Master Servicer Not to Resign. Except as provided in Section 7.07, the Master Servicer shall not resign from the obligations and duties hereby imposed on it except upon a determination that any such duties hereunder are no longer permissible under applicable law and such impermissibility cannot be cured. Any such determination permitting the resignation of the Master Servicer shall be evidenced by an Opinion of Independent Counsel to such effect delivered to the Trustee. No such resignation by the Master Servicer shall become effective until EMC or the Trustee or a successor to the Master Servicer reasonably satisfactory to the Trustee shall have assumed the responsibilities and obligations of the Master Servicer in accordance with Section 8.02
Appears in 39 contracts
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments II Trust 2005-Ar2), Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc), Pooling and Servicing Agreement (Structured Asset Mort Inv Ii Inc Bear Stearns Alt a Tr 04 8)
Master Servicer Not to Resign. Except as provided in Section 7.07, the Master Servicer shall not resign from the obligations and duties hereby imposed on it except upon a determination that any such duties hereunder are no longer permissible under applicable law and such impermissibility cannot be cured. Any such determination permitting the resignation of the Master Servicer shall be evidenced by an Opinion of Independent Counsel addressed to the Trustee to such effect delivered to the Trustee. No such resignation by the Master Servicer shall become effective until EMC the Company or the Trustee or a successor to the Master Servicer reasonably satisfactory to the Trustee shall have assumed the responsibilities and obligations of the Master Servicer in accordance with Section 8.02
Appears in 25 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Arm Trust Mort Pass THR Certs Ser 2003-6), Pooling and Servicing Agreement (Bear Stearns ARM Trust 2004-10), Pooling and Servicing Agreement (Bear Stearns ARM Trust, Series 2005-1)
Master Servicer Not to Resign. Except as provided in Section 7.07, the Master Servicer shall not resign from the obligations and duties hereby imposed on it except upon a determination that any such duties hereunder are no longer permissible under applicable law and such impermissibility cannot be cured. Any such determination permitting the resignation of the Master Servicer shall be evidenced by an Opinion of Independent Counsel to such effect delivered to the Trustee. No such resignation by the Master Servicer shall become effective until EMC MLML or the Trustee or a successor to the Master Servicer reasonably satisfactory to the Trustee shall have assumed the responsibilities and obligations of the Master Servicer in accordance with Section 8.02
Appears in 13 contracts
Samples: Pooling and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-Oar1), Pooling and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-A2), Pooling and Servicing Agreement (Merrill Lynch Mortgage Backed Securities Trust, Series 2007-1)
Master Servicer Not to Resign. Except as provided in Section 7.07, the Master Servicer shall not resign from the obligations and duties hereby imposed on it except upon a determination that any such duties hereunder are no longer permissible under applicable law and such impermissibility cannot be cured. Any such determination permitting the resignation of the Master Servicer shall be evidenced by an Opinion of Independent Counsel addressed to the Trustee to such effect delivered to the Trustee. No such resignation by the Master Servicer shall become effective until EMC or the Trustee or a successor to the Master Servicer reasonably satisfactory to the Trustee shall have assumed the responsibilities and obligations of the Master Servicer in accordance with Section 8.028.02 hereof. The Trustee shall notify the Rating Agencies of the resignation of the Master Servicer.
Appears in 8 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns ARM Trust 2007-5), Pooling and Servicing Agreement (Bear Stearns ARM Trust 2007-3), Pooling and Servicing Agreement (Bear Stearns ARM Trust 2006-2)
Master Servicer Not to Resign. Except as provided in Section 7.07, the The Master Servicer shall not resign from the obligations and duties hereby imposed on it except upon a determination that any such the performance of its duties hereunder are is no longer permissible under this Agreement or applicable law and such impermissibility cannot be curedlaw. Any such determination permitting the resignation of the Master Servicer shall be evidenced by an Opinion of Independent Counsel for the Master Servicer to such effect delivered to the Trustee. No such resignation by the Master Servicer shall become effective until EMC or the Trustee or a successor to the Master Servicer reasonably satisfactory to the Trustee shall have assumed the responsibilities and obligations of the Master Servicer in accordance with Section 8.027.03.
