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

Servicer Not to Resign as Servicer. Subject to the provisions of Section 6.3, the Servicer shall not resign from its obligations and duties 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 Owner Trustee, the Indenture Trustee and the Depositor at the earliest practicable time (and, if such communication is not in writing, shall be confirmed in writing at the earliest practicable time) and any such determination shall be evidenced by an Opinion of Counsel to such effect delivered to the Owner Trustee and the Indenture Trustee concurrently with or promptly after such notice. No such resignation shall become effective until the Indenture Trustee or a Successor Servicer shall have (i) taken the actions required by Section 7.1(b), (ii) assumed the responsibilities and obligations of the Servicer in accordance with Section 7.2 and (iii) provided in writing the information reasonably requested by the Depositor to comply with its reporting obligations under the Exchange Act with respect to a replacement Servicer.

Servicer Not to Resign as Servicer. Subject to the provisions of Section 6.35.3, the Servicer shall not resign from its obligations and duties under this Agreement except upon the mutual consent of the Servicer, the Indenture Trustee and the Issuer or upon its 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 Owner Trustee, Trustee and the Indenture Trustee and the Depositor at the earliest practicable time (and, if such communication is not in writing, shall be confirmed in writing at the earliest practicable time) and any such determination shall be evidenced by an Opinion of Counsel to such effect delivered to the Issuer, the Owner Trustee Trustee, and the Indenture Trustee concurrently with or promptly after such notice. No such resignation shall become effective until the Indenture Trustee or a Successor successor Servicer shall have (i) taken the actions required by Section 7.1(b)6.2, (ii) assumed the responsibilities and obligations of the Servicer in accordance with Section 7.2 and (iii) provided in writing the information reasonably requested by the Depositor to comply with its reporting obligations obligation under the Exchange Act with respect to a any replacement Servicer.

Servicer Not to Resign as Servicer. Subject to the provisions of Section 6.35.3, the Servicer shall not resign from its obligations and duties under this Agreement except upon the mutual consent of the Servicer, the Indenture Trustee and the Issuer or upon its 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 Owner Trustee, Trustee and the Indenture Trustee and the Depositor at the earliest practicable time (and, if such communication is not in writing, shall be confirmed in writing at the earliest practicable time) and any such determination shall be evidenced by an Opinion of Counsel to such effect delivered to the Owner Trustee Issuer, and the Indenture Trustee concurrently with or promptly after such notice. No such resignation shall become effective until the Indenture Trustee or a Successor successor Servicer shall have (i) taken the actions required by Section 7.1(b)6.2, (ii) assumed the responsibilities and obligations of the Servicer in accordance with Section 7.2 and (iii) provided in writing the information reasonably requested by the Depositor to comply with its reporting obligations obligation under the Exchange Act with respect to a any replacement Servicer.