Common use of Backup Servicer Clause in Contracts

Backup Servicer. JPMorgan will act as Backup Servicer for the Mortgage Loans under this Agreement. If the Servicer is terminated under this Agreement, JPMorgan (or its affiliate or agent, which will meet the requirements of successor servicer set forth in this Agreement) will be required to act as successor servicer thereunder, provided, however, that the Seller may designate an entity other than JPMorgan to act as successor servicer so long as that entity meets the requirements set forth in Section 8.02 of this Agreement including the obligation to make Advances in accordance with Section 5.01 hereof. The Backup Servicer will have no servicing obligations until and unless it becomes a successor servicer. At such time as the Backup Servicer (or its affiliate or agent) becomes the successor servicer to the Servicer, the Backup Servicer will assume all of the Servicer's servicing obligations as set forth in this Agreement. The Seller has the right to terminate JPMorgan as Backup Servicer at its discretion; provided, however, that the Trustee has received a letter from each of the Rating Agencies that such a termination and appointment will not result in a downgrading of the rating of any of the Certificates related to the applicable Mortgage Loans and the consent of the Certificate Insurer has been received.

Backup Servicer. JPMorgan will act as Backup Servicer for the Mortgage Loans under this Agreement. If the Servicer is terminated under this Agreement, JPMorgan (or its affiliate or agentaffiliate, which will meet the requirements of successor servicer set forth in this Agreement) will be required to act as successor servicer thereunder, provided, however, that the Seller may designate an entity other than JPMorgan to act as successor servicer so long as that entity meets the requirements set forth in Section 8.02 of this Agreement including the obligation to make Advances in accordance with Section 5.01 hereof. The Backup Servicer will have no servicing obligations until and unless it becomes a successor servicer. At such time as the Backup Servicer (or its affiliate or agentaffiliate) becomes the successor servicer to the Servicer, the Backup Servicer will assume all of the Servicer's servicing obligations as set forth in this Agreement. The Seller has the right to terminate JPMorgan as Backup Servicer at its discretion; provided, however, that the Trustee has received a letter from each of the Rating Agencies that such a termination and appointment will not result in a downgrading of the rating of any of the Certificates related to the applicable Mortgage Loans and the consent of the Certificate Insurer has been receivedLoans.

Backup Servicer. JPMorgan will act as Backup Servicer for to the SLS Serviced Mortgage Loans under this Agreement. If the Servicer SLS is terminated under this Agreement, JPMorgan (or its affiliate or agentaffiliate, which will meet the requirements of successor servicer set forth in this Agreement) will be required to act as successor servicer thereunder, provided, however, that the Seller may designate an entity other than JPMorgan to act as successor servicer so long as that entity meets the requirements set forth in Section 8.02 of this Agreement including the obligation to make Advances in accordance with Section 5.01 hereof. The Backup Servicer will have no servicing obligations until and unless it becomes a successor servicer. At such time as the Backup Servicer (or its affiliate or agentaffiliate) becomes the successor servicer to the ServicerSLS, the Backup Servicer will assume all of the ServicerSLS's servicing obligations as set forth in this Agreement. The Seller has the right to terminate JPMorgan as Backup Servicer at its discretion; provided, however, that the Trustee has received a letter from each of the Rating Agencies Agency that such a termination and appointment will not result in a downgrading of the rating of any of the Certificates related to the applicable Mortgage Loans and the consent of the Certificate Insurer has been received.

Backup Servicer. JPMorgan will act as Backup Servicer for the Mortgage Loans under this Agreement. If the Servicer is terminated under this Agreement, JPMorgan (or its affiliate or agentaffiliate, which will meet the requirements of successor servicer set forth in this Agreement) will be required to act as successor servicer thereunder, provided, however, that the Seller may designate an entity other than JPMorgan to act as successor servicer so long as that entity meets the requirements set forth in Section 8.02 of this Agreement including the obligation to make Advances in accordance with Section 5.01 hereof. The Backup Servicer will have no servicing obligations until and unless it becomes a successor servicer. At such time as the Backup Servicer (or its affiliate or agentaffiliate) becomes the successor servicer to the Servicer, the Backup Servicer will assume all of the Servicer's ’s servicing obligations as set forth in this Agreement. The Seller has the right to terminate JPMorgan as Backup Servicer at its discretion; provided, however, that the Trustee has received a letter from each of the Rating Agencies that such a termination and appointment will not result in a downgrading of the rating of any of the Certificates related to the applicable Mortgage Loans and the consent of the Certificate Insurer has been receivedLoans.