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (Cit Home Equity Loan Trust 2002-1), Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Acceptance Corp), Pooling and Servicing Agreement (Cit Home Equity Loan Trust 2003-1)
Master Servicer Not to Resign. Except as provided in Section 7.07, the Master Servicer shall not resign from the obligations and duties hereby imposed on it except upon a determination that any such duties hereunder are no longer permissible under applicable law and such impermissibility cannot be cured. Any such determination permitting the resignation of the Master Servicer shall be evidenced by an Opinion of Independent Counsel to such effect delivered to the Trustee. No such resignation by the Master Servicer shall become effective until EMC MLMLI or the Trustee or a successor to the Master Servicer reasonably satisfactory to the Trustee shall have assumed the responsibilities and obligations of the Master Servicer in accordance with Section 8.028.02 hereof. The Trustee shall notify the Rating Agencies of the resignation of the Master Servicer.
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2005-A4), Pooling and Servicing Agreement (Merrilll Lynch Mortgage Investors Trust, Series 2005-A10), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2005-A7)
Master Servicer Not to Resign. Except as provided in Section 7.07, the Master Servicer shall not resign from the obligations and duties hereby imposed on it except upon a determination that any such duties hereunder are no longer permissible under applicable law and such impermissibility cannot be cured. Any such determination permitting the resignation of the Master Servicer shall be evidenced by an Opinion of Independent Counsel to such effect delivered to the Trustee. No such resignation by the Master Servicer shall become effective until EMC or the Trustee or a successor to the Master Servicer reasonably satisfactory to the Trustee shall have assumed the responsibilities and obligations of the Master Servicer in accordance with Section 8.028.02 hereof. The Trustee shall notify the Rating Agencies of the resignation of the Master Servicer.
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc), Pooling and Servicing Agreement (Bear Stearns BSALTA 2005-1), Pooling and Servicing Agreement (Bear Stearns BSALTA 2004-13)
Master Servicer Not to Resign. Except as provided in Section 7.07, the Master Servicer shall not resign from the obligations and duties hereby imposed on it except upon a determination that any such duties hereunder are no longer permissible under applicable law and such impermissibility cannot be cured. Any such determination permitting the resignation of the Master Servicer shall be evidenced by an Opinion of Independent Counsel to such effect delivered to the Trustee. No such resignation by the Master Servicer shall become effective until EMC or the Trustee or a successor to the Master Servicer reasonably satisfactory to the Trustee shall have assumed the responsibilities and obligations of the Master Servicer in accordance with Section 8.02
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc), Pooling and Servicing Agreement (Samco Mortgage Securities Corp), Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Master Servicer Not to Resign. Except as provided in Section 7.07, the Master Servicer shall not resign from the obligations and duties hereby imposed on it except upon a determination that any such duties hereunder are no longer permissible under applicable law and such impermissibility cannot be cured. Any such determination permitting the resignation of the Master Servicer shall be evidenced by an Opinion of Independent Counsel addressed to the Trustee to such effect delivered to the Trustee. No such resignation by the Master Servicer shall become effective until EMC or the Trustee or a successor to the Master Servicer reasonably satisfactory to the Trustee shall have assumed the responsibilities and obligations of the Master Servicer in accordance with Section 8.02
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (Structured Asset Mort Inv Inc Mort Pas THR Certs Ser 2003-3), Pooling and Servicing Agreement (Structured Asset Mort Inv Inc Bear Stearns Arm Trust 2003 3), Pooling and Servicing Agreement (Bear Stearns Arm Trust 2003-5)
Master Servicer Not to Resign. Except as provided in Section 7.07, the Master Servicer shall not resign from the obligations and duties hereby imposed on it except upon a determination that any such duties hereunder are no longer permissible under applicable law and such impermissibility cannot be cured. Any such determination permitting the resignation of the Master Servicer shall be evidenced by an Opinion of Independent Counsel to such effect delivered to the Trustee. No such resignation by the Master Servicer shall become effective until EMC or the Trustee or a successor to the Master Servicer reasonably satisfactory to the Trustee shall have assumed the responsibilities and obligations of the Master Servicer in accordance with Section 8.028.02 hereof. The Trustee shall notify each Rating Agency of the resignation of the Master Servicer.
