Common use of Standby Issuer Clause in Contracts

Standby Issuer. At all times the Secured Party shall either (i) have retained the services of one or more independent third party Issuers or (ii) have a subsidiary or affiliate which is an Issuer that, in either case, meets the following conditions (any such Issuer, herein, a “Standby Issuer”; and should Secured Party or any affiliate or subsidiary be acting as Standby Issuer, references to Secured Party herein shall not include Secured Party or any affiliate or subsidiary acting as such Standby Issuer): (1) Each such Standby Issuer must at all times be eligible to act as an Issuer for the Pooled Mortgages in the MBS Program and have adequate net worth to service the Pooled Mortgages at the time of transfer, in accordance with requirements established by Xxxxxx Xxx from time to time; (2) Prior to or contemporaneously with the interim transfer of Issuer responsibility, Secured Party must obtain from Xxxxxx Xxx a written approval for such Standby Issuer to serve as the Standby Issuer with regard to the Pooled Mortgages, which approval shall be granted if the conditions set forth in this subclause (c) are satisfied (provided, however, that such written approval by Xxxxxx Xxx does not constitute approval of the actual transfer of Issuer responsibility, for which separate written approval must be obtained from Xxxxxx Xxx) provided that in the case of HMBS pools, each HECM loan and its related securities must be serviced by only one independent third party Issuer ; (3) Each Standby Issuer must have agreed in writing to accept, immediately upon demand, interim transfer of Issuer responsibility (as set forth in this Agreement) with regard to the Pooled Mortgages and to comply with the requirements set forth herein; (4) Each Standby Issuer must have supplied Xxxxxx Xxx with a letter agreement, in the form of Exhibit B hereto, to comply with the requirements set forth herein; and (5) No Standby Issuer may be an affiliate or subsidiary of the original Issuer. Secured Party may change the Standby Issuer, provided that all requirements set forth herein are satisfied with regard to any new Standby Issuer. Secured Party may serve as the Standby Issuer if it meets all of the requirements set forth herein.

Standby Issuer. At all times the Secured Party shall either (i) have retained the services of one or more independent third party Issuers or (ii) have a subsidiary or affiliate which is an Issuer that, in either case, meets the following conditions (any such Issuer, herein, a “Standby Issuer”; and should Secured Party or any affiliate or subsidiary be acting as Standby Issuer, references to Secured Party herein shall not include Secured Party or any affiliate or subsidiary acting as such Standby Issuer): (1) Each such Standby Issuer must at all times be eligible to act as an Issuer for the Pooled Mortgages in the MBS Program and have adequate net worth to service the Pooled Mortgages at the time of transfer, in accordance with requirements established by Xxxxxx Xxx Mae from time to time; (2) Prior to or contemporaneously with the interim transfer of Issuer responsibility, Secured Party must obtain from Xxxxxx Xxx a written approval for such Standby Issuer to serve as the Standby Issuer with regard to the Pooled Mortgages, which approval shall be granted if the conditions set forth in this subclause (c) are satisfied (provided, however, that such written approval by Xxxxxx Xxx Mae does not constitute approval of the actual transfer of Issuer responsibility, for which separate written approval must be obtained from Xxxxxx Xxx) provided that in the case of HMBS pools, each HECM loan and its related securities must be serviced by only one independent third party Issuer ; (3) Each Standby Issuer must have agreed in writing to accept, immediately upon demand, interim transfer of Issuer responsibility (as set forth in this Agreement) with regard to the Pooled Mortgages and to comply with the requirements set forth herein; (4) Each Standby Issuer must have supplied Xxxxxx Xxx Mae with a letter agreement, in the form of Exhibit B hereto, to comply with the requirements set forth herein; and (5) No Standby Issuer may be an affiliate or subsidiary of the original Issuer. Secured Party may change the Standby Issuer, provided that all requirements set forth herein are satisfied with regard to any new Standby Issuer. Secured Party may serve as the Standby Issuer if it meets all of the requirements set forth herein.

Standby Issuer. At all times the Secured Party shall either (i) have retained the services of one or more independent third party Issuers or (ii) have a subsidiary or affiliate which is an Issuer that, in either case, meets the following conditions (any such Issuer, herein, a “Standby Issuer”; and should Secured Party or any affiliate or subsidiary be acting as Standby Issuer, references to Secured Party herein shall not include Secured Party or any affiliate or subsidiary acting as such Standby Issuer): (1) Each such Standby Issuer must at all times be eligible to act as an Issuer for the Pooled Mortgages in the MBS Program and have adequate net worth to service the Pooled Mortgages at the time of transfer, in accordance with requirements established by Xxxxxx Xxx from time to time; (2) Prior to or contemporaneously with the interim transfer of Issuer responsibility, Secured Party must obtain from Xxxxxx Xxx a written approval for such Standby Issuer to serve as the Standby Issuer with regard to the Pooled Mortgages, which approval shall be granted if the conditions set forth in this subclause (c) are satisfied (provided, however, that such written approval by Xxxxxx Xxx does not constitute approval of the actual transfer of Issuer responsibility, for which separate written approval must be obtained from Xxxxxx Xxx) provided that in the case of HMBS pools, each HECM loan and its related securities must be serviced by only one independent third party Issuer ; (3) Each Standby Issuer must have agreed in writing to accept, immediately upon demand, interim transfer of Issuer responsibility (as set forth in this Agreement) with regard to the Pooled Mortgages and to comply with the requirements set forth herein; (4) Each Standby Issuer must have supplied Xxxxxx Xxx Mae with a letter agreement, in the form of Exhibit B hereto, to comply with the requirements set forth herein; and (5) No Standby Issuer may be an affiliate or subsidiary of the original Issuer. Secured Party may change the Standby Issuer, provided that all requirements set forth herein are satisfied with regard to any new Standby Issuer. Secured Party may serve as the Standby Issuer if it meets all of the requirements set forth herein.

