Removal for Cause. The Administrator will, if any of the following events occurs and is continuing, remove the Owner Trustee and terminate its rights and obligations under this Agreement by notifying the Owner Trustee: (i) the Owner Trustee no longer meets the eligibility requirements in Section 9.1; (ii) the Owner Trustee is legally unable to act as Owner Trustee; or (iii) an Insolvency Event of the Owner Trustee occurs.
Appears in 68 contracts
Samples: Trust Agreement (Ford Credit Auto Owner Trust 2024-D), Trust Agreement (Ford Credit Auto Receivables Two LLC), Trust Agreement (Ford Credit Auto Owner Trust 2024-C)
Removal for Cause. The Administrator will, if any of the following events occurs and is continuing, remove the Owner Trustee and terminate its rights and obligations under this Agreement by notifying the Owner Trustee:
(i) the Owner Trustee no longer meets the eligibility requirements in Section 9.19.1(a);
(ii) the Owner Trustee is legally unable to act as Owner Trustee; or
(iii) an Insolvency Event of the Owner Trustee occurs.
Appears in 5 contracts
Samples: Trust Agreement (Ford Credit Auto Owner Trust 2016-B), Trust Agreement (Ford Credit Auto Owner Trust 2016-B), Trust Agreement (CAB East LLC)
Removal for Cause. The Administrator will, if any of the following events occurs and is continuing, remove the Owner Trustee and terminate its rights and obligations under this Agreement by notifying the Owner Trustee:
(i) the Owner Trustee no longer meets the eligibility requirements in Section 9.1;
(ii) the Owner Trustee is legally unable to act as Owner Trustee; or
(iii) an Insolvency Event of the Owner Trustee occurs.
Appears in 1 contract
Samples: Master Collateral Agency and Intercreditor Agreement (Verizon Master Trust)