Appears in 5 contracts
Samples: Trust, Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc), Trust, Pooling and Servicing Agreement (Thornburg Mortgage Securities Trust 2004-4), Trust, Pooling and Servicing Agreement (Structured Asset Mortgage Investments Ii Inc)
Master Servicer Not to Resign. Except as provided in Section 7.07, the Master Servicer shall not resign from the obligations and duties hereby imposed on it except upon a determination that any such duties hereunder are no longer permissible under applicable law and such impermissibility cannot be cured. Any such determination permitting the resignation of the Master Servicer shall be evidenced by an Opinion of Independent Counsel to such effect delivered to the Trustee. No such resignation by the Master Servicer shall become effective until EMC MLMLI or the Trustee or a successor to the Master Servicer reasonably satisfactory to the Trustee shall have assumed the responsibilities and obligations of the Master Servicer in accordance with Section 8.02
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Merrill Lynch Mort Inv Inc MLMI Series 2004-A4), Pooling and Servicing Agreement (Merrill Lynch Investors Trust, Series 2006-A2), Pooling and Servicing Agreement (MERRILL LYNCH MORT INV TRUST MLMI Series 2005-A2)
Master Servicer Not to Resign. Except as provided in Section 7.07, the Master Servicer shall not resign from the obligations and duties hereby imposed on it except upon a determination that any such duties hereunder are no longer permissible under applicable law and such impermissibility cannot be cured. Any such determination permitting the resignation of the Master Servicer shall be evidenced by an Opinion of Independent Counsel to such effect delivered to the Trustee. No such resignation by the Master Servicer shall become effective until EMC or the Trustee or a successor to the Master Servicer reasonably satisfactory to the Trustee shall have assumed the responsibilities and obligations of the Master Servicer in accordance with Section 8.028.02 hereof. The Trustee shall notify the Rating Agency of the resignation of the Master Servicer.
Appears in 3 contracts
Samples: Trust, Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc), Trust, Pooling and Servicing Agreement (Thornburg Mortgage Securities Trust 2003 5), Trust, Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Master Servicer Not to Resign. Except as provided in Section 7.07, the Master Servicer shall not resign from the obligations and duties hereby imposed on it except upon a determination that any such duties hereunder are no longer permissible under applicable law and such impermissibility cannot be cured. Any such determination permitting the resignation of the Master Servicer shall be evidenced by an Opinion of Independent Counsel to such effect delivered to the Trustee. No such resignation by the Master Servicer shall become effective until EMC MLMLI or the Trustee or a successor to the Master Servicer reasonably satisfactory to the Trustee shall have assumed the responsibilities and obligations of the Master Servicer in accordance with Section 8.02Section
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (MERRILL LYNCH MORT INV TRUST MLMI Series 2005-A1), Pooling and Servicing Agreement (MERRILL LYNCH MORT INV TRUST MLMI Series 2005-A1)
Master Servicer Not to Resign. Except as provided in Subject to the provisions of Section 7.077.02, the Master Servicer shall not resign from the its obligations and duties hereby imposed on it except upon a determination that any such its duties hereunder are no longer permissible under applicable law and such impermissibility cannot be curedlaw. Any such determination permitting the resignation of the Master Servicer shall be evidenced by an Opinion of Independent Counsel to such effect delivered to the Trustee. No such resignation by the Master Servicer shall become effective until EMC or the Trustee or a successor to the Master Servicer reasonably satisfactory to the Trustee shall have assumed the Master Servicer's responsibilities and obligations of the Master Servicer in accordance with Section 8.028.05 hereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Banc of America Funding Corp. Mortgage Pass-Through Certificates Series 2004-3), Pooling and Servicing Agreement (Banc of America Funding MTG Pass Thru Certs Ser 2003-3)
Master Servicer Not to Resign. Except as provided in Section 7.07, the Master Servicer shall not resign from the obligations and duties hereby imposed on it except upon a determination that any such duties hereunder are no longer permissible under applicable law and such impermissibility cannot be cured. Any such determination permitting the resignation of the Master Servicer shall be evidenced by an Opinion of Independent Counsel to such effect delivered to the Trustee. No such resignation by the Master Servicer shall become effective until EMC MLMCI or the Trustee or a successor to the Master Servicer reasonably satisfactory to the Trustee shall have assumed the responsibilities and obligations of the Master Servicer in accordance with Section 8.02
