Subservicer Not to Resign. The Subservicer shall not resign from the duties and responsibilities hereunder except upon determination that (a) the performance of its duties hereunder has become impermissible under applicable law and (b) there is no reasonable action which the Subservicer could take to make the performance of its duties hereunder permissible under applicable law evidenced as to clause (a) above by an opinion of counsel to such effect delivered to the Purchaser.
Appears in 10 contracts
Sources: Receivables Sale Agreement (Ari Network Services Inc /Wi), Receivables Sale Agreement (Intellicall Inc), Receivables Sale Agreement (Equalnet Holding Corp)
Subservicer Not to Resign. The Subservicer shall not resign from the duties and responsibilities hereunder except upon Purchaser’s or Master Servicer’s determination that (a) the performance of its Subservicer’s duties hereunder has become impermissible under applicable law and (b) there is no reasonable action which the Subservicer could take to make the performance of its duties hereunder permissible under applicable law evidenced as to clause (a) above by an opinion of counsel to such effect delivered to the Purchaser.
Appears in 5 contracts
Sources: Factoring and Security Agreement, Factoring and Security Agreement (Cordia Corp), Factoring and Security Agreement (Cordia Corp)
Subservicer Not to Resign. The Subservicer shall not resign from the obligations and duties and responsibilities hereunder hereby imposed on it except upon determination that (a) the performance by mutual consent of its duties hereunder has become impermissible under applicable law and (b) there is no reasonable action which the Subservicer could take to make and the performance of its duties Servicer. No such resignation shall become effective until the Servicer or a new Subservicer shall have assumed the Subservicer’s responsibilities and obligations hereunder permissible under applicable law evidenced as to clause (a) above by an opinion of counsel to such effect delivered to in the Purchasermanner provided in Section 15.01.
Appears in 2 contracts
Sources: Mortgage Loan Subservicing Agreement (PHH Corp), Subservicing Agreement (PHH Corp)
Subservicer Not to Resign. The Subservicer shall not resign from the duties and responsibilities hereunder except upon determination that (a) the performance of its duties hereunder has become impermissible under applicable law and (b) there is no reasonable action which the Subservicer could take to make the performance of its duties hereunder permissible under applicable law evidenced as to clause (a) above by an opinion of counsel to such effect delivered to the Purchaser.Subservicer
Appears in 1 contract
Sources: Receivables Sale Agreement (Z Tel Technologies Inc)
Subservicer Not to Resign. The Subservicer shall not -------------------------- resign from the duties and responsibilities hereunder except upon determination that (a) the performance of its duties hereunder has become impermissible under applicable law and (b) there is no reasonable action which the Subservicer could take to make the performance of its duties hereunder permissible under applicable law evidenced as to clause (a) above by an opinion of counsel to such effect delivered to the Purchaser.
Appears in 1 contract
Sources: Receivables Sale Agreement (Avery Communications Inc)