Common use of Administrator Not to Resign Clause in Contracts

Administrator Not to Resign. Subject to the provisions of Section 6.5, Trans-World Insurance Company shall not resign from the obligations and duties imposed on it as Administrator under this Agreement except upon determination that the performance of its duties under this Agreement shall no longer be permissible under applicable law or shall violate any final order of a court or administrative agency with jurisdiction over it or its properties. Notice of any such determination permitting resignation shall be communicated to the Eligible Lender Trustee, the Indenture Trustee and the Surety Provider at the earliest practicable time (and, if such communication is not in writing, shall be confirmed in writing at the earliest practicable time) and any such determination shall be evidenced by an Opinion of Counsel to such effect delivered to the Eligible Lender Trustee, the Indenture Trustee and the Surety Provider concurrently with or promptly after such notice. No such resignation shall become effective until the Indenture Trustee or a successor Administrator shall have assumed the responsibilities and obligations of TWIC in accordance with Section 8.2.

Administrator Not to Resign. Subject to the provisions of Section 6.5, Trans-World Insurance Company Crestar Bank shall not resign from the obligations and duties imposed on it as Administrator under this Agreement except upon (i) determination that the performance of its duties under this Agreement shall no longer be permissible under applicable law or shall violate any final order of a court or administrative agency with jurisdiction over it or its properties, or (ii) satisfaction of a Rating Agency Condition with respect to such resignation. Notice of any such determination permitting resignation shall be communicated to the Eligible Lender Trustee, Trustee and the Indenture Trustee and the Surety Provider at the earliest practicable time (and, if such communication is not in writing, shall be confirmed in writing at the earliest practicable time) and any such determination shall be evidenced by an Opinion of Counsel to such effect delivered to the Eligible Lender Trustee, Trustee and the Indenture Trustee and the Surety Provider concurrently with or promptly after such notice. No such resignation shall become effective until the Indenture Trustee or a successor Administrator shall have assumed the responsibilities and obligations of TWIC Crestar Bank in accordance with Section 8.2.

Administrator Not to Resign. Subject to the provisions of Section 6.52.2A, Trans-World Insurance Company NELnet shall not resign from the obligations and duties imposed on it as Administrator under this Agreement except upon determination that the performance of its duties under this Agreement shall no longer be permissible under applicable law or shall violate any final order of a court or administrative agency with jurisdiction over it or its properties. Notice of any such determination permitting resignation shall be communicated to the Eligible Lender Trustee, the Indenture Trustee and the Surety Provider Note Insurer at the earliest practicable time (and, if such communication is not in writing, shall be confirmed in writing at the earliest practicable time) and any such determination shall be evidenced by an Opinion opinion of Counsel counsel to such effect delivered to the Eligible Lender Trustee, the Indenture Trustee and the Surety Provider Note Insurer concurrently with or promptly after such notice. No such resignation shall become effective until the Indenture Trustee or a successor Administrator Administrator, with the consent of the Note Insurer, shall have assumed the responsibilities and obligations of TWIC NELnet in accordance with Section 8.2.2.6A.

Administrator Not to Resign. Subject to the provisions of Section 6.5, Trans-World Insurance Company shall not resign from the obligations and duties imposed on it as Administrator under this Agreement except upon determination that the performance of its duties under this Agreement shall no longer be permissible under applicable law or shall violate any final order of a court or administrative agency with jurisdiction over it or its properties. Notice of any such determination permitting resignation shall be communicated to the Eligible Lender Trustee, the Indenture Trustee and the Surety Provider at the earliest practicable time (and, if such communication is not in writing, shall be confirmed in writing at the earliest practicable time) and any such determination shall be evidenced by an Opinion of Counsel to such effect delivered to the Eligible Lender Trustee, the Indenture Trustee and the Surety Provider concurrently with or promptly after such notice. No such resignation shall become effective until the Indenture Trustee or a successor Administrator shall have assumed the responsibilities and obligations of TWIC Trans-World Insurance Company in accordance with Section 8.2.

Administrator Not to Resign. Subject to the provisions of Section 6.59.4, Trans-World Insurance Company Crestar Bank shall not resign from the obligations and duties imposed on it as Administrator under this the Transfer and Servicing Agreement except upon (i) determination that the performance of its duties under this the Transfer and Servicing Agreement shall no longer be permissible under applicable law or shall violate any final order of a court or administrative agency with jurisdiction over it or its properties, or (ii) satisfaction of the Rating Agency Condition with respect to such resignation. Notice of any such determination permitting resignation shall be communicated to the Eligible Lender Trustee, Trustee and the Indenture Trustee and the Surety Provider at the earliest practicable time (and, if such communication is not in writing, shall be confirmed in writing at the earliest practicable time) and any such determination shall be evidenced by an Opinion of Counsel to such effect delivered to the Eligible Lender Trustee, Trustee and the Indenture Trustee and the Surety Provider concurrently with or promptly after such notice. No such resignation shall become effective until the Indenture Trustee or a successor Administrator shall have assumed the responsibilities and obligations of TWIC Crestar Bank as Administrator in accordance with Section 8.210.2.

Administrator Not to Resign. Subject to the provisions of Section 6.5, Trans-World Insurance Company PNC Bank, National Association shall not resign from the obligations and duties imposed on it as Administrator under this Agreement except upon determination that the performance of its duties under this Agreement shall no longer be permissible under applicable law or shall violate any final order of a court or administrative agency with jurisdiction over it or its properties. Notice of any such determination permitting resignation shall be communicated to the Eligible Lender Trustee, Trustee and the Indenture Trustee and the Surety Provider at the earliest practicable time (and, if such communication is not in writing, shall be confirmed in writing at the earliest practicable time) and any such determination shall be evidenced by an Opinion of Counsel to such effect delivered to the Eligible Lender Trustee, Trustee and the Indenture Trustee and the Surety Provider concurrently with or promptly after such notice. No such resignation shall become effective until the Indenture Trustee or a successor Administrator shall have assumed the responsibilities and obligations of TWIC PNC Bank, National Association in accordance with Section 8.2.