Common use of Subservicing Clause in Contracts

Subservicing. (a) The Servicer may enter into Subservicing Agreements for any servicing and administration of Home Loans with any institution that is an Eligible Servicer and in compliance with the laws of each state necessary to enable it to perform its obligations under such Subservicing Agreement. The Servicer shall give prior written notice to the Issuer and the Indenture Trustee of the appointment of any Subservicer. The Servicer shall be entitled to terminate any Subservicing Agreement in accordance with the terms and conditions of such Subservicing Agreement and to either service the related Home Loans directly or enter into a Subservicing Agreement with a successor subservicer which qualifies hereunder. In the event of termination of any Subservicer, and unless a successor Subservicer has otherwise been appointed, all servicing obligations of such Subservicer shall be assumed simultaneously by the Servicer without any additional act or deed on the part of such Subservicer or the Servicer, and the Servicer shall service directly the related Home Loans. Each Subservicing Agreement shall include the provision that such agreement may be immediately terminated by the Indenture Trustee in the event that the Servicer shall, for any reason, no longer be the Servicer. In no event shall any Subservicing Agreement require the Indenture Trustee, as Successor Servicer, for any reason whatsoever to pay compensation to a Subservicer in order to terminate such Subservicer.

Subservicing. (a) The Servicer may enter into Subservicing Agreements for any servicing and administration of Home Loans with any institution that is an Eligible Servicer and in compliance with the laws of each state necessary to enable it to perform its obligations under such Subservicing Agreement. The Servicer shall give prior written notice to the Issuer and the Indenture Grantor Trustee of the appointment of any Subservicer. The Servicer shall be entitled to terminate any Subservicing Agreement in accordance with the terms and conditions of such Subservicing Agreement and to either service the related Home Loans directly or enter into a Subservicing Agreement with a successor subservicer which qualifies hereunder. In the event of termination of any Subservicer, and unless a successor Subservicer has otherwise been appointed, all servicing obligations of such Subservicer shall be assumed simultaneously by the Servicer without any additional act or deed on the part of such Subservicer or the Servicer, and the Servicer shall service directly the related Home Loans. Each Subservicing Agreement shall include the provision that such agreement may be immediately terminated by the Indenture Grantor Trustee in the event that the Servicer shall, for any reason, no longer be the Servicer. In no event shall any Subservicing Agreement require the Indenture Grantor Trustee, as Successor Servicer, for any reason whatsoever to pay compensation to a Subservicer in order to terminate such Subservicer.

Subservicing. (a) The Servicer may may, with the prior written consent of the Majority Noteholders, which consent shall not be unreasonably withheld, enter into Subservicing Agreements for any servicing and administration of Home Loans with any institution that is an Eligible Servicer and in compliance with the laws of each state necessary to enable it to perform its obligations under such Subservicing Agreement. The Servicer shall give prior written notice to the Issuer and the Indenture Trustee of the appointment of any Subservicer. The Servicer shall be entitled to terminate any Subservicing Agreement in accordance with the terms and conditions of such Subservicing Agreement and to either service the related Home Loans directly or enter into a Subservicing Agreement with a successor subservicer which qualifies hereunder. In the event that the Majority Noteholders fail to respond to a request by the Servicer for consent to enter into a Subservicing Agreement within three Business Days after receipt of such request, the requested consent shall be deemed to have been granted. In the event of termination of any Subservicer, and unless a successor Subservicer has otherwise been appointed, all servicing obligations of such Subservicer shall be assumed simultaneously by the Servicer without any additional act or deed on the part of such Subservicer or the Servicer, and the Servicer shall service directly the related Home Loans. Each Subservicing Agreement shall include the provision that such agreement may be immediately terminated by the Indenture Trustee in the event that the Servicer shall, for any reason, no longer be the Servicer. In no event shall any Subservicing Agreement require the Indenture Trustee, as Successor successor Servicer, for any reason whatsoever to pay compensation to a Subservicer in order to terminate such Subservicer.

