with Exhibit 9 hereto. For the avoidance of doubt, the Servicing Agreement is not hereby amended with respect to any other mortgage loans sold thereunder and shall remain in full force and effect in accordance with its terms with respect to such other mortgage loans.
Amendment to Servicing Agreement. In connection with the transfer of the Mortgage Loans hereunder, the Servicer agrees that, from and after the date hereof, each Mortgage Loan transferred hereunder will be subject to the Servicing Agreement, provided that, solely with respect to the Mortgage Loans transferred hereunder, the following modifications shall be made:
(a) Section 5.4(a) of the Servicing Agreement shall be amended by replacing “March 15” with “March 1”.
(b) Section 5.5 of the Servicing Agreement shall be amended by replacing “March 15” with “March 1”.
(c) Section 8.2(a) of the Servicing Agreement shall be amended to replace the language in the first sentence thereof with the following: “Upon written notice, the Owner may, at its sole option, upon the occurrence of an Event of Default and in accordance with Section 7.1, terminate any rights the Servicer may have hereunder.” For the avoidance of doubt, the Servicing Agreement is not hereby amended with respect to any other mortgage loans sold thereunder and shall remain in full force and effect in accordance with its terms with respect to such other mortgage loans.
Amendment to Servicing Agreement. The Indenture Trustee may, without the consent of any Holder, enter into or consent to any amendment or supplement to the Servicing Agreement for the purpose of increasing the obligations or duties of any party other than the Indenture Trustee or the Holders of the Bonds. The Indenture Trustee may, in its discretion, decline to enter into or consent to any such supplement or amendment: (i) unless the Indenture Trustee receives an Opinion of Counsel that the position of the Holders would not be materially adversely affected or written confirmation from the Rating Agencies that the then-current ratings on the Bonds would not be adversely affected by such supplement or amendment or (ii) if its own rights, duties or immunities would be adversely affected.
Amendment to Servicing Agreement. In connection with the transfer of the Mortgage Loans hereunder, the Servicer agrees that, from and after the date hereof, each Mortgage Loan transferred hereunder will be subject to the Servicing Agreement, provided that, solely with respect to the Mortgage Loans transferred hereunder, the following modifications shall be made:
(a) Exhibit H of the Servicing Agreement (“Annual Certification”) is hereby replaced with Exhibit 7 hereto.
(b) Section 6.4 (“Annual Statement as to Compliance”) of the Servicing Agreement is hereby amended by adding the following new paragraph as a second paragraph to such section: On or before March 15 of each calendar year, beginning in 2008, the Servicer shall deliver to the Purchaser and GS Mortgage Securities Corp. a report (in form and substance reasonably satisfactory to the Purchaser and GS Mortgage Securities Corp.) regarding the Servicer’s assessment of compliance with the Servicing Criteria during the immediately preceding calendar year, as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such report shall be addressed to the Purchaser and GS Mortgage Securities Corp. and signed by an authorized officer of the Servicer, and shall address each of the Servicing Criteria indicated on Exhibit H hereto.
(c) Section 10.1(ii) (“Events of Default”) shall be amended by adding the following after the words “30 days”: “(or 15 days, in the case of Section 6.5 or automatically, in the case of Section 6.4)”.
(d) Section 13.4 shall be amended by replacing “2007” with “2008” in the first sentence thereof.
(e) Section 13.5 shall be amended by replacing “2007” with “2008” in the first sentence thereof.
(f) Exhibit K to the Servicing Agreement is hereby replaced with Exhibit 8 hereto. For the avoidance of doubt, the Servicing Agreement is not hereby amended with respect to any other mortgage loans sold thereunder and shall remain in full force and effect in accordance with its terms with respect to such other mortgage loans.
Amendment to Servicing Agreement. Effective as of the Effective Date, the Servicing Agreement is hereby amended as follows:
(a) Section 7.03 of the Servicing Agreement is hereby amended by deleting the address provision relating to the Agent and substituting in lieu thereof, the following: To the Agent: First Union Securities, Inc. 000 Xxxxx Xxxxxxx Xxxxxx, XX-0 Xxxxxxxxx, Xxxxx Xxxxxxxx 00000 Attention: Xxxx Xxxxxxxxx Telephone: (000) 000-0000 Fax: (000) 000-0000
