Common use of Merger or Consolidation of the Special Servicer Clause in Contracts

Merger or Consolidation of the Special Servicer. The Special Servicer shall keep in full effect its existence, rights and franchises as a limited partnership, and shall 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 Transferred Mortgage Loans and to perform its duties under this Agreement. Any Person into which the Special Servicer may be merged or consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Special Servicer shall be a party, or any Person succeeding to the business of the Special Servicer, shall be the successor of the Special Servicer 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 shall be an institution (i) having a net worth of not less than $25,000,000, and (ii) which is a Xxxxxx Xxx- and Xxxxxxx Mac-approved servicer in good standing.

Merger or Consolidation of the Special Servicer. The Special Servicer shall keep in full effect its existence, rights and franchises as a limited partnership, and shall 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 Transferred Mortgage Loans and to perform its duties under this Agreement. Any Person into which the Special Servicer may be merged or consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Special Servicer shall be a party, or any Person succeeding to the business of the Special Servicer, shall be the successor of the Special Servicer 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 shall be an institution (i) having a net worth of not less than $25,000,000, and (ii) which is a Xxxxxx Xxx- Mae- and Xxxxxxx Mac-approved servicer in good standing.

Merger or Consolidation of the Special Servicer. The Special Servicer shall keep in full effect its existence, rights and franchises as a limited partnership, and shall 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 Transferred Mortgage Loans and to perform its duties under this Agreement. Any Person into which the Special Servicer may be merged or consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Special Servicer shall be a party, or any Person succeeding to the business of the Special Servicer, shall be the successor of the Special Servicer 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 shall be an institution (i) having a net worth of not less than $25,000,000, and (ii) which is a Xxxxxx Xxx- Fxxxxx Mxx- and Xxxxxxx Fxxxxxx Mac-approved servicer in good standing.

Merger or Consolidation of the Special Servicer. The Special Servicer shall keep in full effect its existence, rights and franchises as a limited partnershipfederal savings bank, and shall obtain and preserve its qualification to do business as a foreign corporation (or any exemption therefrom) in each jurisdiction in which such qualification (or exemption) is or shall be necessary to protect the validity and enforceability of this Agreement or any of the Transferred Mortgage Loans and to perform its duties under this Agreement. Any Person into which the Special Servicer may be merged or consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Special Servicer shall be a party, or any Person succeeding to the business of the Special Servicer, shall be the successor of the Special Servicer 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 shall be an institution (i) having a net worth of not less than $25,000,000, and (ii) which is a Xxxxxx Xxx- FNMA- and Xxxxxxx MacFHLMC-approved servicer Servicer in good standing.

Merger or Consolidation of the Special Servicer. The Special Servicer shall keep in full effect its existence, rights and franchises as a limited partnership, and shall 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 Transferred Mortgage Loans and to perform its duties under this Agreement. Any Person into which the Special Servicer may be merged or consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Special Servicer shall be a party, or any Person succeeding to the business of the Special Servicer, shall be the successor of the Special Servicer 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 shall be an institution (i) having a net worth of not less than $25,000,000, and (ii) which is a Xxxxxx Xxx- and Xxxxxxx MacFanxxx Xxe- xnd Frexxxx Xxc-approved servicer in good standing.

Merger or Consolidation of the Special Servicer. The Special Servicer shall keep in full effect its existence, rights and franchises as a limited partnership, and shall 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 Transferred Mortgage Loans and to perform its duties under this Agreement. Any Person into which the Special Servicer may be merged or consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Special Servicer shall be a party, or any Person succeeding to the business of the Special Servicer, shall be the successor of the Special Servicer 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 shall be an institution (i) having a net worth of not less than $25,000,000, and (ii) which is a Xxxxxx Xxx- and Xxxxxxx MacFannie Mxx- xxd Xxeddie Xxx-approved xxxroved servicer in good standing.