No Resignation. Except as stated in Section 3.4(b), the Administrator will not resign as Administrator unless it determines it is legally unable to perform its obligations under this Agreement. The Administrator will notify the Issuer and the Owner Trustee of its resignation and deliver an Opinion of Counsel supporting its determination.
Appears in 71 contracts
Samples: Administration Agreement (Ford Credit Auto Lease Trust 2020-A), Administration Agreement (Ford Credit Auto Lease Trust 2022-A), Administration Agreement (Ford Credit Auto Owner Trust 2018-A)
No Resignation. Except as stated in Section 3.4(b3.3(b), the Administrator will not resign as Administrator unless it determines it is legally unable to perform its obligations under this Agreement. The Administrator will notify the Issuer and the Owner Trustee of its resignation and deliver resignation, which notification shall include an Opinion of Counsel supporting its determination.
Appears in 18 contracts
Samples: Transfer and Servicing Agreement (Verizon Owner Trust 2020-A), Transfer and Servicing Agreement (Verizon Owner Trust 2020-C), Transfer and Servicing Agreement (Verizon Owner Trust 2020-B)
No Resignation. Except as stated in Section 3.4(b), the Administrator will not resign as Administrator unless it determines it is legally unable to perform its obligations under this Agreement. The Administrator will notify the Issuer and the Owner Trustee of its resignation and deliver resignation, including an Opinion of Counsel supporting its determination.
Appears in 8 contracts
Samples: Administration Agreement (Ford Credit Auto Owner Trust 2016-B), Administration Agreement (Ford Credit Auto Owner Trust 2016-A), Administration Agreement (Ford Credit Auto Lease Two LLC)
No Resignation. Except as stated in Section 3.4(b), the Administrator will not resign as Administrator unless it determines it is legally unable to perform its obligations under this Agreement. The Administrator will notify deliver a notice of resignation to the Issuer and the Owner Trustee of its resignation and deliver as soon as practicable after it determines it is required to resign, together with an Opinion of Counsel supporting its determination.
Appears in 4 contracts
Samples: Administration Agreement (Ford Credit Auto Receivables Two LLC), Administration Agreement (Ford Credit Auto Receivables Two LLC), Administration Agreement (Ford Credit Auto Receivables Two LLC)
No Resignation. Except as stated in Section 3.4(b3.3(b), the Administrator will not resign as Administrator unless it determines it is legally unable to perform its obligations under this Agreement. The Administrator will notify the Issuer Trust and the Owner Trustee of its resignation and deliver resignation, which notification shall include an Opinion of Counsel supporting its determination.
Appears in 3 contracts
Samples: Administration Agreement (Verizon Master Trust), Administration Agreement (Verizon Master Trust), Administration Agreement (Verizon Master Trust)
