Common use of Resignation of Cash Manager Clause in Contracts

Resignation of Cash Manager. The Cash Manager may resign from its appointment under this Agreement only upon giving not less than twelve (12) months' notice to each of the Mortgages Trustee, Funding and the Security Trustee, PROVIDED THAT: (a) the Mortgages Trustee, Funding and the Security Trustee each consent in writing to such resignation; (b) a substitute cash manager shall be appointed, such appointment to be effective not later than the effective date of such resignation; (c) such substitute cash manager enters into an agreement substantially on the same terms as the relevant provisions of this Agreement and the Cash Manager shall not be released from its obligations under the relevant provisions of this Agreement until such substitute cash manager has entered into such new agreement and the rights of the Mortgages Trustee and Funding under such agreement are charged in favour of the Security Trustee on terms satisfactory to the Security Trustee; and (d) the then-current ratings of the Notes are not adversely affected as a result thereof.