Subservicing. (a) The Servicer may enter into Subservicing Agreements for any servicing and administration of Home Loans with any institution that which is an Eligible Servicer and in compliance with the laws of each state necessary to enable it to perform its obligations under such Subservicing AgreementAgreement and is an Eligible Servicer. The Servicer shall give prior written notice to the Issuer and the Indenture Trustee of the appointment of any Subservicer. The Servicer shall be entitled to terminate any Subservicing Agreement in accordance with the terms and conditions of such Subservicing Agreement and to either directly service the related Home Loans directly or enter into a Subservicing Agreement with a successor subservicer which qualifies hereunder. In the event of termination of any Subservicer, and unless a successor Subservicer has otherwise been appointed, all servicing obligations of such Subservicer shall be assumed simultaneously by the Servicer without any additional act or deed on the part of such Subservicer or the Servicer, and the Servicer shall service directly the related Home Loans. Each Subservicing Agreement shall include the provision that such agreement may be immediately terminated by the Indenture Trustee in the event that the Servicer shall, for any reason, no longer be the Servicer. In no event shall any Subservicing Agreement require the Indenture Trustee, as Successor Servicer, for any reason whatsoever to pay compensation to a Subservicer in order to terminate such Subservicer.

Subservicing. (a) The Servicer may enter into Subservicing Agreements for any servicing and administration of Home Loans with any institution that which is an Eligible Servicer and in compliance with the laws of each state necessary to enable it to perform its obligations under such Subservicing AgreementAgreement and is an Eligible Servicer. The Servicer shall give prior written notice to the Issuer and the Indenture Trustee of the appointment of any Subservicer. The Servicer shall be entitled to terminate any Subservicing Agreement in accordance with the terms and conditions of such Subservicing Agreement and to either directly service the related Home Loans directly or enter into a Subservicing Agreement with a successor subservicer which qualifies hereunder. In the event of termination of any Subservicer, and unless a successor Subservicer has otherwise been appointed, all servicing obligations of such Subservicer shall be assumed simultaneously by the Servicer without any additional act or deed on the part of such Subservicer or the Servicer, and the Servicer shall service directly the related Home Loans. Each Subservicing Sub-Servicing Agreement shall include the provision that such agreement may be immediately terminated by the Indenture Trustee in the event that the Servicer shall, for any reason, no longer be the Servicer. In no event shall any Subservicing Sub-Servicing Agreement require the Indenture Trustee, as Successor Servicer, for any reason whatsoever to pay compensation to a Subservicer in order to terminate such Subservicer.

Subservicing. (a) The Servicer is entering into the Operating and Management Agreement with the Operator and may enter into other Subservicing Agreements for any additional servicing and administration of Home Loans any of the Trust Assets with any institution that is an Eligible Servicer and in compliance with the laws of each state necessary to enable it to perform its obligations under such Subservicing Agreement. The Servicer shall give prior written notice to the Issuer Trust and the Indenture Trustee of the appointment of any other Subservicer. The So long as no Event of Default or Servicer Event of Default has occurred and is continuing, the Servicer shall be entitled to terminate any Subservicing Agreement in accordance with the terms and conditions of such Subservicing Agreement and to either service the related Home Loans Trust Assets directly or enter into a Subservicing Agreement with a successor subservicer which qualifies hereunder. In the event of termination of any Subservicer, and unless a successor Subservicer has otherwise been appointed, all servicing obligations of such Subservicer shall be assumed simultaneously by the Servicer without any additional act or deed on the part of such Subservicer or the Servicer, and the Servicer shall service directly the related Home LoansTrust Assets. Each Subservicing Agreement shall include the provision that such agreement may be immediately terminated by the Indenture Trustee in the event that the Servicer shall, for any reason, no longer be the Servicer. In no event shall any Subservicing Agreement require the Indenture Trustee, as Successor successor Servicer, for any reason whatsoever to pay compensation to a Subservicer in order to terminate such Subservicer.

Subservicing. (a) The Servicer may enter into Subservicing Agreements for any servicing and administration of Home Loans with any institution that which is an Eligible Servicer and in compliance with the laws of each state necessary to enable it to perform its obligations under such Subservicing AgreementAgreement and is an Eligible Servicer. The Servicer shall give prior written notice to the Issuer and the Indenture Trustee of the appointment of any Subservicer. The Servicer shall be entitled to terminate any Subservicing Agreement in accordance with the terms and conditions of such Subservicing Agreement and to either directly service the related Home Loans directly or enter into a Subservicing Agreement with a successor subservicer which qualifies hereunder. In the event of termination of any Subservicer, and unless a successor Subservicer has otherwise been appointed, all servicing obligations of such Subservicer shall be assumed simultaneously by the Servicer without any additional act or deed on the part of such Subservicer or the Servicer, and the Servicer shall service directly the related Home Loans. Each Subservicing Sub-Servicing Agreement shall include the provision that such agreement may be immediately terminated by the Indenture Trustee in the event that the Servicer shall, for any reason, no longer be the Servicer. In no event shall any Subservicing Sub-Servicing Agreement require the Indenture Trustee, as Successor Servicer, for any reason whatsoever to pay compensation to a Subservicer in order to terminate such Subservicer.

