Common use of Administrator Default Clause in Contracts

Administrator Default. The occurrence and continuance of any one of the following events shall constitute an "Administrator Default": a. any act or omission by the Administrator that results in a failure to pay principal or interest or Carryover Interest on the Notes when such principal or interest Carryover Interest becomes due and payable in accordance with the Notes and the Indenture; b. any failure by the Administrator duly to observe or to perform in any material respect any covenant or agreement of the Administrator set forth in this Agreement, which failure continues unremedied for a period of 30 days after the date on which written notice of such failure has been given to the Administrator by the Issuer; c. (i) having entered involuntarily against it an order for relief under the Bankruptcy Code of 1978, as amended, (ii) not paying, or admitting in writing its inability to pay, its debts generally as they become due or suspending payment of its obligations, (iii) making an assignment for the benefit of creditors, (iv) applying for, seeking, consenting to, or acquiescing in, the appointment of a receiver, custodian, trustee, conservator, liquidator or similar official for it or any substantial part of its property, (v) instituting any proceeding seeking to have entered against it an order for relief under the Bankruptcy Code of 1978, as amended, to adjudicate it insolvent, or seeking dissolution, winding up, liquidation, reorganization, arrangement, marshaling of assets, adjustment or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization, or relief of debtors or failing to file an answer or other pleading denying the material allegations of any such proceeding filed against it, (vi) failing to contest in good faith any appointment or proceeding described in Section 18(d) hereof or (vii) taking any action in furtherance of any of the foregoing purposes; or

Administrator Default. The occurrence and continuance of any one of the following events shall constitute an "“Administrator Default"”: a. any act or omission by the Administrator that results in a failure to pay principal or interest or Carryover Interest on the Notes when such principal or interest Carryover Interest becomes due and payable in accordance with the Notes and the Indenture; b. (a) any failure by the Administrator duly to observe or to perform in any material respect any covenant or agreement of the Administrator set forth in this Administration Agreement, which failure continues unremedied for a period of 30 days after the date on which written notice of such failure has been given to the Administrator by the IssuerDepositor; c. (b) (i) having entered involuntarily against it an order for relief under the Bankruptcy Code of 1978, as amendedfederal bankruptcy laws or any similar state or federal law, (ii) not paying, or admitting in writing its inability to pay, its debts generally as they become due or suspending payment of its obligations, (iii) making an assignment for the benefit of creditors, (iv) applying for, seeking, consenting to, or acquiescing in, the appointment of a receiver, custodian, trustee, conservator, liquidator or similar official for it or any substantial part of its property, (v) instituting any proceeding seeking to have entered against it an order for relief under the Bankruptcy Code of 1978, as amended, federal bankruptcy laws or any similar state or federal law to adjudicate it insolvent, or seeking dissolution, winding up, liquidation, reorganization, arrangement, marshaling of assets, adjustment or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization, or relief of debtors or failing to file an answer or other pleading denying the material allegations of any such proceeding filed against it, (vi) failing to contest in good faith any appointment or proceeding described in Section 18(d17(c) hereof or (vii) taking any action in furtherance of any of the foregoing purposes; or (c) the appointment of a custodian, receiver, trustee, conservator, liquidator or similar official for the Administrator or any substantial part of the property of the Administrator, or the institution of a proceeding described in Section 17(b)(v) hereof against the Administrator, which appointment continues undischarged or which proceeding continues undismissed or unstayed for a period of 60 or more days. In the case of any Administrator Default, so long as such Administrator Default has not been remedied, the Depositor shall, by written notice to the Administrator of such Administrator Default, terminate all of the rights and obligations (other than the obligations set forth in Section 15 hereof) of the Administrator under this Administration Agreement. On or after the receipt by the Administrator of such written notice, all authority and power of the Administrator under this Administration Agreement shall, without further action, be carried out by the Depositor or shall pass to and be vested in such successor Administrator as may be appointed under Section 18 hereof; and, without limitation, the Depositor is hereby authorized and empowered to execute and deliver, for the benefit of the predecessor Administrator, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination. The predecessor Administrator shall cooperate with the successor Administrator in effecting the termination of the responsibilities and rights of the predecessor Administrator under this Administration Agreement. All reasonable costs and expenses (including attorneys’ fees) incurred in connection with amending this Administration Agreement to reflect such succession as Administrator pursuant to this Section 17 shall be paid by the predecessor Administrator upon presentation of reasonable documentation of such costs and expenses.

