Appointment of Successor Security Trustee. Upon any such resignation or removal, a successor Security Trustee may be appointed by an Act of Required Debtholders (with the written consent of the Borrower, which consent shall not be unreasonably withheld and which consent shall not be required if a Secured Debt Default exists). If no successor Security Trustee has been so appointed and accepted such appointment within 30 days after the predecessor Security Trustee gave notice of resignation or was removed, the Borrower, at its option, may appoint a successor Security Trustee, or petition a court of competent jurisdiction for appointment of a successor Security Trustee, which must be a bank or trust company:
Appointment of Successor Security Trustee. In case at any time the Security Trustee shall resign or be removed or become incapable of acting, a successor Security Trustee may be appointed by the holders of a majority of the Aggregate Principal Amount of the Outstanding Notes, by an instrument or instruments in writing executed by such Noteholders and filed with such successor Security Trustee and the Company. Until a successor Security Trustee shall be so appointed by the Noteholders, the Company shall appoint a successor Security Trustee to fill such vacancy, by an instrument in writing executed by the Company and delivered to the successor Security Trustee. If all or substantially all of the Collateral shall be in the possession of one or more receivers, trustees, liquidators or assignees for the benefit of creditors, then such receivers, trustees, custodians, liquidators or assignees may, by an instrument in writing delivered to the successor Security Trustee, appoint a successor Security Trustee. Promptly after any such appointment, the Company, or any such receivers, trustees, custodians, liquidators or assignees, as the case may be, shall give notice thereof by first class mail postage prepaid to each holder of the Notes at the time outstanding. Any successor Security Trustee so appointed by the Company, or such receivers, trustees, custodians, liquidators or assignees, shall immediately and without further act be superseded by a successor
Appointment of Successor Security Trustee. (a) If the appointment of the Security Trustee is terminated, by resignation, removal or otherwise, the Majority Beneficiaries may appoint a successor Security Trustee.
Appointment of Successor Security Trustee. Upon any such resignation or removal, a successor Security Trustee may be appointed by an Act of Required Debtholders (following consultation with the Borrowers in respect thereof). If no successor Security Trustee has been so appointed within thirty (30) days after the predecessor Security Trustee gave notice of resignation or was removed, the Borrowers, at their option, may appoint a successor Security Trustee, or petition a court of competent jurisdiction for appointment of a successor Security Trustee, which must be a bank or trust company:
Appointment of Successor Security Trustee. (i) If the appointment of the Security Trustee is terminated by resignation, removal or otherwise, the Majority of the Security Beneficiaries (or the Servicer acting on their instructions) may appoint a successor Security Trustee. For this purpose, the parties to this Agreement hereby instruct the Servicer to appoint Xxxxxxxxx IP Solutions LLC as Security Trustee in accordance with the Deed of Resignation and Appointment, which instructions are deemed to constitute instructions to the Servicer from the Majority of the Security Beneficiaries to appoint Xxxxxxxxx IP Solutions LLC as successor Security Trustee.
