Appointment of Successor. If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of the Indenture Trustee, the Issuer or the Noteholders of a majority of the Note Balance of the Controlling Class must appoint a successor Indenture Trustee promptly. If a successor Indenture Trustee does not take office within 60 days after the Indenture Trustee resigns or is removed, the Indenture Trustee, the Issuer or the Noteholders of a majority of the Note Balance of the Controlling Class may petition a court of competent jurisdiction to appoint a successor Indenture Trustee.
Appears in 88 contracts
Samples: Indenture (Ford Credit Auto Owner Trust 2024-C), Indenture (Ford Credit Auto Owner Trust 2024-C), Indenture (Ford Credit Auto Receivables Two LLC)
Appointment of Successor. If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of the Indenture Trustee, the Issuer Trust or the Noteholders of a majority of the Note Balance of the Controlling Class must appoint a successor Indenture Trustee promptly. If a successor Indenture Trustee does not take office within 60 sixty (60) days after the Indenture Trustee resigns or is removed, the Indenture Trustee, the Issuer Trust or the Noteholders of a majority of the Note Balance of the Controlling Class may petition a court of competent jurisdiction (at the expense of the Trust) to appoint a successor Indenture Trustee.
Appears in 41 contracts
Samples: Indenture (Verizon Master Trust), Verizon Master Trust, Verizon Master Trust
Appointment of Successor. If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of the Indenture Trustee, the Issuer or the Noteholders of a majority of the Note Balance of the Controlling Class must appoint a successor Indenture Trustee promptly. If a successor Indenture Trustee does not take office within 60 days after the Indenture Trustee resigns tenders its resignation or is removed, the Indenture Trustee, the Issuer or the Noteholders of a majority of the Note Balance of the Controlling Class may petition a court of competent jurisdiction to appoint of a successor Indenture Trustee.
Appears in 5 contracts
Samples: Indenture (Ford Credit Auto Receivables Two LLC), Indenture (Ford Credit Auto Receivables Two LLC), Indenture (Ford Credit Auto Receivables Two LLC)
Appointment of Successor. If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of the Indenture Trustee, the Issuer or the Noteholders of a majority of the Note Balance of the Controlling Class must appoint a successor Indenture Trustee promptly. If a successor Indenture Trustee does not take office within 60 days after the Indenture Trustee resigns or is removed, the Indenture Trustee, the Issuer or the Noteholders of a majority of the Note Balance of the Controlling Class may petition a court of competent jurisdiction to appoint of a successor Indenture Trustee.
Appears in 2 contracts
Samples: Indenture (Ford Credit Auto Owner Trust 2016-A), Indenture (Ford Credit Auto Owner Trust 2016-A)