Notices of Removal of Administrator Clause Samples
The "Notices of Removal of Administrator" clause outlines the procedure for formally notifying relevant parties when an administrator is being removed from their position. Typically, this clause specifies who must be notified, the method of notification (such as written notice or electronic communication), and the required timeframe for delivering such notice. By establishing clear notification requirements, the clause ensures all stakeholders are informed in a timely manner, thereby preventing disputes or confusion regarding changes in administrative authority.
Notices of Removal of Administrator. (a) Subject to Section 10(e) of the Administration Agreement, the Issuing Entity may remove the Administrator without cause pursuant to Section 10(c) of the Administration Agreement by providing the Administrator and the Primary Swap Counterparty with at least 60 days’ prior written notice.
(b) The Issuing Entity shall provide to the Primary Swap Counterparty a copy of any written notice from the Issuing Entity to the Administrator effecting the immediate removal of the Administrator pursuant to Section 10(d) of the Administration Agreement.