Common use of Santander Consumer Not to Resign as Servicer Clause in Contracts

Santander Consumer Not to Resign as Servicer. Subject to the provisions of Section 6.3, the Servicer shall not resign from the obligations and duties hereby imposed on it as Servicer under this Agreement except upon determination that the performance of its duties under this Agreement shall no longer be permissible under applicable law. Notice of any such determination permitting the resignation of the Servicer shall be communicated to the Insurer and the Indenture Trustee within five (5) Business Days thereafter (and, if such communication is not in writing, shall be confirmed in writing within five (5) Business Days thereafter) and any such determination shall be evidenced by an Opinion of Counsel to such effect delivered to the Insurer and the Indenture Trustee concurrently with or promptly after such notice. No such resignation shall become effective until a Successor Servicer shall have taken the actions required by Section 7.1(d) and shall have assumed the responsibilities and obligations of the predecessor Servicer and the Controlling Party has indicated in writing that the Successor Servicer is acceptable to it. The Indenture Trustee shall forward a copy of each notice so received to each Noteholder and the Rating Agencies.

Santander Consumer Not to Resign as Servicer. Subject to the provisions of Section 6.3, the Servicer shall not resign from the obligations and duties hereby imposed on it as Servicer under this Agreement except upon determination that the performance of its duties under this Agreement shall no longer be permissible under applicable law. Notice of any such determination permitting the resignation of the Servicer shall be communicated to [the Insurer and and] the Indenture Trustee within five (5) Business Days thereafter (and, if such communication is not in writing, shall be confirmed in writing within five (5) Business Days thereafter) and any such determination shall be evidenced by an Opinion of Counsel to such effect delivered to the [Insurer and and] the Indenture Trustee concurrently with or promptly after such notice. No such resignation shall become effective until a Successor Servicer shall have taken the actions required by Section 7.1(d) and shall have assumed the responsibilities and obligations of the predecessor Servicer and the Controlling Party has indicated in writing that the Successor Servicer is acceptable to it. The Indenture Trustee shall forward a copy of each notice so received to each Noteholder and the Rating Agencies.