Common use of Merger or Consolidation of, or Assumption of the Obligations of, the Servicer or the Depositor Clause in Contracts

Merger or Consolidation of, or Assumption of the Obligations of, the Servicer or the Depositor. Any corporation into which the Servicer or Depositor may be merged or consolidated, or any corporation resulting from any merger or consolidation to which the Servicer or the Depositor shall be a party, or any corporation succeeding to the business of the Servicer or the Depositor, shall be the successor of the Servicer or the Depositor, 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 so long as such entity is investment grade rated, anything herein to the contrary notwithstanding. The Servicer shall, at least 15 calendar days prior to the effective date of any such merger, consolidation or succession, provide written notice thereof to the Depositor, in form and substance reasonably satisfactory to the Depositor, containing all information reasonably requested by the Depositor in order for the Depositor to comply with its reporting obligation under Item 6.02 of Form 8-K.

Appears in 4 contracts

Samples: Sale and Servicing Agreement (HSBC Home Equity Loan Trust (USA) 2006-1), Sale and Servicing Agreement (HSBC Home Equity Loan Corp I), Sale and Servicing Agreement (HSBC Home Equity Loan Trust (USA) 2006-2)

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