Seller and Servicer Not to Resign. Neither the Seller nor the Servicer shall assign this Agreement or resign from the obligations and duties hereby imposed on it except by mutual consent of the Servicer or the Seller, as the case may be, and the Purchaser or upon the determination that the Servicer's duties hereunder are no longer permissible under applicable law and such incapacity cannot be cured by the Servicer. Any such determination permitting the unilateral resignation of the Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the Purchaser, which Opinion of Counsel shall be in form and substance acceptable to the Purchaser. No such resignation or assignment shall become effective until a successor has assumed the Servicer's responsibilities and obligations hereunder in accordance with Subsection 14.02.
Appears in 10 contracts
Samples: Sale and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2005-17), Sale and Servicing Agreement (Lehman Sarm 2005-5), Execution Version (Lehman XS Trust Series 2006-10n)
Seller and Servicer Not to Resign. Neither the Seller nor the Servicer shall assign this Agreement or resign from the obligations and duties hereby imposed on it except by mutual consent of the Servicer or the Seller, as the case may be, and the Purchaser or upon the determination that the Servicer's duties hereunder are no longer permissible under applicable law and such incapacity cannot be cured by the Servicer. Any such determination permitting the unilateral resignation of the Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the Purchaser, which Opinion of Counsel shall be in form and substance acceptable to the Purchaser. No such resignation or assignment shall become effective until a successor has assumed the Servicer's responsibilities and obligations hereunder in accordance with Subsection 14.0214.03.
Appears in 7 contracts
Samples: Mortgage Loan Sale and Servicing Agreement (Structured Asset Securities Corp Mort Pas-THR Cert Ser 2002-), Mortgage Loan Sale and Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Cer Se 2002-1a), Sale and Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 2002 5a)
Seller and Servicer Not to Resign. Neither the Seller nor the Servicer shall assign this Agreement or resign from the obligations and duties hereby imposed on it except by mutual consent of the Servicer or the Seller, as the case may be, and the Purchaser or or, in the case of the Servicer, upon the determination that the Servicer's ’s duties hereunder are no longer permissible under applicable law and such incapacity cannot be cured by the Servicer. Any such determination permitting the unilateral resignation of the Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the Purchaser, which Opinion of Counsel shall be in form and substance acceptable to the Purchaser. No such resignation of or assignment by the Servicer shall become effective until a successor has assumed the Servicer's ’s responsibilities and obligations hereunder in accordance with Subsection 14.02.
Appears in 6 contracts
Samples: Flow Mortgage Loan Sale and Servicing Agreement (Sequoia Mortgage Trust 2013-3), Flow Mortgage Loan Sale and Servicing Agreement (Sequoia Mortgage Trust 2013-1), Flow Mortgage Loan Sale and Servicing Agreement (Sequoia Mortgage Trust 2012-4)
Seller and Servicer Not to Resign. Neither the Seller nor the Servicer shall assign this Agreement or resign from the obligations and duties hereby imposed on it except by mutual consent of the Servicer or the Seller, as the case may be, and the Purchaser or upon the determination that the Servicer's ’s duties hereunder are no longer permissible under applicable law and such incapacity cannot be cured by the Servicer. Any such determination permitting the unilateral resignation of the Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the Purchaser, which Opinion of Counsel shall be in form and substance acceptable to the Purchaser. No such resignation or assignment shall become effective until a successor has assumed the Servicer's ’s responsibilities and obligations hereunder in accordance with Subsection 14.02.
Appears in 5 contracts
Samples: Sale and Servicing Agreement (Lehman XS Trust Series 2006-14n), Sale and Servicing Agreement (Sequoia Mortgage Trust 2007-4), Sale and Servicing Agreement (Sequoia Mortgage Trust 2007-1)
Seller and Servicer Not to Resign. Neither the Seller nor the Servicer shall assign this Agreement (subject to the Servicer’s authority to utilize Subservicers and Subcontractors as provided herein) or resign from the obligations and duties hereby imposed on it except by mutual consent of the Servicer or the Seller, as the case may be, and the Purchaser or or, in the case of the Servicer, upon the determination that the Servicer's ’s duties hereunder are no longer permissible under applicable law and such incapacity cannot be cured by the Servicer. Any such determination permitting the unilateral resignation of the Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the Purchaser, which Opinion of Counsel shall be in form and substance acceptable to the Purchaser. No such resignation of or assignment by the Servicer shall become effective until a successor has assumed the Servicer's ’s responsibilities and obligations hereunder in accordance with Subsection 14.02Section 12.01.
