Common use of Resignation Clause in Contracts

Resignation. So long as any Obligation is outstanding, the Member may not resign, except as permitted under the Basic Documents and if the Rating Agency Condition is satisfied. If the Member is permitted to resign pursuant to this Section 22, an additional member of the Company shall be admitted to the Company, subject to Section 23, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 63 contracts

Samples: Limited Liability Company Agreement (Santander Drive Auto Receivables LLC), Limited Liability Company Agreement (Santander Drive Auto Receivables LLC), Limited Liability Company Agreement (Safeway Stores 42, Inc.)

AutoNDA by SimpleDocs

Resignation. So long as any Obligation is outstanding, the A Member may not resign, except as permitted under resign from the Basic Documents and if Company with the Rating Agency Condition is satisfiedwritten consent of all of the Members. If the a Member is permitted to resign pursuant to this Section 223.4, an additional member of the Company shall be admitted to the Company, subject to Section 233.3, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation resignation, and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 48 contracts

Samples: Limited Liability Company Agreement (TCEH Finance, Inc.), Limited Liability Company Agreement (TCEH Finance, Inc.), Limited Liability Company Agreement (TCEH Finance, Inc.)

Resignation. So long as any Obligation is outstanding, the Member may not resign, except as permitted under the Basic Transaction Documents and if the Rating Agency Condition is satisfied. If the Member is permitted to resign pursuant to this Section 2223, an additional member of the Company shall be admitted to the Company, subject to Section 2324, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 20 contracts

Samples: Limited Liability Company Agreement (NISSAN AUTO RECEIVABLES Co II LLC), Limited Liability Company Agreement (Bridgecrest Auto Funding LLC), Limited Liability Company Agreement (Capital One Auto Receivables LLC)

Resignation. So long as any Trust Obligation is outstanding, the Member may not resign, except as permitted under the Basic Documents and if the Rating Agency Condition is satisfied. If the Member is permitted to resign pursuant to this Section 22, an additional member of the Company shall be admitted to the Company, subject to Section 23, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 11 contracts

Samples: Limited Liability Company Agreement (Usaa Acceptance LLC), Limited Liability Company Agreement (Usaa Acceptance LLC), Limited Liability Company Agreement (Usaa Acceptance LLC)

Resignation. So long as any Obligation is outstanding, the Economic Member may not resign, except as permitted under the Basic Transaction Documents and if the Rating Agency Condition is satisfied. If the Economic Member is permitted to resign pursuant to this Section 2221, an additional member of the Company shall be admitted to the Company, subject to Section 2322, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Economic Member shall cease to be a member of the Company.

Appears in 10 contracts

Samples: Limited Liability Company Agreement (CNH Capital Receivables LLC), Limited Liability Company Agreement (CNH Capital Receivables LLC), Limited Liability Company Agreement (CNH Capital Receivables LLC)

Resignation. So long as any Obligation is outstanding, the Member may not resign, except as permitted under the Basic Transaction Documents and if the Rating Agency Condition is satisfied. If the Member is permitted to resign pursuant to this Section 2224, an additional member of the Company shall be admitted to the Company, subject to Section 2325, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 9 contracts

Samples: Limited Liability Company Agreement (Fifth Third Holdings Funding, LLC), Limited Liability Company Agreement (Fifth Third Holdings Funding, LLC), Limited Liability Company Agreement (Fifth Third Holdings Funding, LLC)

Resignation. So long as any Obligation is outstanding, the Member may not resign, except as permitted under the Basic Transaction Documents and if the Rating Agency Condition is satisfied. If the Member is permitted to resign pursuant to this Section 22, an additional member of the Company shall be admitted to the Company, subject to Section 23, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 9 contracts

Samples: Limited Liability Company Agreement (Volkswagen Auto Lease/Loan Underwritten Funding, LLC), Limited Liability Company Agreement (Volkswagen Auto Lease/Loan Underwritten Funding, LLC), Limited Liability Company Agreement (Volkswagen Auto Lease/Loan Underwritten Funding, LLC)

Resignation. So long as any Obligation is outstanding, the Member may not resign, except as permitted under the Basic Documents and if the Rating Agency Condition is satisfied. If the Member is permitted to resign pursuant to this Section 22Section, an additional member of the Company shall be admitted to the Company, subject to Section 238.03, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 7 contracts

