Merger, Consolidation or Conversion of the Depositor or the Master Servicer. The Depositor and the Master Servicer each will keep in full effect its existence, rights and franchises as an limited liability company and corporation, respectively, under the laws of the state of its formation or incorporation, as the case may be, and each 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, the Certificates or any of the Mortgage Loans and to perform its respective duties under this Agreement; and provided further that the Rating Agencies' ratings of the Class A Certificates immediately prior to such merger or consolidation will not be qualified, reduced or withdrawn as a result thereof (as evidenced by a letter to such effect from the Rating Agencies). Any Person into which the Depositor or the Master Servicer may be merged, consolidated or converted, or any corporation resulting from any merger or consolidation to which the Depositor or the Master Servicer shall be a party, or any Person succeeding to the business of the Depositor or the Master Servicer, shall be the successor of the Depositor or the Master Servicer, as the case may be, 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 to the Master Servicer shall be qualified to sell mortgage loans to and service mortgage loans for Fannie Mae or Freddie Mac.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (BNP Paribas Mortgage ABS LLC), Pooling and Servicing Agreement (American Home Mortgage Assets LLC), Pooling and Servicing Agreement (BNP Paribas Mortgage Securities LLC)
Merger, Consolidation or Conversion of the Depositor or the Master Servicer. The Depositor and the Master Servicer each will keep in full effect its existence, rights and franchises as an limited liability company and corporation, respectively, under the laws of the state of its formation or incorporation, as the case may be, and each 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, the Certificates or any of the Mortgage Loans and to perform its respective duties under this Agreement; and provided further that the Rating Agencies' ratings of the Class A Certificates immediately prior to such merger or consolidation will not be qualified, reduced or withdrawn as a result thereof (as evidenced by a letter to such effect from the Rating Agencies). Any Person into which the Depositor or the Master Servicer may be merged, consolidated or converted, or any corporation resulting from any merger or consolidation to which the Depositor or the Master Servicer shall be a party, or any Person succeeding to the business of the Depositor or the Master Servicer, shall be the successor of the Depositor or the Master Servicer, as the case may be, 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 to the Master Servicer shall be qualified to sell mortgage loans to and service mortgage loans for Fannie Mae Xxxxxx Xxx or Freddie Xxxxxxx Mac.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (American Home Mortgage Assets LLC), Pooling and Servicing Agreement (American Home Mortgage Securities LLC)
Merger, Consolidation or Conversion of the Depositor or the Master Servicer. The Depositor and the Master Servicer each will keep in full effect its existence, rights and franchises as an limited liability company and corporation, respectively, under the laws of the state of its formation or incorporation, as the case may be, and each 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, the Certificates or any of the Mortgage Loans and to perform its respective duties under this Agreement; and provided further that the Rating Agencies' ratings of the Class A Certificates immediately prior to such merger or consolidation will not be qualified, reduced or withdrawn as a result thereof (as evidenced by a letter to such effect from the Rating Agencies). Any Person into which the Depositor or the Master Servicer may be merged, consolidated or converted, or any corporation resulting from any merger or consolidation to which the Depositor or the Master Servicer shall be a party, or any Person succeeding to the business of the Depositor or the Master Servicer, shall be the successor of the Depositor or the Master Servicer, as the case may be, 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 to the Master Servicer shall be qualified to sell mortgage loans to and service mortgage loans for Fannie Xxxxxx Mae or Freddie Xxxxxxx Mac.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (American Home Mortgage Securities LLC)
Merger, Consolidation or Conversion of the Depositor or the Master Servicer. The Depositor and the Master Servicer each will keep in full effect its existence, rights and franchises as an limited liability company and corporation, respectively, under the laws of the state of its formation or incorporation, as the case may be, and each 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, the Certificates or any of the Mortgage Loans and to perform its respective duties under this Agreement; and provided further that the Rating Agencies' β ratings of the Class A Certificates immediately prior to such merger or consolidation will not be qualified, reduced or withdrawn as a result thereof (as evidenced by a letter to such effect from the Rating Agencies). Any Person into which the Depositor or the Master Servicer may be merged, consolidated or converted, or any corporation resulting from any merger or consolidation to which the Depositor or the Master Servicer shall be a party, or any Person succeeding to the business of the Depositor or the Master Servicer, shall be the successor of the Depositor or the Master Servicer, as the case may be, 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 to the Master Servicer shall be qualified to sell mortgage loans to and service mortgage loans for Fannie Mae Xxxxxx Xxx or Freddie Xxxxxxx Mac.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (BNP Paribas Mortgage Securities LLC)
Merger, Consolidation or Conversion of the Depositor or the Master Servicer. The Depositor and the Master Servicer each will keep in full effect its existence, rights and franchises as an limited liability company and corporation, respectively, under the laws of the state of its formation or incorporation, as the case may be, and each 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, the Certificates or any of the Mortgage Loans and to perform its respective duties under this Agreement; and provided further that the Rating Agencies' β ratings of the Class A Certificates immediately prior to such merger or consolidation will not be qualified, reduced or withdrawn as a result thereof (as evidenced by a letter to such effect from the Rating Agencies). Any Person into which the Depositor or the Master Servicer may be merged, consolidated or converted, or any corporation resulting from any merger or consolidation to which the Depositor or the Master Servicer shall be a party, or any Person succeeding to the business of the Depositor or the Master Servicer, shall be the successor of the Depositor or the Master Servicer, as the case may be, 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 to the Master Servicer shall be qualified to sell mortgage loans to and service mortgage loans for Fannie Xxxxxx Mae or Freddie Xxxxxxx Mac.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Shellpoint Mortgage Acceptance LLC)