Common use of MERGER OR CONSOLIDATION OF THE OWNER AND THE COMPANY Clause in Contracts

MERGER OR CONSOLIDATION OF THE OWNER AND THE COMPANY. (a) The Owner and the Company shall each keep in full effect, their respective existences, rights and franchises as corporations in the states of their incorporation except as permitted herein, and will obtain and preserve their respective qualifications to do business as 44 foreign entities in each jurisdiction in which such qualification is or shall be necessary to: (i) protect the validity and enforceability of this Agreement, or of any of the Mortgage Loans; and/or (ii) to perform their respective duties under this Agreement. (b) Subject to the Owner's right to terminate this Agreement upon the occurrence of an event described in Section 10.01(viii), any entity into which the Owner or the Company may be merged or consolidated, or any entity resulting from any merger, conversion or consolidation to which the Owner or the Company shall be a party, or any entity succeeding to the business of the Owner or the Company, shall be the successor of the Owner or the Company hereunder, without the execution of 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 entity shall be an institution whose business is the origination or servicing of mortgage loans, unless otherwise consented to by the Company or the Owner, as applicable, and shall be qualified to service mortgage loans on behalf of FNMA.

MERGER OR CONSOLIDATION OF THE OWNER AND THE COMPANY. (a) The Owner and the Company shall each keep in full effect, their respective existences, rights and franchises as corporations in the states of their incorporation except as permitted herein, and will obtain and preserve their respective qualifications to do business as 44 foreign entities in each jurisdiction in which such qualification is or shall be necessary to: (i) protect the validity and enforceability of this Agreement, or of any of the Mortgage Loans; and/or (ii) to perform their respective duties under this Agreement. (b) Subject to the Owner's right to terminate this Agreement upon the occurrence of an event described in Section 10.01(viii), any entity into which the Owner or the Company may be merged or consolidated, or any entity resulting from any merger, conversion or consolidation to which the Owner or the Company shall be a party, or any entity succeeding to the business of the Owner or the Company, shall be the successor of the Owner or the Company hereunder, without the execution of 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 entity shall be an institution whose business is the origination or servicing of mortgage loans, unless otherwise consented to by the Company or the Owner, as applicable, and shall be qualified to service mortgage loans on behalf of FNMA.

MERGER OR CONSOLIDATION OF THE OWNER AND THE COMPANY. (a) The Owner and the Company shall each keep in full effect, their respective existences, rights and franchises as corporations in the states of their incorporation except as permitted herein, and will obtain and preserve their respective qualifications to do business as 44 foreign entities in each jurisdiction in which such qualification is or shall be necessary to: (i) protect the validity and enforceability of this Agreement, or of any of the Mortgage Loans; and/or (ii) to perform their respective duties under this Agreement. (b) Subject to the Owner's ’s right to terminate this Agreement upon the occurrence of an event described in Section 10.01(viii), any entity into which the Owner or the Company may be merged or consolidated, or any entity resulting from any merger, conversion or consolidation to which the Owner or the Company shall be a party, or any entity succeeding to the business of the Owner or the Company, shall be the successor of the Owner or the Company hereunder, without the execution of 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 entity shall be an institution whose business is the origination or servicing of mortgage loans, unless otherwise consented to by the Company or the Owner, as applicable, and shall be qualified to service mortgage loans on behalf of FNMA.