Common use of Eligibility Requirements for Master Servicer Clause in Contracts

Eligibility Requirements for Master Servicer. Xxxxxx Xxx 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 Xxxxxxxx will resign immediately in the manner and with the effect specified in Section 11.1.

Eligibility Requirements for Master Servicer. Xxxxxx Xxx 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 Xxxxxxxx Servicer will resign immediately in the manner and with the effect specified in Section 11.1.

Eligibility Requirements for Master Servicer. Xxxxxx Xxx 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 loansloans secured by one or more Multifamily Properties, 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 Xxxxxxxx will resign immediately in the manner and with the effect specified in Section 11.1.11.1.‌

Eligibility Requirements for Master Servicer. Xxxxxx Xxx 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 loansloans secured by one or more Multifamily Properties, 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 Xxxxxxxx Servicer will resign immediately in the manner and with the effect specified in Section 11.1.11.1.‌

Eligibility Requirements for Master Servicer. Xxxxxx Xxx is eligible to act as the Master Servicer and is initially the Master Servicer under this Trust Agreement. Any successor to Xxxxxx Xxx Mae 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 loansloans secured by one or more Multifamily Properties, 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 Xxxxxxxx Servicer will resign immediately in the manner and with the effect specified in Section 11.1.

Eligibility Requirements for Master Servicer. Xxxxxx Xxx is eligible to act as the Master Servicer and is initially the Master Servicer under this Trust Agreement. Any successor to Xxxxxx Xxx Mae 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 Xxxxxxxx Servicer will resign immediately in the manner and with the effect specified in Section 11.1.

Eligibility Requirements for Master Servicer. Xxxxxx Xxx is eligible to act as the Master Servicer and is initially the Master Servicer under this Trust Agreement. Any successor to Xxxxxx Xxx Mae 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 loansloans secured by one or more Multifamily Properties, 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 Servicer‌ ceases to be eligible under this Subsection 11.2(3) at any time, that successor Master Xxxxxxxx Servicer will resign immediately in the manner and with the effect specified in Section 11.1.