Samples: Limited Liability Company Agreement (Carmax Auto Funding LLC), Limited Liability Company Agreement (Wachovia Card Receivables LLC), Limited Liability Company Agreement (Wachovia Education Loan Funding LLC)

Resignation. So long as any Obligation is outstanding, the Member may not resign, except as permitted under the Basic Documents and if the Rating Agency Condition is satisfiedDocuments. If the Member is permitted to resign pursuant to this Section 22, an additional member of the Company shall be admitted to the Company, subject to Section 23, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 6 contracts

Samples: Limited Liability Company Agreement (WF Card Funding LLC), Limited Liability Company Agreement (WF Card Issuance Trust), Pooling and Servicing Agreement (BA Credit Card Trust)

Resignation. So long as any Obligation Indebtedness is outstanding, the Initial Member may not resign, except as permitted under the Basic Documents and if resign unless the Rating Agency Condition is satisfied. A Member (other than the Initial Member) may resign from the Company with the written consent of the Initial Member. If the a Member is permitted to resign pursuant to this Section 22, an additional member of the Company shall be admitted to the Company, subject to Section 23, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation resignation, and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 6 contracts

Samples: Limited Liability Company Agreement (Sdg&e Funding LLC a De Limited Liability Co), Limited Liability (Sdg&e Funding LLC a De Limited Liability Co), Limited Liability Company Agreement (Sce Funding LLC)

Resignation. So long as any Obligation is outstandingDuring the life of the Company, the Member may not resign, except as permitted under the Basic Documents and if resign unless the Rating Agency Condition Confirmation is satisfied. If the Member is permitted to resign pursuant to this Section 22, satisfied and if an additional member of the Company shall be admitted to the Company, subject to Section 2311.3 hereof, upon its execution of an instrument signifying its an agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 5 contracts

Samples: Limited Liability Company Agreement (3650 REIT Commercial Mortgage Securities II LLC), Limited Liability Company Agreement (3650 REIT Commercial Mortgage Securities II LLC), Limited Liability Company Agreement (3650 REIT Commercial Mortgage Securities LLC)

Resignation. So long as any Obligation Security is outstanding, the Member may not resign, except as permitted under the Basic Documents and if the Rating Agency Condition is satisfiedProgram Documents. If the Member is permitted to resign pursuant to this Section 22, an additional member of the Company shall be admitted to the Company, subject to Section 23, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 5 contracts

Samples: Limited Liability Company Agreement (Prosper Funding LLC), Limited Liability Company Agreement (Prosper Marketplace Inc), Limited Liability Company Agreement (Prosper Funding LLC)

Resignation. So long as any Obligation is outstanding, the Member may not resign, except as permitted under the Basic Documents and if the Rating Agency Condition is satisfiedLoan Documents. If the Member is permitted to resign pursuant to this Section 22, an additional member of the Company shall be admitted to the Company, subject to Section 23, Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 5 contracts

Samples: Limited Liability Company Agreement (Bluerock Residential Growth REIT, Inc.), Limited Liability Company Agreement (Bluerock Residential Growth REIT, Inc.), Limited Liability Company Agreement (Bluerock Residential Growth REIT, Inc.)

Resignation. So long as any Obligation is Obligations are outstanding, the Member may not resign, except as permitted under the Basic Documents and if the Rating Agency Condition is satisfied. If the Member is permitted to resign pursuant to this Section 228.4, an additional member Member of the Company shall be admitted to the Company, subject to Section 23, Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member Member of the Company.

Appears in 5 contracts

Samples: Limited Liability Company Agreement (Ally Auto Assets LLC), Limited Liability Company Agreement (Ally Wholesale Enterprises LLC), Limited Liability Company Agreement (Ally Auto Assets LLC)

Resignation. So long as any Obligation is outstanding, the Member may not resign, except as permitted under the Basic Documents and if the Rating Agency Condition is satisfiedDocuments. If the Member is permitted to resign pursuant to this Section 22, an additional member of the Company shall be admitted to the Company, subject to Section 23, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, and immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 5 contracts

