Common use of Appointment of Successor Trustee; Temporary Trustee Clause in Contracts

Appointment of Successor Trustee; Temporary Trustee. In case the Trustee hereunder shall resign or be removed, or be dissolved, or shall be in course of dissolution or liquidation, or otherwise become incapable of acting hereunder, or in case it shall be taken under the control of any public officer or officers, or of a receiver appointed by a court, a successor may be appointed by the Issuer with the written consent of the Servicer, the Supervisory Servicer and the Required Noteholders, such consent not to be unreasonably withheld or delayed by an instrument in writing signed by the Issuer and a copy of which shall be delivered personally or sent by registered mail to the Noteholders. Nevertheless, in case of such vacancy, the Issuer by resolution may appoint a temporary Trustee to fill such vacancy until a successor Trustee shall be appointed in the manner above provided; and any such temporary Trustee so appointed by the Issuer shall immediately and without further act be superseded by the Trustee so appointed. Notice of the appointment of a successor Trustee shall be given in the same manner as provided by Section 10.6 hereof with respect to the resignation of a Trustee; provided in each case any successor Trustee shall meet the eligibility requirements of Section 10.9.

Appointment of Successor Trustee; Temporary Trustee. In case the Trustee hereunder shall resign or be removed, or be dissolved, or shall be in course of dissolution or liquidation, or otherwise become incapable of acting hereunder, or in case it shall be taken under the control of any public officer or officers, or of a receiver appointed by a court, a successor may be appointed by the Issuer with the written consent of the Servicer, the Supervisory Servicer and the Required NoteholdersServicers, such consent not to be unreasonably withheld or delayed delayed, by an instrument in writing signed by the Issuer and a copy of which shall be delivered personally or sent by registered mail to the Noteholders. Nevertheless, in case of such vacancy, the Issuer by resolution may appoint a temporary Trustee to fill such vacancy until a successor Trustee shall be appointed in the manner above provided; and any such temporary Trustee so appointed by the Issuer shall immediately and without further act be superseded by the Trustee so appointed. Notice of the appointment of a successor Trustee shall be given in the same manner as provided by Section 10.6 hereof with respect to the resignation of a Trustee; provided in each case any successor Trustee shall meet the eligibility requirements of Section 10.9.

Appointment of Successor Trustee; Temporary Trustee. In case the Trustee hereunder shall resign or be removed, or be dissolved, or shall be in course of dissolution or liquidation, or otherwise become incapable of acting hereunder, or in case it shall be taken under the control of any public officer or officers, or of a receiver appointed by a court, a successor may be appointed by the Issuer with the written consent of the Servicer, the Supervisory Servicer and the Required Noteholders, such consent Noteholders not to be unreasonably withheld or delayed by an instrument in writing signed by the Issuer and a copy of which shall be delivered personally or sent by registered mail to the Noteholders. Nevertheless, in case of such vacancy, the Issuer by resolution may appoint a temporary Trustee to fill such vacancy until a successor Trustee shall be appointed in the manner above provided; and any such temporary Trustee so appointed by the Issuer shall immediately and without further act be superseded by TRUST INDENTURE - Page 40 45 the Trustee so appointed. Notice of the appointment of a successor Trustee shall be given in the same manner as provided by Section 10.6 hereof with respect to the resignation of a Trustee; provided in each case any successor Trustee shall meet the eligibility requirements of Section 10.9.

Appointment of Successor Trustee; Temporary Trustee. In case the Trustee hereunder shall resign or be removed, or be dissolved, or shall be in course of dissolution or liquidation, or otherwise become incapable of acting hereunder, or in case it shall be taken under the control of any public officer or officers, or of a receiver appointed by a court, a successor may be appointed by the Issuer with the written consent of the Servicer, the Supervisory Servicer and the Required Noteholders, such consent not to be unreasonably withheld or delayed by an instrument in writing signed by the Issuer and a copy of which shall be delivered personally or sent by registered mail to the Noteholders. Nevertheless, in case of such vacancy, the Issuer by resolution may appoint a temporary Trustee to fill such vacancy until a successor Trustee shall be appointed in the manner above provided; and any such temporary Trustee so appointed by the Issuer shall immediately and without further act be superseded by the Trustee so appointed. Notice of the appointment of a successor Trustee shall be given in the same manner as provided by Section 10.6 hereof with respect to the resignation of a Trustee; provided in each case any successor Trustee shall meet the eligibility requirements of Section 10.9.

Appointment of Successor Trustee; Temporary Trustee. In ------------ --------------------------------------------------- case the Trustee hereunder shall resign or resign, be removed, or be dissolved, or shall be in course of dissolution or liquidation, liquidation or otherwise become incapable of acting hereunder, hereunder or in case it shall be taken under the control of any public officer or officers, officers or of a receiver appointed by a court, a successor may be appointed by the Issuer with the written consent Bondholders of the Servicera majority in aggregate principal amount of Bonds then Outstanding, the Supervisory Servicer and the Required Noteholders, such consent not to be unreasonably withheld or delayed by an instrument or concurrent instruments in writing signed by the Issuer and a copy of which shall be delivered personally or sent by registered mail to the Noteholderssuch Bondholders. Nevertheless, in In case of such vacancyvacancy the Issuer, the Issuer by resolution an instrument signed by its Authorized Representative, may appoint a temporary Trustee to fill such vacancy until a successor Trustee shall be appointed by the Bondholders in the manner provided above provided; and any such temporary Trustee so appointed by the Issuer shall immediately and without further act be superseded by the Trustee so appointedappointed by such registered owners. Notice of Every such Trustee appointed pursuant to this Section shall be, if there be such an institution willing, qualified and able to accept the appointment of trust upon reasonable or customary terms, (i) a successor Trustee shall be given in the same manner as provided by Section 10.6 hereof with respect to the resignation of a Trustee; provided in each case any successor Trustee shall meet the eligibility requirements of Section 10.9.bank or trust company 50