Common use of Successor Funding Agent Clause in Contracts

Successor Funding Agent. (a) Each Funding Agent may, upon at least thirty (30) days notice to the Collateral Agent, the Company, the Master Servicer, the Administrative Agent and its Lender resign as a Funding Agent. (b) Such resignation shall not become effective until a successor Funding Agent is appointed in the manner prescribed by the relevant Program Support Agreements or, in the absence of any provisions in such Program Support Agreements providing for the appointment of a successor Funding Agent, until a successor Funding Agent is appointed by the Lender in its Lender Group and such successor Funding Agent has accepted such appointment. (c) If no successor Funding Agent shall have been so appointed within thirty (30) days after the departing Funding Agent’s giving of notice of resignation, then the departing Funding Agent may, on behalf of its Lender, appoint a successor Funding Agent, which successor Funding Agent shall be either a commercial bank having short-term debt ratings of at least A-1 from S&P and P-1 from Xxxxx’x or an Affiliate of such an institution. (d) Upon such acceptance of its appointment as Funding Agent hereunder by a successor Funding Agent, such successor Funding Agent shall succeed to and become vested with all the rights and duties of the retiring Funding Agent (including the provisions of Section 34.9(b)), and the retiring Funding Agent shall be discharged from any further duties and obligations under the Transaction Documents. (e) After each Funding Agent’s resignation hereunder, the provisions of Section 12, Section 37.12 and this Section 34.9 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was a Funding Agent.

Successor Funding Agent. (a) Each Funding Agent may, upon at least thirty (30) days days’ notice to the Collateral Agent, the Company, the Master Servicer, the Administrative Agent and its Lender resign as a Funding Agent. (b) Such resignation shall not become effective until a successor Funding Agent is appointed in the manner prescribed by the relevant Program Support Agreements or, in the absence of any provisions in such Program Support Agreements providing for the appointment of a successor Funding Agent, until a successor Funding Agent is appointed by the Lender in its Lender Group and such successor Funding Agent has accepted such appointment. (c) If no successor Funding Agent shall have been so appointed within thirty (30) days after the departing Funding Agent’s giving of notice of resignation, then the departing Funding Agent may, on behalf of its Lender, appoint a successor Funding Agent, which successor Funding Agent shall be either a commercial bank having short-term debt ratings of at least A-1 from S&P and P-1 from Xxxxx’x or an Affiliate of such an institution. (d) Upon such acceptance of its appointment as Funding Agent hereunder by a successor Funding Agent, such successor Funding Agent shall succeed to and become vested with all the rights and duties of the retiring Funding Agent (including the provisions of Section 34.9(b)), and the retiring Funding Agent shall be discharged from any further duties and obligations under the Transaction Documents. (e) After each Funding Agent’s resignation hereunder, the provisions of Section 12, Section 37.12 and this Section 34.9 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was a Funding Agent.

