Common use of Subservicing Agreements Between Servicer and Subservicer Clause in Contracts

Subservicing Agreements Between Servicer and Subservicer. Each Servicer may enter into subservicing agreements for any servicing and administration of Mortgage Loans with any institution which is acceptable to the Owners of a majority of the Percentage Interests of the Class R Certificates, as indicated in writing, and which represents and warrants that it is in compliance with the laws of each state necessary to enable it to perform its obligations under such Subservicing Agreement. For this purpose, subservicing shall not be deemed to include the use of a tax service, or services for reconveyance, insurance or brokering REO Property. Each Servicer shall give prior notice to the Seller and the Trustee of the appointment of any Subservicer and shall furnish to the Seller a copy of such Subservicing Agreement. For purposes of this Agreement, the relevant Servicer shall be deemed to have received payments on Mortgage Loans when any Subservicer has received such payments. Any such Subservicing Agreement shall be consistent with and not violate the provisions of this Agreement. Each Subservicing Agreement shall provide that a successor Servicer shall have the option to terminate such agreement without payment of any fees if the predecessor Servicer is terminated or resigns.

Subservicing Agreements Between Servicer and Subservicer. Each Servicer may enter into subservicing agreements for any servicing and administration of Mortgage Loans with any institution which is acceptable to the Owners of a majority of the Percentage Interests of the Class R Certificates, as indicated in writing, and which represents and warrants that it is in compliance with the laws of each state necessary to enable it to perform its obligations under such Subservicing Agreement. For this purpose, subservicing shall not be deemed to include the use of a tax service, or services for reconveyance, insurance or brokering REO Property. Each Servicer shall give prior notice to the Seller Seller, the Master Servicer and the Trustee of the appointment of any Subservicer and shall furnish to the Seller a copy of such Subservicing Agreement. For purposes of this Agreement, the relevant Servicer shall be deemed to have received payments on Mortgage Loans when any Subservicer has received such payments. Any such Subservicing Agreement shall be consistent with and not violate the provisions of this Agreement. Each Subservicing Agreement shall provide that a successor Servicer shall have the option to terminate such agreement without payment of any fees if the predecessor Servicer is terminated or resigns.

Subservicing Agreements Between Servicer and Subservicer. Each Servicer may enter into subservicing agreements for any servicing and administration of Mortgage Loans with any institution which is acceptable to the Owners Certificate Insurer and the Owner of a majority of the Percentage Interests of the Class R Certificates, as indicated in writing, and which represents and warrants that it is in compliance with the laws of each state necessary to enable it to perform its obligations under such Subservicing Agreement. For this purpose, subservicing shall not be deemed to include the use of a tax service, or services for reconveyance, insurance or brokering REO Property. Each Servicer shall give prior notice to the Certificate Insurer, the Seller and the Trustee of the appointment of any Subservicer and shall furnish to the Certificate Insurer and the Seller a copy of such Subservicing Agreement. For purposes of this Agreement, the relevant Servicer shall be deemed to have received payments on Mortgage Loans when any Subservicer has received such payments. Any such Subservicing Agreement shall be consistent with and not violate the provisions of this Agreement. Each Subservicing Agreement shall provide that a successor Servicer shall have the option to terminate such agreement without payment of any fees if the predecessor Servicer is terminated or resigns.