Common use of Collateral Agent Removal Clause in Contracts

Collateral Agent Removal. The Collateral Agent may be removed, with or without cause, by the Administrative Agent by notice given in writing to the Collateral Agent (the "Collateral Agent Termination Notice"); provided that, notwithstanding its receipt of a Collateral Agent Termination Notice, the Collateral Agent shall continue to act in such capacity until a successor Collateral Agent has been appointed by the Administrative Agent (and consented to by each of the Borrower, the Originator and the Servicer) and has agreed to act as Collateral Agent hereunder; provided that the Collateral Agent shall continue to receive compensation of its fees and expenses in accordance with Section 10.04 above while so serving as the Collateral Agent prior to a successor Collateral Agent being appointed. In the case of a resignation or removal of the Collateral Agent, if no successor shall have been appointed and an instrument of acceptance by a successor shall not have been delivered to the Collateral Agent within ninety (90) days after the giving of such notice of resignation or removal, the Collateral Agent may petition any court of competent jurisdiction for the appointment of a successor Collateral Agent.

Collateral Agent Removal. The Collateral Agent may be removed, with or without cause, by the Administrative Agent by notice given in writing to the Collateral Agent (the "“Collateral Agent Termination Notice"”); provided that, notwithstanding its receipt of a Collateral Agent Termination Notice, the Collateral Agent shall continue to act in such capacity until a successor Collateral Agent has been appointed by the Administrative Agent (and consented to by each of the Borrower, the Originator and the Servicer) and has agreed to act as Collateral Agent hereunder; provided that the Collateral Agent shall continue to receive compensation . The appointment of its fees and expenses in accordance with Section 10.04 above while so serving as the Collateral Agent prior to a any successor Collateral Agent being appointedthat is not an Affiliate of U.S. Bank shall (unless a Default or Event of Default has occurred and is continuing) require the approval of the Administrative Agent and the Borrower (which approval shall not to be unreasonably withheld). In the case of a resignation or removal of the Collateral Agent, if no successor collateral agent shall have been appointed and an instrument of acceptance by a successor collateral agent shall not have been delivered to the Collateral Agent within ninety (90) 90 days after the giving of such notice of resignation or removala Collateral Agent Termination Notice, the Collateral Agent may petition any court of competent jurisdiction for the appointment of a successor Collateral Agentcollateral agent.

Collateral Agent Removal. The Collateral Agent may be removed, with or without cause, by the Administrative Agent by notice given in writing to the Collateral Agent (the "“Collateral Agent Termination Notice"”); provided that, notwithstanding its receipt of a Collateral Agent Termination Notice, the Collateral Agent shall continue to act in such capacity until a successor Collateral Agent has been appointed by the Administrative Agent (and consented to by each of the Borrower, the Originator and the Servicer) and has agreed to act as Collateral Agent hereunder; provided that the Collateral Agent shall continue to receive compensation of its fees and expenses in accordance with Section 10.04 above while so serving as the Collateral Agent prior to a successor Collateral Agent being appointed. In the case of a resignation or removal of the Collateral Agent, if no successor shall have been appointed and an instrument of acceptance by a successor shall not have been delivered to the Collateral Agent within ninety (90) days after the giving of such notice of resignation or removal, the Collateral Agent may petition any court of competent jurisdiction for the appointment of a successor Collateral Agent.