Common use of The Administrator Not to Resign Clause in Contracts

The Administrator Not to Resign. The Administrator shall not resign from the obligations and duties hereby imposed on it unless (i) the performance of its duties hereunder is no longer permissible under applicable law, or (ii) a successor Administrator acceptable to Beneficiaries representing 50% or more of the Units consent in writing to such resignation. No such resignation shall become effective until the Trustee or a Successor Administrator shall have assumed the responsibilities and obligations of the Administrator under this Agreement. If the Administrator fails to perform its duties, the Grantor shall have the right to appoint a Successor Administrator, and if the Grantor fails to appoint a Successor Administrator then the Trustee shall have the right to appoint a Successor Administrator.