Common use of Replacement of Trustees Clause in Contracts

Replacement of Trustees. (a) The Trustees may resign at any time by giving 30 days’ prior notice of such resignation to the Issuer and be discharged from the trust hereby created by so notifying the Issuer. The Holders of a majority in aggregate principal amount of the outstanding Notes may remove a Trustee by so notifying such Trustee and the Issuer 30 days prior in writing. The Issuer shall remove a Trustee if: (i) such Trustee is no longer eligible under Section 7.10; (ii) such Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to such Trustee under any Bankruptcy Law; (iii) a receiver or public officer takes charge of such Trustee or its property; or (iv) such Trustee otherwise becomes incapable of acting. (b) If a Trustee resigns or has been removed by the Holders, Holders of a majority in principal amount of the outstanding Notes may appoint a successor Trustee. Otherwise, if a Trustee resigns or is removed (and such Holders do not reasonably promptly appoint a successor Trustee), or if a vacancy exists in the office of Trustee for any reason, the Issuer shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the successor Trustee to replace it with another successor Trustee appointed by the Issuer. The U.S. Trustee can only be replaced by another U.S. Trustee and the Canadian Trustee can only be replaced by another Canadian Trustee, unless the responsibilities and obligations of the U.S. Trustee and the Canadian Trustee have been combined into a single trustee or the Canadian Trustee has been removed, in each case, pursuant to Section 9.1(a)(xiii). (c) A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall send a notice of its succession to Holders, and include in the notice its name and address of its corporate trust office. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.7. (d) If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Issuer or the Holders of at least 10% in principal amount of the Notes may petition, at the expense of the Issuer, any court of competent jurisdiction for the appointment of a successor Trustee. (e) If the Trustee fails to comply with Section 7.10, any Holder of Notes may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee with respect to the Notes. (f) Notwithstanding the replacement of the Trustee pursuant to this Section 7.8, the Issuer’s obligations under Section 7.7 shall continue for the benefit of the retiring Trustee.

Replacement of Trustees. (a) The Trustees may resign at any time by giving 30 days’ prior notice of such resignation to the Issuer and be discharged from the trust hereby created by so notifying the Issuer. The Holders of a majority in aggregate principal amount of the outstanding Notes may remove a Trustee by so notifying such Trustee and the Issuer 30 days prior in writing. The Issuer shall remove a Trustee if: (i) such Trustee is no longer eligible under Section 7.10; (ii) such Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to such Trustee under any Bankruptcy Law; (iii) a receiver or public officer takes charge of such Trustee or its property; or (iv) such Trustee otherwise becomes incapable of acting. (b) If a Trustee resigns or has been removed by the Holders, Holders of a majority in principal amount of the outstanding Notes may appoint a successor Trustee. Otherwise, if a Trustee resigns or is removed (and such Holders do not reasonably promptly appoint a successor Trustee), or if a vacancy exists in the office of Trustee for any reason, the Issuer shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the successor Trustee to replace it with another successor Trustee appointed by the Issuer. The U.S. Trustee can only be replaced by another U.S. Trustee and the Canadian Trustee can only be replaced by another Canadian Trustee, unless the responsibilities and obligations of the U.S. Trustee and the Canadian Trustee have been combined into a single trustee or the Canadian Trustee has been removed, in each case, pursuant to Section 9.1(a)(xiii). (c) A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall send a notice of its succession to Holders, and include in the notice its name and address of its corporate trust office. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.7. (d) If a successor Trustee Xxxxxxx does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Issuer or the Holders of at least 10% in principal amount of the Notes may petition, at the expense of the Issuer, any court of competent jurisdiction for the appointment of a successor Trustee. (e) If the Trustee fails to comply with Section 7.10, any Holder of Notes may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee with respect to the Notes. (f) Notwithstanding the replacement of the Trustee pursuant to this Section 7.8, the Issuer’s obligations under Section 7.7 shall continue for the benefit of the retiring Trustee.

Replacement of Trustees. (a) The Trustees may resign at any time by giving 30 days’ prior written notice of such resignation to the Issuer Company and be discharged from the trust hereby created by so notifying the IssuerCompany. The Holders of a majority in aggregate principal amount of the outstanding Notes may remove a Trustee by so notifying such Trustee and the Issuer Company by giving 30 days days’ prior in writingwritten notice. The Issuer Company shall remove a Trustee if: (i1) such Trustee is no longer eligible under Section 7.107.10 or otherwise required by applicable law; (ii2) such Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to such Trustee under any Bankruptcy Insolvency Law; (iii3) a receiver or public officer takes charge of such Trustee or its property; or (iv4) such Trustee otherwise becomes incapable of acting. (b) If a Trustee resigns or has been removed by the Holders, Holders of a majority in principal amount of the outstanding Notes may appoint a successor Trustee. Otherwise, if a Trustee resigns or is removed (and such Holders do not reasonably promptly appoint a successor Trustee)removed, or if a vacancy exists in the office of Trustee for any reason, the Issuer Company shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the successor Trustee to replace it with another successor Trustee appointed by the IssuerCompany. The U.S. Trustee can only be replaced by another with a U.S. Trustee trustee and the Canadian Trustee can only be replaced by another with a Canadian Trustee, unless the responsibilities and obligations of the U.S. Trustee and the Canadian Trustee have been combined into a single trustee or the Canadian Trustee has been removed, in each case, pursuant to Section 9.1(a)(xiii)trustee. (c) A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the IssuerCompany. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall send a notice of its succession to Holders, and include in the notice its name and address of its corporate trust office. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.77.07. (d) If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Issuer Company or the Holders of at least 10% in principal amount of the Notes may petition, at the expense of the IssuerCompany, any court of competent jurisdiction for the appointment of a successor Trustee. (e) If the Trustee fails to comply with Section 7.10, any Holder of Notes may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee with respect to the Notes. (f) Notwithstanding the replacement of the Trustee pursuant to this Section 7.87.08, the IssuerCompany’s obligations under Section 7.7 7.07 shall continue for the benefit of the retiring Trustee.

