Common use of Successor Administrator Clause in Contracts

Successor Administrator. Any successor Administrator appointed as provided in Section 8.18 shall execute, acknowledge and deliver to the Depositor, the Trustee and to its predecessor Administrator an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor Administrator shall become effective and such successor Administrator, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as Administrator. The successor Administrator shall, at least 30 days prior to the effective date of its acceptance, provide to the Depositor and the Servicer written notice in form and substance reasonably satisfactory to the Depositor and the Servicer containing all information reasonably requested by the Depositor and the Servicer in order for the Depositor to comply with its reporting obligations under Item 6.02 of Form 8-K with respect to a replacement of the Administrator. The Depositor, the Servicer, the Trustee and the predecessor Administrator shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Administrator all such rights, powers, duties and obligations. No successor Administrator shall accept appointment as provided in this Section unless at the time of such acceptance (i) such successor Administrator shall be eligible under the provisions of Section 8.17, (ii) the unsecured long-term debt of such successor Administrator is rated at least “A3” by Xxxxx’x or (iii) the Rating Agencies have confirmed that such successor Administrator will not result in a withdrawal or a downgrading of the then current ratings on any Class of the Offered Certificates. The Servicer shall notify the Rating Agency of the appointment of any successor Administrator. Upon acceptance of appointment by a successor Administrator as provided in this Section, the Servicer shall mail notice of the succession of such Administrator hereunder to the Trustee, all Holders of Certificates at their addresses as shown in the Certificate Register and to each Rating Agency. If the Servicer fails to mail such notice within 30 days after acceptance of appointment by the successor Administrator, the successor Administrator shall cause such notice to be mailed at the expense of the Servicer.

Successor Administrator. Any successor Administrator appointed as provided in Section 8.18 9.18 shall execute, acknowledge and deliver to the Depositor, the Trustee [, the Certificate Insurer] and to its predecessor Administrator an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor Administrator shall become effective and such successor Administrator, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as Administrator. The successor Administrator shall, at least 30 days prior to the effective date of its acceptance, provide to the Depositor and the Servicer written notice in form and substance reasonably satisfactory to the Depositor and the Servicer containing all information reasonably requested by the Depositor and the Servicer in order for the Depositor to comply with its reporting obligations under Item 6.02 of Form 8-K with respect to a replacement of the Administrator. The Depositor, the Servicer, the Trustee [, the Certificate Insurer] and the predecessor Administrator shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Administrator all such rights, powers, duties and obligations. No successor Administrator shall accept appointment as provided in this Section unless at the time of such acceptance (i) such successor Administrator shall be eligible under the provisions of Section 8.179.17, (ii) the unsecured long-term debt of such successor Administrator is rated at least “A3” by Xxxxx’x Mxxxx’x or (iii) the Rating Agencies have confirmed that such successor Administrator will not result in a withdrawal or a downgrading of the then current ratings on any the Class of the Offered [A] and Class [IO] Certificates. The Servicer predecessor Administrator shall notify the Rating Agency of the appointment of any successor Administrator. Upon acceptance of appointment by a successor Administrator as provided in this Section, the Servicer shall mail notice of the succession of such Administrator hereunder to the Trustee, all Holders of Certificates at their addresses as shown in the Certificate Register and to each Rating Agency. If the Servicer fails to mail such notice within 30 days after acceptance of appointment by the successor Administrator, the successor Administrator shall cause such notice to be mailed at the expense of the Servicer. [Notwithstanding anything to the contrary contained herein, so long as no Certificate Insurer Default exists, the appointment of any successor Administrator pursuant to any provision of this Agreement will be subject to the prior written consent of the Certificate Insurer, which consent shall not be unreasonably withheld.]

Successor Administrator. Any successor Administrator appointed as provided in Section 8.18 shall execute, acknowledge and deliver to the Depositor, the Trustee and to its predecessor Administrator an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor Administrator shall become effective and such successor Administrator, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as Administrator. The successor Administrator shall, at least 30 days prior to the effective date of its acceptance, provide to the Depositor and the Servicer written notice in form and substance reasonably satisfactory to the Depositor and the Servicer containing all information reasonably requested by the Depositor and the Servicer in order for the Depositor to comply with its reporting obligations under Item 6.02 of Form 8-K with respect to a replacement of the Administrator. The Depositor, the Servicer, the Trustee and the predecessor Administrator shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Administrator all such rights, powers, duties and obligations. No successor Administrator shall accept appointment as provided in this Section unless at the time of such acceptance (i) such successor Administrator shall be eligible under the provisions of Section 8.17, (ii) the unsecured long-term debt of such successor Administrator is rated at least “A3” by Xxxxx’x Mxxxx’x or (iii) the Rating Agencies have confirmed that such successor Administrator will not result in a withdrawal or a downgrading of the then current ratings on any Class of the Offered Certificates. The Servicer shall notify the Rating Agency of the appointment of any successor Administrator. Upon acceptance of appointment by a successor Administrator as provided in this Section, the Servicer shall mail notice of the succession of such Administrator hereunder to the Trustee, all Holders of Certificates at their addresses as shown in the Certificate Register and to each Rating Agency. If the Servicer fails to mail such notice within 30 days after acceptance of appointment by the successor Administrator, the successor Administrator shall cause such notice to be mailed at the expense of the Servicer.