Common use of Merger or Consolidation of the Depositor, the Servicing Administrator, the Servicer or the Securities Administrator Clause in Contracts

Merger or Consolidation of the Depositor, the Servicing Administrator, the Servicer or the Securities Administrator. Except as provided in the next paragraph, the Depositor, the Servicing Administrator, the Servicer and the Securities Administrator will each keep in full effect its existence, rights and franchises as a corporation or banking association under the laws of the United States or under the laws of one of the States thereof and will each 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, or any of the Mortgage Loans and to perform its respective duties under this Agreement. Any Person into which the Depositor, the Servicing Administrator, the Servicer or the Securities Administrator may be merged or consolidated, or any Person resulting from any merger or consolidation to which the Depositor, the Servicing Administrator, the Servicer or the Securities Administrator shall be a party, or any Person succeeding to the business of the Depositor, the Servicing Administrator, the Servicer or the Securities Administrator, shall be the successor of the Depositor, the Servicing Administrator or 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 (except for the execution of an assumption agreement where such succession is not effected by operation of law); provided, however, that the successor or surviving Person to the Servicer shall be qualified to sell mortgage loans to, and to service mortgage loans on behalf of, Fannie Mae or Freddie Mac.

Merger or Consolidation of the Depositor, the Servicing Administrator, the Servicer or the Securities Administrator. Except as provided in the next paragraph, the Depositor, the Servicing Administrator, the Servicer and the Securities Administrator will each keep in full effect its existence, rights and franchises as a corporation or banking association under the laws of the United States or under the laws of one of the States thereof and will each 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, or any of the Mortgage Loans and to perform its respective duties under this Agreement. Any Person into which the Depositor, the Servicing Administrator, the Servicer or the Securities Administrator may be merged or consolidated, or any Person resulting from any merger or consolidation to which the Depositor, the Servicing Administrator, the Servicer or the Securities Administrator shall be a party, or any Person succeeding to the business of the Depositor, the Servicing Administrator, the Servicer or the Securities Administrator, shall be the successor of the Depositor, the Servicing Administrator or 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 (except for the execution of an assumption agreement where such succession is not effected by operation of law); provided, however, that the successor or surviving Person to the Servicer shall be qualified to sell mortgage loans to, and to service mortgage loans on behalf of, Fannie Mae Xxxxxx Xxx or Freddie Xxxxxxx Mac.