Common use of No Resignation Clause in Contracts

No Resignation. by Manager unless successor appointed The Manager must not, subject to clause 16.6, resign under clause 16.4 unless: (a) either: (i) it procures that, before the date on which that termination becomes effective, another person, reasonably acceptable to the Trustee assumes all of the obligations of the Manager under the Transaction Documents as its successor, and executes such documents as the Trustee requires to become bound by this Deed and the relevant Supplementary Terms Notices, with effect from that date, as if it had originally been a party to this Deed and the relevant Supplementary Terms Notice as the Manager; or (ii) the Trustee elects not to appoint a successor Manager, and to perform itself the obligations and functions which the Transaction Documents contemplate being performed by the Manager; (b) the appointment of the successor Manager, or (as the case may be) the election of the Trustee, will not materially prejudice the interests of Noteholders; and (c) in the case of the appointment of a successor Manager pursuant to paragraph (a), the appointment is approved by, and reasonably acceptable to, the Trustee.