Common use of Appointment of Successor Security Trustee Clause in Contracts

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: (i) authorized to exercise corporate trust powers; (ii) having a combined capital and surplus of at least $500,000,000; (iii) maintaining an office in New York, New York; and (iv) that is not a Secured Lien Representative. The retiring Security Trustee will fulfill its obligations hereunder until a successor Security Trustee meeting the requirements of this Section 7.02 has accepted its appointment as Security Trustee or Co-Security Trustee, as the case may be, and the provisions of Section 7.03 have been satisfied. Unless a successor Security Trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Security Trustee may petition any court of competent jurisdiction (at the Borrower’s expense) for the appointment of 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 written consent of the Borrower, which consent shall not be unreasonably withheld and which consent shall not be required if a Secured Debt Default existsBorrowers in respect thereof). If no successor Security Trustee has been so appointed and accepted such appointment within 30 thirty (30) days after the predecessor Security Trustee gave notice of resignation or was removed, the BorrowerBorrowers, at its 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: (i) authorized to exercise corporate trust powers; (ii) having a combined capital and surplus of at least $500,000,000; (iii) maintaining an office in New York, New York; and (iv) that is not a Secured Lien Representative. The retiring Security Trustee Trustee, will fulfill its obligations hereunder until a successor Security Trustee Trustee, meeting the requirements of this Section 7.02 has accepted its appointment as Security Trustee or Co-Security Trustee, as the case may be, and the provisions of Section 7.03 have been satisfied. Unless a successor Security Trustee shall have been so appointed and have accepted appointment within 30 thirty (30) days after the giving of such notice of resignation, the resigning Security Trustee may petition any court of competent jurisdiction (at the Borrower’s Borrowers’ expense) for the appointment of a successor Security Trustee, as applicable.

Appointment of Successor Security Trustee. Upon any such resignation or removal, a successor Security Trustee 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 or required if a Secured Debt Default exists). If no successor Security Trustee Trustee, has been so appointed and accepted such appointment within 30 days after the predecessor Security Trustee 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: (i) authorized to exercise corporate trust powers; (ii) having a combined capital and surplus of at least $500,000,000; (iii) maintaining an office in New York, New York; and (iv) that is not a Secured Lien Representative. The retiring Security Trustee Trustee, will fulfill its obligations hereunder until a successor Security Trustee Trustee, meeting the requirements of this Section 7.02 has accepted its appointment as Security Trustee or Co-Security Trustee, as the case may be, and the provisions of Section 7.03 have been satisfied. Unless a successor Security Trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Security Trustee may petition any court of competent jurisdiction (at the Borrower’s expense) for the appointment of a successor Security Trustee, as applicable.

Appointment of Successor Security Trustee. Upon any such resignation or removal, a successor Security Trustee Trustee, may be appointed by an Act of Required Debtholders (following consultation 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 existsBorrower in respect thereof). 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: (i) authorized to exercise corporate trust powers; (ii) having a combined capital and surplus of at least $500,000,000; (iii) maintaining an office in New York, New York; and (iv) that is not a Secured Lien Representative. The retiring Security Trustee Trustee, will fulfill its obligations hereunder until a successor Security Trustee Trustee, meeting the requirements of this Section 7.02 has accepted its appointment as Security Trustee or Co-Security Trustee, as the case may be, and the provisions of Section 7.03 have been satisfied. Unless a successor Security Trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Security Trustee may petition any court of competent jurisdiction (at the Borrower’s expense) for the appointment of a successor Security Trustee, as applicable.