Common use of Action upon Termination, Resignation or Removal Clause in Contracts

Action upon Termination, Resignation or Removal. Promptly upon the effective date of termination of this Agreement pursuant to Section 5.4 or the resignation or removal of the Administrator pursuant to Sections 5.1 or 5.2(b), the Administrator will be entitled to be paid all fees and reimbursable expenses accruing to it through the date of such termination, resignation or removal. If this Agreement is terminated pursuant to Section 5.4, the Administrator will promptly deliver to the Issuer all property and documents relating to the Collateral then in the custody of the Administrator. If the Administrator resigns or is removed pursuant to Sections 5.1 or 5.2(b), the Administrator will cooperate with the Issuer and take all reasonable steps requested to assist the Issuer in making an orderly transfer of the duties of the Administrator to the successor Administrator.

Appears in 41 contracts

Samples: Administration Agreement (Ford Credit Floorplan LLC), Administration Agreement (Ford Credit Auto Owner Trust 2014-A), Administration Agreement (Ford Credit Auto Owner Trust 2014-A)

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Action upon Termination, Resignation or Removal. Promptly upon the effective date of termination of this Agreement pursuant to under Section 5.4 or the resignation or removal of the Administrator pursuant to under Sections 5.1 or 5.2(b), the Administrator will be entitled to be paid all fees and reimbursable expenses accruing to it through the date of such the termination, resignation or removal. If this Agreement is terminated pursuant to under Section 5.4, the Administrator will promptly deliver to the Issuer all property and documents relating to the Collateral then in the custody of the Administrator. If the Administrator resigns or is removed pursuant to under Sections 5.1 or 5.2(b), the Administrator will cooperate with the Issuer and take all reasonable steps requested to assist the Issuer in making an orderly transfer of the duties of the Administrator to the successor Administrator.

Appears in 8 contracts

Samples: Administration Agreement (Ford Credit Auto Owner Trust 2015-B), Administration Agreement (Ford Credit Auto Owner Trust 2015-B), Administration Agreement (Ford Credit Auto Owner Trust 2015-A)

Action upon Termination, Resignation or Removal. Promptly upon the effective date of termination of this Agreement pursuant to Section 5.4 or the resignation or removal of the Indenture Administrator pursuant to Sections 5.1 or 5.2(b), the Indenture Administrator will be entitled to be paid all fees and reimbursable expenses accruing to it through the date of such termination, resignation or removal. If this Agreement is terminated pursuant to Section 5.4, the Indenture Administrator will promptly deliver to the Issuer all property and documents relating to the 2013-B Collateral then in the custody of the Indenture Administrator. If the Indenture Administrator resigns or is removed pursuant to Sections 5.1 or 5.2(b), the Indenture Administrator will cooperate with the Issuer and take all reasonable steps requested to assist the Issuer in making an orderly transfer of the duties of the Indenture Administrator to the successor Indenture Administrator.

Appears in 2 contracts

Samples: Administration Agreement (Ford Credit Auto Lease Trust 2013-B), Administration Agreement (Ford Credit Auto Lease Trust 2013-B)

Action upon Termination, Resignation or Removal. Promptly upon the effective date of termination of this Agreement pursuant to Section 5.4 or the resignation or removal of the Indenture Administrator pursuant to Sections 5.1 or 5.2(b), the Indenture Administrator will be entitled to be paid all fees and reimbursable expenses accruing to it through the date of such termination, resignation or removal. If this Agreement is terminated pursuant to Section 5.4, the Indenture Administrator will promptly deliver to the Issuer all property and documents relating to the 2012-B Collateral then in the custody of the Indenture Administrator. If the Indenture Administrator resigns or is removed pursuant to Sections 5.1 or 5.2(b), the Indenture Administrator will cooperate with the Issuer and take all reasonable steps requested to assist the Issuer in making an orderly transfer of the duties of the Indenture Administrator to the successor Indenture Administrator.

Appears in 2 contracts

Samples: Administration Agreement (Ford Credit Auto Lease Trust 2012-B), Administration Agreement (Ford Credit Auto Lease Trust 2012-B)

Action upon Termination, Resignation or Removal. Promptly upon the effective date of termination of this Agreement pursuant to Section 5.4 or the resignation or removal of the Indenture Administrator pursuant to Sections 5.1 or 5.2(b), the Indenture Administrator will be entitled to be paid all fees and reimbursable expenses accruing to it through the date of such termination, resignation or removal. If this Agreement is terminated pursuant to Section 5.4, the Indenture Administrator will promptly deliver to the Issuer all property and documents relating to the 2011-B Collateral then in the custody of the Indenture Administrator. If the Indenture Administrator resigns or is removed pursuant to Sections 5.1 or 5.2(b), the Indenture Administrator will cooperate with the Issuer and take all reasonable steps requested to assist the Issuer in making an orderly transfer of the duties of the Indenture Administrator to the successor Indenture Administrator.

