Common use of Removal of the Underlying Trustee Clause in Contracts

Removal of the Underlying Trustee. The Administrator (on behalf of the Settlor) may at any time, subject to the provisions of this Article IX, remove the Underlying Trustee by written notice to the Underlying Trustee. If the Administrator (on behalf of the Settlor) shall remove the Underlying Trustee under the authority of the immediately preceding sentence, the Underlying Trust or the Administrator shall promptly appoint a successor Underlying Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Underlying Trustee so removed and one copy to the successor Underlying Trustee, and shall pay all fees owed to the outgoing Underlying Trustee. In case the Underlying Trustee shall be dissolved, fail to comply with Section 9.7 hereof or otherwise become incapable of acting hereunder, or in case it shall be taken under the control of any public officer or officers, or of a receiver appointed by a court, any Holder of the Securities may petition any court of competent jurisdiction for the removal of the Underlying Trustee and the appointment of a successor Underlying Trustee. No removal of the Underlying Trustee, and no appointment of a successor Underlying Trustee, pursuant to the provisions of this Article IX shall become effective until the acceptance of appointment by the successor Underlying Trustee under Section 9.3 hereof.

Removal of the Underlying Trustee. The Administrator (on behalf of the Settlor) Settlor may at any time, subject to the provisions of this Article IX, remove the Underlying Trustee by written notice to the Underlying Trustee. If the Administrator (on behalf of the Settlor) The Settlor shall remove the Underlying Trustee under if at any time so requested by an instrument or concurrent instruments in writing, filed with the authority of Indenture Trustee and the immediately preceding sentenceSettlor, and signed by the Acting Holders. Notwithstanding the foregoing, the Underlying Trust or Trustee may not be removed during the Administrator shall promptly appoint a successor Underlying Trustee by written instrument, in duplicate, one copy existence of which instrument shall be delivered to an Event of Default under the outgoing Underlying Trustee so removed and one copy to the successor Underlying Trustee, and shall pay all fees owed to the outgoing Underlying TrusteeIndenture. In case the Underlying Trustee shall be dissolved, fail to comply with Section 9.7 hereof or otherwise become incapable of acting hereunder, or in case it shall be taken under the control of any public officer or officers, or of a receiver appointed by a court, any Holder of the Securities may petition any court of competent jurisdiction for the removal of the Underlying Trustee and the appointment of a successor Underlying Trustee. No removal of the Underlying Trustee, and no appointment of a successor Underlying Trustee, pursuant to the provisions of this Article IX shall become effective until the acceptance of appointment by the successor Underlying Trustee under Section 9.3 hereof.