Common use of Servicing Rights Owner Clause in Contracts

Servicing Rights Owner. At the request of MLML (the "Servicing Rights Owner"), the Servicer shall resign as Servicer of the Mortgage Loans upon the selection and appointment of a successor servicer by the Servicing Rights Owner; provided that the Servicing Rights Owner delivers to the Master Servicer, the Trustee and the Securities Administrator a letter indicating that such successor servicer designated by the Servicing Rights Owner meets the eligibility requirements for a successor servicer. No appointment of a successor servicer hereunder shall be effective until the Master Servicer shall have consented thereto. Upon such appointment, at the date specified in such letter such successor servicer will become a servicer pursuant to the terms of this Agreement. Any successor servicer shall be an institution that is a Xxxxxx Xxx and Xxxxxxx Mac approved seller/servicer in good standing, that has a net worth of at least $15,000,000, and that is willing to service the Mortgage Loans and executes and delivers to the Depositor, the Securities Administrator and the Trustee an agreement accepting such delegation and assignment, that contains an assumption by such Person of the rights, powers, duties, responsibilities, obligations and liabilities of the Servicer, with like effect as if originally named as a party to this Agreement; and provided further that each Rating Agency acknowledges that its rating of the Certificates in effect immediately prior to such assignment and delegation will not be qualified or reduced as a result of such assignment and delegation.

Servicing Rights Owner. At the request of MLML (the "Servicing Rights Owner")'s request, the Servicer Wilshire and/or PHH shall resign as Servicer of the Mortgage Wilshire Loans and/or PHH Loans upon the selection and appointment of a successor servicer by the Servicing Rights Owner; provided that the Servicing Rights Owner delivers to the Master Servicer, the Trustee and the Securities Administrator a letter indicating that such successor servicer designated by the Servicing Rights Owner meets the eligibility requirements for a successor servicer, including that such successor servicer is a Qualified Servicer or is a servicer acceptable to the Rating Agencies. No appointment of a successor servicer hereunder shall be effective until the Master Servicer shall have consented thereto. Upon such appointment, at the date specified in such letter such successor servicer will become a servicer pursuant to the terms of this Agreement. Any successor servicer shall be an institution that is a Xxxxxx Xxx and Xxxxxxx Mac approved seller/servicer in good standing, that has a net worth of at least $15,000,000, and that is shall be willing to service the Mortgage Loans and executes and delivers to the Depositor, the Securities Administrator and the Trustee an agreement accepting shall accept such delegation and assignment, that contains an assumption by such Person of and shall service the rightsMortgage Loans pursuant to a servicing agreement entered into among the successor servicer, powers, duties, responsibilities, obligations the Depositor and liabilities of the Master Servicer, with like effect as if originally named as a party to this Agreement; and provided further that each Rating Agency acknowledges that its rating of such servicing agreement shall prohibit the Certificates in effect immediately prior to such assignment and delegation will not be qualified or reduced as a result of such assignment and delegationsuccessor servicer from causing any Adverse REMIC Event.

Servicing Rights Owner. At the request of MLML (the "Servicing Rights Owner")'s request, the Servicer Wilshire shall resign as Servicer of the with respect to those Mortgage Loans it is servicing hereunder upon the selection and appointment of a successor servicer by the Servicing Rights Owner; provided that the Servicing Rights Owner delivers to the Master Servicer, the Trustee and Trustee, the Securities Administrator and Wilshire a letter indicating that such successor servicer designated by the Servicing Rights Owner meets the eligibility requirements for a successor servicer, including that such successor servicer is a Qualified Servicer or is a servicer acceptable to the Rating Agencies. No appointment of a successor servicer hereunder shall be effective until the Master Servicer shall have consented thereto. Upon such appointment, at the date specified in such letter such successor servicer will become a servicer pursuant to the terms of this Agreement. Any successor servicer shall be an institution that is a Xxxxxx Xxx Mae and Xxxxxxx Mac approved seller/servicer in good standing, that has a net worth of at least $15,000,000, and that is shall be willing to service the Mortgage Loans and executes and delivers to the Depositor, the Securities Administrator and the Trustee an agreement accepting shall accept such delegation and assignment, that contains an assumption by such Person of and shall service the rightsMortgage Loans pursuant to a servicing agreement entered into among the successor servicer, powers, duties, responsibilities, obligations the Depositor and liabilities of the Master Servicer, with like effect as if originally named as a party to this Agreement; and provided further that each Rating Agency acknowledges that its rating of such servicing agreement shall prohibit the Certificates in effect immediately prior to such assignment and delegation will not be qualified or reduced as a result of such assignment and delegationsuccessor servicer from causing any Adverse REMIC Event.