Appears in 2 contracts

Samples: Administration Agreement (Ford Credit Auto Lease Trust 2011-B), Administration Agreement (Ford Credit Auto Lease Trust 2011-B)

Action upon Termination, Resignation or Removal. Promptly upon the effective date of termination of this Agreement pursuant to Section 5.4 or the resignation or removal of the Indenture Administrator pursuant to Sections 5.1 or 5.2(b), the Indenture Administrator will be entitled to be paid all fees and reimbursable expenses accruing to it through the date of such termination, resignation or removal. If this Agreement is terminated pursuant to Section 5.4, the Indenture Administrator will promptly deliver to the Issuer all property and documents relating to the 2012-A Collateral then in the custody of the Indenture Administrator. If the Indenture Administrator resigns or is removed pursuant to Sections 5.1 or 5.2(b), the Indenture Administrator will cooperate with the Issuer and take all reasonable steps requested to assist the Issuer in making an orderly transfer of the duties of the Indenture Administrator to the successor Indenture Administrator.

Appears in 2 contracts

Samples: Administration Agreement (Ford Credit Auto Lease Trust 2012-A), Administration Agreement (Ford Credit Auto Lease Trust 2012-A)

Action upon Termination, Resignation or Removal. Promptly upon the effective date of termination of this Agreement pursuant to Section 5.4 or the resignation or removal of the Indenture Administrator pursuant to Sections 5.1 or 5.2(b), the Indenture Administrator will be entitled to be paid all fees and reimbursable expenses accruing to it through the date of such termination, resignation or removal. If this Agreement is terminated pursuant to Section 5.4, the Indenture Administrator will promptly deliver to the Issuer all property and documents relating to the 2013-A Collateral then in the custody of the Indenture Administrator. If the Indenture Administrator resigns or is removed pursuant to Sections 5.1 or 5.2(b), the Indenture Administrator will cooperate with the Issuer and take all reasonable steps requested to assist the Issuer in making an orderly transfer of the duties of the Indenture Administrator to the successor Indenture Administrator.

Appears in 2 contracts

Samples: Administration Agreement (Ford Credit Auto Lease Trust 2013-A), Administration Agreement (Ford Credit Auto Lease Trust 2013-A)

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Action upon Termination, Resignation or Removal. Promptly upon the effective date of termination of this Agreement pursuant to Section 5.4 or the resignation or removal of the Indenture Administrator pursuant to Sections 5.1 or 5.2(b), the Indenture Administrator will be entitled to be paid all fees and reimbursable expenses accruing to it through the date of such termination, resignation or removal. If this Agreement is terminated pursuant to Section 5.4, the Indenture Administrator will promptly deliver to the Issuer all property and documents relating to the 2014-A Collateral then in the custody of the Indenture Administrator. If the Indenture Administrator resigns or is removed pursuant to Sections 5.1 or 5.2(b), the Indenture Administrator will cooperate with the Issuer and take all reasonable steps requested to assist the Issuer in making an orderly transfer of the duties of the Indenture Administrator to the successor Indenture Administrator.

Appears in 2 contracts

Samples: Administration Agreement (Ford Credit Auto Lease Trust 2014-A), Administration Agreement (Ford Credit Auto Lease Trust 2014-A)

Action upon Termination, Resignation or Removal. Promptly upon the effective date of termination of this Agreement pursuant to Section 5.4 or the resignation or removal of the Indenture Administrator pursuant to Sections 5.1 or 5.2(b), the Indenture Administrator will be entitled to be paid all fees and reimbursable expenses accruing to it through the date of such termination, resignation or removal. If this Agreement is terminated pursuant to Section 5.4, the Indenture Administrator will promptly deliver to the Issuer all property and documents relating to the 2011-A Collateral then in the custody of the Indenture Administrator. If the Indenture Administrator resigns or is removed pursuant to Sections 5.1 or 5.2(b), the Indenture Administrator will cooperate with the Issuer and take all reasonable steps requested to assist the Issuer in making an orderly transfer of the duties of the Indenture Administrator to the successor Indenture Administrator.

Appears in 2 contracts

Samples: Administration Agreement (Ford Credit Auto Lease Trust 2011-A), Administration Agreement (Ford Credit Auto Lease Trust 2011-A)

Action upon Termination, Resignation or Removal. Promptly upon the effective date of termination of this Agreement pursuant to Section 5.4 or the resignation or removal of the Indenture Administrator pursuant to Sections 5.1 or 5.2(b), the Indenture Administrator will be entitled to be paid all fees and reimbursable expenses accruing to it through the date of such termination, resignation or removal. If this Agreement is terminated pursuant to Section 5.4, the Indenture Administrator will promptly deliver to the Issuer all property and documents relating to the 20_-_ Collateral then in the custody of the Indenture Administrator. If the Indenture Administrator resigns or is removed pursuant to Sections 5.1 or 5.2(b), the Indenture Administrator will cooperate with the Issuer and take all reasonable steps requested to assist the Issuer in making an orderly transfer of the duties of the Indenture Administrator to the successor Indenture Administrator.

Appears in 1 contract

Samples: Administration Agreement (CAB West LLC)

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