Termination of Administrator’s Authority Clause Samples

The 'Termination of Administrator’s Authority' clause defines the conditions under which an administrator’s power to act on behalf of an estate, trust, or organization comes to an end. Typically, this clause outlines specific events such as completion of duties, resignation, removal for cause, or the occurrence of a triggering event like the death of the administrator. For example, it may specify that the administrator’s authority ceases once all assets have been distributed or upon court order. The core function of this clause is to provide a clear endpoint to the administrator’s responsibilities, preventing unauthorized actions and ensuring a smooth transition of authority.
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Termination of Administrator’s Authority. Upon expiration of the Term or earlier termination of this Agreement, all Contracts shall revert to UGI, and Manager shall have no continuing authority to nominate, manage or utilize such service agreements. Concurrently with the recall or termination of any capacity release, UGI and Manager will enter into storage inventory transfers with the applicable Storage Operators in order to transfer the Storage Operator’s Inventory Balance for such Contracts as of the last effective day of this Agreement from Manager to UGI.
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Termination of Administrator’s Authority. The authority of the Administrator under clause 11.1 (Discretionary Rates) to determine and set the Issuer Discretionary Rates shall terminate on or after the termination of the appointment of the Administrator in accordance with clause 23 (Termination), in which case: 11.3.1 the Issuer or the Successor Administrator shall set the Issuer Discretionary Rates in accordance with this clause 11 (Issuer Variable Rates) provided that the Successor Administrator shall not be entitled to set the Variable Rate at a level which would result in the Weighted Average Variable Rate falling below the VR Floor; or 11.3.2 following the delivery of an Enforcement Notice, the Trustee may give directions as to the setting of Issuer Discretionary Rates but shall not itself be obliged to set the Issuer Discretionary Rates.
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Related to Termination of Administrator’s Authority

  • Selection of Administrator The Parties have jointly selected CPT Group, Inc. to serve as the Administrator and verified that, as a condition of appointment, CPT Group, Inc. agrees to be bound by this Agreement and to perform, as a fiduciary, all duties specified in this Agreement in exchange for payment of Administration Expenses. The Parties and their Counsel represent that they have no interest or relationship, financial or otherwise, with the Administrator other than a professional relationship arising out of prior experiences administering settlements.

  • Employment of Administrator The Company hereby employs the Administrator to act as administrator of the Company, and to furnish, or arrange for others to furnish, the administrative services, personnel and facilities described below, subject to review by and the overall control of the Board of Directors of the Company (the “Board”), for the period and on the terms and conditions set forth in this Agreement. The Administrator hereby accepts such employment and agrees during such period to render, or arrange for the rendering of, such services and to assume the obligations herein set forth subject to the reimbursement of costs and expenses provided for below. The Administrator and such others shall for all purposes herein be deemed to be independent contractors and shall, unless otherwise expressly provided or authorized herein, have no authority to act for or represent the Company in any way or otherwise be deemed agents of the Company.

  • Engagement of Administrator The Issuer and the Owner Trustee engage the Administrator to perform the obligations of the Issuer and the Owner Trustee under the Transaction Documents as described in this Agreement, and the Administrator accepts the engagement.

  • Delegation of Board Review of Subcustodians From time to time, the Custodian may agree to perform certain reviews of Subcustodians and of Subcustodian Contracts as delegate of the Fund's Board. In such event, the Custodian's duties and obligations with respect to this delegated review will be performed in accordance with the terms of the attached 17f-5 Delegation Schedule to this Agreement.

  • Other Activities of Administrator Nothing herein shall prevent the Administrator or its Affiliates from engaging in other businesses or, in its or their sole discretion, from acting as an administrator for any other person or entity, or in a similar capacity therefor, even though such person or entity may engage in business activities similar to those of the Issuer, the Owner Trustee or the Indenture Trustee.