Common use of Limitation on Resignation and Assignment by the Servicer Clause in Contracts

Limitation on Resignation and Assignment by the Servicer. The Agent and the Principals have entered into this Agreement and the other Transaction Documents to which they are a party with the Company, as Servicer, in reliance upon the representations as to the adequacy of its servicing facilities, plant, personnel, records and procedures, its integrity, reputation and financial standing, and the continuance thereof. The Servicer shall not resign from the obligations and duties hereby imposed on it as to any Eligible Mortgage Loan except by consent of the Required Principals and the Agent or upon the determination that its duties hereunder are no longer permissible under applicable law and such incapacity cannot reasonably be cured by the Servicer. Notice of any such determination permitting the resignation of the Servicer shall be delivered to the Agent and each Bank Principal and any such determination shall evidenced by an Opinion of Counsel to such effect delivered to the Agent (on behalf of the Principals) which Opinion of Counsel shall be in form and substance acceptable to the Agent. No such resignation shall become effective until a successor shall have assumed the Servicer's responsibilities and obligations hereunder in the manner provided in Section 12.1 hereof.

Limitation on Resignation and Assignment by the Servicer. The Agent and the Principals have Purchaser has entered into this Agreement and the other Transaction Documents to which they are a party with the Company, as Servicer, Servicer in reliance upon the representations as to the adequacy of its servicing facilities, plant, personnel, records and procedures, its integrity, reputation and financial standing, and the continuance thereof. The Servicer shall not resign from the obligations and duties hereby imposed on it as to any Eligible Mortgage Loan except by consent of the Required Principals Majority Owners and the Administrative Agent or upon the determination that its duties hereunder are no longer permissible under applicable law and such incapacity cannot reasonably be cured by the Servicer. Notice of any such determination permitting the resignation of the Servicer shall be delivered to the Agent and each Bank Principal Rating Agency and any such determination shall evidenced by an Opinion of Counsel to such effect delivered to the Administrative Agent (on behalf of the PrincipalsOwners) which Opinion of Counsel shall be in form and substance acceptable to the Administrative Agent. No such resignation shall become effective until a successor shall have assumed the Servicer's responsibilities and obligations hereunder in the manner provided in Section 12.1 13.1 hereof, subject to Rating Agency Confirmation.

Limitation on Resignation and Assignment by the Servicer. The Agent and the Principals have entered into this Agreement and the other Transaction Documents to which they are a party with the Company, as Servicer, in reliance upon the representations as to the adequacy of its servicing facilities, plant, personnel, records and procedures, its integrity, reputation and financial standing, and the continuance thereof. The Servicer shall not resign from the obligations and duties hereby imposed on it as to any Eligible Mortgage Loan except by consent of the Required Principals and the Agent or upon the determination that its duties hereunder are no longer permissible under applicable law and such incapacity cannot reasonably be cured by the Servicer. Notice of any such determination permitting the resignation of the Servicer shall be delivered to the Agent and each Bank Principal and any such determination shall evidenced by an Opinion of Counsel to such effect delivered to the Agent (on behalf of the Principals) which Opinion of Counsel shall be in form and substance acceptable to the Agent. No such resignation shall become effective until a successor shall have assumed the Servicer's ’s responsibilities and obligations hereunder in the manner provided in Section 12.1 hereof.

Limitation on Resignation and Assignment by the Servicer. The Agent and the Principals have Purchaser has entered into this Agreement and the other Transaction Documents to which they are a party with the Company, as Servicer, Servicer in reliance upon the representations as to the adequacy of its servicing facilities, plant, personnel, records and procedures, its integrity, reputation and financial standing, and the continuance thereof. The Servicer shall not resign from the obligations and duties hereby imposed on it as to any Eligible Mortgage Loan except by consent of the Required Principals Majority Owners and the Administrative Agent or upon the determination that its duties hereunder are no longer permissible under applicable law and such incapacity cannot reasonably be cured by the Servicer. Notice of any such determination permitting the resignation of the Servicer shall be delivered to the Agent and each Bank Principal Rating Agency and any such determination shall evidenced by an Opinion of Counsel to such effect delivered to the Administrative Agent (on behalf of the PrincipalsOwners) which Opinion of Counsel shall be in form and substance acceptable to the Administrative Agent. No such resignation shall become effective until a successor shall have assumed the Servicer's ’s responsibilities and obligations hereunder in the manner provided in Section 12.1 13.1 hereof, subject to Rating Agency Confirmation.