Mandatory Resignation. On the appointment or engagement of a successor Servicer under the Sale and Servicing Agreement (other than the Indenture Trustee), the Administrator will immediately resign and the successor Servicer will automatically become the successor Administrator.
Mandatory Resignation. Unless otherwise approved by the Designating Party who appointed such Director, if any Director who is an Affiliate of any Member ceases to be an Affiliate of such Member or such Member ceases to be a Member of the Company for any reason, such Director shall be deemed to have immediately resigned as a Director and shall not be entitled to be re-appointed as a Director.
Mandatory Resignation. On the appointment or engagement of a successor Servicer under the Servicing Agreement, the Collateral Agent Administrator will immediately resign and the successor Servicer will automatically become the successor Collateral Agent Administrator.
Mandatory Resignation. Notwithstanding anything in this Article VI to the contrary, upon the Disposition of all of the assets of a particular Series and the completion of the corresponding distributions to Members of such Series made pursuant to paragraph 4.7 hereof, the Members of such Series shall (a) be deemed to have resigned their membership in such Series (and, to the extent any Member’s Interests are held solely in such Series, such Member shall be deemed to have resigned their membership in the Company), and (b) be deemed to have transferred all of their Interests in such Series to the Company, at which time such Interests shall be deemed canceled and such Series shall be terminated by the Board of Managers pursuant to paragraph 2.9. The Board of Managers may execute any documents to effect such resignation and transfer on behalf of the Members pursuant to the power of attorney granted in paragraph 10.1.1.
Mandatory Resignation. Trustee and any successor Trustee, however appointed, must resign if at any time it is unable to obtain or maintain at all times satisfactory registration of each Aircraft pursuant to the Federal Aviation Act, as amended (the "Act"). Any successor Trustee shall be a bank or trust company incorporated and doing business within the United States of America and having a combined capital and surplus of at least $50,000,000, or the subsidiary of an institution having a combined capital and surplus of at least $50,000,000, which guarantees the obligations of such subsidiary.
Mandatory Resignation. Directors who are also officers of the Corporation shall submit a letter of resignation as such to the Board of Directors upon any termination of employment as an officer of the Corporation, and directors who are not officers of the Corporation shall likewise submit a letter of resignation upon any change in that director's principal business or other activity in which the director was engaged at the time of his or her election.
Mandatory Resignation. If the Executive’s employment with the Company is terminated (whether by the Company or by the Executive), the Executive shall immediately resign as a director of and from all other offices and positions with the Company and each of its subsidiaries or affiliates.