Administrator Default. The occurrence and continuance of any one of the following events shall constitute an "Administrator Default": a. any act or omission by the Administrator that results in a failure to pay principal or interest or Carryover Interest on the Notes when such principal or interest Carryover Interest becomes due and payable in accordance with the Notes and the Indenture; b. any failure by the Administrator duly to observe or to perform in any material respect any covenant or agreement of the Administrator set forth in this Agreement, which failure continues unremedied for a period of 30 days after the date on which written notice of such failure has been given to the Administrator by the Issuer; c. (i) having entered involuntarily against it an order for relief under the Bankruptcy Code of 1978, as amended, (ii) not paying, or admitting in writing its inability to pay, its debts generally as they become due or suspending payment of its obligations, (iii) making an assignment for the benefit of creditors, (iv) applying for, seeking, consenting to, or acquiescing in, the appointment of a receiver, custodian, trustee, conservator, liquidator or similar official for it or any substantial part of its property, (v) instituting any proceeding seeking to have entered against it an order for relief under the Bankruptcy Code of 1978, as amended, to adjudicate it insolvent, or seeking dissolution, winding up, liquidation, reorganization, arrangement, marshaling of assets, adjustment or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization, or relief of debtors or failing to file an answer or other pleading denying the material allegations of any such proceeding filed against it, (vi) failing to contest in good faith any appointment or proceeding described in Section 18(d19(d) hereof or (vii) taking any action in furtherance of any of the foregoing purposes; or

Administrator Default. The occurrence and continuance of any one of the following events shall constitute an "Administrator Default": a. any act or omission by the Administrator that results in a failure to pay principal or interest or Carryover Interest on the Notes when such principal or interest Carryover Interest becomes due and payable in accordance with the Notes and the Indenture; b. any failure by the Administrator duly to observe or to perform in any material respect any covenant or agreement of the Administrator set forth in this Agreement, which failure continues unremedied for a period of 30 days after the date on which written notice of such failure has been given to the Administrator by the Issuer; c. (i) having entered involuntarily against it an order for relief under the Bankruptcy Code of 1978, as amended, (ii) not paying, or admitting in writing its inability to pay, its debts generally as they become due or suspending payment of its obligations, (iii) making an assignment for the benefit of creditors, (iv) applying for, seeking, consenting to, or acquiescing in, the appointment of a receiver, custodian, trustee, conservator, liquidator or similar official for it or any substantial part of its property, (v) instituting any proceeding seeking to have entered against it an order for relief under the Bankruptcy Code of 1978, as amended, to adjudicate it insolvent, or seeking dissolution, winding up, liquidation, reorganization, arrangement, marshaling of assets, adjustment or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization, or relief of debtors or failing to file an answer or other pleading denying the material allegations of any such proceeding filed against it, (vi) failing to contest in good faith any appointment or proceeding described in Section 18(d) hereof or (vii) taking any action in furtherance of any of the foregoing purposes; or d. the appointment of a custodian, receiver, trustee, conservator, liquidator or similar official for the Administrator or any substantial part of the property of the Administrator, or the institution of a proceeding described in Section 18(c)(v) against the Administrator, which appointment continues undischarged or which proceeding continues undismissed or unstayed for a period of 60 or more days. In the case of any Administrator Default, so long as such Administrator Default has not been remedied, the Issuer or the Indenture Trustee shall, by written notice to the Administrator of such Administrator Default, terminate all of the rights and obligations (other than the obligations set forth in Section 16) of the Administrator under this Agreement with respect to such Indenture. On or after the receipt by the Administrator of such written notice, all authority and power of the Administrator under this Agreement shall, without further action, be carried out by the Issuer or shall pass to and be vested in such successor Administrator as may be appointed under Section 19; and, without limitation, the Issuer is hereby authorized and empowered to execute and deliver, for the benefit of the predecessor Administrator, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination. The predecessor Administrator shall cooperate with the successor Administrator in effecting the termination of the responsibilities and rights of the predecessor Administrator under this Agreement. All reasonable costs and expenses (including attorneys' fees) incurred in connection with amending this Agreement to reflect such succession as Administrator pursuant to this Section 18 shall be paid by the predecessor Administrator upon presentation of reasonable documentation of such costs and expenses.