Successor Funding Agent. (a) Each The Funding Agent may, may resign ----------------------- as Funding Agent upon at least thirty ten (3010) days days' notice to the Collateral Agent, Series 2000-1 Purchasers and the Company, the Master Servicer, the Administrative Agent Company and its Lender resign as a Funding Agent. (b) Such resignation shall such registration not become to be effective until a successor funding agent is appointed. If the Funding Agent is appointed in shall resign as Funding Agent under this Supplement, then the manner prescribed Series 2000-1 Majority Purchasers shall appoint from among the Series 2000-1 Purchasers a successor agent for the Series 2000-1 Purchasers, which successor agent shall be approved by the relevant Program Support Agreements orCompany and the Master Servicer (which approval shall not be unreasonably withheld), in whereupon such successor agent shall succeed to the absence rights, powers and duties of any provisions in such Program Support Agreements providing for the appointment of a successor Funding Agent, until a successor and the term "Funding Agent is appointed by the Lender in its Lender Group and Agent" shall mean such successor Funding Agent has accepted agent ------------- effective upon such appointment. (c) If no successor Funding Agent shall have been so appointed within thirty (30) days after appointment and approval, and the departing former Funding Agent’s giving of notice of resignation's rights, then the departing Funding Agent may, on behalf of its Lender, appoint a successor Funding Agent, which successor powers and duties as Funding Agent shall be either a commercial bank having short-term debt ratings of at least A-1 from S&P and P-1 from Xxxxx’x terminated, without any other or an Affiliate further act or deed on the part of such an institution. (d) Upon such acceptance former Funding Agent or any of its appointment the parties to this Supplement. After any retiring Funding Agent's resignation as Funding Agent hereunder by a successor Funding Agent, such successor Funding Agent shall succeed to and become vested with all the rights and duties of the retiring Funding Agent (including the provisions of Section 34.9(b)), and the retiring Funding Agent shall be discharged from any further duties and obligations under the Transaction Documents. (e) After each Funding Agent’s resignation hereunder, the provisions of Section 12, Section 37.12 and this Section 34.9 Article X shall inure to its benefit as --------- to any actions taken or omitted to be taken by it while it was a Funding AgentAgent under this Supplement.

Successor Funding Agent. (a) Each Funding Agent may, upon at least thirty (30) days notice to the Collateral Agent, the Company, the Master Servicer, the Administrative Agent and its Lender resign as a Funding Agent. (b) Such resignation shall not become effective until a successor Funding Agent is appointed in the manner prescribed by the relevant Program Support Agreements or, in the absence of any provisions in such Program Support Agreements providing for the appointment of a successor Funding Agent, until a successor Funding Agent is appointed by the Lender in its Lender Group and such successor Funding Agent has accepted such appointment. (c) If no successor Funding Agent shall have been so appointed within thirty (30) days after the departing Funding Agent’s giving of notice of resignation, then the departing Funding Agent may, on behalf of its Lender, appoint a successor Funding Agent, which successor Funding Agent shall be either a commercial bank having short-term debt ratings of at least A-1 from S&P and P-1 from Xxxxx’x or an Affiliate of such an institution. (d) Upon such acceptance of its appointment as Funding Agent hereunder by a successor Funding Agent, such successor Funding Agent shall succeed to and become vested with all the rights and duties of the retiring Funding Agent (including the provisions of Section 34.9(b33.9(b)), and the retiring Funding Agent shall be discharged from any further duties and obligations under the Transaction Documents. (e) After each a Funding Agent’s resignation hereunder, the provisions of Section 12, Section 37.12 36.12 and this Section 34.9 33.9 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was a Funding Agent.

Successor Funding Agent. (a) Each Funding Agent may, upon at least thirty (30) days notice to the Collateral Agent, the Company, the Master Servicer, the Administrative Agent and its Lender resign as a Funding Agent. (b) Such resignation shall not become effective until a successor Funding Agent is appointed in the manner prescribed by the relevant Program Support Agreements or, in the absence of any provisions in such Program Support Agreements providing for the appointment of a successor Funding Agent, until a successor Funding Agent is appointed by the Lender in its Lender Group and such successor Funding Agent has accepted such appointment. (c) If no successor Funding Agent shall have been so appointed within thirty (30) days after the departing Funding Agent’s giving of notice of resignation, then the departing Funding Agent may, on behalf of its Lender, appoint a successor Funding Agent, which successor Funding Agent shall be either a commercial bank having short-term debt ratings of at least A-1 from S&P and P-1 from Xxxxx’x or an Affiliate of such an institution. (d) Upon such acceptance of its appointment as Funding Agent hereunder by a successor Funding Agent, such successor Funding Agent shall succeed to and become vested with all the rights and duties of the retiring Funding Agent (including the provisions of Section 34.9(b33.9(b)), and the retiring Funding Agent shall be discharged from any further duties and obligations under the Transaction Documents. (e) After each Funding Agent’s resignation hereunder, the provisions of Section 12, Section 37.12 and this Section 34.9 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was a Funding Agent.