Subservicing. (a) The Servicer may enter into Subservicing Agreements for any servicing and administration of Home Loans with any institution that is an Eligible Servicer and in compliance with the laws of each state necessary to enable it to perform its obligations under such Subservicing Agreement. The Servicer shall give prior written notice to the Issuer Grantor Trustee and the Indenture Trustee Rating Agencies of the appointment of any Subservicer. The Servicer shall be entitled to terminate any Subservicing Agreement in accordance with the terms and conditions of such Subservicing Agreement and to either service the related Home Loans directly or enter into a Subservicing Agreement with a successor subservicer which qualifies hereunder. In the event of termination of any Subservicer, and unless a successor Subservicer has otherwise been appointed, all servicing obligations of such Subservicer shall be assumed simultaneously by the Servicer without any additional act or deed on the part of such Subservicer or the Servicer, and the Servicer shall service directly the related Home Loans. Each Subservicing Agreement shall include the provision that such agreement may be immediately terminated by the Indenture Grantor Trustee in the event that the Servicer shall, for any reason, no longer be the Servicer. In no event shall any Subservicing Agreement require the Indenture Grantor Trustee, as Successor Servicer, for any reason whatsoever to pay compensation to a Subservicer in order to terminate such Subservicer.

Subservicing. (a) The Servicer may enter into Subservicing Agreements for any servicing and administration of Home Mortgage Loans with any institution that which is an Eligible Servicer and in compliance with the laws of each state necessary to enable it to perform its obligations under such Subservicing AgreementAgreement and is an Eligible Servicer. The Servicer shall give prior written notice to the Issuer and the Indenture Trustee of the appointment of any Subservicer. The Servicer shall be entitled to terminate any Subservicing Agreement in accordance with the terms and conditions of such Subservicing Agreement and to either directly service the related Home Mortgage Loans directly or enter into a Subservicing Agreement with a successor subservicer which qualifies hereunder. In the event of termination of any Subservicer, and unless a successor Subservicer has otherwise been appointed, all servicing obligations of such Subservicer shall be assumed simultaneously by the Servicer without any additional act or deed on the part of such Subservicer or the Servicer, and the Servicer shall directly service directly the related Home Mortgage Loans. Each Subservicing Agreement shall include the provision that such agreement may be immediately terminated by the Indenture Trustee in the event that the Servicer shall, for any reason, no longer be the Servicer. In no event shall any Subservicing Agreement require the Indenture Trustee, as Successor Servicer, for any reason whatsoever whatsoever, to pay compensation to a Subservicer in order to terminate such Subservicer.

Subservicing. (a) The Servicer may enter into Subservicing Agreements for any servicing and administration of Home Mortgage Loans with any institution that which is an Eligible Servicer and in compliance with the laws of each state necessary to enable it to perform its obligations under such Subservicing AgreementAgreement and is an Eligible Servicer; provided, however, that the Certificate Insurer has provided its prior written consent. The Servicer shall give prior written notice to the Issuer Depositor, the Certificate Insurer and the Indenture Trustee of the appointment of any Subservicer. The Servicer shall be entitled to terminate any Subservicing Agreement in accordance with the terms and conditions of such Subservicing Agreement and to either directly service the related Home Mortgage Loans directly or enter into a Subservicing Agreement with a successor subservicer which qualifies hereunder. In the event of termination of any Subservicer, and unless a successor Subservicer has otherwise been appointed, all servicing obligations of such Subservicer shall be assumed simultaneously by the Servicer without any additional act or deed on the part of such Subservicer or the Servicer, and the Servicer shall service directly the related Home Mortgage Loans. Each Subservicing Agreement shall include the provision that such agreement may be immediately terminated by the Indenture Trustee (with the prior written consent of the Certificate Insurer) or the Certificate Insurer in the event that the Servicer shall, for any reason, no longer be the Servicer. In no event shall any Subservicing Agreement require the Indenture Trustee, as Successor successor Servicer, for any reason whatsoever to pay compensation to a Subservicer in order to terminate such Subservicer.