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Mlmi Series 2004-A3), Pooling and Servicing Agreement (MERRILL LYNCH MORT INV INC MLMI Series 2004-A2)
Master Servicer Not to Resign. Except as provided in Section 7.07, the The Master Servicer shall not resign from the obligations and duties hereby imposed on upon it hereunder except upon a determination that any such obligations and duties hereunder are no longer permissible under applicable law and such impermissibility cannot be curedlaw. Any such determination permitting the resignation of the Master Servicer shall be evidenced by an Opinion of Independent Counsel to such effect delivered to the Trustee. No such resignation by the Master Servicer shall become effective until EMC or the Trustee or a successor to the Master Servicer reasonably satisfactory to the Trustee servicer shall have assumed the Master Servicer's responsibilities and obligations of the Master Servicer in accordance with Section 8.027.02 hereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Asset Backed Securities Corp), Pooling and Servicing Agreement (Asset Backed Securities Corp)
Master Servicer Not to Resign. Except as provided in Section 7.07, the Master Servicer shall not resign from the obligations and duties hereby imposed on it except upon a determination that any such duties hereunder are no longer permissible under applicable law and such impermissibility cannot be cured. Any such determination permitting the resignation of the Master Servicer shall be evidenced by an Opinion of Independent Counsel addressed to the Trustee to such effect delivered to the Trustee. No such resignation by the Master Servicer shall become effective until EMC [AN AFFILIATE OF THE DEPOSITOR] or the Trustee or a successor to the Master Servicer reasonably satisfactory to the Trustee shall have assumed the responsibilities and obligations of the Master Servicer in accordance with Section 8.02
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Ii Inc), Pooling and Servicing Agreement (Structured Asset Mortgage Investments Ii Inc)
Master Servicer Not to Resign. Except as provided in Section 7.07, the Master Servicer shall not resign from the obligations and duties hereby imposed on it except upon a determination that any such duties hereunder are no longer permissible under applicable law and such impermissibility cannot be cured. Any such determination permitting the resignation of the Master Servicer shall be evidenced by an Opinion of Independent Counsel to such effect delivered to the Trustee. No such resignation by the Master Servicer shall become effective until EMC the Depositor or the Trustee or a successor to the Master Servicer reasonably satisfactory to the Trustee shall have assumed the responsibilities and obligations of the Master Servicer in accordance with Section 8.02
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Backed Securities Trust, Series 2007-3), Pooling and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-Oar5)
Master Servicer Not to Resign. Except as provided in Section 7.07, the Master Servicer shall not resign from the obligations and duties hereby imposed on it except upon a determination that any such duties hereunder are no longer permissible under applicable law and such impermissibility cannot be curedlaw. Any such determination permitting the resignation of the Master Servicer shall be evidenced by an Opinion of Independent Counsel to such effect delivered to the Trustee. No such resignation by the Master Servicer shall become effective until EMC or the Trustee or a successor to the Master Servicer reasonably satisfactory to the Trustee shall have assumed the responsibilities and obligations of the Master Servicer in accordance with Section 8.02
Appears in 2 contracts
Samples: Underwriting Agreement (Bear Stearns Mortgage Securities Inc), Terms Agreement (Bear Stearns Mortgage Securities Inc)
Master Servicer Not to Resign. Except as provided in Subject to the provisions of Section 7.077.02, the Master Servicer shall not resign from the its obligations and duties hereby imposed on it except upon a determination that any such its duties hereunder are no longer permissible under applicable law and such impermissibility cannot be curedlaw. Any such determination permitting the resignation of the Master Servicer shall be evidenced by an Opinion of Independent Counsel to such effect delivered to the TrusteeSecurities Administrator, the Trustee and the NIMS Insurer. No such resignation by the Master Servicer shall become effective until EMC or the Securities Administrator, the Trustee or a successor to the Master Servicer reasonably satisfactory to the Trustee master servicer shall have assumed the Master Servicer's responsibilities and obligations of the Master Servicer in accordance with Section 8.028.05 hereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (ABFC Asset-Backed Certificates, Series 2005-He1), Pooling and Servicing Agreement (ABFC Asset-Backed Certificates, Series 2004-He1)
