Common use of Successor Administrator Clause in Contracts

Successor Administrator. The Administrator may, upon at least five (5) days’ notice to the Seller, each Purchaser and Purchaser Agent, resign as Administrator. Such resignation shall not become effective until a successor Administrator is appointed by the Majority Purchaser Agents and has accepted such appointment. Upon such acceptance of its appointment as Administrator hereunder by a successor Administrator, such successor Administrator shall succeed to and become vested with all the rights and duties of the retiring Administrator, and the retiring Administrator shall be discharged from its duties and obligations under the Transaction Documents. After any retiring Administrator’s resignation hereunder, the provisions of Sections 3.1 and 3.2 and this Article V shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrator.

Successor Administrator. The Administrator may, upon at least five (5) days’ days notice to the Seller, Seller and each Purchaser and Purchaser Agent, resign as Administrator. Such resignation shall not become effective until a successor Administrator agent is appointed by the Majority Purchaser Agents Required Purchasers and has accepted such appointment. Upon such acceptance of its appointment as Administrator hereunder by a successor Administrator, such successor Administrator shall succeed to and become vested with all the rights and duties of the retiring Administrator, and the retiring Administrator shall be discharged from its duties and obligations under the Transaction Documents. After any retiring Administrator’s resignation hereunder, the provisions of Sections 3.1 and 3.2 Article X and this Article V XI shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrator.

Successor Administrator. The Administrator may, upon at least five (5) days’ notice to the Sellereach Borrower, each Purchaser Lender and Purchaser Group Agent, resign as Administrator. Such resignation shall not become effective until a successor Administrator is appointed by the Majority Purchaser Group Agents and has accepted such appointment. Upon such acceptance of its appointment as Administrator hereunder by a successor Administrator, such successor Administrator shall succeed to and become vested with all the rights and duties of the retiring Administrator, and the retiring Administrator shall be discharged from its duties and obligations under the Transaction Documents. After any retiring Administrator’s resignation hereunder, the provisions of Sections 3.1 and 3.2 and this Article V shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrator.

Successor Administrator. The Administrator may, upon at least five (5) days’ days notice to the Seller, Seller and each Purchaser and Purchaser Agent, resign as Administrator. Such resignation shall not become effective until a successor Administrator agent is appointed by the Majority Purchaser Agents Purchasers and has accepted such appointment. Upon such acceptance of its appointment as Administrator hereunder by a successor Administrator, such successor Administrator shall succeed to and become vested with all the rights and duties of the retiring Administrator, and the retiring Administrator shall be discharged from its duties and obligations under the Transaction Documents. After any retiring Administrator’s 's resignation hereunder, the provisions of Sections SECTIONS 3.1 and 3.2 and this Article V shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrator.

Successor Administrator. The Administrator may, upon at least five (5) days’ days notice to the Seller, Seller and each Purchaser and Purchaser Agent, resign as Administrator. Such resignation shall not become effective until a successor Administrator agent is appointed by the Majority Purchaser Agents Purchasers and has accepted such appointment. Upon such acceptance of its appointment as Administrator hereunder by a successor Administrator, such successor Administrator shall succeed to and become vested with all the rights and duties of the retiring Administrator, and the retiring Administrator shall be discharged from its duties and obligations under the Transaction Documents. After any retiring Administrator’s resignation hereunder, the provisions of Sections 3.1 and 3.2 and this Article V shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrator.

Successor Administrator. The Administrator may, upon at least five thirty (530) days’ notice to the Seller, each the Purchaser Agents and Purchaser Agentthe Servicer, resign as Administrator. Such resignation shall not become effective until a successor Administrator is appointed by the Majority Purchaser Agents and, so long as no Termination Event is continuing, the Seller, and each LC Bank and such successor Administrator has accepted such appointment. Upon such acceptance of its appointment as Administrator hereunder by a successor Administrator, such successor Administrator shall succeed to and become vested with all the rights and duties of the retiring Administrator, and the retiring Administrator shall be discharged from its duties and obligations under the Transaction Documents. After any retiring Administrator’s resignation hereunder, the provisions of Sections 3.1 and 3.2 and this Article V IV shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrator.