Samples: Limited Liability Company Agreement (Chec Funding LLC), Limited Liability Company Agreement (Terwin Securitization LLC), Limited Liability Company Agreement (Collegiate Funding of Delaware LLC)

Resignation. So long as any Obligation is outstanding, the Member may not resign, except as permitted under the Basic Documents and if the Rating Agency Condition is satisfiedDocuments. If the Member is permitted to resign pursuant to this Section 2220, an additional member of the Company shall be admitted to the Company, subject to Section 2321, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 5 contracts

Samples: Limited Liability Company Agreement (Nuco2 Inc /De), Limited Liability Company Agreement (Nuco2 Inc /De), Limited Liability Company Agreement (Nuco2 Inc /De)

Resignation. So long as any Obligation is outstanding, the Member may not resign, except as permitted under the Basic Documents and if the Rating Agency Condition is satisfied. If the Member is permitted to resign pursuant to this Section 22, an ---------- additional member of the Company shall be admitted to the Company, subject to Section 23, upon its execution of an instrument signifying its agreement to be ---------- bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 4 contracts

Samples: Limited Liability Company Agreement (Bond Securitization LLC), Limited Liability Company Agreement (Greenpoint Asset LLC), Limited Liability (Amsouth Auto Receivables LLC)

Resignation. So long as any Obligation is outstanding, the Member may not resign, except as permitted under the Basic Documents and if the Rating Agency Condition is satisfied. If the Member is permitted to resign pursuant to this Section 22, unless an additional member of the Company shall be admitted concurrently with or prior to such resignation to the Company, subject to Section 23, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to Upon its resignation in accordance with the resignation and, immediately following such admissionrequirements of this Section 22, the resigning Member shall cease to be a member of the Company.

Appears in 3 contracts

Samples: Limited Liability Company Agreement, Limited Liability Company Agreement (Zipcar Inc), Limited Liability (Zipcar Inc)

Resignation. So long as any Note Obligation is outstanding, the Member may not resign, except unless as permitted under the Basic Documents and if the Rating Agency Condition is satisfied. If the Member is permitted to resign pursuant to this Section 22, an additional member of the Company shall be admitted concurrently with or prior to such resignation to the Company, subject to Section 23, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to Upon its resignation in accordance with the resignation and, immediately following such admissionrequirements of this Section 21, the resigning Member shall cease to be a member of the Company.

Appears in 3 contracts

Samples: Vehicle Title Nominee Agreement (Hertz Corp), Vehicle Title Nominee Agreement (Hertz Corp), Collateral Agency Agreement (Hertz Global Holdings Inc)

Resignation. So long as any Obligation is outstanding, the Member may not resign, except as permitted under the Basic Documents and if the Rating Agency Condition is satisfied. If the Member is permitted to resign pursuant to this Section 22, unless an additional member of the Company shall be admitted concurrently with or prior to such resignation to the Company, subject to Section 23, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to Upon its resignation in accordance with the resignation and, immediately following such admissionrequirements of this Section 21, the resigning Member shall cease to be a member of the Company.

Appears in 3 contracts

Samples: Master Collateral Agency Agreement (Hertz Corp), Assignment and Assumption Agreement (Hertz Global Holdings Inc), Assignment and Assumption Agreement (Hertz Global Holdings Inc)

Resignation. So long as any Obligation is outstanding, the Member may not resign, except as permitted under the Basic Documents and if the Rating Agency Condition is satisfiedTransaction Documents. If the Member is permitted to resign pursuant to this Section 2221, an additional member of the Company shall be admitted to the Company, subject to Section 2322, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 3 contracts

Samples: Limited Liability Company Agreement (Education Capital I LLC), Limited Liability Company Agreement (Education Capital I LLC), Limited Liability Company Agreement (Education Funding Capital Trust I)

Resignation. So long as any Trust Obligation is outstanding, the Member may not resign, except as permitted under the Basic Documents and if the Rating Agency Condition is satisfied. If the Member is permitted to resign pursuant to this Section 22, an additional member of the Company shall be admitted to the Company, subject to Section 23, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 2 contracts

Samples: Limited Liability Company Agreement (American Express Credit Account Master Trust), Limited Liability Company Agreement (American Express Credit Account Master Trust)

