Servicing Rights Pledge Sample Clauses

Servicing Rights Pledge. Notwithstanding Sections 6.04, 7.02 and 10.07, the Servicer shall have the right, subject to the succeeding sentence, to pledge and assign all of the Servicer's right, title and interest in, to and under this Agreement to one or more lenders by the Servicer, in order to finance the Servicer's servicing rights hereunder. If, as a result of a default by the Servicer under any such financing arrangement, the lenders acquire such servicing rights and appoint a successor Servicer under this Agreement, any such successor Servicer must meet all requirements for successor Servicers under Section 7.02. If, pursuant to any provision hereof, the duties of the Servicer are transferred to a successor Servicer, the entire amount of the Servicing Fee and other compensation payable to the Servicer pursuant hereto shall thereafter be payable to such successor Servicer.

Servicing Rights Pledge. The Trustee and the Depositor hereby specifically (i) agree to the pledge and assignment by the Servicer of all the Servicer's right, title and interest in, to and under this Agreement to the Servicing Rights Pledgee, for the benefit of certain lenders, and (ii) provided that no Event of Default exists with respect to the Servicer, agree that ten Business Days after delivery to the Trustee by the Servicing Rights Pledgee of a letter signed by the Servicer whereunder the Servicer shall resign as Servicer under this Agreement, the Trustee shall appoint the Servicing Rights Pledgee or its designee as successor Servicer, provided that at the time of such appointment, the Servicing Rights Pledgee or such designee meets the requirements of a successor Servicer pursuant to Section 7.02 and agrees to be subject to the terms of this Agreement. If, pursuant to any provision hereof, the duties of the Servicer are transferred to a successor, the entire amount of the Servicing Fee and other compensation payable to the Servicer pursuant hereto shall thereafter be payable to such successor.

Servicing Rights Pledge. Notwithstanding anything in Section 9.01 to the contrary, the Master Servicer, the Seller, the Trustee and the Depositor hereby specifically (a) consent to the pledge and assignment by the Servicer of all the Servicer’s right, title and interest in, to and under this Agreement to one or more lenders, selected by the Servicer, including Wachovia Bank, National Association as the representative of certain lenders (the “Servicing Rights Pledgee”) and (b) (i) provided that no Servicer Event of Termination exists, agree that upon delivery to the Master Servicer and the Trustee by the Servicing Rights Pledgee of a letter signed by the Servicer whereunder the Servicer shall resign as Servicer under this Agreement, the Master Servicer shall appoint the Servicing Rights Pledgee or its designee as successor servicer or (ii) in the event of a Servicer Event of Termination, notwithstanding anything to the contrary above, agree that upon delivery to the Master Servicer and the Trustee by the Servicing Rights Pledgee of a letter signed by the Servicer within ten (10) Business Days of when notification of such event shall have been provided to the Master Servicer and the Trustee, whereunder the Servicer shall resign as Servicer under this Agreement, the Servicing Rights Pledgee or its designee shall be appointed as successor servicer; provided, in the case of both (i) and (ii) above, at the time of such appointment, the Servicing Rights Pledgee or such designee meets the requirements of a successor servicer pursuant to clauses (i) and (ii) of Section 7.01, Section 9.01 of this Agreement and Section 11.15 of the Trust Agreement; provided, however, that (x) notwithstanding any provision of this Agreement or of the Trust Agreement which requires the approval or consent of the Master Servicer, the Seller, the Depositor, the Trustee or the NIMS Insurer to the appointment of any successor servicer, the parties hereto shall be deemed to have granted such approval or consent pursuant hereto with respect to the appointment of a successor servicer pursuant to this Section 9.13, and no approval of such successor servicer by the Master Servicer, the Seller, the Depositor, the Trustee or the NIMS Insurer will be required, if such parties receive a letter from each Rating Agency to the effect that such transfer of servicing will not result in a qualification, withdrawal or downgrade of the then-current rating of any of the Certificates or the NIMS Securities to be issued in the NIMS t...

Servicing Rights Pledge. Notwithstanding anything in Section 9.01 to the contrary, the Master Servicer, the Seller, the Trustee and the Depositor hereby specifically (a) consent to the pledge and assignment by the Servicer of all the Servicer’s right, title and interest in, to and under this Agreement to one or more lenders, selected by the Servicer, including Wachovia Bank, National Association as the representative of certain lenders (the “Servicing Rights Pledgee”) and (b) (i) provided that no Servicer Event of Termination exists, agree that upon delivery to the Master Servicer and the Trustee by the Servicing Rights Pledgee of a letter signed by the Servicer whereunder the Servicer shall resign as Servicer under this Agreement, the Master Servicer shall appoint the Servicing Rights Pledgee or its designee as successor servicer or (ii) in the event of a Servicer Event of Termination, notwithstanding anything to the contrary above, agree that upon delivery to the Master Servicer and the Trustee by the Servicing Rights Pledgee of a letter signed by the Servicer within ten (10) Business Days of when notification of such event shall have been provided to the Master Servicer and the Trustee, whereunder the Servicer shall resign as Servicer under this Agreement, the Servicing Rights Pledgee or its designee shall be appointed as successor servicer; provided, in the case of both (i) and (ii) above, at the time of such appointment, the Servicing Rights Pledgee or such designee meets the requirements of a successor servicer pursuant to clauses (i) and (ii) of Section 7.01, Section 9.01 of this Agreement and Section 11.15 of the Trust Agreement; provided, however, that (x) notwithstanding any provision of this Agreement or of the Trust Agreement which requires the approval or consent of the Master Servicer, the Seller, the Depositor, the Trustee or the NIMS Insurer to the appointment of any successor servicer, the parties hereto shall be deemed to have granted such approval or consent pursuant hereto with respect to the appointment of a successor servicer pursuant to this Section 9.13, and no approval of such successor servicer by the Master Servicer, the Seller, the Depositor, the Trustee or the NIMS Insurer will be required, if such parties receive a letter from each Rating Agency to the effect that such transfer of servicing will not result in a qualification, withdrawal or downgrade of the then-current rating of any of the Certificates or the NIMS Securities to be issued in the NIMS t...