Common use of Appointment of Successor Administrator Clause in Contracts

Appointment of Successor Administrator. (a) No resignation or removal of the Administrator pursuant to Section 5.1(a) or (b) will be effective until (i) a successor Administrator has been appointed by the Issuer at the direction of Noteholders of a majority of the Note Balance of the Controlling Class, or if no Notes are Outstanding, by the holder of the Residual Interest, (ii) such successor Administrator has executed, acknowledged and delivered to the Issuer and to its predecessor Administrator an instrument accepting its appointment under this Agreement and (iii) the Rating Agency Condition has been satisfied with respect to the proposed appointment. The Issuer will notify the Indenture Trustee of any such resignation or removal. (b) Upon the appointment of a successor Servicer pursuant to the Sale and Servicing Agreement, the Administrator will immediately resign and such successor Servicer will automatically become the Administrator under this Agreement.

Appointment of Successor Administrator. (a) No resignation or removal of the Administrator pursuant to Section 5.1(a) or (b) will be effective until (i) a successor Administrator has been appointed by the Issuer at the direction of Noteholders of at least a majority of the Note Balance of the Controlling Class, or if no Notes are Outstandingoutstanding, by the holder of the Residual Interest, (ii) such successor Administrator has executed, acknowledged and delivered to the Issuer and to its predecessor Administrator an instrument accepting its appointment under this Agreement Agreement, and (iii) the Rating Agency Condition Confirmation has been satisfied obtained with respect to the proposed appointment. The Issuer will notify the Indenture Trustee of any such resignation or removal. (b) Upon the appointment of a successor Servicer pursuant to the Sale and Servicing Agreement, the Administrator will immediately resign and such successor Servicer will automatically become the Administrator under this Agreement.

Appointment of Successor Administrator. (a) No resignation or removal of the Administrator pursuant to under Section 5.1(a) or (b) will be effective until (i) a successor Administrator has been appointed by the Issuer at the direction of Noteholders of a majority of the Note Balance of the Controlling Class, or if no Notes are Outstanding, by the holder of the Residual Interest, (ii) such the successor Administrator has executed, acknowledged and delivered to the Issuer and to its predecessor Administrator an instrument accepting its appointment under this Agreement and (iii) the Rating Agency Condition has been satisfied with respect to for the proposed appointment. The Issuer will notify the Indenture Trustee of any such resignation or removal. (b) Upon the appointment of a successor Servicer pursuant to under the Sale and Servicing Agreement, the Administrator will immediately resign and such the successor Servicer will automatically become the Administrator under this Agreement.

Appointment of Successor Administrator. (a) No resignation or removal of the Administrator pursuant to Section 5.1(a) or (b) will be effective until (i) a successor Administrator has been appointed by the Issuer at the direction of Noteholders of a majority of the Note Balance of the Controlling Class, or if no Notes are Outstanding, by the holder of the Residual Interest, (ii) such successor Administrator has executed, acknowledged and delivered to the Issuer and to its predecessor Administrator an instrument accepting its appointment under this Agreement Agreement, and (iii) the Rating Agency Condition has been satisfied with respect to the proposed appointment. The Issuer will notify the Indenture Trustee of any such resignation or removal. (b) Upon the appointment of a successor Servicer pursuant to the Sale and Servicing Agreement, the Administrator will immediately resign and such successor Servicer will automatically become the Administrator under this Agreement.

Appointment of Successor Administrator. (a) No resignation or removal of the Administrator pursuant to Section 5.1(a) or (b) will be effective until (i) a successor Administrator has been appointed by the Issuer at the direction of Noteholders of a majority of the Note Balance of the Controlling Classeach Series, or if no Notes are Outstanding, by the holder holders of the Residual Depositor Interest, (ii) such successor Administrator has executed, acknowledged and delivered to the Issuer and to its predecessor Administrator an instrument accepting its appointment under this Agreement Agreement, and (iii) the Rating Agency Condition has been satisfied with respect to the proposed appointment. The Issuer will notify the Indenture Trustee of any such resignation or removal. (b) Upon the appointment of a successor Successor Servicer pursuant to the Sale and Servicing AgreementAgreements, the Administrator will immediately resign and such successor Successor Servicer will automatically become the Administrator under this Agreement.

Appointment of Successor Administrator. (a) No resignation or removal of the Administrator pursuant to Section 5.1(a) or (b) will be effective until (i) a successor Administrator has been appointed by the Issuer at the direction of Noteholders of at least a majority of the Note Balance of the Controlling Class, or if no Notes are Outstanding, by the holder of the Residual Interest, (ii) such successor Administrator has executed, acknowledged and delivered to the Issuer and to its predecessor Administrator an instrument accepting its appointment under this Agreement Agreement, and (iii) the Rating Agency Condition Confirmation has been satisfied obtained with respect to the proposed appointment. The Issuer will notify the Indenture Trustee of any such resignation or removal. (b) Upon the appointment of a successor Servicer pursuant to the Sale and Servicing Agreement, the Administrator will immediately resign and such successor Servicer will automatically become the Administrator under this Agreement.