Common use of Administrator Not to Resign Clause in Contracts

Administrator Not to Resign. Subject to the provisions of Section 2.2A, 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 Trustee and the 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 of counsel to such effect delivered to the Trustee and the Note Insurer concurrently with or promptly after such notice. No such resignation shall become effective until the Trustee or a successor Administrator, with the consent of the Note Insurer, shall have assumed the responsibilities and obligations of NELnet in accordance with Section 2.6A.

Administrator Not to Resign. Subject to the provisions of Section 2.2A6.5, NELnet 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 and the Note Insurer Indenture Trustee 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 and the Note Insurer Indenture Trustee concurrently with or promptly after such notice. No such resignation shall become effective until the Indenture Trustee or a successor Administrator, with the consent of the Note Insurer, Administrator shall have assumed the responsibilities and obligations of NELnet PNC Bank, National Association in accordance with Section 2.6A.8.2.