Common use of Limitation on Resignation of Servicer Clause in Contracts

Limitation on Resignation of Servicer. The Servicer shall not resign from the obligations and duties hereby imposed on it except (a) upon appointment of a successor Servicer and receipt by the Master Servicer of a letter from each Rating Agency that such a resignation and appointment will not result in a downgrading of the rating of any of the Certificates, or (b) upon determination that its duties hereunder are no longer permissible under applicable law. Any such determination under clause (b) permitting the resignation of the Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the Master Servicer and the NIMS Insurer, if any. No such resignation shall become effective until the Master Servicer or a successor Servicer shall have assumed the Servicer’s responsibilities, duties, liabilities and obligations hereunder.

Limitation on Resignation of Servicer. The Servicer shall not resign from the obligations and duties hereby imposed on it except (a) upon appointment of a successor Servicer and receipt by the Master Servicer of a letter from each Rating Agency that such a resignation and appointment will not result in a downgrading of the rating of any of the Certificates, or (b) upon determination that its duties hereunder are no longer permissible under applicable law. Any such determination under clause (b) permitting the resignation of the Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the Master Servicer Servicer, the Class IIA Insurer and the NIMS Insurer, if any. No such resignation shall become effective until the Master Servicer or a successor Servicer shall have assumed the Servicer’s responsibilities, duties, liabilities and obligations hereunder.

Limitation on Resignation of Servicer. The Servicer shall not resign from the obligations and duties hereby imposed on it except (a) upon appointment of a successor Servicer servicer and receipt by the Master Servicer of a letter from each Rating Agency that such a resignation and appointment will not result in a downgrading of the rating of any of the Certificates, or (b) upon determination that its duties hereunder are no longer permissible under applicable law. Any such determination under clause (b) permitting the resignation of the Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the Master Servicer and the NIMS Insurer, if any. No such resignation shall become effective until the Master Servicer or a successor Servicer shall have assumed the Servicer’s responsibilities, duties, liabilities and obligations hereunder.

Limitation on Resignation of Servicer. The Servicer shall not resign from the obligations and duties hereby imposed on it except (a) upon appointment of a successor Servicer Xxxxxxxx and receipt by the Master Servicer of a letter from each Rating Agency that such a resignation and appointment will not result in a downgrading of the rating of any of the Certificates, or (b) upon determination that its duties hereunder are no longer permissible under applicable law. Any such determination under clause (b) permitting the resignation of the Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the Master Servicer and the NIMS Insurer, if any. No such resignation shall become effective until the Back-up Servicer or the Master Servicer or a successor Servicer shall have assumed the Servicer’s responsibilities, duties, liabilities and obligations hereunderhereunder in accordance with Section 6.2.