Successor Administrator. The Administrator Administrator, without limitation, may, upon at least five (5) days’ notice to the Seller, Seller and each Purchaser and Purchaser Agent, resign as Administrator. Such resignation shall not become effective until a successor Administrator agent is appointed by the Majority Purchaser Agents Purchasers and has accepted such appointment. Upon such acceptance of its appointment as Administrator hereunder by a successor Administrator, such successor Administrator shall succeed to and become vested with all the rights and duties of the retiring Administrator, and the retiring Administrator shall be discharged from its duties and obligations under the Transaction Documents. After any retiring Administrator’s resignation hereunder, the provisions of Sections 3.1 and 3.2 and this Article V shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrator.

Successor Administrator. The Administrator may, upon at least five thirty (530) days’ notice to the Seller, each the Purchaser Agents and Purchaser Agentthe Servicer, resign as Administrator. Such resignation shall not become effective until a successor Administrator is appointed by the Majority Purchaser Agents and the LC Bank and has accepted such appointment. Upon such acceptance of its appointment as Administrator hereunder by a successor Administrator, such successor Administrator shall succeed to and become vested with all the rights and duties of the retiring Administrator, and the retiring Administrator shall be discharged from its duties and obligations under the Transaction Documents. After any retiring Administrator’s resignation hereunder, the provisions of Sections 3.1 and 3.2 and this Article V IV shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrator.

Successor Administrator. The Administrator may, upon at least five (5) days’ Business Days notice to the Seller, Seller and each Purchaser and Purchaser AgentPurchaser, resign as Administrator. Such resignation shall not become effective until a successor Administrator is appointed by the Majority Purchaser Agents and the LC Bank and has accepted such appointment. Upon such acceptance of its appointment as Administrator hereunder by a successor Administrator, such successor Administrator shall succeed to and become vested with all the rights and duties of the retiring Administrator, and the retiring Administrator shall be discharged from its duties and obligations under the Transaction Documents. After any retiring Administrator’s resignation hereunder, the provisions of Sections 3.1 and 3.2 and this Article V shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrator.

Successor Administrator. The Administrator may, upon at least five (5) days’ days notice to the Seller, Seller and each Purchaser and Purchaser Agent, resign as Administrator. Such resignation shall not become effective until a successor Administrator agent is appointed by the Majority Purchaser Agents Purchasers and has accepted such appointment. Upon such acceptance of its appointment as Administrator hereunder by a successor Administrator, such successor Administrator shall succeed to and become vested with all the rights and duties of the retiring Administrator, and the retiring Administrator shall be discharged from its duties and obligations under the Transaction Documents. After any retiring Administrator’s 's resignation hereunder, the provisions of Sections 3.1 and 3.2 and this Article V shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrator.

Successor Administrator. The Administrator may, upon at least five thirty (530) days’ notice to the Seller, each the Purchaser Agents and Purchaser Agentthe Servicer, resign as Administrator. Such resignation shall not become effective until a successor Administrator is appointed by the Majority Purchaser Agents and, so long as no Termination Event is continuing, the Seller, and the LC Bank and has accepted such appointment. Upon such acceptance of its appointment as Administrator hereunder by a successor Administrator, such successor Administrator shall succeed to and become vested with all the rights and duties of the retiring Administrator, and the retiring Administrator shall be discharged from its duties and obligations under the Transaction Documents. After any retiring Administrator’s resignation hereunder, the provisions of Sections 3.1 and 3.2 and this Article V IV shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrator.

Successor Administrator. The Administrator may, upon at least five (5) days’ ' notice to the Seller, each Purchaser and Purchaser Agent, resign as Administrator. Such resignation shall not become effective until a successor Administrator is appointed by the Majority Purchaser Agents and has accepted such appointment. Upon such acceptance of its appointment as Administrator hereunder by a successor Administrator, such successor Administrator shall succeed to and become vested with all the rights and duties of the retiring Administrator, and the retiring Administrator shall be discharged from its duties and obligations under the Transaction Documents. After any retiring Administrator’s 's resignation hereunder, the provisions of Sections 3.1 and 3.2 and this Article V shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrator.

Successor Administrator. The Administrator may, upon at least five (5) days’ days notice to the Seller, Seller and each Purchaser and Purchaser Agent, resign as Administrator. Such resignation shall not become effective until a successor Administrator agent is appointed by the Majority Purchaser Required PurchasersPurchaser Agents and has accepted such appointment. Upon such acceptance of its appointment as Administrator hereunder by a successor Administrator, such successor Administrator shall succeed to and become vested with all the rights and duties of the retiring Administrator, and the retiring Administrator shall be discharged from its duties and obligations under the Transaction Documents. After any retiring Administrator’s resignation hereunder, the provisions of Sections 3.1 and 3.2 Article X and this Article V XI shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrator.

