Common use of Successor Administrator Clause in Contracts

Successor Administrator. The Administrator may, upon at least thirty (30) days’ notice to the Seller, the Servicer and each Purchaser Agent, resign as Administrator. Such resignation shall not become effective until a successor Administrator is appointed by the Majority Purchaser Agents, with the consent of the Seller (which consent shall not be unreasonably withheld or delayed and which consent shall not be required if a Termination Event shall have occurred and is continuing), and has accepted such appointment. 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 Section 4.7 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrator.

Successor Administrator. The Administrator may, upon at least thirty (30) days’ prior written notice to the Seller, the Servicer each Purchaser and each Purchaser Agent, resign as Administrator. Such resignation shall not become effective until (x) a successor Administrator is appointed by the Majority Purchaser AgentsAgents and has accepted such appointment and (y) so long as no Termination Event has occurred and is continuing, with the consent of the Seller shall have consented to such successor Administrator (which such consent shall not to be unreasonably withheld or delayed and which consent shall not be required if a Termination Event shall have occurred and is continuingdelayed), and has accepted such appointment. 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 Section 4.7 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. The Administrator may, upon resign at least any time by giving thirty (30) daysBusiness Days’ notice thereof to the Seller, the Servicer Servicer, each Purchaser and each Purchaser Agent, resign as Administrator. Such resignation shall not become effective until a successor Administrator is appointed by the Majority Purchaser Agents, Agents and the LC Bank and has accepted such appointment with the consent of the Seller (which such consent shall not to be unreasonably withheld withheld, conditioned or delayed and which delayed); provided, however, that the consent of the Seller shall not be required if (i) a Termination Event shall have has occurred and is continuing), and has accepted continuing or (ii) such appointmentsuccessor Administrator is any Purchaser Agent or an Affiliate of PNC or a Purchaser Agent. 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 any further duties and obligations under the Transaction Documents. After any retiring Administrator’s resignation hereunder, the provisions of Sections 3.1 and 3.2 3.1, 3.2, 6.4 and this Section 4.7 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. The Administrator may, upon at least thirty (30) days’ days notice to the Seller, the Servicer Seller and each Purchaser and Purchaser Agent, resign as Administrator. Such resignation shall not become effective until (x) a successor Administrator agent is appointed by the Majority Purchaser AgentsPurchasers and has accepted such appointment and (y) so long as no Termination Event or Unmatured Termination Event has occurred and is continuing, with the consent of the Seller shall have consented to such successor agent (which such consent shall not to be unreasonably withheld or delayed and which consent shall not be required if a Termination Event shall have occurred and is continuingdelayed), and has accepted such appointment. 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 5.1 and 3.2 5.2 and this Section 4.7 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. The Administrator may, upon at least thirty (30) days’ ' notice to the Seller, the Servicer and each Purchaser Agent, resign as Administrator. Such resignation shall not become effective until a successor Administrator is appointed by the Majority Purchaser Agents, with the consent of the Seller (which consent shall not be unreasonably withheld or delayed and which consent shall not be required if a Termination Event shall have occurred and is continuing), and has accepted such appointment. 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 's resignation hereunder, the provisions of Sections 3.1 and 3.2 and this Section 4.7 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrator.