Common use of Co-Trustees and Separate Trustees Clause in Contracts

Co-Trustees and Separate Trustees. (a) At any time or times, for the purpose of meeting the legal requirements of any jurisdiction in which any of the Trust Property may at the time be located, the Owner Trustee and the Indenture Trustee shall have power to appoint, with the prior written consent of the Note Insurer, and, upon the written request of the Indenture Trustee, the Note Insurer or the Noteholders representing more than fifty percent (50%) of the Aggregate Outstanding Principal Balance of the Class A Notes and the Class B Notes, and after delivering written notice to the Administrator, the Owner Trustee shall for such purpose join with the Indenture Trustee in the execution, delivery and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Indenture Trustee either to act as co-trustee, jointly with the Indenture Trustee, of all or any part of the Trust Property, or to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section 7.13. If the Owner Trustee does not join in such appointment within fifteen (15) days after the receipt by it of a request so to do, or in case an Event of Default has occurred and is continuing, the Indenture Trustee alone with the prior written consent of the Note Insurer shall have power to make such appointment.

Co-Trustees and Separate Trustees. (a) At any time or times, for the purpose of meeting the legal requirements of the TIA or of any jurisdiction in which any of the Trust Property Estate may at the time be located, the Owner Trustee Issuer and the Indenture Trustee shall have power to appoint, with the prior written consent of the Note Insurer, and, upon the written request of the Indenture TrusteeTrustee or of the Holders of Notes entitled to more than 50% of the Voting Rights, the Note Insurer or the Noteholders representing more than fifty percent (50%) of the Aggregate Outstanding Principal Balance of the Class A Notes and the Class B Notes, and after delivering written notice to the Administrator, the Owner Trustee Issuer shall for such purpose join with the Indenture Trustee in the execution, delivery and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Indenture Rating Agencies and the Trustee either to act as co-trustee, jointly with the Indenture Trustee, of all or any part of the Trust PropertyEstate, or to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section 7.13Section. If the Owner Trustee Issuer does not join in such appointment within fifteen (15) 15 days after the receipt by it of a request so to do, or in case an Event of Default has occurred and is continuing, the Indenture Trustee alone with the prior written consent of the Note Insurer shall have power to make such appointment.. Should any written instrument from the Issuer be required by any co-trustee or separate trustee so appointed for more fully confirming to such co-trustee or separate trustee such property, title, right or power, any such instrument shall, on request, be executed, acknowledged and delivered by the Issuer. Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms:

Co-Trustees and Separate Trustees. (a) At any time or times, for the purpose of meeting the legal requirements of any jurisdiction in which any of the Trust Property may at the time be located, the Owner Trustee Issuer and the Indenture Trustee shall have power to appoint, with the prior written consent of the Note Insurer, and, upon the written request of the Indenture Trustee, the Note Insurer or the Noteholders representing more than fifty percent (50%) of the Aggregate Outstanding Principal Balance of the Class A Notes and the Class B Notes, and after delivering written notice to the Administrator, the Owner Trustee Issuer shall for such purpose join with the Indenture Trustee in the execution, delivery and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Indenture Trustee either to act as co-trustee, jointly with the Indenture Trustee, of all or any part of the Trust Property, or to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section 7.13. If the Owner Trustee Issuer does not join in such appointment within fifteen (15) days after the receipt by it of a request so to do, or in case an Event of Default has occurred and is continuing, the Indenture Trustee alone with the prior written consent of the Note Insurer shall have power to make such appointment.