Common use of Successor Administrator Clause in Contracts

Successor Administrator. (a) The Administrator may, upon at least five (5) days’ notice to the Seller and each Purchaser and Purchaser Agent, resign as Administrator. Except as provided below, such resignation shall not become effective until a successor agent is appointed by the Majority Purchasers and has accepted such appointment. If no successor Administrator shall have been so appointed by the Majority Purchasers, within thirty (30) days after the departing Administrator’s giving of notice of resignation, the departing Administrator may appoint a successor Administrator as successor Administrator. If no successor Administrator shall have been so appointed by the Majority Purchasers within sixty (60) days after the departing Administrator’s giving of notice of resignation, the departing Administrator may petition a court of competent jurisdiction to appoint a successor Administrator. (b) Upon such acceptance of its appointment as Administrator hereunder by a successor Administrator, such successor Administrator shall succeed to and become vested with all the rights and duties of the retiring Administrator, and the retiring Administrator shall be discharged from its duties and obligations under the Transaction Documents. After any retiring Administrator’s resignation hereunder, the provisions of Sections 3.1 and 3.2 and this Article V shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrator.

Successor Administrator. (a) The Administrator may, upon at least five thirty (530) days’ notice to the Seller Seller, the Purchaser Agents and each Purchaser and Purchaser Agentthe Servicer, resign as Administrator. Except as provided below, such Such resignation shall not become effective until a successor agent Administrator is appointed by the Majority Purchasers Purchaser Agents and the LC Bank (subject to the consent of the Seller, so long as no Termination Event exists, such consent not to be unreasonably withheld, conditioned or delayed) and has accepted such appointment. If no successor Administrator shall have been so appointed by the Majority Purchasers, Purchaser Agents and the LC Bank within thirty sixty (3060) days after the departing resigning Administrator’s giving of notice of resignation, the departing resigning Administrator may appoint a successor Administrator as successor Administrator. If no successor Administrator shall have been so appointed by may, on behalf of the Majority Purchasers within sixty (60) days after the departing Administrator’s giving of notice of resignationSecured Parties, the departing Administrator may petition a court of competent jurisdiction to appoint a successor Administrator. (b) . Upon such acceptance of its appointment as Administrator hereunder by a successor Administrator, such successor Administrator shall succeed to and become vested with all the rights and duties of the retiring resigning Administrator, and the retiring resigning Administrator shall be discharged from its duties and obligations under the Transaction Documents. After any retiring resigning Administrator’s resignation hereunder, the provisions of Sections 3.1 and 3.2 and this Article V IV shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrator.

Successor Administrator. (a) The Administrator may, upon at least five (5) days’ days notice to the Seller and each Purchaser and Purchaser Agent, resign as Administrator. Except as provided below, such resignation shall not become effective until a successor agent is appointed by the Majority Purchasers and has accepted such appointment. If no successor Administrator shall have been so appointed by the Majority Purchasers, within thirty (30) days after the departing Administrator’s giving of notice of resignation, the departing Administrator may appoint a successor Administrator as successor Administrator. If no successor Administrator shall have been so appointed by the Majority Purchasers within sixty (60) days after the departing Administrator’s giving of notice of resignation, the departing Administrator may petition a court of competent jurisdiction to appoint a successor Administrator. (b) Upon such acceptance of its appointment as Administrator hereunder by a successor Administrator, such successor Administrator shall succeed to and become vested with all the rights and duties of the retiring Administrator, and the retiring Administrator shall be discharged from its duties and obligations under the Transaction Documents. After any retiring Administrator’s resignation hereunder, the provisions of Sections 3.1 and 3.2 and this Article V shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrator.

Successor Administrator. (a) The Administrator maymay resign at any time by giving thirty days' notice thereof to the Purchasers, upon at least five (5) days’ notice to the Seller and each Purchaser the Servicer. Upon any such resignation, the Issuer and Purchaser Agent, resign as Administrator. Except as provided below, such resignation the Majority LC Participants shall not become effective until have the right to appoint a successor agent is appointed Administrator approved by the Majority Purchasers and has accepted such appointmentSeller (which approval will not be unreasonably withheld or delayed). If no successor Administrator shall have been so appointed by the Majority Purchasers, and accepted such appointment within thirty (30) 30 days after the departing retiring Administrator’s 's giving of notice of resignation, then the departing retiring Administrator may appoint a successor Administrator as successor Administrator. If no approved by the Seller (which approval will not be unreasonably withheld or delayed), which successor Administrator shall have been so appointed by be either (i) a commercial bank having a combined capital and surplus of at least $250,000,000 or (ii) an Affiliate of such an institution Upon the Majority Purchasers within sixty (60) days after the departing Administrator’s giving of notice of resignation, the departing Administrator may petition a court of competent jurisdiction to appoint a successor Administrator. (b) Upon such acceptance of its any appointment as an Administrator hereunder by a successor Administrator, such successor Administrator shall thereupon succeed to and become vested with all of the rights rights, powers, privileges and duties of the retiring Administrator, and the retiring Administrator shall be discharged from its any further duties and obligations under the Transaction Documentsthis Agreement. After any retiring Administrator’s 's resignation hereunderhereunder as Administrator, the provisions of Sections 3.1 and 3.2 and this Article V IV shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administratoran Administrator under this Agreement.

Successor Administrator. (a) The Administrator may, upon may resign at least five (5) any time by giving thirty days’ notice thereof to the Purchasers, the Seller and each Purchaser the Servicer. Upon any such resignation, the Issuer and Purchaser Agent, resign as Administrator. Except as provided below, such resignation the Majority LC Participants shall not become effective until have the right to appoint a successor agent is appointed Administrator approved by the Majority Purchasers and has accepted such appointmentSeller (which approval will not be unreasonably withheld or delayed). If no successor Administrator shall have been so appointed by the Majority Purchasers, and accepted such appointment within thirty (30) 30 days after the departing retiring Administrator’s giving of notice of resignation, then the departing retiring Administrator may appoint a successor Administrator as successor Administrator. If no approved by the Seller (which approval will not be unreasonably withheld or delayed), which successor Administrator shall have been so appointed by be either (i) a commercial bank having a combined capital and surplus of at least $250,000,000 or (ii) an Affiliate of such an institution Upon the Majority Purchasers within sixty (60) days after the departing Administrator’s giving of notice of resignation, the departing Administrator may petition a court of competent jurisdiction to appoint a successor Administrator. (b) Upon such acceptance of its any appointment as an Administrator hereunder by a successor Administrator, such successor Administrator shall thereupon succeed to and become vested with all of the rights rights, powers, privileges and duties of the retiring Administrator, and the retiring Administrator shall be discharged from its any further duties and obligations under the Transaction Documentsthis Agreement. After any retiring Administrator’s resignation hereunderhereunder as Administrator, the provisions of Sections 3.1 and 3.2 and this Article V IV shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administratoran Administrator under this Agreement.