Common use of Replacement of Owner Trustee Clause in Contracts

Replacement of Owner Trustee. (a) The Owner Trustee may resign at any time and be discharged from the trusts hereby created by giving 30 days' prior written notice thereof to the Servicer, provided that such resignation shall not become effective until a successor Owner Trustee has been appointed. The Servicer may appoint a successor Owner Trustee by delivering a written instrument pursuant to Section 6.10(b). If no successor Owner Trustee shall have been appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Owner Trustee may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee. The Servicer shall remove the Owner Trustee if:

Replacement of Owner Trustee. (a) The Owner Trustee may resign at any time and be discharged from the trusts hereby created by giving 30 days' prior written notice thereof to the Servicer, provided that such resignation shall not become effective until a successor Owner Trustee has been appointedCredit Enhancer and the Administrator. The Servicer may Administrator shall appoint a successor Owner Trustee with the consent of the Credit Enhancer by delivering a written instrument pursuant instrument, in duplicate, to Section 6.10(b)the resigning Owner Trustee and the successor Owner Trustee. If no successor Owner Trustee shall have been appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Owner Trustee may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee. The Servicer Administrator shall remove the Owner Trustee if: