Common use of Removal of Trustee Clause in Contracts

Removal of Trustee. The Trustee shall be removed by the Corporation if at any time so requested by an instrument or concurrent instruments in writing, filed with the Trustee and the Corporation, and signed by the Holders of a majority in Principal Amount of the Notes then Outstanding or their attorneys- in-fact duly authorized, excluding any Notes held by or for the account of the Corporation. Notwithstanding the foregoing, the Trustee may not be removed during the existence of an Event of Default. No such removal of the Trustee shall become effective until the acceptance of appointment by a successor trustee under Section 7.8 hereof.

Appears in 3 contracts

Samples: Indenture of Trust (Education Loans Inc /De), Indenture of Trust (Education Loans Inc /De), Indenture of Trust (Education Loans Inc /De)

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Removal of Trustee. The Trustee shall be removed by the Corporation if at any time so requested by an instrument or concurrent instruments in writing, filed with the Trustee and the Corporation, and signed by the Holders of a majority in Principal Amount of the Notes then Outstanding or their attorneys- attorneys-in-fact duly authorized, excluding any Notes held by or for the account of the Corporation. Notwithstanding the foregoing, the Trustee may not be removed during the existence of an Event of Default. No such removal of the Trustee shall become effective until the acceptance of appointment by a successor trustee under Section 7.8 hereof.

Appears in 2 contracts

Samples: Indenture of Trust (Education Loans Inc /De), Indenture of Trust (Education Loans Inc /De)

Removal of Trustee. The Trustee shall be removed by the ------------------ Corporation if at any time so requested by an instrument or concurrent instruments in writing, filed with the Trustee and the Corporation, and signed by the Holders of a majority in Principal Amount of the Notes then Outstanding or their attorneys- in-fact duly authorized, excluding any Notes held by or for the account of the Corporation. Notwithstanding the foregoing, the Trustee may not be removed during the existence of an Event of Default. No such removal of the Trustee shall become effective until the acceptance of appointment by a successor trustee under Section 7.8 hereof.

Appears in 1 contract

Samples: Indenture of Trust (Education Loans Inc /De)

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Removal of Trustee. The Trustee shall be removed by the Corporation if at any time so requested by an instrument or concurrent instruments in writing, filed with the Trustee and the Corporation, and signed by the Holders of a majority in Principal Amount of the Notes then Outstanding or their attorneys- attorneys-in-fact duly authorized, excluding any Notes held by or for the account of the Corporation. Notwithstanding the foregoing, the Trustee may not be removed during the existence of an Event of Default. No such removal of the Trustee shall become effective until the acceptance of appointment by a successor trustee under Section 7.8 8.8 hereof.

Appears in 1 contract

Samples: Indenture of Trust (Education Loans Inc /De)

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