Administrator Default. The occurrence and continuance of any one of the following events shall constitute an "Administrator Default": a. any act or omission by the Administrator that results in a failure to pay principal or interest or Carryover Interest on the Notes Note when such principal or interest Carryover Interest becomes due and payable in accordance with the Notes and the Indenturepayable; b. any failure by the Administrator duly to observe or to perform in any material respect any covenant or agreement of the Administrator set forth in this Agreement, which failure continues unremedied for a period of 30 days after the date on which written notice of such failure has been given to the Administrator by the Issuer; c. (i) having entered involuntarily against it an order for relief under the Bankruptcy Code of 1978, as amended, (ii) not paying, or admitting in writing its inability to pay, its debts generally as they become due or suspending payment of its obligations, (iii) making an assignment for the benefit of creditors, (iv) applying for, seeking, consenting to, or acquiescing in, the appointment of a receiver, custodian, trustee, conservator, liquidator or similar official for it or any substantial part of its property, (v) instituting any proceeding seeking to have entered against it an order for relief under the Bankruptcy Code of 1978, as amended, to adjudicate it insolvent, or seeking dissolution, winding up, liquidation, reorganization, arrangement, marshaling of assets, adjustment or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization, or relief of debtors or failing to file an answer or other pleading denying the material allegations of any such proceeding filed against it, (vi) failing to contest in good faith any appointment or proceeding described in Section 18(d19(d) hereof or (vii) taking any action in furtherance of any of the foregoing purposes; or d. the appointment of a custodian, receiver, trustee, conservator, liquidator or similar official for the Administrator or any substantial part of the property of the Administrator, or the

Administrator Default. The occurrence and continuance of any one of the following events shall constitute an "Administrator Default": a. any act or omission by the Administrator that results in a failure to pay principal or interest or Carryover Interest on the Notes when such principal or interest Carryover Interest becomes due and payable in accordance with the Notes and the Indenture; b. (a) any failure by the Administrator duly to observe or to perform in any material respect any covenant or agreement of the Administrator set forth in this Administration Agreement, which failure continues unremedied for a period of 30 days after the date on which written notice of such failure has been given to the Administrator by the IssuerDepositor; c. (i) having entered involuntarily against it an order for relief under the Bankruptcy Code of 1978, as amendedfederal bankruptcy laws or any similar state or federal law, (ii) not paying, or admitting in writing its inability to pay, its debts generally as they become due or suspending payment of its obligations, (iii) making an assignment for the benefit of creditors, (iv) applying for, seeking, consenting to, or acquiescing in, the appointment of a receiver, custodian, trustee, conservator, liquidator or similar official for it or any substantial part of its property, (v) instituting any proceeding seeking to have entered against it an order for relief under the Bankruptcy Code of 1978, as amended, federal bankruptcy laws or any similar state or federal law to adjudicate it insolvent, or seeking dissolution, winding up, liquidation, reorganization, arrangement, marshaling of assets, adjustment or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization, or relief of debtors or failing to file an answer or other pleading denying the material allegations of any such proceeding filed against it, (vi) failing to contest in good faith any appointment or proceeding described in Section 18(d17(c) hereof or (vii) taking any action in furtherance of any of the foregoing purposes; or (c) the appointment of a custodian, receiver, trustee, conservator, liquidator or similar official for the Administrator or any substantial part of the property of the Administrator, or the institution of a proceeding described in Section 17(b)(v) hereof against the Administrator, which appointment continues undischarged or which proceeding continues undismissed or unstayed for a period of 60 or more days. In the case of any Administrator Default, so long as such Administrator Default has not been remedied, the Depositor shall, by written notice to the Administrator of such Administrator Default, terminate all of the rights and obligations (other than the obligations set forth in Section 15 hereof) of the Administrator under this Administration Agreement. On or after the receipt by the Administrator of such written notice, all authority and power of the Administrator under this Administration Agreement shall, without further action, be carried out by the Depositor or shall pass to and be vested in such successor Administrator as may be appointed under Section 18 hereof; and, without limitation, the Depositor is hereby authorized and empowered to execute and deliver, for the benefit of the predecessor Administrator, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination. The predecessor Administrator shall cooperate with the successor Administrator in effecting the termination of the responsibilities and rights of the predecessor Administrator under this Administration Agreement. All reasonable costs and expenses (including attorneys' fees) incurred in connection with amending this Administration Agreement to reflect such succession as Administrator pursuant to this Section 17 shall be paid by the predecessor Administrator upon presentation of reasonable documentation of such costs and expenses.