Appears in 5 contracts
Samples: Servicing Agreement (Sequoia Mortgage Trust 2013-1), Servicing Agreement (Sequoia Mortgage Trust 2012-3), Servicing Agreement (Sequoia Mortgage Trust 2012-2)
Seller and Servicer Not to Resign. Neither the Seller nor the Servicer shall assign this Agreement or resign from the obligations and duties hereby imposed on it except by mutual consent of the Servicer or the Seller, as the case may be, Servicer and the Purchaser or or, with respect to the Servicer, upon the determination that the Servicer's its servicing duties hereunder are no longer permissible under applicable law and such incapacity cannot commercially reasonably be cured by the Servicer, in which event the Servicer may resign as servicer. Any such determination permitting the unilateral resignation of the Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the Purchaser, Purchaser which Opinion of Counsel shall be in form and substance acceptable to the PurchaserPurchaser and which shall be provided at the cost of the Servicer. No such resignation or assignment shall become effective until a successor has shall have assumed the Servicer's ’s responsibilities and obligations hereunder in accordance with Subsection 14.02the manner provided in Section 16.
Appears in 3 contracts
Samples: Master Loan Purchase and Servicing Agreement (MASTR Alternative Loan Trust 2006-2), Master Loan Purchase and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2007-1), Master Loan Purchase and Servicing Agreement (MASTR Alternative Loan Trust 2006-3)
Seller and Servicer Not to Resign. Neither the Seller nor the Servicer shall assign this Agreement or resign from the obligations and duties hereby imposed on it except by mutual consent of the Servicer or the Seller, as the case may be, and the Purchaser or upon the determination that the Servicer's ’s duties hereunder are no longer permissible under applicable law and such incapacity cannot be cured by the Servicer. Any such determination permitting the unilateral resignation of the Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the Purchaser, which Opinion of Counsel shall be in form and substance acceptable to the Purchaser. No such resignation or assignment shall become effective until a successor has assumed the Servicer's ’s responsibilities and obligations hereunder in accordance with Subsection 14.0214.03.
Appears in 3 contracts
Samples: Sale and Servicing Agreement (Structured Asset Securities Co Mor Pass-THR Cer Ser 2002-19), Reconstituted Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-24), Mortgage Loan Sale and Servicing Agreement (Structured Asset Securities Corp Mor Pa Th Ce Se 2002 23xs)
Seller and Servicer Not to Resign. Neither the Seller nor the Servicer shall assign this Agreement or resign from the obligations and duties hereby imposed on it except by mutual consent of the Servicer or the Seller, as the case may be, and the Purchaser (such consent not to be unreasonably withheld or delayed) and upon determination of a subsequent servicer reasonably acceptable to Purchaser or, in the case of the Servicer, upon the determination that the Servicer's ’s duties hereunder are no longer permissible under applicable law and such incapacity cannot be cured by the Servicer. Any such determination permitting the unilateral resignation of the Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the Purchaser, which Opinion of Counsel shall be in form and substance acceptable to the Purchaser. No such resignation of or assignment by the Servicer shall become effective until a successor has assumed the Servicer's ’s responsibilities and obligations hereunder in accordance with Subsection 14.02.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Sequoia Mortgage Trust 2011-2)
Seller and Servicer Not to Resign. Neither the Seller nor the Servicer shall assign this Agreement or resign from the obligations and duties hereby imposed on it except by mutual consent of the Servicer or the Seller, as the case may be, and the Purchaser or upon the determination that the Servicer's ’s duties hereunder are no longer permissible under applicable law and such incapacity cannot be cured by the Servicer. Any such determination permitting the unilateral resignation of the Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the Purchaser, which Opinion of Counsel shall be in form and substance acceptable to the Purchaser. No such resignation or assignment shall become effective until a successor has assumed the Servicer's ’s responsibilities and obligations hereunder in accordance with Subsection 14.0213.02.
Appears in 1 contract
Samples: Reconstituted Servicing Agreement (Thornburg Mortgage Securities Trust 2005-4)
Seller and Servicer Not to Resign. Neither the Seller nor the Servicer shall assign this Agreement or resign from the obligations and duties hereby imposed on it except by mutual consent of the Servicer or the Seller, as the case may be, and the Purchaser or or, in the case of the Servicer, upon the determination that the Servicer's ’s duties hereunder are no longer permissible under applicable law and such incapacity cannot be cured by the Servicer. Any such determination permitting the unilateral resignation of the Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the Purchaser, which Opinion of Counsel shall be in form and substance acceptable to the Purchaser. No such resignation of or assignment by the Servicer shall become effective until a successor has assumed the Servicer's ’s responsibilities and obligations hereunder in accordance with Subsection 14.02.. Subsection 12.05
Appears in 1 contract
