Common use of Servicing Rights Pledge Clause in Contracts

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. 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 ServicerServicing Rights Pledgee, in order to finance for the Servicer's servicing rights hereunderbenefit of certain lenders. If, as a result of a default by the Servicer under any such financing arrangement, the lenders acquire such these servicing rights and appoint a successor Servicer under this Agreement, any such successor Servicer must be approved by the Class A Certificate Insurer and 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. 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 Servicing Rights hereunder. If, as a result of a default by the Servicer under any such financing arrangement, the lenders acquire such servicing rights 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. 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 ServicerServicing Rights Pledgee, in order to finance for the Servicer's servicing rights hereunderbenefit of certain lenders. If, as a result of a default by the Servicer under any such financing arrangement, the lenders acquire such these 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. 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 ServicerServicing Rights Pledgee, in order to finance for the Servicer's servicing rights hereunderbenefit of certain lenders. If, as a result of a default by the Servicer under any such financing arrangement, the lenders acquire such these servicing rights and appoint a successor Servicer under this Agreement, any such successor Servicer must be approved by the Class A-1 Certificate Insurer and 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.