Common use of The Servicer Not to Resign Clause in Contracts

The Servicer Not to Resign. The Servicer shall not resign -------------------------- from the obligations and duties hereby imposed on it except upon determination that (i) the performance of its duties hereunder is no longer permissible under applicable law, regulation or order and (ii) there is no reasonable action which the Servicer could take to make the performance of its duties hereunder permissible under applicable law, regulation or order. Any such determination permitting the resignation of the Servicer shall be evidenced as to clause (i) ---------- above by an Opinion of Counsel to such effect delivered to the Trustee. No such resignation shall become effective until the Trustee or a Successor Servicer shall have assumed the responsibilities and obligations of the Servicer in accordance with Section 10.02 hereof; provided, that if within one hundred ------------- -------- twenty (120) days of the date that the Servicer notifies the Trustee of its resignation in accordance with this Section 8.05 the Trustee does not receive ------------ any bids from Eligible Servicers in accordance with Section 10.02(c) to act as ---------------- Successor Servicer, then the Trustee shall automatically be appointed Successor Servicer in accordance with Section 10.02. -------------

The Servicer Not to Resign. The Servicer shall not resign from -------------------------- from the obligations and duties hereby imposed on it except upon determination that (i) the performance of its duties hereunder is no longer permissible under applicable law, regulation or order and (ii) there is no reasonable action which the Servicer could take to make the performance of its duties hereunder permissible under applicable law, regulation or order. Any such determination permitting the resignation of the Servicer shall be evidenced as to clause (i) ---------- above by an Opinion of Counsel to such effect delivered to the Trustee. No such resignation shall become effective until the Trustee or a Successor Servicer shall have assumed the responsibilities and obligations of the Servicer in accordance with Section 10.02 hereof; provided, that if within one hundred ------------- -------- twenty (120) days of the date that the Servicer notifies the Trustee of its resignation in accordance with this Section 8.05 the Trustee does not receive ------------ any bids from Eligible Servicers in accordance with Section 10.02(c) to act as ---------------- Successor Servicer, then the Trustee shall automatically be appointed Successor Servicer in accordance with Section 10.02. -------------

The Servicer Not to Resign. The Servicer shall not resign -------------------------- from the obligations and duties hereby imposed on it except upon determination that (i) the performance of its duties hereunder is no longer permissible or becomes impermissible under applicable law, regulation or order law and (ii) there is no reasonable action which the Servicer could take to make the performance of its duties hereunder permissible under applicable law, regulation or order. Any such determination permitting the resignation of the Servicer shall be evidenced as to clause (i) ---------- above by an Opinion of ---------- Counsel to such effect delivered to the Trustee. No such resignation shall become effective until the Trustee or a Successor Servicer shall have assumed the responsibilities and obligations of the Servicer in accordance with Section 10.02 hereof; provided, that if 10.2. If the Trustee is unable within one hundred ------------- -------- twenty (120) 120 days of the date that the Servicer notifies the Trustee of its resignation in accordance with this Section 8.05 the Trustee does not receive ------------ any bids from Eligible Servicers in accordance with Section 10.02(c) such determination to act as ---------------- appoint a Successor Servicer, then the Trustee shall automatically be appointed serve as Successor Servicer in accordance with Section 10.02hereunder. -------------Notice of any resignation by the Servicer shall be given to each Rating Agency by the resigning Servicer.

The Servicer Not to Resign. The Servicer shall not -------------------------- resign -------------------------- from the obligations and duties hereby imposed on it except upon determination that (i) the performance of its duties hereunder is no longer permissible or becomes impermissible under applicable law, regulation or order law and (ii) there is no reasonable action which the Servicer could take to make the performance of its duties hereunder permissible under applicable law, regulation or order. Any such determination permitting the resignation of the Servicer shall be evidenced as to clause ------ (i) ---------- above by an Opinion of Counsel to such effect delivered to the Trustee. --- No such resignation shall become effective until the Trustee or a Successor Servicer shall have assumed the responsibilities and obligations of the Servicer in accordance with Section 10.02 hereof; provided, that if 10.2. If the Trustee is unable within one hundred ------------- -------- twenty (120) ------------ 120 days of the date that the Servicer notifies the Trustee of its resignation in accordance with this Section 8.05 the Trustee does not receive ------------ any bids from Eligible Servicers in accordance with Section 10.02(c) such determination to act as ---------------- appoint a Successor Servicer, then the Trustee shall automatically be appointed serve as Successor Servicer in accordance with Section 10.02hereunder. -------------Notice of any resignation by the Servicer shall be given to each Rating Agency by the resigning Servicer.

The Servicer Not to Resign. The Servicer shall not resign -------------------------- from the obligations and duties hereby imposed on it except upon determination that (i) the performance of its duties hereunder is no longer permissible or becomes impermissible under applicable law, regulation or order law and (ii) there is no reasonable action which the Servicer could take to make the performance of its duties hereunder permissible under applicable law, regulation or order. Any such determination permitting the resignation of the Servicer shall be evidenced as to clause (i) ---------- above by an Opinion of Counsel to ---------- such effect delivered to the Trustee. No such resignation shall become effective until the Trustee or a Successor Servicer shall have assumed the responsibilities and obligations of the Servicer in accordance with Section 10.02 hereof; provided, that if ------- 10.2. If the Trustee is unable within one hundred ------------- -------- twenty (120) 120 days of the date that the Servicer notifies the Trustee of its resignation in accordance with this Section 8.05 the Trustee does not receive ------------ any bids from Eligible Servicers in accordance with Section 10.02(c) such determination ---- to act as ---------------- appoint a Successor Servicer, then the Trustee shall automatically be appointed serve as Successor Servicer in accordance with Section 10.02hereunder. -------------Notice of any resignation by the Servicer shall be given to each Rating Agency by the resigning Servicer.