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.
Appears in 51 contracts
Samples: Administration Agreement (Ford Credit Auto Owner Trust 2024-D), Administration Agreement (Ford Credit Auto Receivables Two LLC), Administration Agreement (Ford Credit Auto Owner Trust 2024-C)
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.
Appears in 42 contracts
Samples: Administration Agreement (Ford Credit Auto Lease Trust 2024-B), Administration Agreement (Ford Credit Auto Lease Trust 2024-B), Administration Agreement (Ford Credit Auto Lease Trust 2024-A)
Mandatory Resignation. On the appointment or engagement of a successor Successor Servicer under the Sale Transfer and Servicing Agreement (other than the Indenture Trustee), the Administrator will immediately resign and the successor Successor Servicer will automatically become the successor Administrator.
Appears in 18 contracts
Samples: Omnibus Amendment (Verizon Owner Trust 2020-A), Omnibus Amendment (Verizon Owner Trust 2020-C), Transfer and Servicing Agreement (Verizon Owner Trust 2020-B)
Mandatory Resignation. On the appointment or engagement of a successor Successor Servicer under the Sale Transfer and Servicing Agreement (other than the Indenture TrusteeMaster Collateral Agent), the Administrator will immediately resign and the successor Successor Servicer will automatically become the successor Administrator.
Appears in 3 contracts
Samples: Administration Agreement (Verizon Master Trust), Administration Agreement (Verizon Master Trust), Administration Agreement (Verizon Master Trust)