Resignation. So long as any Obligation is outstanding, the Member may not resign, except as permitted under the Basic Transaction Documents and and, if any rated Securities are outstanding, if the Rating Agency Condition is satisfied. If the Member is permitted to resign pursuant to this Section 22, an additional member of the Company shall be admitted to the Company, subject to Section 23, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 2 contracts

Samples: Limited Liability Company Agreement (Discover Funding LLC), Limited Liability Company Agreement (Chase Auto Receivables LLC)

Resignation. So long as any Obligation is Obligations are outstanding, the Member may not resign, except as permitted under the Basic Documents and if the Rating Agency Condition is satisfied. If the Member is permitted to resign pursuant to this Section 228.3, an additional member Member of the Company shall be admitted to the Company, subject to Section 23, Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member Member of the Company.

Appears in 2 contracts

Samples: Limited Liability Company Agreement (John Deere Receivables LLC), Limited Liability Company Agreement (John Deere Receivables LLC)

Resignation. So long as any Obligation is outstanding, the Member may not resign, except as permitted under the Basic Documents and if the Rating Agency Condition is satisfied. If the Member is permitted to resign pursuant to this Section 22, an additional member of the Company shall be admitted to the Company, subject to Section 23, Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 2 contracts

Samples: Limited Liability Company Agreement (Huntington Funding, LLC), Limited Liability Company Agreement (NovaStar Certificates Financing LLC)

Resignation. So long as any Obligation is outstanding, the Member may not resign, except as permitted under the Basic Transaction Documents and if the Rating Agency Condition is satisfied. If the Member is permitted to resign pursuant to this Section 2223, ---------- an additional member of the Company shall be admitted to the Company, subject to Section 2324, upon its execution of an instrument signifying its agreement to be ---------- bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 2 contracts

Samples: Limited Liability Company Agreement (Bond Securitization LLC), Limited Liability Company Agreement (Bond Securitization LLC)

Resignation. So long as any Obligation is outstanding, the Member may not resign, except as permitted under the Basic Documents and if the Rating Agency Condition is satisfied. If the Member is permitted to resign pursuant to this Section 22, an additional member of the Company shall be admitted to the Company, subject to Section 23, Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Agreement Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 2 contracts

Samples: Limited Liability Company Agreement (Huntington Funding, LLC), Limited Liability Company Agreement (Huntington Funding, LLC)

Resignation. So long as any Trust Obligation is outstanding, the Member may not resign, except as permitted under in compliance with the Basic Documents and if the Rating Agency Condition is satisfiedDocuments. If the Member is permitted to resign pursuant to this Section 22, an additional member of the Company Member shall be admitted to the Company, subject to Section 23, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 2 contracts

Samples: Limited Liability Company Agreement (Dryrock Issuance Trust), Limited Liability Company Agreement (Dryrock Issuance Trust)

Resignation. So long as any Obligation is outstanding, the Member may not resign, except as permitted under the Basic Transaction Documents and if the Rating Agency Condition is satisfied. If the Member is permitted to resign pursuant to this Section 2223, an additional member of the Company shall be admitted to the Company, subject to Section 2324 of this Agreement, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 2 contracts

Samples: Limited Liability Company Agreement (SunTrust Mortgage Securitization, LLC), Limited Liability Company Agreement (SunTrust Real Estate Trust, LLC)

Resignation. So long as any Obligation is outstanding, the Member may not resign, except as permitted under the Basic Bask Documents and if the Rating Agency Condition is satisfied. If the Member is permitted to resign pursuant to this Section 22, an additional member of the Company shall be admitted to the Company, subject to Section 23, Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 2 contracts

Samples: Limited Liability Company Agreement (Huntington Auto Trust 2015-1), Limited Liability Company Agreement (Huntington Funding, LLC)

Resignation. So long as any Trust Obligation is outstanding, the Member may not resign, except as permitted under the Basic Documents and if the Note Rating Agency Condition is satisfied. If the Member is permitted to resign pursuant to this Section 22, an additional member of the Company shall be admitted to the Company, subject to Section 23, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 2 contracts

Samples: Limited Liability Company Agreement (American Express Receivables Financing Corp VIII LLC), Limited Liability Company Agreement (American Express Issuance Trust)

