Common use of Servicer Resignation Clause in Contracts

Servicer Resignation. The Servicer shall not resign from the duties and obligations hereby imposed on it under this Indenture unless and until (i) it determines that by reason of a change in legal or regulatory requirements the performance of its duties under this Indenture would cause it to be in violation of such requirements, (ii) the Successor Servicer shall have assumed the responsibilities and obligations of the Servicer hereunder, and (iii) the Indenture Trustee shall have provided written notice of such resignation to the Rating Agency. Upon such resignation, the Servicer shall comply with Section 5.16(f) hereof.

Servicer Resignation. The Servicer shall not resign from the duties and obligations hereby imposed on it under this Indenture unless and until (i) it determines that by reason of a change in legal or regulatory requirements the performance of its duties under this Indenture would cause it to be in violation of such requirements, (ii) the Successor Servicer shall have assumed the responsibilities and obligations of the Servicer hereunder, and (iii) the Indenture Trustee shall have provided written notice of such resignation to the Rating AgencyAgencies. Upon such resignation, the Servicer shall comply with Section 5.16(f) hereof.

Servicer Resignation. The Servicer shall not resign from the duties and obligations hereby imposed on it under this Indenture unless and until (i) it determines that by reason of a change in legal or regulatory requirements the performance of its duties under this Indenture would cause it to be in violation of such requirements, (ii) the Successor Servicer shall have assumed the responsibilities and obligations of the Servicer hereunder, and (iii) the Indenture Trustee shall have provided written notice of such resignation to the Rating AgencyAgencies. Upon such resignation, the Servicer shall comply with Section 5.16(f) hereof.. KL2 2868730.8

Servicer Resignation. The Servicer shall not resign from the duties and obligations hereby imposed on it under this Indenture unless and until (i) it determines that by reason of a change in legal or regulatory requirements the performance of its duties under this Indenture would cause it to be in violation of such requirements, (ii) the Successor Servicer shall have assumed the responsibilities and obligations of the Servicer hereunder, and (iii) the Indenture Trustee shall have provided written notice received the consent of such resignation to the Rating AgencyMajority Noteholders. Upon such resignation, the Servicer shall comply with Section 5.16(f) hereof.