Common use of Replacement of COLT Indenture Trustee Clause in Contracts

Replacement of COLT Indenture Trustee. (a) The COLT Indenture Trustee may at any time give notice of its intent to resign by so notifying COLT and the COLT 2007-SN1 Secured Noteholders; provided, however, that no such resignation shall become effective and the COLT Indenture Trustee shall not resign prior to the time set forth in Section 6.8(c). The Holders of a majority of the Outstanding Amount of the COLT 2007-SN1 Secured Notes may remove the COLT Indenture Trustee by so notifying the COLT Indenture Trustee and may appoint a successor COLT Indenture Trustee. Such resignation or removal shall become effective in accordance with Section 6.8(c). COLT shall remove the COLT Indenture Trustee if: (i) the COLT Indenture Trustee fails to comply with Section 6.11; (ii) the COLT Indenture Trustee is adjudged bankrupt or insolvent; (iii) a receiver or other public officer takes charge of the COLT Indenture Trustee or its property; or (iv) the COLT Indenture Trustee otherwise becomes incapable of acting. (b) If the COLT Indenture Trustee gives notice of its intent to resign or is removed or if a vacancy exists in the office of COLT Indenture Trustee for any reason (the COLT Indenture Trustee in such event being referred to herein as the retiring COLT Indenture Trustee), COLT shall promptly appoint and designate a successor COLT Indenture Trustee. (c) A successor COLT Indenture Trustee shall deliver a written acceptance of its appointment and designation to the retiring COLT Indenture Trustee and to COLT. Thereupon the resignation or removal of the retiring COLT Indenture Trustee shall become effective, and the successor COLT Indenture Trustee shall have all the rights, powers and duties of the COLT Indenture Trustee under this COLT Indenture. The successor COLT Indenture Trustee shall mail a notice of its succession to the COLT 2007-SN1 Secured Noteholders. The retiring COLT Indenture Trustee shall promptly transfer all property held by it as COLT Indenture Trustee to the successor COLT Indenture Trustee. (d) If a successor COLT Indenture Trustee does not take office within 60 days after the retiring COLT Indenture Trustee gives notice of its intent to resign or is removed, the retiring COLT Indenture Trustee, COLT or the Holders of a majority of the Outstanding Amount of the COLT 2007-SN1 Secured Notes may petition any court of competent jurisdiction for the appointment and designation of a successor COLT Indenture Trustee. (e) If the COLT Indenture Trustee fails to comply with Section 6.11, any COLT 2007-SN1 Secured Noteholder may petition any court of competent jurisdiction for the removal of the COLT Indenture Trustee and the appointment of a successor COLT Indenture Trustee. (f) Notwithstanding the replacement of the COLT Indenture Trustee pursuant to this Section 6.8, COLT's obligations under Section 6.7 and the Servicer's corresponding obligations under the COLT Servicing Agreement shall continue for the benefit of the retiring COLT Indenture Trustee.

Replacement of COLT Indenture Trustee. (a) The COLT Indenture Trustee may at any time give notice of its intent to resign by so notifying COLT and the COLT 2007-SN1 200__-___ Secured Noteholders; provided, however, that no such resignation shall become effective and the COLT Indenture Trustee shall not resign prior to the time set forth in Section 6.8(c). The Holders of a majority of the Outstanding Amount of the COLT 2007-SN1 200__-___ Secured Notes may remove the COLT Indenture Trustee by so notifying the COLT Indenture Trustee and may appoint a successor COLT Indenture Trustee. Such resignation or removal shall become effective in accordance with Section 6.8(c). COLT shall remove the COLT Indenture Trustee if: (i) the COLT Indenture Trustee fails to comply with Section 6.11; (ii) the COLT Indenture Trustee is adjudged bankrupt or insolvent; (iii) a receiver or other public officer takes charge of the COLT Indenture Trustee or its property; or (iv) the COLT Indenture Trustee otherwise becomes incapable of acting. (b) If the COLT Indenture Trustee gives notice of its intent to resign or is removed or if a vacancy exists in the office of COLT Indenture Trustee for any reason (the COLT Indenture Trustee in such event being referred to herein as the retiring COLT Indenture Trustee), COLT shall promptly appoint and designate a successor COLT Indenture Trustee. (c) A successor COLT Indenture Trustee shall deliver a written acceptance of its appointment and designation to the retiring COLT Indenture Trustee and to COLT. Thereupon the resignation or removal of the retiring COLT Indenture Trustee shall become effective, and the successor COLT Indenture Trustee shall have all the rights, powers and duties of the COLT Indenture Trustee under this COLT Indenture. The successor COLT Indenture Trustee shall mail a notice of its succession to the COLT 2007-SN1 200 - Secured Noteholders. The retiring COLT Indenture Trustee shall promptly transfer all property held by it as COLT Indenture Trustee to the successor COLT Indenture Trustee. (d) If a successor COLT Indenture Trustee does not take office within 60 days after the retiring COLT Indenture Trustee gives notice of its intent to resign or is removed, the retiring COLT Indenture Trustee, COLT or the Holders of a majority of the Outstanding Amount of the COLT 2007-SN1 200__-___ Secured Notes may petition any court of competent jurisdiction for the appointment and designation of a successor COLT Indenture Trustee. (e) If the COLT Indenture Trustee fails to comply with Section 6.11, any COLT 2007-SN1 200 - Secured Noteholder may petition any court of competent jurisdiction for the removal of the COLT Indenture Trustee and the appointment of a successor COLT Indenture Trustee. (f) Notwithstanding the replacement of the COLT Indenture Trustee pursuant to this Section 6.8, COLT's obligations under Section 6.7 and the Servicer's corresponding obligations under the COLT Servicing Agreement shall continue for the benefit of the retiring COLT Indenture Trustee.