Resignation. So long as any Obligation is outstanding, the Member may not resign, except as permitted under the Basic all applicable Transaction Documents and if the Rating Agency Condition and/or the Holder Condition, as applicable, is satisfied. If the Member is permitted to resign pursuant to this Section 22, an additional member of the Company shall be admitted to the Company, subject to Section 23, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 2 contracts

Samples: Limited Liability Company Agreement (Dealer Auto Receivables Co LLC), Limited Liability (NCT Funding Co LLC)

Resignation. So long as any Obligation indebtedness of the Company is outstanding, the Member may not resign, except as permitted under the Basic Documents and if the Rating Agency Condition is satisfied. If the Member is permitted to resign pursuant to this Section 228.4, an additional member Member of the Company shall be admitted to the Company, subject to Section 23, Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member Member of the Company.

Appears in 2 contracts

Samples: Limited Liability Company Agreement (Capital Auto Receivables LLC), Limited Liability Company Agreement (Wholesale Auto Receivables LLC)

Resignation. So long as any Obligation is outstanding, the Member may not resign, except as permitted under the Basic Documents and if the Rating Agency Condition is satisfied. If the Member is permitted to resign pursuant to this Section 22, ---------- an additional member of the Company shall be admitted to the Company, subject to Section 23, upon its execution of an instrument signifying its agreement to be ---------- bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 2 contracts

Samples: Limited Liability (Capital One Master Trust), Amsouth Auto Receivables LLC

Resignation. So long as any Obligation is outstanding, the Member may not resign, except as permitted under the Basic Documents and if the Rating Agency Condition is satisfiedTransaction Documents. If the Member is permitted to resign pursuant to this Section 22, an additional member of the Company shall be admitted to the Company, subject to Section 23, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 2 contracts

Samples: Limited Liability Company Agreement (GNMAG Asset Backed Securitizations, LLC), Limited Liability Company Agreement (Hyundai Abs Funding LLC)

Resignation. So long as any Obligation is outstanding, the Member may not resign, except as permitted under the Basic Transaction Documents and if so long as the Rating Agency Condition is satisfied. If the Member is permitted to resign pursuant to this Section 2223, an additional member of the Company shall be admitted to the Company, subject to Section 2324, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Bank One Auto Securitization LLC)

Resignation. So long as any Obligation is outstanding, the Member may not resign, except as permitted under the Basic Transaction Documents and and, in case any rated Securities are outstanding, if the Rating Agency Condition is satisfied. If the Member is permitted to resign pursuant to this Section 22, an additional member of the Company shall be admitted to the Company, subject to Section 23, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Porsche Auto Funding LLC)

Resignation. So long as any Obligation is outstanding, the Member may not resign, except as permitted under the Basic Documents and if the Rating Agency Condition is satisfiedDocuments. If the Member is permitted to resign pursuant to this Section 2220, an additional member of the Company shall be admitted to the Company, subject to Section 23, Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, and immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Key ABS LLC)

AutoNDA by SimpleDocs

Resignation. So long as any Obligation is outstanding, the Member may not resign, except as permitted under all the Basic Documents and if the Rating Agency Condition is satisfiedDocuments. If the Member is permitted to resign pursuant to this Section 22, an additional member of the Company shall be admitted to the Company, subject to Section 23, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 1 contract

Samples: Limited Liability Company Agreement (WESTMORELAND COAL Co)

Resignation. So During the existence of the Company and so long as any Obligation the Member is outstandingthe sole member of the Company, the Member may not resign, except as permitted under the Basic Documents resign unless and if the Rating Agency Condition is satisfied. If the Member is permitted to resign pursuant to this Section 22, an additional member of the Company shall be admitted to the Company, subject to Section 238.3 hereof, upon its execution of an instrument signifying its an agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Green Tree SerVertis Acquisition LLC)

Resignation. So long as any Obligation is outstanding, the Member may not resign, except as permitted under in compliance with the Basic Documents and if the Rating Agency Condition is satisfiedFinancing Agreements. If the Member is permitted to resign pursuant to this Section 22, an additional a substitute member of the Company shall be admitted to the Company, subject to Section 23, Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 1 contract

Samples: Limited Liability (Fixed Income Client Solutions LLC)

