Common use of Resignation of Servicer Clause in Contracts

Resignation of Servicer. The Servicer may resign under the circumstances set forth in clause (a) or (b) of this Section 6.1. (a) The Servicer may resign from its obligations and duties hereunder if it finds a replacement servicer satisfying the eligibility criteria set forth in Section 6.2. No such resignation shall become effective until the replacement servicer shall have obtained the Issuer’s approval and appointment pursuant to Section 6.2. (b) The Servicer may resign from the obligations and duties hereby imposed on it upon its determination that (i) the performance of its duties hereunder has become impermissible under applicable law, and (ii) there is no reasonable action which the Servicer could take to make the performance of its duties hereunder permissible under applicable law. No such resignation shall become effective until a Successor Servicer shall have assumed the responsibilities and obligations of the Servicer in accordance with Section 6.2.

Resignation of Servicer. The Servicer may resign under the circumstances set forth in clause (a) or (b) of this Section 6.1. (a) The Servicer may resign from its obligations and duties hereunder if it finds a replacement servicer satisfying the eligibility criteria set forth in Section 6.2. No such resignation shall become effective until the replacement servicer shall have obtained the Issuer’s 's approval and appointment pursuant to Section 6.2. (b) The Servicer may resign from the obligations and duties hereby imposed on it upon its determination that (i) the performance of its duties hereunder has become impermissible under applicable law, and (ii) there is no reasonable action which the Servicer could take to make the performance of its duties hereunder permissible under applicable law. No such resignation shall become effective until a Successor Servicer shall have assumed the responsibilities and obligations of the Servicer in accordance with Section 6.2.

Resignation of Servicer. The Servicer may resign under in the circumstances set forth in clause (a) or (b) of this Section 6.1. (a) The Servicer may resign from its obligations and duties hereunder upon the written consent of Issuer if it finds a replacement servicer satisfying the eligibility criteria set forth in Section 6.2that is an Eligible Servicer. No such resignation shall become effective until (i) the Rating Agency Condition shall have been satisfied and (ii) the replacement servicer shall have obtained the Issuer’s approval and appointment pursuant to Section 6.2. (b) The Without limitation of clause (a), Servicer may resign from the obligations and duties hereby imposed on it upon its determination that (i) the performance of its duties hereunder has become impermissible under applicable law, and (ii) there is no commercially reasonable action which the Servicer could take to make the performance of its duties hereunder permissible under applicable law. No such resignation shall become effective until a Successor Servicer shall have assumed the responsibilities and obligations of the Servicer in accordance with Section 6.2.

Resignation of Servicer. The Servicer Xxxxxxxx may resign under in the circumstances set forth in clause (a) or (b) of this Section 6.1. (a) The Servicer may resign from its obligations and duties hereunder upon the written consent of Issuer if it finds a replacement servicer satisfying the eligibility criteria set forth in Section 6.2that is an Eligible Servicer. No such resignation shall become effective until (i) the Rating Agency Condition shall have been satisfied and (ii) the replacement servicer shall have obtained the Issuer’s approval and appointment pursuant to Section 6.2. (b) The Without limitation of clause (a), Servicer may resign from the obligations and duties hereby imposed on it upon its determination that (i) the performance of its duties hereunder has become impermissible under applicable law, and (ii) there is no commercially reasonable action which the Servicer could take to make the performance of its duties hereunder permissible under applicable law. No such resignation shall become effective until a Successor Servicer shall have assumed the responsibilities and obligations of the Servicer in accordance with Section 6.2.

Resignation of Servicer. The Servicer may resign under in the circumstances set forth in clause (a) or (b) of this Section 6.1. (a) The Servicer may resign from its obligations and duties hereunder if it finds a replacement servicer satisfying the eligibility criteria set forth in Section 6.2. No such resignation shall become effective until the replacement servicer shall have obtained the Issuer’s 's approval and appointment pursuant to Section 6.2. (b) The Servicer may resign from the obligations and duties hereby imposed on it upon its determination that (i) the performance of its duties hereunder has become impermissible under applicable law, and (ii) there is no reasonable action which the Servicer could take to make the performance of its duties hereunder permissible under applicable law. No such resignation shall become effective until a Successor Servicer shall have assumed the responsibilities and obligations of the Servicer in accordance with Section 6.2.