Replacement of COLT Indenture Trustee. (a) The COLT Indenture Trustee may at any time give notice of its intent to resign by so notifying COLT and the COLT 2007-SN1 200_-_ Secured Noteholders; provided, however, that no such resignation shall become effective and the COLT Indenture Trustee shall not resign prior to the time set forth in Section 6.8(c). The Holders of a majority of the Outstanding Amount of the COLT 2007-SN1 200_-_ Secured Notes may remove the COLT Indenture Trustee by so notifying the COLT Indenture Trustee and may appoint a successor COLT Indenture Trustee. Such resignation or removal shall become effective in accordance with Section 6.8(c). COLT shall remove the COLT Indenture Trustee if: (i) the COLT Indenture Trustee fails to comply with Section 6.11; (ii) the COLT Indenture Trustee is adjudged bankrupt or insolvent; (iii) a receiver or other public officer takes charge of the COLT Indenture Trustee or its property; or (iv) the COLT Indenture Trustee otherwise becomes incapable of acting. (b) If the COLT Indenture Trustee gives notice of its intent to resign or is removed or if a vacancy exists in the office of COLT Indenture Trustee for any reason (the COLT Indenture Trustee in such event being referred to herein as the retiring COLT Indenture Trustee), COLT shall promptly appoint and designate a successor COLT Indenture Trustee. (c) A successor COLT Indenture Trustee shall deliver a written acceptance of its appointment and designation to the retiring COLT Indenture Trustee and to COLT. Thereupon the resignation or removal of the retiring COLT Indenture Trustee shall become effective, and the successor COLT Indenture Trustee shall have all the rights, powers and duties of the COLT Indenture Trustee under this COLT Indenture. The successor COLT Indenture Trustee shall mail a notice of its succession to the COLT 2007-SN1 200_-_ Secured Noteholders. The retiring COLT Indenture Trustee shall promptly transfer all property held by it as COLT Indenture Trustee to the successor COLT Indenture Trustee. (d) If a successor COLT Indenture Trustee does not take office within 60 days after the retiring COLT Indenture Trustee gives notice of its intent to resign or is removed, the retiring COLT Indenture Trustee, COLT or the Holders of a majority of the Outstanding Amount of the COLT 2007-SN1 200_-_ Secured Notes may petition any court of competent jurisdiction for the appointment and designation of a successor COLT Indenture Trustee. (e) If the COLT Indenture Trustee fails to comply with Section 6.11, any COLT 2007-SN1 200_-_ Secured Noteholder may petition any court of competent jurisdiction for the removal of the COLT Indenture Trustee and the appointment of a successor COLT Indenture Trustee. (f) Notwithstanding the replacement of the COLT Indenture Trustee pursuant to this Section 6.8, COLT's obligations under Section 6.7 and the Servicer's corresponding obligations under the COLT Servicing Agreement shall continue for the benefit of the retiring COLT Indenture Trustee.

Replacement of COLT Indenture Trustee. (a) The COLT Indenture Trustee may at any time give notice of its intent to resign by so notifying COLT and the COLT 20072005-SN1 Secured Noteholders; provided, however, that no such resignation shall become effective and the COLT Indenture Trustee shall not resign prior to the time set forth in Section 6.8(c). The Holders of a majority of the Outstanding Amount of the COLT 20072005-SN1 Secured Notes may remove the COLT Indenture Trustee by so notifying the COLT Indenture Trustee and may appoint a successor COLT Indenture Trustee. Such resignation or removal shall become effective in accordance with Section 6.8(c). COLT shall remove the COLT Indenture Trustee if: (i) the COLT Indenture Trustee fails to comply with Section 6.11; (ii) the COLT Indenture Trustee is adjudged bankrupt or insolvent; (iii) a receiver or other public officer takes charge of the COLT Indenture Trustee or its property; or (iv) the COLT Indenture Trustee otherwise becomes incapable of acting. (b) If the COLT Indenture Trustee gives notice of its intent to resign or is removed or if a vacancy exists in the office of COLT Indenture Trustee for any reason (the COLT Indenture Trustee in such event being referred to herein as the retiring COLT Indenture Trustee), COLT shall promptly appoint and designate a successor COLT Indenture Trustee. (c) A successor COLT Indenture Trustee shall deliver a written acceptance of its appointment and designation to the retiring COLT Indenture Trustee and to COLT. Thereupon the resignation or removal of the retiring COLT Indenture Trustee shall become effective, and the successor COLT Indenture Trustee shall have all the rights, powers and duties of the COLT Indenture Trustee under this COLT Indenture. The successor COLT Indenture Trustee shall mail a notice of its succession to the COLT 20072005-SN1 Secured Noteholders. The retiring COLT Indenture Trustee shall promptly transfer all property held by it as COLT Indenture Trustee to the successor COLT Indenture Trustee. (d) If a successor COLT Indenture Trustee does not take office within 60 days after the retiring COLT Indenture Trustee gives notice of its intent to resign or is removed, the retiring COLT Indenture Trustee, COLT or the Holders of a majority of the Outstanding Amount of the COLT 20072005-SN1 Secured Notes may petition any court of competent jurisdiction for the appointment and designation of a successor COLT Indenture Trustee. (e) If the COLT Indenture Trustee fails to comply with Section 6.11, any COLT 20072005-SN1 Secured Noteholder may petition any court of competent jurisdiction for the removal of the COLT Indenture Trustee and the appointment of a successor COLT Indenture Trustee. (f) Notwithstanding the replacement of the COLT Indenture Trustee pursuant to this Section 6.8, COLT's obligations under Section 6.7 and the Servicer's corresponding obligations under the COLT Servicing Agreement shall continue for the benefit of the retiring COLT Indenture Trustee.