Common use of Effectiveness of Resignation or Removal Clause in Contracts

Effectiveness of Resignation or Removal. No resignation or removal of the Administrator will be effective until (i) the successor Administrator has executed and delivered to the Issuer an agreement accepting its engagement and agreeing to perform the obligations of the Administrator under this Agreement or a new administration agreement on substantially the same terms as this Agreement, in a form acceptable to the Issuer and (ii) the Rating Agency Condition is satisfied.

Effectiveness of Resignation or Removal. No resignation or removal of the Administrator will be effective until (i) the successor Administrator has executed and delivered to the Issuer an agreement accepting its engagement and agreeing to perform the obligations of the Administrator under this Agreement or a new administration agreement on substantially the same terms as this Agreement, in a form acceptable to the Issuer Issuer, and (ii) the Rating Agency Condition is satisfied.

Effectiveness of Resignation or Removal. No resignation or removal of the Administrator will be effective until (i) the successor Administrator has executed and delivered to the Issuer Trust an agreement accepting its engagement and agreeing to perform the obligations of the Administrator under this Agreement or a new administration agreement on substantially the same terms as this Agreement, in a form acceptable to the Issuer Trust and (ii) the Rating Agency Condition is satisfiedsatisfied (if any Credit Extensions are then rated).