Master Servicer Not to Resign. Except as provided in Section 7.077.06, the Master Servicer shall not resign from the obligations and duties hereby imposed on it except upon a determination that any such duties hereunder are no longer permissible under applicable law and such impermissibility cannot be curedlaw. Any such determination permitting the resignation of the Master Servicer shall be evidenced by an Opinion of Independent Counsel to such effect delivered to the Trustee. No such resignation by the Master Servicer shall become effective until EMC or the Trustee or a successor to the Master Servicer reasonably satisfactory to the Trustee shall have assumed the responsibilities and obligations of the Master Servicer in accordance with Section 8.02
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Gs Mortgage Securities Corp), Pooling and Servicing Agreement (Gs Mortgage Securities Corp)
Master Servicer Not to Resign. Except as provided in Section ----------------------------- 7.07, the Master Servicer shall not resign from the obligations and duties hereby imposed on it except upon a determination that any such duties hereunder are no longer permissible under applicable law and such impermissibility cannot be curedlaw. Any such determination permitting the resignation of the Master Servicer shall be evidenced by an Opinion of Independent Counsel to such effect delivered to the Trustee. No such resignation by the Master Servicer shall become effective until EMC or the Trustee or a successor to the Master Servicer reasonably satisfactory to the Trustee shall have assumed the responsibilities and obligations of the Master Servicer in accordance with Section 8.02
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Icifc Secured Assets Corp), Pooling and Servicing Agreement (Icifc Secured Assets Corp)
Master Servicer Not to Resign. Except as provided in Section 7.07, the Master Servicer shall not resign from the obligations and duties hereby imposed on it except upon a determination that any such duties hereunder are no longer permissible under applicable law and such impermissibility cannot be cured. Any such determination permitting the resignation of the Master Servicer shall be evidenced by an Opinion of Independent Counsel addressed to the Trustee to such effect delivered to the Trustee. No such resignation by the Master Servicer shall become sbecome effective until EMC or the Trustee or a successor to the Master Servicer reasonably satisfactory to the Trustee shall have assumed the responsibilities and obligations of the Master Servicer in accordance with Section 8.02
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Arm Trust 2003-4)
Master Servicer Not to Resign. Except as provided in Section 7.07, the Master Servicer shall not resign from the obligations and duties hereby imposed on it except upon a determination that any such duties hereunder are no longer permissible under applicable law and such impermissibility cannot be cured. Any such determination permitting the resignation of the Master Servicer shall be evidenced by an Opinion of Independent Counsel to such effect delivered to the Certificate Trustee. No such resignation by the Master Servicer shall become effective until EMC or the Certificate Trustee or a successor to the Master Servicer reasonably satisfactory to the Certificate Trustee shall have assumed the responsibilities and obligations of the Master Servicer in accordance with Section 8.02
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CMC Securities Corp Iii)
Master Servicer Not to Resign. Except as provided in Section 7.07, the Master Servicer shall not resign from the obligations and duties hereby imposed on it except upon a determination that any such duties hereunder are no longer permissible under applicable law and such impermissibility cannot be cured. Any such determination permitting the resignation of the Master Servicer shall be evidenced by an Opinion of Independent Counsel addressed to the Trustee to such effect delivered to the Trustee. No such resignation by the Master Servicer shall become effective until EMC or the Trustee or a successor to the Master Servicer reasonably satisfactory to the Trustee shall have assumed the responsibilities and obligations of the Master Servicer in accordance with Section 8.028.02 hereof. The Trustee shall notify each Rating Agency of the resignation of the Master Servicer.