Replacement of Trustees. (a) The Trustees may resign at any time by giving 30 days’ prior notice of such resignation to the Issuer Company and be discharged from the trust hereby created by so notifying the IssuerCompany. The Holders of a majority in aggregate principal amount of the outstanding Notes may remove a Trustee by so notifying such Trustee and the Issuer 30 days prior Company in writing. The Issuer Company shall remove a Trustee if: (i1) such Trustee is no longer eligible under Section 7.107.09; (ii2) such Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to such Trustee under any Bankruptcy Law; (iii3) a receiver or public officer takes charge of such Trustee or its property; or (iv4) such Trustee otherwise becomes incapable of acting. (b) If a Trustee resigns or has been removed by the Holders, Holders of a majority in principal amount of the outstanding Notes may appoint a successor Trustee. Otherwise, if a Trustee resigns or is removed (and such Holders do not reasonably promptly appoint a successor Trustee)removed, or if a vacancy exists in the office of Trustee for any reason, the Issuer Company shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the successor Trustee to replace it with another successor Trustee appointed by the IssuerCompany. The U.S. Trustee can only be replaced by another U.S. Trustee and the Canadian Trustee can only be replaced by another Canadian Trustee, unless the responsibilities and obligations of the U.S. Trustee and the Canadian Trustee have been combined into a single trustee or the Canadian Trustee has been removed, in each case, pursuant to Section 9.1(a)(xiii). (c) A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the IssuerCompany. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall send a notice of its succession to Holders, and include in the notice its name and address of its corporate trust office. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.77.06. (d) If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Issuer Company or the Holders of at least 10% in principal amount of the Notes may petition, at the expense of the IssuerCompany, any court of competent jurisdiction for the appointment of a successor Trustee. (e) If the Trustee fails to comply with Section 7.107.09, any Holder of Notes may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee with respect to the Notes. (f) Notwithstanding the replacement of the Trustee pursuant to this Section 7.87.07, the IssuerCompany’s obligations under Section 7.7 7.06 shall continue for the benefit of the retiring Trustee.

Replacement of Trustees. (a) The Trustees may resign at any time by giving 30 days’ prior notice of such resignation to the Issuer Company and be discharged from the trust hereby created by so notifying the IssuerCompany. The Holders of a majority in aggregate principal amount of the outstanding Notes may remove a Trustee by so notifying such Trustee and the Issuer 30 days prior Company in writing. The Issuer Company shall remove a Trustee if: (i1) such Trustee is no longer eligible under Section 7.10; (ii2) such Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to such Trustee under any Bankruptcy Law; (iii3) a receiver or public officer takes charge of such Trustee or its property; or (iv4) such Trustee otherwise becomes incapable of acting. (b) If a Trustee resigns or has been removed by the Holders, Holders of a majority in principal amount of the outstanding Notes may appoint a successor Trustee. Otherwise, if a Trustee resigns or is removed (and such Holders do not reasonably promptly appoint a successor Trustee)removed, or if a vacancy exists in the office of Trustee for any reason, the Issuer Company shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the successor Trustee to replace it with another successor Trustee appointed by the IssuerCompany. The U.S. Trustee can only be replaced by another U.S. Trustee and the Canadian Trustee can only be replaced by another Canadian Trustee, unless the responsibilities and obligations of the U.S. Trustee and the Canadian Trustee have been combined into a single trustee or the Canadian Trustee has been removed, in each case, pursuant to Section 9.1(a)(xiii). (c) A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the IssuerCompany. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall send a notice of its succession to Holders, and include in the notice its name and address of its corporate trust office. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.77.07. (d) If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Issuer Company or the Holders of at least 10% in principal amount of the Notes may petition, at the expense of the IssuerCompany, any court of competent jurisdiction for the appointment of a successor Trustee. (e) If the Trustee fails to comply with Section 7.10, any Holder of Notes may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee with respect to the Notes. (f) Notwithstanding the replacement of the Trustee pursuant to this Section 7.87.08, the IssuerCompany’s obligations under Section 7.7 7.07 shall continue for the benefit of the retiring Trustee.