Common use of Appointment of Successor Collateral Trustee Clause in Contracts

Appointment of Successor Collateral Trustee. Upon any such resignation or removal, a successor Collateral Trustee may be appointed by an Act of Parity Lien Debtholders. If no successor Collateral Trustee has been so appointed and accepted such appointment within 30 days after the predecessor Collateral Trustee gave notice of resignation or was removed, the retiring Collateral Trustee may (at the expense of the Company), 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: (a) authorized to exercise corporate trust powers; and (b) having a combined capital and surplus of at least $250,000,000. 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 Collateral Trustee shall instead be made by or through the Parity Lien Representatives. From and following the expiration of such thirty (30) day period, Collateral Trustee shall have the exclusive right, upon one (1) Business Days’ notice to the Parity Lien Representatives, to make its resignation effective immediately. From and following the effectiveness of such notice, the retiring or removed Collateral Trustee shall be discharged from its duties and obligations hereunder and under the other Parity Lien Documents.

Appointment of Successor Collateral Trustee. Upon any such resignation or removal, a successor Collateral Trustee may be appointed by an Act of Parity Lien Debtholders. If no successor Collateral Trustee has been so appointed and accepted such appointment within 30 days after the predecessor Collateral Trustee gave notice of resignation or was removed, the retiring Collateral Trustee may (at the expense of the Company), 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: (a) authorized to exercise corporate trust powers; and (b) having a combined capital and surplus of at least $250,000,000. Until the appointment of a successor Collateral Trustee Agent 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 Collateral Trustee Agent shall instead be made by or through the Parity Lien Representatives. From and following the expiration of such thirty (30) day period, Collateral Trustee Agent shall have the exclusive right, upon one (1) Business Days’ notice to the Parity Lien Representatives, to make its resignation effective immediately. From and following the effectiveness of such notice, the retiring or removed Collateral Trustee Agent shall be discharged from its duties and obligations hereunder and under the other Parity Lien Documents.

Appointment of Successor Collateral Trustee. Upon any such resignation or removal, a successor Collateral Trustee may be appointed by an Act of Parity Required Priority Lien Debtholders; provided that, so long as no Priority 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 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 Priority 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 Company), 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: (a) authorized to exercise corporate trust agency powers; and; (b) having a combined capital and surplus of at least $250,000,000; and (c) maintaining an office in New York, New York. 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 TrusteeTrustee 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, all communications and determinations required to be made by, to or through the Collateral Trustee shall instead not be made by obligated to take any action (or through refrain from acting as the Parity Lien Representatives. From and following the expiration of such thirty (30case may be) day period, Collateral Trustee shall have the exclusive right, upon one (1) Business Days’ notice to the Parity Lien Representatives, to make its resignation effective immediately. From and following the effectiveness of such notice, the retiring or removed Collateral Trustee shall be discharged from its duties and obligations except for any administrative actions required hereunder and under the other Parity Lien Security Documents.

Appointment of Successor Collateral Trustee. Upon any such resignation or removal, a successor Collateral Trustee may be appointed by an Act of Parity Lien DebtholdersRequired Debtholders subject to the consent of the Company. If no successor Collateral Trustee has been so appointed and accepted such appointment within 30 days after the predecessor Collateral Trustee gave notice of resignation or was removed, the retiring Collateral Trustee may (at the expense of the Company), 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: (a1) authorized to exercise corporate trust powers; and; (b2) having a combined capital and surplus of at least $250,000,000; and (3) maintaining an office in New York, New York. Until If the appointment of a Collateral Trustee notifies the Company and each Secured Debt Representative that no qualifying successor Collateral Trustee as provided for has accepted such appointment, then such resignation shall nonetheless become effective in this Section 6.2 after the resignation or removal of the Collateral Trustee, all communications accordance with such notice and determinations required to be made by, to or through Collateral Trustee shall instead be made by or through the Parity Lien Representatives. From and following the expiration of such thirty (30) day period, Collateral Trustee shall have the exclusive right, upon one (1) Business Days’ notice to the Parity Lien Representatives, to make its resignation effective immediately. From and following the effectiveness of such notice, the retiring or removed Collateral Trustee shall be discharged from its duties and obligations hereunder and under any other Secured Debt Document (except that in the other Parity Lien Documentscase of any physical Collateral held by the Collateral Trustee, the retiring Collateral Trustee shall continue to hold such Collateral as nominee on behalf of the holders of the Secured Obligations until such time as a successor Collateral Trustee is appointed) and (2) all payments, communications and determinations provided to be made by, to or through the Collateral Trustee shall instead be made by or to each applicable Secured Debt Representative directly, until such time as an Act of Required Debtholders (subject to the consent of the Company) appoints a successor Collateral Trustee.