Eligibility Requirements for Master Servicer. Xxxxxx Mae is eligible to act as the Master Servicer and is initially the Master Servicer under this Trust Agreement. Any successor to Xxxxxx Xxx as Master Servicer will be a corporation or association acceptable to the Issuer and, unless a Guarantor Event of Default has occurred and has not been cured, the Guarantor, that is authorized under applicable law to purchase, sell and service residential mortgage loans, with experience in the monitoring and supervision of servicing of such loans, and having net worth of at least $15,000,000. If such other corporation or association publishes reports of condition at least annually pursuant to law or to the requirements of a supervising or examining authority, then for the purposes of this Subsection 11.2(3) its net worth will be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If any such successor Master Servicer ceases to be eligible under this Subsection 11.2(3) at any time, that successor Master Servicer will resign immediately in the manner and with the effect specified in Section 11.1.
Eligibility Requirements for Master Servicer. The Master Servicer hereunder shall at all times be (a) an institution the deposits of which are fully insured by the FDIC and (b) a corporation or banking association organized and doing business under the laws of any state or the United States of America, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authority. If such corporation or association publishes reports of conditions at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section the combined capital and surplus of such corporation or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of conditions so published. In case at any time the Master Servicer shall cease to be eligible in accordance with the provisions of this Section, the Master Servicer shall resign immediately in the manner and with the effect specified in Section 6.04.
Eligibility Requirements for Master Servicer. The Master Servicer hereunder shall at all times be a corporation or a state-chartered or national bank acceptable to the Certificate Insurer except that if a Certificate Insurer Default has occurred and is continuing, such entity shall be acceptable to the Trustee and the Trust Administrator. The Master Servicer shall be organized and doing business under the laws of the United States of America or any state thereof or the District of Columbia and have, except in the case of the original Master Servicer, equity of at least $10,000,000 (or such lower level as may be acceptable to the Certificate Insurer, or, if a Certificate Insurer Default has occurred and is continuing, to the Trustee and the Trust Administrator, and to the Rating Agencies, as evidenced by written confirmation that such lower level would not result in the withdrawal, downgrade or qualification of their ratings of any Class of Certificates (as they would be determined without regard to the existence of the Policy). In case at any time the Master Servicer shall cease to be eligible in accordance with the provisions of this Section 6.06, the Master Servicer shall resign immediately in the manner and with the effect specified in Section 7.02(a) hereof.
Eligibility Requirements for Master Servicer. 59 11.2(4) Bid Procedure for Appointment 59 11.2(5) Acceptance of Appointment 60 11.2(6) Successor Master Servicer 60
