Common use of Limitation on Resignation and Assignment by the Servicer Clause in Contracts

Limitation on Resignation and Assignment by the Servicer. The Purchaser has entered into this Agreement with the Servicer in reliance upon the representations as to the adequacy of its servicing facilities, plant, personnel, records and procedures, its integrity, reputation and financial standing, and the continuance thereof. The Servicer shall not resign from the obligations and duties hereby imposed on it as to any Eligible Loan except by consent of the Majority Owners and the Administrative Agent or upon the determination that its duties hereunder are no longer permissible under applicable law and such incapacity cannot reasonably be cured by the Servicer. Notice of any such determination permitting the resignation of the Servicer shall be delivered to each Rating Agency and any such determination shall evidenced by an Opinion of Counsel to such effect delivered to the Administrative Agent (on behalf of the Owners) which Opinion of Counsel shall be in form and substance acceptable to the Administrative Agent. No such resignation shall become effective until a successor shall have assumed the Servicer's responsibilities and obligations hereunder in the manner provided in Section 13.1 hereof, subject to Rating Agency Confirmation.

Limitation on Resignation and Assignment by the Servicer. The Purchaser has Agent and the Principals have entered into this Agreement and the other Transaction Documents to which they are a party with the Servicer Company, as Servicer, in reliance upon the representations as to the adequacy of its servicing facilities, plant, personnel, records and procedures, its integrity, reputation and financial standing, and the continuance thereof. The Servicer shall not resign from the obligations and duties hereby imposed on it as to any Eligible Mortgage Loan except by consent of the Majority Owners Required Principals and the Administrative Agent or upon the determination that its duties hereunder are no longer permissible under applicable law and such incapacity cannot reasonably be cured by the Servicer. Notice of any such determination permitting the resignation of the Servicer shall be delivered to the Agent and each Rating Agency Bank Principal and any such determination shall evidenced by an Opinion of Counsel to such effect delivered to the Administrative Agent (on behalf of the OwnersPrincipals) which Opinion of Counsel shall be in form and substance acceptable to the Administrative Agent. No such resignation shall become effective until a successor shall have assumed the Servicer's responsibilities and obligations hereunder in the manner provided in Section 13.1 12.1 hereof, subject to Rating Agency Confirmation.

Limitation on Resignation and Assignment by the Servicer. The Purchaser has Agent and the Principals have entered into this Agreement and the other Transaction Documents to which they are a party with the Servicer Company, as Servicer, in reliance upon the representations as to the adequacy of its servicing facilities, plant, personnel, records and procedures, its integrity, reputation and financial standing, and the continuance thereof. The Servicer shall not resign from the obligations and duties hereby imposed on it as to any Eligible Mortgage Loan except by consent of the Majority Owners Required Principals and the Administrative Agent or upon the determination that its duties hereunder are no longer permissible under applicable law and such incapacity cannot reasonably be cured by the Servicer. Notice of any such determination permitting the resignation of the Servicer shall be delivered to the Agent and each Rating Agency Bank Principal and any such determination shall evidenced by an Opinion of Counsel to such effect delivered to the Administrative Agent (on behalf of the OwnersPrincipals) which Opinion of Counsel shall be in form and substance acceptable to the Administrative Agent. No such resignation shall become effective until a successor shall have assumed the Servicer's ’s responsibilities and obligations hereunder in the manner provided in Section 13.1 12.1 hereof, subject to Rating Agency Confirmation.

Limitation on Resignation and Assignment by the Servicer. The Purchaser has entered into this Agreement with the Servicer in reliance upon the representations as to the adequacy of its servicing facilities, plant, personnel, records and procedures, its integrity, reputation and financial standing, and the continuance thereof. The Servicer shall not resign from the obligations and duties hereby imposed on it as to any Eligible Loan except by consent of the Majority Owners and the Administrative Agent or upon the determination that its duties hereunder are no longer permissible under applicable law and such incapacity cannot reasonably be cured by the Servicer. Notice of any such determination permitting the resignation of the Servicer shall be delivered to each Rating Agency and any such determination shall evidenced by an Opinion of Counsel to such effect delivered to the Administrative Agent (on behalf of the Owners) which Opinion of Counsel shall be in form and substance acceptable to the Administrative Agent. No such resignation shall become effective until a successor shall have assumed the Servicer's ’s responsibilities and obligations hereunder in the manner provided in Section 13.1 hereof, subject to Rating Agency Confirmation.