Successor Administrator. The Administrator may, upon at least five thirty (530) days’ notice to the Seller, each the Purchaser Agents and Purchaser Agentthe Servicer, resign as Administrator. Such resignation shall not become effective until a successor Administrator is appointed by the Majority Purchaser Agents and, so long as no Termination Event is continuing, the Seller, and each LC Bank and such successor Administrator has accepted such appointment. Upon such acceptance of its appointment as Administrator hereunder by a successor Administrator, such successor Administrator shall succeed to and become vested with all the rights and duties of the retiring Administrator, and the retiring Administrator shall be discharged from its duties and obligations under the Transaction Documents. After any retiring Administrator’s resignation hereunder, the provisions of Sections 3.1 and 3.2 and this Article V IV shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrator.. 740811803 17540157

Successor Administrator. The Administrator may, upon at least five thirty (530) days’ days notice to the Seller, Seller and each Purchaser and Purchaser Agent, resign as Administrator. Such resignation shall not become effective until a successor Administrator agent is appointed by the Majority Purchaser Agents and has accepted such appointment. Upon such acceptance of its appointment as Administrator hereunder by a successor Administrator, such successor Administrator shall succeed to and become vested with all the rights and duties of the retiring Administrator, and the retiring Administrator shall be discharged from its duties and obligations under the Transaction Documents. After any retiring Administrator’s resignation hereunder, the provisions of Sections 3.1 and 3.2 and this Article V shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrator.

Successor Administrator. The Administrator may, upon at least five (5) days’ ' notice to the Seller, each Purchaser Buyer and Purchaser Buyer Agent, resign as Administrator. Such resignation shall not become effective until a successor Administrator is appointed by the Majority Purchaser Agents Buyers and has accepted such appointment. Upon such acceptance of its appointment as Administrator hereunder by a successor Administrator, such successor Administrator shall succeed to and become vested with all the rights and duties of the retiring Administrator, and the retiring Administrator shall be discharged from its duties and obligations under the Transaction Purchase Documents. After any retiring Administrator’s 's resignation hereunder, the provisions of Sections 3.1 11.01 11.03 and 3.2 11.04 and this Article V XII shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrator.. 105

Successor Administrator. The Administrator may, upon at least five (5) days’ days notice to the Seller, Seller and each Purchaser and Purchaser Agent, resign as Administrator. Such resignation shall not become effective until a successor Administrator agent, reasonably acceptable to the Seller, is appointed by the Majority Purchaser Agents Purchasers and has accepted such appointment. Upon such acceptance of its appointment as Administrator hereunder by a successor Administrator, such successor Administrator shall succeed to and become vested with all the rights and duties of the retiring Administrator, and the retiring Administrator shall be discharged from its duties and obligations under the Transaction Documents. After any retiring Administrator’s resignation hereunder, the provisions of Sections 3.1 and 3.2 and this Article V shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrator.

Successor Administrator. The Administrator may, upon at least five thirty (530) days’ notice to the Seller, each Purchaser the Purchasers and Purchaser Agentthe Servicer, resign as Administrator. Such resignation shall not become effective until a successor Administrator is appointed by the Majority Purchaser Agents Issuer and the LC Bank and has accepted such appointment. Upon such acceptance of its appointment as Administrator hereunder by a successor Administrator, such successor Administrator shall succeed to and become vested with all the rights and duties of the retiring Administrator, and the retiring Administrator shall be discharged from its duties and obligations under the Transaction Documents. After any retiring Administrator’s resignation hereunder, the provisions of Sections 3.1 and 3.2 and this Article V IV shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrator.

Successor Administrator. The Administrator may, upon at least five (5) days’ days notice to the Seller, each Purchaser and each Purchaser Agent, resign as Administrator. Such resignation shall not become effective until a successor Administrator agent is appointed by the Majority Purchaser Agents Purchasers and has accepted such appointment. Upon such acceptance of its appointment as Administrator hereunder by a successor Administrator, such successor Administrator shall succeed to and become vested with all the rights and duties of the retiring Administrator, and the retiring Administrator shall be discharged from its duties and obligations under the Transaction Documents. After any retiring Administrator’s 's resignation hereunder, the provisions of Sections 3.1 and 3.2 and this Article V shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrator.

