Common use of Merger or Consolidation of Indymac Clause in Contracts

Merger or Consolidation of Indymac. Indymac shall keep in full effect its existence, rights and franchises as a federal savings bank under the laws of the United States or under the laws of one of the states thereof, and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement, or any of the Mortgage Loans, and to perform its duties under this Agreement. Notwithstanding anything to the contrary contained herein, any Person into which Indymac may be merged or consolidated, or any entity resulting from any merger, conversion or consolidation to which Indymac shall be a party, or any Person succeeding to the business of Indymac, shall be the successor of Indymac hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto; provided, however, that the successor or surviving Person shall be an institution whose deposits are insured by FDIC or a company whose business is the origination and servicing of mortgage loans, unless otherwise consented to by the Purchaser, which consent shall not be unreasonably withheld, and shall be qualified to service mortgage loans on behalf of an Agency.

Merger or Consolidation of Indymac. Indymac shall keep in full effect its existence, rights and franchises as a federal savings bank under the laws of the United States or under the laws of one of the states thereof, and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement, or any of the Mortgage Loans, and to perform its duties under this Agreement. Notwithstanding anything to the contrary contained herein, any Person into which Indymac may be merged or consolidated, or any entity corporation resulting from any merger, conversion or consolidation to which Indymac shall be a party, or any Person succeeding to the business of Indymac, shall be the successor of Indymac hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto; provided, however, that the successor or surviving Person shall be an institution whose deposits are insured by FDIC or a company whose business is the origination and servicing of mortgage loans, unless otherwise consented to by the Purchaser, which consent shall not be unreasonably withheld, and shall be qualified to service mortgage loans on behalf of an Agency.