Common use of BACK-UP SERVICER RESIGNATION Clause in Contracts

BACK-UP SERVICER RESIGNATION. The Back-up Servicer shall not resign from its obligations and duties under this Agreement, the Trust and Security Agreement or the Insurance Agreement except (i) as provided in Section 7.02 above, or (ii) upon determination that the performance of its duties shall no longer be permissible under applicable law (any such determination permitting the resignation of the Back-up Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the Trustee and MBIA). Upon the Back-up Servicer's resignation or termination pursuant to Sections 7.02 hereof or this Section 7.03, notice thereof shall be provided to the Rating agencies and the Back-up Servicer shall comply with the provisions of this Agreement until the acceptance of a successor servicer.

BACK-UP SERVICER RESIGNATION. The Back-up Servicer shall not resign from its obligations and duties under this Agreement, the Trust and Security Agreement or the Insurance Agreement except (i) as provided in Section 7.02 above, or (ii) upon determination that the performance of its duties shall no longer be permissible under applicable law (any such determination permitting the resignation of the Back-up Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the Trustee and MBIA). Upon the Back-up Servicer's resignation or termination pursuant to Sections Section 7.02 hereof or this Section 7.03, notice thereof shall be provided to the Rating agencies and the Back-up Servicer shall comply with the provisions of this Agreement until the acceptance of a successor servicer.

BACK-UP SERVICER RESIGNATION. The Back-up Servicer shall not resign from its obligations and duties under this Agreement, the Trust and Security Agreement or the Insurance Agreement Indenture except (i) as provided in Section 7.02 above, or (ii) upon determination that the performance of its duties shall no longer be permissible under applicable law (any such determination permitting the resignation of the Back-up Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the Trustee and MBIAIndenture Trustee). Upon the Back-up Servicer's resignation or termination pursuant to Sections 7.02 hereof or this Section 7.03, notice thereof shall be provided to the Rating agencies and the Back-up Backup Servicer shall comply with the provisions of this Agreement until the acceptance of a successor servicerServicer.

BACK-UP SERVICER RESIGNATION. The Back-up Servicer shall not resign from its obligations and duties under this Agreement, the Trust and Security Agreement Indenture or the Insurance Agreement except (i) as provided in Section 7.02 above, or (ii) upon a determination that the performance of its duties shall no longer be permissible under applicable law (any such determination permitting the resignation of the Back-up Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the Trustee Indenture Trustee, the Issuer and MBIAthe Controlling Party). Upon the Back-up Servicer's resignation or termination pursuant to Sections Section 7.02 hereof or this Section 7.03, notice thereof shall be provided to the Rating agencies Agencies and the Controlling Party, and the Back-up Servicer shall comply with the provisions of this Agreement until the acceptance of a successor servicerBack-up Servicer.

BACK-UP SERVICER RESIGNATION. The Back-up Servicer shall not resign from its obligations and duties under this Agreement, the Trust and Security Agreement or the Insurance Agreement Indenture except (i) as provided in Section 7.02 above, or (ii) upon a determination that the performance of its duties shall no longer be permissible under applicable law (any such determination permitting the resignation of the Back-up Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the Trustee Indenture Trustee, the Issuer and MBIAthe Majority Holders). Upon the Back-up Servicer's resignation or termination pursuant to Sections Section 7.02 hereof or this Section 7.03, notice thereof shall be provided to the Rating agencies Agencies and the Majority Holders, and the Back-up Servicer shall comply with the provisions of this Agreement until the acceptance of a successor servicerBack-up Servicer.