Common use of Conditions to Resignation and Termination Clause in Contracts

Conditions to Resignation and Termination. Subject to paragraph 7(b)(vi) below, no resignation or termination of the appointment of the Exchange Administrator shall take effect until a new exchange administrator has been appointed, and no resignation or termination of the appointment of an agent shall take effect if there would not then be agents as required by the Terms of any Notes. Issuer shall use its best efforts to appoint a new exchange administrator not later than 30 calendar days after Issuer's receipt of the notice of resignation delivered by the Exchange Administrator in accordance with paragraph 7(b)(ii) above. Issuer agrees with the Exchange Administrator that if Issuer fails to appoint a successor within such period, the Exchange Administrator may select a bank to act as the new Exchange Administrator hereunder, and Issuer shall accept the appointment of that bank as the successor to Exchange Administrator.