Resignation. So long as any Obligation Member or any Related Party of such Member remains entitled to any rights or is outstandingbound by any obligations as Licensee, the no Member may not resign, except pursuant to an assignment or transfer as permitted under the Basic Documents and if the Rating Agency Condition is satisfiedprovided in Section 23. If the a Member is permitted to resign pursuant to this Section 2224, an additional member of the Company shall may be admitted to the Company, subject to Section 23, Company upon its the consent of the remaining Member and such additional member’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 1 contract

Samples: Share Purchase Agreement (Sara Lee Corp)

Resignation. So long as any Obligation is outstanding, and for a period of one year and one day thereafter, the Member may not resign, except as permitted under the Basic Documents and or if the Rating Agency Condition is satisfied. If the Member is permitted to resign pursuant to this Section 22, an additional member of the Company shall be admitted to the Company, subject to Section 23, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Mru Abs Ii LLC)

Resignation. So long as any Obligation is outstanding, the Member may not resign, except as permitted under the Basic Documents and if the Rating Agency Condition is satisfiedTransaction Documents. If the Member is permitted to resign pursuant to this Section SECTION 22, an additional member of the Company shall be admitted to the Company, subject to Section SECTION 23, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 1 contract

Samples: Limited Liability Company Agreement (E Loan Inc)

Resignation. So long as any Obligation is outstanding, the Member may not resign, except as permitted under the Basic Loan Documents and if the Rating Agency Lender Condition is satisfied. If the Member is permitted to resign pursuant to this Section 22, an additional member of the Company shall be admitted to the Company, subject to Section 23, Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Kennedy-Wilson Properties (IL))

Resignation. So long as any Obligation is outstanding, the Member may not resign, except as permitted under the Basic Documents and if the Rating Agency Condition is satisfiedTransaction Documents. If the Member is permitted to resign pursuant to this Section 22, an additional member of the Company shall be admitted to the Company, subject to Section S ection 23, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Hyundai Abs Funding LLC)

Resignation. So long as any Obligation is outstanding, the Member may not resign, except as permitted under the Basic Transaction Documents and if the Rating Agency Condition is satisfied. If the Member is permitted to resign pursuant to this Section 2221, an additional member of the Company shall be admitted to the Company, subject to Section 2322, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Key Bank Usa National Association)

Resignation. So long as any Obligation is outstanding, the Member may not resign, except as permitted under the Basic Documents and if the Rating Agency Condition is satisfied. If the Member is permitted to resign pursuant to this Section SECTION 22, an additional member of the Company shall be admitted to the Company, subject to Section SECTION 23, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 1 contract

Samples: Limited Liability Company Operating Agreement (American Capital Strategies LTD)

Resignation. So long Until such time as any Obligation is outstandingthe Obligations (other than Obligations that by their express terms survive full repayment of the Loan) shall be paid and performed in full, the Managing Member may not resign, except as permitted under the Basic Documents and if the Rating Agency Condition is satisfied. If the Managing Member is permitted to resign pursuant to this Section 2223, an additional member of the Company shall be admitted to the Company, subject to Section 23, Company upon its execution of an instrument Instrument signifying its agreement to be bound by the terms and conditions conditions. of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Mountain Falls, LLC)

Resignation. So Notwithstanding anything in this Agreement to the contrary, so long as any Obligation is outstanding, the Member may not resign, except as permitted under the Basic Documents and if the Rating Agency Condition is satisfied. If the Member is permitted to resign pursuant to this Section 22, an additional member of the Company shall be admitted to the Company, subject to Section 23, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 1 contract

Samples: Limited Liability Company Agreement (MacKenzie Realty Capital, Inc.)

Resignation. So long as any Obligation is outstanding, the Member may not resign, except as permitted under the Basic Transaction Documents and if the Rating Agency Condition is satisfied. If the Member is permitted to resign pursuant to this Section 22, an additional member of the Company shall be admitted to the Company, subject to Section 23, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.shall

Appears in 1 contract

Samples: Limited Liability Company Agreement (Volkswagen Auto Lease/Loan Underwritten Funding, LLC)

Resignation. So long as any Obligation is outstanding, the Member may not resign, except as permitted under in compliance with the Basic Documents and if the Rating Agency Condition is satisfied. If the Member is permitted to resign pursuant to this Section 22, an additional a successor member of the Company shall be admitted to the Company, subject to Section 23, Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Wachovia Mortgage Loan Trust, LLC)