Standby Issuer. At all times the Secured Party shall either (i) have retained the services of one or more independent third party Issuers or (ii) have a subsidiary or affiliate which is an Issuer that, in either case, meets the following conditions (any such Issuer, herein, a “"Standby Issuer”"; and should Secured Party or any affiliate or subsidiary be acting as Standby Issuer, references to Secured Party herein shall not include Secured Party or any affiliate or subsidiary acting as such Standby Issuer): (1) Each such Standby Issuer must at all times be eligible to act as an Issuer for the Pooled Mortgages in the MBS Program and have adequate net worth to service the Pooled Mortgages at the time of transfer, in accordance with requirements established by Xxxxxx Xxx Mae from time to time; (2) Prior to or contemporaneously with the interim transfer of Issuer responsibility, Secured Party must obtain from Xxxxxx Xxx a written approval for such Standby Issuer to serve as the Standby Issuer with regard to the Pooled Mortgages, which approval shall be granted if the conditions set forth in this subclause (c) are satisfied (provided, however, that such written approval by Xxxxxx Xxx Mae does not constitute approval of the actual transfer of Issuer responsibility, for which separate written approval must be obtained from Xxxxxx Xxx) provided that in the case of HMBS pools, each HECM BECM loan and its related securities must be serviced by only one independent third party Issuer ; (3) Each Standby Issuer must have agreed in writing to accept, immediately upon demand, interim transfer of Issuer responsibility (as set forth in this Agreement) with regard to the Pooled Mortgages and to comply with the requirements set forth herein; (4) Each Standby Issuer must have supplied Xxxxxx Xxx Mae with a letter agreement, in the form of Exhibit B hereto, to comply with the requirements set forth herein; and (5) No Standby Issuer may be an affiliate or subsidiary of the original Issuer. Secured Party may change the Standby Issuer, provided that all requirements set forth herein are satisfied with regard to any new Standby Issuer. Secured Party may serve as the Standby Issuer if it meets all of the requirements set forth herein.

Standby Issuer. At all times the Secured Party shall either (i) have retained the services of one or more independent third party Issuers issuers or (ii) have a subsidiary or affiliate which is an Issuer issuer that, in either case, meets the following conditions (any such Issuerissuer, herein, a “Standby Issuer”; and should Secured Party or any affiliate or subsidiary be acting as Standby Issuer, references to Secured Party herein shall not include Secured Party or any affiliate or subsidiary acting as such Standby Issuer): (1) Each such Standby Issuer must at all times be eligible to act as an Issuer for the Pooled Mortgages issuer in the MBS Program and have adequate net worth to service the Pooled Mortgages at the time of transfer, in accordance with requirements established by Xxxxxx Xxx from time to time; (2) Prior to or contemporaneously with the interim transfer of Issuer issuer responsibility, Secured Party must obtain from Xxxxxx Xxx a written approval for such Standby Issuer to serve as the Standby Issuer with regard to the Pooled Mortgages, which approval shall be granted if the conditions set forth in this subclause (c) are satisfied (provided, however, that such written approval by Xxxxxx Xxx does not constitute approval of the actual transfer of Issuer issuer responsibility, for which separate written approval must be obtained from Xxxxxx Xxx) provided that in the case of HMBS pools, each HECM loan and its related securities must be serviced by only one independent third party Issuer ); (3) Each Standby Issuer must have agreed in writing to accept, immediately upon demand, interim transfer of Issuer issuer responsibility (as set forth in this Agreement) with regard to the Pooled Mortgages and to comply with the requirements set forth herein; (4) Each Standby Issuer must have supplied Xxxxxx Xxx with a letter agreement, in the form of Exhibit B hereto, to comply with the requirements set forth herein; and (5) No Standby Issuer may be an affiliate or subsidiary of the original Issuer. Secured Party may change the Standby Issuer, provided that all requirements set forth herein are satisfied with regard to any new Standby Issuer. Secured Party may serve as the Standby Issuer if it meets all of the requirements set forth herein.