Depositor and Servicers Not to Resign. Subject to the provisions of Section 7.02, none of the Depositor or the Servicers shall resign from its respective obligations and duties hereby imposed on it except upon determination that its duties hereunder are no longer permissible under applicable law. Any such determination permitting the resignation of the Depositor or any Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the Trustee. No such resignation by a Servicer shall become effective until the Trustee or a successor servicer shall have assumed such Servicer's responsibilities and obligations in accordance with Section 8.05 hereof.
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Samples: Pooling and Servicing Agreement (Bank of America Mort Sec Inc Mort Pass THR Cert Ser 1999-10), Pooling and Servicing Agreement (Bank of America Mort Sec Inc Mort Pass THR Cert Ser 1999-9), Pooling and Servicing Agreement (Bank of America Mort Sec Inc Mort Pas Thru Cert Ser 1999-11)
Depositor and Servicers Not to Resign. Subject to the provisions of Section 7.02, none of the Depositor or the Servicers shall resign from its respective obligations and duties hereby imposed on it except upon determination that its duties hereunder are no longer permissible under applicable law. Any such determination permitting the resignation of the Depositor or any either Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the Trustee. No such resignation by a Servicer shall become effective until the Trustee or a successor servicer shall have assumed such Servicer's responsibilities and obligations in accordance with Section 8.05 hereof.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Nationsbanc Montgomery Funding Corp), Pooling and Servicing Agreement (Bank of America Mortgage Securities Inc), Pooling and Servicing Agreement (Bank of America Mort Secs Inc Mort Pas Thru Cert Sers 1999-7)
Depositor and Servicers Not to Resign. Subject to the provisions of Section 7.02, none of the Depositor or the Servicers shall resign from its respective obligations and duties hereby imposed on it except upon determination that its duties hereunder are no longer permissible under applicable law. Any such determination permitting the resignation of the Depositor or any a Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the Trustee. No such resignation by a Servicer shall become effective until the Trustee or a successor servicer Servicer shall have assumed such Servicer's responsibilities and obligations in accordance with Section 8.05 hereof.
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Depositor and Servicers Not to Resign. Subject to the provisions of Section 7.02, none of the Depositor or the Servicers any Servicer shall resign from its respective obligations and duties hereby imposed on it except upon determination that its duties hereunder are no longer permissible under applicable law. Any such determination permitting the resignation of the Depositor or any a Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the TrusteeTrustee and the Certificate Administrator. No such resignation by a Servicer shall become effective until the Trustee or a successor servicer Servicer shall have assumed such Servicer's responsibilities and obligations in accordance with Section 8.05 hereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Wachovia Mortgage Loan Trust, LLC)
Depositor and Servicers Not to Resign. Subject to the provisions of Section 7.02, none of the Depositor or the Servicers shall resign from its respective obligations and duties hereby imposed on it except upon determination that its duties hereunder are no longer permissible under applicable law. Any such determination permitting the resignation of the Depositor or any either Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the TrusteeTrustee and the Securities Administrator. No such resignation by a Servicer shall become effective until the Securities Administrator, the Trustee or a successor servicer Servicer shall have assumed such Servicer's responsibilities and obligations in accordance with Section 8.05 hereof.
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