Administrator Not to Resign. Subject to the provisions of Section 7.02, the Administrator shall not resign from the obligations and duties imposed on it by this Agreement as Administrator except upon determination that the performance of its duties under this Agreement is no longer permissible under applicable law. Any such determination permitting the resignation of the Administrator shall be evidenced by an Opinion of Counsel to such effect delivered to the AART Indenture Trustee and the AART Owner Trustee. No such resignation shall become effective until the AART Indenture Trustee or a successor Administrator shall have assumed the responsibilities and obligations of the Administrator in accordance with Section 7.02.
Appears in 11 contracts
Samples: Administration Agreement (Ally Auto Assets LLC), Administration Agreement (Ally Auto Assets LLC), Administration Agreement (Ally Auto Receivables Trust 2012-Sn1)
Administrator Not to Resign. Subject to the provisions of Section 7.02, the Administrator shall not resign from the obligations and duties imposed on it by this Agreement as Administrator except upon determination that the performance of its duties under this Agreement is no longer permissible under applicable law. Any such determination permitting the resignation of the Administrator shall be evidenced by an Opinion of Counsel to such effect delivered to the AART Indenture Trustee and the AART Owner Trustee. No such resignation shall become effective until the AART Indenture Trustee or a successor Administrator shall have assumed the responsibilities and obligations of the Administrator in accordance with Section 7.02.. Table of Contents
Appears in 1 contract
Samples: Administration Agreement (Ally Central Originating Lease Trust)