Common use of Appointment of Successor Collateral Trustee Clause in Contracts

Appointment of Successor Collateral Trustee. (a) Upon any resignation or removal of the Collateral Trustee pursuant to Section 6.1, a successor Collateral Trustee may be appointed by EFIH, so long as no Secured Debt Default has occurred and is continuing and if a Secured Debt Default has occurred and is continuing, by an Act of the Required Debtholders. Within one year after a successor Collateral Trustee appointed by EFIH takes office, the holders of Secured Debt may, by an Act of Required Debtholders appoint a successor Collateral Trustee to replace the successor Collateral Trustee appoint by EFIH. If no successor Collateral Trustee has been so appointed and accepted such appointment within 45 days after the predecessor Collateral Trustee gave notice of resignation or was removed, the retiring Collateral Trustee may (at the expense of EFIH), 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) authorized to exercise corporate trust powers; (2) having a combined capital and surplus of at least $100,000,000; and (3) maintaining an office in any state of the United States. (b) 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. (a) Upon any such resignation or removal of the Collateral Trustee pursuant to Section 6.1removal, a successor Collateral Trustee may be appointed by EFIH, so long as no Secured Debt Default has occurred and is continuing and if a Secured Debt Default has occurred and is continuing, by an Act of the Required Debtholders. Within one year after a successor Collateral Trustee appointed by EFIH takes office, the holders of Secured Debt may, by an Act of Required Debtholders appoint a successor Collateral Trustee to replace the successor Collateral Trustee appoint by EFIHDebtholders. If no successor Collateral Trustee has been so appointed and accepted such appointment within 45 30 days after the predecessor Collateral Trustee gave notice of resignation or was removed, the retiring Collateral Trustee may (at the expense of EFIHSatmex), 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) authorized to exercise corporate trust powers; (2) having a combined capital and surplus of at least $100,000,000; and150,000,000; (3) maintaining an office in any state of the United States.New York, New York; and (b4) that is not a Secured 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. Notwithstanding resignation or replacement of the Collateral Trustee pursuant to this Section 6.2, the predecessor Collateral Trustee will remain entitled to enforce the immunities granted to it in Article 5 and Satmex and the Guarantor’s obligations under the provisions of Sections 7.10 and 7.11 shall continue for the benefit of the resigning or retiring Collateral Trustee. Within 30 days after such resignation or replacement, Satmex and the Guarantors agree to pay all compensation and fees and expenses which are due and payable to such retiring or replaced Collateral Trustee.

Appointment of Successor Collateral Trustee. (a) Upon any resignation or removal of the Collateral Trustee pursuant to Section 6.1, a successor Collateral Trustee may be appointed by EFIH, so long as no Secured Debt Default has occurred and is continuing and if a Secured Debt Default has occurred and is continuing, by an Act of the Required Debtholders. Within one year after a successor Collateral Trustee appointed by EFIH XXXX takes office, the holders of Secured Debt may, by an Act of Required Debtholders appoint a successor Collateral Trustee to replace the successor Collateral Trustee appoint by EFIHXXXX. If no successor Collateral Trustee has been so appointed and accepted such appointment within 45 days after the predecessor Collateral Trustee gave notice of resignation or was removed, the retiring Collateral Trustee may (at the expense of EFIH), 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) authorized to exercise corporate trust powers; (2) having a combined capital and surplus of at least $100,000,000; and (3) maintaining an office in any state of the United States. (b) 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.