Countrywide Not to Resign. Countrywide shall not resign from the obligations and duties hereby imposed on it except by mutual consent of Countrywide and the Purchaser or upon the determination that its duties hereunder are no longer permissible under applicable law and such incapacity cannot be cured by Countrywide. Any such determination permitting the resignation of Countrywide shall be evidenced by Countrywide’s delivery of an Opinion of Counsel to the Purchaser in a form reasonably acceptable to the Purchaser. No such resignation shall become effective until a successor shall have assumed the Countrywide’s responsibilities and obligations hereunder.
Appears in 2 contracts
Samples: Assignment, Assumption and Recognition Agreement (HSI Asset Securitization CORP Trust 2006-He2), Assignment, Assumption and Recognition Agreement (HSI Asset Securitization CORP Trust 2006-He1)
Countrywide Not to Resign. Countrywide shall not resign from the obligations and duties hereby imposed on it except by mutual consent of Countrywide and the Purchaser or upon the determination that its duties hereunder are no longer permissible under applicable law and such incapacity cannot be cured by Countrywide. Any such determination permitting the resignation of Countrywide shall be evidenced by Countrywide’s 's delivery of an Opinion of Counsel to the Purchaser in a form reasonably acceptable to the Purchaser. No such resignation shall become effective until a successor shall have assumed the Countrywide’s 's responsibilities and obligations hereunder.
Appears in 2 contracts
Samples: Assignment, Assumption and Recognition Agreement (HSI Asset Loan Obligation Trust 2006-2), Assignment, Assumption and Recognition Agreement (HSI Asset Loan Obligation Trust 2007-Ar1)
