Common use of Prior Servicers Clause in Contracts

Prior Servicers. (a) Each Prior Servicer was duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation or organization. (b) Each Prior Servicer was qualified to transact business in each jurisdiction in which such qualification was deemed necessary. (c) No Prior Servicer has violated any applicable law, regulation, ordinance, order, injunction or decree, or any other requirement of any governmental body or court, which may materially affect any of the Mortgage Loans or the Servicing. (d) All Prior Servicers have performed all obligations to be performed under the Mortgage Loan and MI requirements, as applicable, and no event has occurred and is continuing which, but for the passage of time or the giving of notice or both, would constitute an event of default thereunder.