Removal of Eligible Lender Trustee. The Eligible Lender Trustee or any successor Eligible Lender Trustee may be removed at any time by the Issuer upon payment to the Eligible Lender Trustee so removed of all money then due to it hereunder and appointment of a successor thereto by the Issuer and acceptance thereof by said successor. In the event an Eligible Lender Trustee (or successor Eligible Lender Trustee) is removed such removal shall not become effective until the Issuer shall have appointed a successor and the successor Eligible Lender Trustee has accepted appointment as such.
Appears in 8 contracts
Samples: Lender Trust Agreement, Eligible Lender Trust Agreement (Higher Education Funding I), Eligible Lender Trust Agreement (Goal Capital Funding, LLC)
Removal of Eligible Lender Trustee. The Eligible Lender Trustee or any successor Eligible Lender Trustee may be removed at any time by the Issuer Depositor upon payment to the Eligible Lender Trustee so removed of all money then due to it hereunder and appointment of a successor thereto by the Issuer Depositor and acceptance thereof by said successor. In the event an Eligible Lender Trustee (or successor Eligible Lender Trustee) is removed such removal shall not become effective until the Issuer Depositor shall have appointed a successor and the successor Eligible Lender Trustee has accepted appointment as such.
Appears in 4 contracts
Samples: Eligible Lender Trust Agreement (Higher Education Funding I), Eligible Lender Trust Agreement (Consolidation Loan Funding Ii, LLC), Eligible Lender Trust Agreement (Higher Education Funding I)
Removal of Eligible Lender Trustee. The Eligible Lender Trustee or any successor Eligible Lender Trustee may be removed at any time by the Issuer upon payment to the Eligible Lender Trustee so removed of all money then due to it hereunder hereunder, as set forth in Section 4.07 hereof, and appointment of a successor thereto by the Issuer and acceptance thereof by said successor. In the event an Eligible Lender Trustee (or successor Eligible Lender Trustee) is removed such removal shall not become effective until the Issuer shall have appointed a successor and the successor Eligible Lender Trustee has accepted appointment as such.
Appears in 2 contracts
Samples: Eligible Lender Trust Agreement (Gmac Elf LLC), Lender Trust Agreement (Gmac Elf LLC)
