Common use of Limitation on Resignation of the Servicing Administrator and the Backup Servicer Clause in Contracts

Limitation on Resignation of the Servicing Administrator and the Backup Servicer. Neither the Servicing Administrator nor the Backup Servicer shall resign from the obligations and duties hereby imposed on it except upon determination that its duties hereunder are no longer permissible under applicable law or unless a successor servicer has been appointed. Any such determination permitting the resignation of the Servicing Administrator or the Backup Servicer shall be evidenced by an Opinion of Counsel at the expense of the Servicing Administrator or the Backup Servicer, as applicable, to such effect delivered to the Trustee and the Securities Administrator. No such resignation shall become effective until a successor Servicing Administrator or successor Backup Servicer reasonably acceptable to the Securities Administrator and the Certificate Insurer is appointed and has assumed the Servicing Administrator's or the Backup Servicer's, as applicable, responsibilities, duties, liabilities and obligations hereunder. Any such resignation shall not relieve the Servicing Administrator or the Backup Servicer of any of the obligations specified in Sections 7.01 and 7.02 as obligations that survive the resignation or termination of the Servicing Administrator or the Backup Servicer.

Limitation on Resignation of the Servicing Administrator and the Backup Servicer. Neither the Servicing Administrator nor the Backup Servicer shall resign from the obligations and duties hereby imposed on it except upon determination that its duties hereunder are no longer permissible under applicable law or unless a successor servicer has been appointed. Any such determination permitting the resignation of the Servicing Administrator or the Backup Servicer shall be evidenced by an Opinion of Counsel at the expense of the Servicing Administrator or the Backup Servicer, as applicable, to such effect delivered to the Trustee and the Securities Administrator. No such resignation shall become effective until a successor Servicing Administrator or successor Backup Servicer reasonably acceptable to the Securities Administrator and the Certificate Insurer is appointed and has assumed the Servicing Administrator's ’s or the Backup Servicer's’s, as applicable, responsibilities, duties, liabilities and obligations hereunder. Any such resignation shall not relieve the Servicing Administrator or the Backup Servicer of any of the obligations specified in Sections 7.01 and 7.02 as obligations that survive the resignation or termination of the Servicing Administrator or the Backup Servicer.

Limitation on Resignation of the Servicing Administrator and the Backup Servicer. Neither the Servicing Administrator nor the Backup Servicer shall resign from the obligations and duties hereby imposed on it except upon determination that its duties hereunder are no longer permissible under applicable law or unless a successor servicer has been appointed. Any such determination permitting the resignation of the Servicing Administrator or the Backup Servicer shall be evidenced by an Opinion of Counsel at the expense of the Servicing Administrator or the Backup Servicer, as applicable, to such effect delivered to the Trustee and the Securities Administrator. No such resignation shall become effective until a successor Servicing Administrator or successor Backup Servicer reasonably acceptable to the Securities Administrator and the Certificate Insurer is appointed and has assumed the Servicing Administrator's or the Backup Servicer's, as applicable, responsibilities, duties, liabilities and obligations hereunder. Any such resignation shall not relieve the Servicing Administrator or the Backup Servicer of any of the obligations specified in Sections 7.01 and 7.02 as obligations that survive the resignation or termination of the Servicing Administrator or the Backup Servicer.