Common use of MASTER SERVICERS NOT TO RESIGN Clause in Contracts

MASTER SERVICERS NOT TO RESIGN. Except as provided in Section 7.07, neither Master Servicer shall resign from the obligations and duties hereby imposed on it except upon a determination that any such duties hereunder are no longer permissible under applicable law. Any such determination permitting the resignation of either Master Servicer shall be evidenced by an Opinion of Independent Counsel to such effect delivered to the Trustee. No such resignation by either Master Servicer shall become effective until the Trustee or a successor to such Master Servicer reasonably satisfactory to the Trustee shall have assumed the responsibilities and obligations of such Master Servicer in accordance with Section 8.02 hereof. The Trustee shall notify the Rating Agencies of the resignation of a Master Servicer.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Bear Stearns Mortgage Securities Inc), Pooling and Servicing Agreement (Bear Stearns Mortgage Securities Inc)

MASTER SERVICERS NOT TO RESIGN. Except as provided in Section 7.07, neither Master Servicer shall resign from the obligations and duties hereby imposed on it except upon a determination that any such duties hereunder are no longer permissible under applicable lawlaw and such impermissibility cannot be cured. Any such determination permitting the resignation of either Master Servicer shall be evidenced by an Opinion of Independent Counsel to such effect delivered to the Trustee. No such resignation by either Master Servicer shall become effective until the Trustee or a successor to such Master Servicer reasonably satisfactory to the Trustee shall have assumed the responsibilities and obligations of such Master Servicer in accordance with Section 8.02 hereof. The Trustee shall notify the Rating Agencies of the resignation of a Master Servicer.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc), Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)