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.

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.

Successor Administrator. (a) The Administrator may, upon at least five thirty (530) days’ prior written notice to the Seller and Seller, each Purchaser and Purchaser Agent, resign as Administrator. Except as provided below, such Such resignation shall not become effective until (x) a successor agent Administrator is appointed by the Majority Purchasers Purchaser Agents and has accepted such appointmentappointment and (y) so long as no Termination Event or Unmatured Termination Event has occurred and is continuing, the Seller and the Servicer shall have consented to such successor Administrator (such consent not to be unreasonably withheld or delayed). If no Upon such acceptance of its appointment as Administrator hereunder by a successor Administrator, such successor Administrator shall have been so appointed by succeed to and become vested with all the Majority Purchasersrights and duties of the retiring Administrator, within thirty (30) days after and the departing Administrator’s giving of notice of resignation, the departing Administrator may appoint a successor Administrator as successor Administrator. If no successor retiring Administrator shall have been so appointed by be discharged from its duties and obligations under 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.Transaction