Appears in 1 contract
Samples: Trust, Pooling and Servicing Agreement (Thornburg Mortgage Securities Trust 2005-4)
Master Servicer Not to Resign. Except as provided in Section 7.07, the Master Servicer shall not resign from the obligations and duties hereby imposed on it except upon a determination that any such duties hereunder are no longer permissible under applicable law and such impermissibility cannot be cured. Any such determination permitting the resignation of the Master Servicer shall be evidenced by an Opinion of Independent Counsel to such effect delivered to the Trustee. No such resignation by the Master Servicer shall become effective until EMC or the Trustee or a successor to the Master Servicer reasonably satisfactory to the Trustee shall have assumed the responsibilities and obligations of the Master Servicer in accordance with Section 8.028.02 hereof. The Trustee shall notify the Rating Agencies of the resignation of the Master Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Master Servicer Not to Resign. Except as provided in Section 7.07, the The Master Servicer shall not resign from the obligations and duties hereby imposed on upon it hereunder except upon a determination that any such obligations and duties hereunder are no longer permissible under applicable law and such impermissibility cannot be curedlaw. Any such determination permitting the resignation of the Master Servicer under this Section 7.04 shall be evidenced by an Opinion of Independent Counsel to such effect delivered to the Trustee. The Master Servicer shall give notice of any proposed resignation to the Trustee, the Depositor, the Certificateholders and the Rating Agency. No such resignation 108 by the Master Servicer shall become effective until EMC or the Trustee or a successor to the Master Servicer reasonably satisfactory to the Trustee servicer shall have assumed the Master Servicer's responsibilities and obligations of the Master Servicer in accordance with Section 8.028.02 hereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (American Southwest Financial Securities Corp)
Master Servicer Not to Resign. Except as provided in Section 7.07, the The Master Servicer shall not resign from the obligations and duties hereby imposed on it except upon a determination that any such the performance of its duties hereunder are is no longer permissible under applicable law and such impermissibility cannot be curedlaw. Any such determination permitting the resignation of the Master Servicer shall be evidenced by an Opinion of Independent Counsel for the Master Servicer to such effect delivered to the Trustee. No such resignation by the Master Servicer shall become effective until EMC or the Trustee or a successor to the Master Servicer reasonably satisfactory to the Trustee shall have assumed the responsibilities and obligations of the Master Servicer in accordance with Section 8.027.03.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Cit Group Holdings Inc /De/)
Master Servicer Not to Resign. Except as provided in Section 7.07, the Master Servicer shall not resign from the obligations and duties hereby imposed on it except upon a determination that any such duties hereunder are no longer permissible under applicable law and such impermissibility cannot be curedlaw. Any such determination permitting the resignation of the Master Servicer shall be evidenced by an Opinion of Independent Counsel to such effect delivered to the Trustee. No such resignation by the Master Servicer shall become effective until EMC or the Trustee or a successor to the Master Servicer reasonably satisfactory to the Trustee shall have assumed the responsibilities and obligations of the Master Servicer in accordance with Section 8.02
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Mortgage Securities Inc)
Master Servicer Not to Resign. Except as provided in Section 7.07, the Master Servicer shall not resign from the obligations and duties hereby imposed on it except upon a determination that any such duties hereunder are no longer permissible under applicable law and such impermissibility cannot be curedlaw. Any such determination permitting the resignation of the Master Servicer shall be evidenced by an Opinion of Independent Counsel to such effect delivered to the Trustee. No such resignation by the Master Servicer shall become effective until EMC or the Trustee or a successor to the Master Servicer reasonably satisfactory to the Trustee shall have assumed the responsibilities and obligations of the Master Servicer in accordance with Section 8.028.02 hereof. The Trustee shall notify the Rating Agency of the resignation of the Master Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Mortgage Securities Inc)
