Common use of Appointment of Successor Collateral Trustee Clause in Contracts

Appointment of Successor Collateral Trustee. Upon any resignation or removal of the Collateral Trustee, a successor Collateral Trustee may be appointed by an Act of Required Secured Parties. If no successor Collateral Trustee has been so appointed and accepted such appointment within 60 days after the predecessor Collateral Trustee gave notice of resignation or was removed, the retiring Collateral Trustee may (at the expense of the Issuer), at its option, appoint a successor Collateral Trustee, or petition a court of competent jurisdiction for appointment of a successor Collateral Trustee, which must be a bank or trust company: (1) duly authorized to perform its obligations under this Agreement and the other Parity Lien Documents; (2) having a combined capital and surplus of at least $500,000,000; (3) maintaining an office in New York, New York; and (4) that is not the Issuer or an Affiliate of the Issuer. Until the appointment of a successor Collateral Trustee as provided for in this Section 6.2, after the resignation or removal of the Collateral Trustee, all communications and determinations required to be made by, to or through the Collateral Trustee shall instead be made by or through the Authorized Representatives. The Collateral Trustee will fulfill its obligations hereunder until a successor Collateral Trustee meeting the requirements of this Section 6.2 has accepted its appointment as Collateral Trustee and the provisions of Section 6.3 have been satisfied.

Appointment of Successor Collateral Trustee. Upon any such resignation or removal of the Collateral Trusteeremoval, a successor Collateral Trustee may be appointed by an Act of Required Secured PartiesJunior Lien Debtholders; provided that, so long as no Junior Lien Debt Default has occurred and is continuing, such successor Collateral Trustee shall be reasonably acceptable to the Issuers. If no successor Collateral Trustee has been so appointed and accepted such appointment within 60 30 days after the predecessor Collateral Trustee gave notice of resignation or was removed, the retiring Issuers may, at their option, appoint a successor Collateral Trustee may (but only if no Junior Lien Debt Default has occurred and is continuing), or, if the Issuers have not or are not permitted to appoint a successor Collateral Trustee, the Collateral Trustee (at the expense of the Issuer), at its option, appoint a successor Collateral Trustee, or Issuers) may petition a court of competent jurisdiction for appointment of a any such successor Collateral Trustee, which must be a bank or trust company: (1a) duly authorized to perform its obligations under this Agreement and the other Parity Lien Documentsexercise corporate agency powers; (2b) having a combined capital and surplus of at least $500,000,000;250,000,000; and (3c) maintaining an office in New York, New York; and (4) that is not the Issuer or an Affiliate of the Issuer. Until the appointment of a successor Collateral Trustee as provided for in this Section 6.2, after Following the resignation or removal of the Collateral Trustee, all communications and determinations required to be made by, to or through the Collateral Trustee shall instead be made by or through the Authorized Representatives. The Collateral Trustee will fulfill its obligations hereunder until a successor Collateral Trustee meeting the requirements of this Section 6.2 has accepted its appointment as Collateral Trustee and the provisions of Section 6.3 have been satisfied, the Collateral Trustee shall not be obligated to take any action (or refrain from acting as the case may be) except for any administrative actions required hereunder and under the Security Documents.

Appointment of Successor Collateral Trustee. Upon any such resignation or removal of the Collateral Trusteeremoval, a successor Collateral Trustee may be appointed by an Act of Required Secured PartiesParties and with the consent of the Borrower, not to be unreasonably withheld; provided that consent of the Borrower shall not be required after the occurrence of and during the continuance of an Event of Default under any of the Secured Debt Documents. If no successor Collateral Trustee has been so appointed and accepted such appointment within 60 30 days after the predecessor Collateral Trustee gave notice of resignation or was removed, the retiring Collateral Trustee may (at the expense of the IssuerBorrower), at its option, appoint a successor Collateral Trustee, or petition a court of competent jurisdiction for appointment of a successor Collateral Trustee, which must be a bank or trust company: (1a) duly authorized to perform its obligations under this Agreement and the other Parity Lien Documentsexercise corporate trust powers; (2b) having a combined capital and surplus of at least $500,000,000; (3c) maintaining an office in New York, New York; and (4d) that is not a Secured Debt Representative, the Issuer Borrower or an Affiliate of the Issuer. Until the appointment of a successor Collateral Trustee as provided for in this Section 6.2, after the resignation or removal of the Collateral Trustee, all communications and determinations required to be made by, to or through the Collateral Trustee shall instead be made by or through the Authorized RepresentativesBorrower. The Collateral Trustee will fulfill its obligations hereunder until a successor Collateral Trustee meeting the requirements of this Section 6.2 has accepted its appointment as Collateral Trustee and the provisions of Section 6.3 have been satisfied.

Appointment of Successor Collateral Trustee. Upon any such resignation or removal of the Collateral Trusteeremoval, a successor Collateral Trustee may be appointed by an Act of Required Secured PartiesDebtholders with the consent of the Company (which consent shall not be unreasonably withheld). If no successor Collateral Trustee has been so appointed and accepted such appointment within 60 30 days after the predecessor Collateral Trustee gave notice of resignation or was removed, the retiring Collateral Trustee may (at the expense of the IssuerCompany), at its option, appoint a successor Collateral Trustee, or petition a court of competent jurisdiction for appointment of a successor Collateral Trustee, which must be a bank or trust company: (1) duly authorized to perform its obligations under this Agreement and the other Parity Lien Documentsexercise corporate trust powers; (2) having a combined capital and surplus of at least $500,000,00050,000,000; (3) maintaining an office in New York, New York; and (4) that is not the Issuer or an Affiliate of the Issuer. Until the appointment of a successor Collateral Trustee as provided for in this Section 6.2, after the resignation or removal of the Collateral Trustee, all communications and determinations required to be made by, to or through the Collateral Trustee shall instead be made by or through the Authorized RepresentativesSecured Debt Representative. The Collateral Trustee will fulfill its obligations hereunder until a successor Collateral Trustee meeting the requirements of this Section 6.2 has accepted its appointment as Collateral Trustee and the provisions of Section 6.3 have been satisfied.

Appointment of Successor Collateral Trustee. Upon any such resignation or removal of the Collateral Trusteeremoval, a successor Collateral Trustee may be appointed by an Act of Required Secured PartiesParties and with the consent of the Issuer, not to be unreasonably withheld; provided that consent of the Issuer shall not be required after the occurrence of and during the continuance of an Event of Default under any of the Secured Debt Documents. If no successor Collateral Trustee has been so appointed and accepted such appointment within 60 30 days after the predecessor Collateral Trustee gave notice of resignation or was removed, the retiring Collateral Trustee may (at the expense of the Issuer), at its option, appoint a successor Collateral Trustee, or petition a court of competent jurisdiction for appointment of a successor Collateral Trustee, which must be a bank or trust company: : (1a) duly authorized to perform its obligations under this Agreement and the other Parity Lien Documents; exercise corporate trust powers; (2b) having a combined capital and surplus of at least $500,000,000; ; (3c) maintaining an office in New York, New York; and and (4d) that is not a Secured Debt Representative, the Issuer or an Affiliate of the Issuer. Until the appointment of a successor Collateral Trustee as provided for in this Section 6.2, after the resignation or removal of the Collateral Trustee, all communications and determinations required to be made by, to or through the Collateral Trustee shall instead be made by or through the Authorized Representatives. The Collateral Trustee will fulfill its obligations hereunder until a successor Collateral Trustee meeting the requirements of this Section 6.2 7.2 has accepted its appointment as Collateral Trustee and the provisions of Section 6.3 7.3 have been satisfied.