Successor Administrator. The Administrator may, upon at least five (5) days’ notice to the Seller, each Purchaser and Purchaser Agent, resign as Administrator. Such resignation shall not become effective until a successor Administrator is appointed by the Majority Purchaser Agents and the LC Bank and has accepted such appointment. Upon such acceptance of its appointment as Administrator hereunder by a successor Administrator, such successor Administrator shall succeed to and become vested with all the rights and duties of the retiring Administrator, and the retiring Administrator shall be discharged from its duties and obligations under the Transaction Documents. After any retiring Administrator’s resignation hereunder, the provisions of Sections 3.1 and 3.2 and this Article V shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrator.

Successor Administrator. The Administrator may, upon at least five (5) days’ days notice to the Seller, Seller and each Purchaser and Purchaser Agent, resign as Administrator. Such resignation shall not become effective until a successor Administrator agent is appointed by the Majority Purchaser Agents and has accepted such appointment. Upon such acceptance of its appointment as Administrator hereunder by a successor Administrator, such successor Administrator shall succeed to and become vested with all the rights and duties of the retiring Administrator, and the retiring Administrator shall be discharged from its duties and obligations under the Transaction Documents. After any retiring Administrator’s resignation hereunder, the provisions of Sections 3.1 and 3.2 and this Article V shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrator.

Successor Administrator. The Administrator may, upon at least five (5) days’ Business Days notice to the Seller, Seller and each Purchaser and Purchaser AgentConduit Purchaser, resign as Administrator. Such resignation shall not become effective until a successor Administrator is appointed by the Majority Purchaser Agents Conduit Purchasers and has accepted such appointment. Upon such acceptance of its appointment as Administrator hereunder by a successor Administrator, such successor Administrator shall succeed to and become vested with all the rights and duties of the retiring Administrator, and the retiring Administrator shall be discharged from its duties and obligations under the Transaction Documents. After any retiring Administrator’s 's resignation hereunder, the provisions of Sections 3.1 and 3.2 and this Article V shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrator.

Successor Administrator. The Administrator may, upon at least five (5) days’ days notice to the Seller, Seller and each Purchaser and Purchaser Agent, resign as Administrator. Such resignation shall not become effective until a successor Administrator agent is appointed by the Majority Purchaser Agents Purchasers and has accepted such appointment. Upon such acceptance of its appointment as Administrator hereunder by a successor Administrator, such successor Administrator shall succeed to and become vested with all the rights and duties of the retiring Administrator, and the retiring Administrator shall be discharged from its duties and obligations under the Transaction Documents. After any retiring Administrator’s 's resignation hereunder, the provisions of Sections 3.1 and 3.2 and this Article V XI and Article XIII shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrator.

Successor Administrator. The Administrator may, upon at least five (5) days’ notice to the SellerBorrower, each Purchaser Lender and Purchaser Group Agent, resign as Administrator. Such resignation shall not become effective until a successor Administrator is appointed by the Majority Purchaser Group Agents and has accepted such appointment. Upon such acceptance of its appointment as Administrator hereunder by a successor Administrator, such successor Administrator shall succeed to and become vested with all the rights and duties of the retiring Administrator, and the retiring Administrator shall be discharged from its duties and obligations under the Transaction Documents. After any retiring Administrator’s resignation hereunder, the provisions of Sections 3.1 and 3.2 and this Article V shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrator.

Successor Administrator. The Administrator may, upon at least five (5) days’ days notice to the Seller, Seller and each Purchaser and Purchaser Agent, resign as Administrator. Such resignation shall not become effective until a successor Administrator agent is appointed by the Majority Required Purchaser Agents and has accepted such appointment. Upon such acceptance of its appointment as Administrator hereunder by a successor Administrator, such successor Administrator shall succeed to and become vested with all the rights and duties of the retiring Administrator, and the retiring Administrator shall be discharged from its duties and obligations under the Transaction Documents. After any retiring Administrator’s resignation hereunder, the provisions of Sections 3.1 and 3.2 Article X and this Article V XI shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrator.

Successor Administrator. The Administrator may, upon at least five (5) days’ days notice to the Seller, Seller and each Purchaser and Purchaser Agent, resign as Administrator. Such resignation shall not become effective until a successor Administrator agent is appointed by the Majority Purchaser Agents Required Purchasers and has accepted such appointment. Upon such acceptance of its appointment as Administrator hereunder by a successor Administrator, such successor Administrator shall succeed to and become vested with all the rights and duties of the retiring Administrator, and the retiring Administrator shall be discharged from its duties and obligations under the Transaction Documents. After any retiring Administrator’s 's resignation hereunder, the provisions of Sections 3.1 and 3.2 and this Article V XI and Article XIII shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrator.