Common use of Servicer Resignation Clause in Contracts

Servicer Resignation. 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 and (ii) there is no reasonable action which the Servicer could take to make the performance of its duties hereunder permissible under applicable law. 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 Indenture Trustee. No such resignations shall become effective until the Indenture Trustee or a Successor Servicer shall have assumed the responsibilities and obligations of the Servicer in accordance with Section 9.02.

Servicer Resignation. The Servicer shall not resign from the obligations and duties under this Agreement hereby imposed on it except upon a determination that (i) the performance of its duties hereunder is no longer permissible under applicable 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. Any such determination permitting the resignation of the Servicer shall be evidenced as to clause (i) above by an Opinion opinion of Counsel counsel to such effect delivered to the Indenture Rating Agency, the Issuer, the Seller, the Trustee, the Noteholders and the Collateral Agent. No such resignations resignation shall become effective until the Indenture Trustee or a Successor Servicer shall have assumed the responsibilities and obligations of the Servicer in accordance with this Section 9.02and Sections 6.16 and 6.17.

Servicer Resignation. 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 and (ii) there is no reasonable action which the Servicer could take to make the performance of its duties hereunder permissible under applicable law. 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 Indenture Master Trust Trustee. No such resignations shall become effective until the Indenture Master Trust Trustee or a Successor Servicer shall have assumed the responsibilities and obligations of the Servicer in accordance with Section 9.0210.02.

Servicer Resignation. The Servicer shall not resign from the obligations and duties under this Agreement hereby imposed on it except upon determination that (i) the performance of its duties hereunder is no longer permissible under applicable 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. Any such determination permitting the resignation of the Servicer shall be evidenced as to clause (i) above by an Opinion opinion of Counsel counsel to such effect delivered to the Indenture TrusteeAgent. No such resignations resignation shall become effective until the Indenture Trustee or a Successor Servicer shall have assumed the responsibilities and obligations of the Servicer in accordance with this Section 9.02and Sections 2.11 and 2.12.