Resignation. So long as any Obligation Rated Security is outstanding, the Member may not resign, resign except as permitted under in accordance with the Basic Documents and if the Rating Agency Condition is satisfiedFinancing Documents. If the Member is permitted to resign pursuant to this Section 2211.2, an additional member of the Company shall be admitted to the Company, subject to Section 2311.3 hereof, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 1 contract

Samples: PPL Montana LLC

Resignation. So long as any Obligation is outstanding, the Member may not resign, except as permitted under the Basic Documents and if the Rating Agency Condition is satisfied. If the Member is permitted to resign pursuant to this Section 22, an additional member of the Company shall be admitted to the Company, subject to Section 23, Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately im- mediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 1 contract

Samples: businesslawtoday.org

Resignation. So long as any Obligation is outstanding, the The Member may not resign, except as permitted under the Basic Documents and if the Rating Agency Condition is satisfied. If the Member is permitted to resign pursuant to this Section 22, unless an additional member of the Company shall be admitted to the Company, subject to Section 2322, upon its such additional member’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to before the resignation and, immediately following after such admission, the resigning Member shall cease to be a member of the Company. The Member may not resign if doing so would cause a default under any Loan.

Appears in 1 contract

Samples: Limited Liability Company Operating Agreement (Capmark Finance Inc.)

Resignation. So long as any Obligation is of the Obligations are outstanding, the Member may not resign, except as permitted under the Basic Documents and if the Rating Agency Condition is satisfiedTransaction Documents. If the Member is permitted to resign pursuant to this Section 22, an additional member of the Company shall be admitted to the Company, subject to Section 23, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 1 contract

Samples: Limited Liability Company Agreement (APX Group Holdings, Inc.)

Resignation. So long as any Obligation is outstanding, the Member may not resign, except as expressly permitted under the Basic Documents and if the Rating Agency Condition is satisfiedAdministrative Agent consents in writing. If the Member is permitted to resign pursuant to this Section 22, an additional member of the Company shall be admitted to the Company, subject to Section 23, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 1 contract

Samples: Limited Liability Company Agreement

Resignation. So long as any Obligation is outstanding, the no Member may not resign, except as permitted under the Basic Transaction Documents and if the Rating Agency Condition is satisfied. If the a Member is permitted to resign pursuant to this Section 2223, an additional member of the Company shall be admitted to the Company, subject to Section 2324, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Stanwich Asset Acceptance CO LLC)

Resignation. So long as any Obligation is outstanding, the a Member may not resign, except as permitted under the Basic Documents and if the Rating Agency Condition is satisfiedsatisfied and if an additional Member is admitted to the Company pursuant to Section 23. If the a Member is permitted to resign pursuant to this Section 22, an additional member Member of the Company shall be admitted to the Company, subject to Section 23, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 1 contract

Samples: Management Agreement (Nevada Property 1 LLC)

Resignation. So long as any Obligation is outstanding, the no Member may not resign, except as permitted under the Basic Transaction Documents and if the Rating Agency Condition is satisfied. If the a Member is permitted to resign pursuant to this Section 22SECTION 23, an additional member of the Company shall be admitted to the Company, subject to Section 23SECTION 24, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Taconic Asset Acceptance Company, L.L.C.)

Resignation. So long as any Obligation is outstanding, the Member may not resign, except as permitted under the Basic Loan Documents and if an additional member is admitted to the Rating Agency Condition is satisfiedCompany pursuant to Section 23. If the Member is permitted to resign pursuant to this Section 22, an additional member of the Company shall be admitted to the Company, subject to Section 23, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Resource Real Estate Investors 6 LP)

Resignation. So long as any Obligation is outstanding, the Member may not resign, except as permitted under the Basic Transaction Documents and if the Rating Agency Condition is satisfied. If the Member is permitted to resign pursuant to this Section SECTION 22, an additional member of the Company shall be admitted to the Company, subject to Section SECTION 23, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Appears in 1 contract

Samples: Limited Liability Company Agreement (World Financial Network Credit Card Master Trust)

Time is Money Join Law Insider Premium to draft better contracts faster.