Eligible Servicing Agreement

Eligible Servicing Agreement. (a) such Servicing Agreement is in form and substance satisfactory to, and has been reviewed and approved by, the Buyer in its sole discretion, and such Servicing Agreement contains servicing and assignment of servicing rights provisions acceptable to the Buyer and with respect to the Servicing Agreements identified in Sections (a) and (b) of Schedule 1, Buyer shall have received the Resignation Letter and... the Trustee Side Letter. The Buyer shall hold the Resignation Letter and Trustee Side Letter in escrow until the earliest of: (i) the resignation of the Seller as Servicer, (ii) the occurrence of an Event of Default or (iii) upon notification by the Agent to the Servicer that the Agent reasonably believes that an event will occur which would cause a trustee to be permitted or required to appoint a backup or successor servicer under a Servicing Agreement, then Servicer agrees to release its resignation letter with respect to such Servicing Agreement. View More