Servicing Rights Owner. At the request of MLML (the "Servicing Rights Owner")'s request, the Servicer PHH or Wilshire, as applicable, shall resign as Servicer of the with respect to those Mortgage Loans it is servicing hereunder upon the selection and appointment of a successor servicer by the Servicing Rights Owner; provided that the Servicing Rights Owner delivers to the Master Servicer, the Trustee and Trustee, the Securities Administrator and PHH or Wilshire, as applicable, a letter indicating that such successor servicer designated by the Servicing Rights Owner either (x) meets the eligibility requirements for a successor servicer, including that such successor servicer is a Qualified Servicer or (y) is a servicer acceptable to the Rating Agencies as evidenced by a letter from each Rating Agency that the appointment of such successor servicer shall not cause a downgrade of any class of Certificate. No appointment of a successor servicer hereunder shall be effective until the Master Servicer shall have consented theretothereto (such consent not to be unreasonably withheld). Upon such appointment, at the date specified in such letter such successor servicer will become a servicer pursuant to the terms of this Agreement. Any successor servicer shall be an institution that is a Xxxxxx Xxx Mae and Xxxxxxx Mac approved seller/servicer in good standing, that has a net worth of at least $15,000,000, and that is shall be willing to service the Mortgage Loans and executes and delivers to the Depositor, the Securities Administrator and the Trustee an agreement accepting shall accept such delegation and assignment, that contains an assumption by such Person of and shall service the rightsMortgage Loans pursuant to a servicing agreement entered into among the successor servicer, powers, duties, responsibilities, obligations the Depositor and liabilities of the Master Servicer, with like effect as if originally named as a party to this Agreement; and provided further that each Rating Agency acknowledges that its rating of such servicing agreement shall prohibit the Certificates in effect immediately prior to such assignment and delegation will not be qualified or reduced as a result of such assignment and delegationsuccessor servicer from causing any Adverse REMIC Event.

Servicing Rights Owner. At the request of MLML (the "Servicing Rights Owner")'s request, the Servicer Company shall resign as Servicer of the with respect to those Mortgage Loans it is servicing hereunder upon the selection and appointment of a successor servicer by the Servicing Rights Owner; provided that the Servicing Rights Owner delivers to the Master Servicer, the Trustee and Trustee, the Securities Administrator and the Company a letter indicating that such successor servicer designated by the Servicing Rights Owner meets the eligibility requirements for a successor servicer, including that such successor servicer is a Qualified Servicer. No appointment of a successor servicer hereunder shall be effective until the Master Servicer shall have consented thereto. Upon such appointment, at the date specified in such letter such successor servicer will become a servicer pursuant to the terms of this Agreement. Any successor servicer shall be an institution that is a Xxxxxx Xxx Fannie Mae and Xxxxxxx Freddie Mac approved seller/servicer in good standing, that has xxxx xas a net worth of xxxxx xf at least $15,000,000, and that is willing to service the Mortgage Loans and executes and delivers to the Depositor, the Securities Administrator and the Trustee an agreement accepting such delegation and assignment, that contains an assumption by such Person of the rights, powers, duties, responsibilities, obligations and liabilities of the ServicerCompany, with such exceptions or limitations that are requested by such Person and are acceptable to the parties hereto, with like effect as if such Person was originally named as a party to this Agreement; and provided further that each Rating Agency acknowledges that its rating of the Certificates in effect immediately prior to such assignment and delegation will not be qualified or reduced as a result of such assignment and delegation.

Servicing Rights Owner. At the request of MLML (the "Servicing Rights Owner")'s request, the Servicer PHH or Wilshire Credit Corporation, as applicable, shall resign as Servicer of the loans serviced by Wilshire Credit Corporation or the PHH Mortgage Loans Loans, as applicable, upon the selection and appointment of a successor servicer by the Servicing Rights Owner; provided that the Servicing Rights Owner delivers to the Master Servicer, the Trustee and the Securities Administrator a letter indicating that such successor servicer designated by the Servicing Rights Owner meets the eligibility requirements for a successor servicer, including that such successor servicer is a Qualified Servicer. No appointment of a successor servicer hereunder shall be effective until the Master Servicer shall have consented thereto. Upon such appointment, at the date specified in such letter such successor servicer will become a servicer pursuant to the terms of this Agreement. Any successor servicer shall be an institution that is a Xxxxxx Xxx Mae and Xxxxxxx Mac approved seller/servicer in good standing, that has a net worth of at least $15,000,000, and that is willing to service the Mortgage Loans and executes and delivers to the Depositor, the Securities Administrator and the Trustee an agreement accepting such delegation and assignment, that contains an assumption by such Person of the rights, powers, duties, responsibilities, obligations and liabilities of the ServicerPHH or Wilshire Credit Corporation, as applicable, with like effect as if originally named as a party to this Agreement; and provided further that each Rating Agency acknowledges that its rating of the Certificates in effect immediately prior to such assignment and delegation will not be qualified or reduced as a result of such assignment and delegation.

Servicing Rights Owner. At the request of MLML (the "Servicing Rights Owner")'s request, the Servicer Wilshire and/or PHH shall resign as Servicer of the Mortgage Wilshire Loans and/or PHH Loans upon the selection and appointment of a successor servicer by the Servicing Rights Owner; provided that the Servicing Rights Owner delivers to the Master Servicer, the Trustee and the Securities Administrator a letter indicating that such successor servicer designated by the Servicing Rights Owner meets the eligibility requirements for a successor servicer, including that such successor servicer is a Qualified Servicer. No appointment of a successor servicer hereunder shall be effective until the Master Servicer shall have consented thereto. Upon such appointment, at the date specified in such letter such successor servicer will become a servicer pursuant to the terms of this Agreement. Any successor servicer shall be an institution that is a Xxxxxx Xxx Mae and Xxxxxxx Mac approved seller/servicer in good standing, that has a net worth of at least $15,000,000, and that is willing to service the Mortgage Loans and executes and delivers to the Depositor, the Securities Administrator and the Trustee an agreement accepting such delegation and assignment, that contains an assumption by such Person of the rights, powers, duties, responsibilities, obligations and liabilities of the ServicerWilshire and/or PHH, with like effect as if originally named as a party to this Agreement; and provided further that each Rating Agency acknowledges that its rating of the Certificates in effect immediately prior to such assignment and delegation will not be qualified or reduced as a result of such assignment and delegation.