Common use of Securities Administrator to Act; Servicing Administrator and Backup Servicer to Act; Appointment of Successor Clause in Contracts

Securities Administrator to Act; Servicing Administrator and Backup Servicer to Act; Appointment of Successor. (a) On and after the time the Servicing Administrator or the Servicer receives a notice of termination, the Securities Administrator (in the case of the Servicing Administrator), or the Backup Servicer (in the case of SLS) shall be the successor in all respects to the Servicing Administrator or the Servicer, as applicable, in its capacity as Servicing Administrator or servicer under this Agreement and the transactions set forth or provided for herein, and all the responsibilities, duties and liabilities relating thereto and arising thereafter shall be assumed by the Securities Administrator (except for any representations or warranties of the Servicing Administrator under this Agreement, the responsibilities, duties and liabilities contained in Section 2.03) (in the case of the Servicing Administrator), or the Backup Servicer (except for any representations and warranties of SLS contained in Section 2.03) (in the case of SLS) by the terms and provisions hereof including, without limitation, the Servicer's obligations to make Advances pursuant to Section 5.01 and subject Section 3.08; provided, however, that any failure to perform such duties or responsibilities caused by the Servicing Administrator's or the Servicer's failure to provide information required by Section 9.01 shall not be considered a default by the Securities Administrator (in the case of the Servicing Administrator), or the Backup Servicer (in the case of SLS) as successor to the Servicer hereunder. As compensation therefore the Backup Servicer (in the case of SLS) shall be entitled to the Aggregate Servicing Fee and all other compensation to which the Servicer would have been entitled if it had continued to act hereunder and the Securities Administrator (in the case of the Servicing Administrator) shall be entitled to all compensation to which the Servicing Administrator is entitled hereunder. Nothing in this Section 8.02(a) shall require the Securities Administrator to make an Advance with respect to any Mortgage Loan for which the Servicing Administrator or the Servicer was not required to make such an advance or to the extent such entity is prohibited by law or regulation from obligating itself to make such Advances.

Securities Administrator to Act; Servicing Administrator and Backup Servicer to Act; Appointment of Successor. (a) On and after the time the Servicing Administrator or the Servicer receives a notice of termination, the Securities Administrator (in the case of the Servicing Administrator), or the Backup Servicer (in the case of SLS) shall be the successor in all respects to the Servicing Administrator or the Servicer, as applicable, in its capacity as Servicing Administrator or servicer under this Agreement and the transactions set forth or provided for herein, and all the responsibilities, duties and liabilities relating thereto and arising thereafter shall be assumed by the Securities Administrator (except for any representations or warranties of the Servicing Administrator under this Agreement, the responsibilities, duties and liabilities contained in Section 2.03) (in the case of the Servicing Administrator), or the Backup Servicer (except for any representations and warranties of SLS contained in Section 2.03) (in the case of SLS) by the terms and provisions hereof including, without limitation, the Servicer's ’s obligations to make Advances pursuant to Section 5.01 and subject Section 3.08; provided, however, that any failure to perform such duties or responsibilities caused by the Servicing Administrator's ’s or the Servicer's ’s failure to provide information required by Section 9.01 shall not be considered a default by the Securities Administrator (in the case of the Servicing Administrator), or the Backup Servicer (in the case of SLS) as successor to the Servicer hereunder. As compensation therefore the Backup Servicer (in the case of SLS) shall be entitled to the Aggregate Servicing Fee and all other compensation to which the Servicer would have been entitled if it had continued to act hereunder and the Securities Administrator (in the case of the Servicing Administrator) shall be entitled to all compensation to which the Servicing Administrator is entitled hereunder. Nothing in this Section 8.02(a) shall require the Securities Administrator to make an Advance with respect to any Mortgage Loan for which the Servicing Administrator or the Servicer was not required to make such an advance or to the extent such entity is prohibited by law or regulation from obligating itself to make such Advances.

Securities Administrator to Act; Servicing Administrator and Backup Servicer to Act; Appointment of Successor. (a) On and after the time the Servicing Administrator or the Servicer receives a notice of termination, the Securities Administrator (in the case of the Servicing Administrator), or the Backup Servicer (in the case of SLS) shall be the successor in all respects to the Servicing Administrator or the Servicer, as applicable, in its capacity as Servicing Administrator or servicer under this Agreement and the transactions set forth or provided for herein, and all the responsibilities, duties and liabilities relating thereto and arising thereafter shall be assumed by the Securities Administrator (except for any representations or warranties of the Servicing Administrator under this Agreement, the responsibilities, duties and liabilities contained in Section 2.03) (in the case of the Servicing Administrator), or the Backup Servicer (except for any representations and warranties of SLS contained in Section 2.03) (in the case of SLS) by the terms and provisions hereof including, without limitation, the Servicer's obligations to make Advances pursuant to Section 5.01 and subject Section 3.08; provided, however, that any failure to perform such duties or responsibilities caused by the Servicing Administrator's or the Servicer's failure to provide information required by Section 9.01 shall not be considered a default by the Securities Administrator (in the case of the Servicing Administrator), or the Backup Servicer (in the case of SLS) as successor to the Servicer hereunder. As compensation therefore the Backup Servicer (in the case of SLS) shall be entitled to the Aggregate Servicing Fee and all other compensation to which the Servicer would have been entitled if it had continued to act hereunder and the Securities Administrator (in the case of the Servicing Administrator) shall be entitled to all compensation to which the Servicing Administrator is entitled hereunder. Nothing in this Section 8.02(a) shall require -125- the Securities Administrator to make an Advance with respect to any Mortgage Loan for which the Servicing Administrator or the Servicer was not required to make such an advance or to the extent such entity is prohibited by law or regulation from obligating itself to make such Advances.