Common use of Resignation of Servicer Clause in Contracts

Resignation of Servicer. The Initial Servicer shall not resign as Servicer unless it determines that (i) the performance of its duties is no longer permissible under applicable law and (ii) there is no reasonable action that it could take to make the performance of its duties permissible under applicable law. If the Initial Servicer determines that it must resign for the reasons stated above, it shall, prior to the tendering of its resignation, deliver to Trustee an Opinion of Counsel confirming the satisfaction of the conditions set forth in the preceding sentence. No resignation by the Initial Servicer shall become effective until Trustee or another Successor Servicer shall have assumed the responsibilities and obligations of Servicer in accordance with Section 10.2. Trustee shall give prompt notice to the Rating Agencies and each Required Person of the appointment of any Successor Servicer.

Resignation of Servicer. The Initial Servicer Xxxxxx shall not resign as Servicer unless it determines that (i) the performance of its duties is no longer permissible under applicable law and (ii) there is no reasonable action that it could take to make the performance of its duties permissible under applicable law. If the Initial Servicer Xxxxxx determines that it must resign for the reasons stated above, it shall, prior to the tendering of its resignation, deliver to Trustee an Opinion of Counsel confirming the satisfaction of the conditions set forth in CLAUSE (i) of the preceding sentence. No resignation by the Initial Servicer Xxxxxx shall become effective until Trustee or another Successor Servicer shall have assumed the responsibilities and obligations of Servicer in accordance with Section SECTION 10.2. Trustee shall give prompt notice to the Rating Agencies and each Required Person of the appointment of any Successor Servicer.

Resignation of Servicer. The Initial Servicer AmeriServe shall not resign as Servicer unless it determines that (i) the performance of its duties is no longer permissible under applicable law and (ii) there is no reasonable action that it could take to make the performance of its duties permissible under applicable law. If the Initial Servicer AmeriServe determines that it must resign for the reasons stated above, it shall, prior to the tendering of its resignation, deliver to Trustee an Opinion of Counsel confirming the satisfaction of the conditions set forth in clause (i) of the preceding sentence. No Notwithstanding any other provision of this Agreement, no resignation by the Initial Servicer AmeriServe shall become effective until Trustee or another Successor Servicer shall have assumed the responsibilities and obligations of Servicer in accordance with Section 10.2. Trustee shall give prompt notice to the Rating Agencies and each Required Person of the appointment of any Successor Servicer.