Common use of Resignation and Removal of Indenture Administrator Clause in Contracts

Resignation and Removal of Indenture Administrator. (a) Subject to Section 5.2(a), the Indenture Administrator may resign its duties under this Agreement by providing the Issuer, the Owner Trustee and the Indenture Trustee with at least 60 days’ prior notice. (b) Subject to Section 5.2(a), if any of the following events occurs and is continuing, the Owner Trustee, with the consent of Noteholders of Notes evidencing not less than a majority of the Note Balance of the Controlling Class (or if no Notes are outstanding, the holder of the Residual Interest), by notice to the Indenture Administrator may terminate all of the rights and obligations of the Indenture Administrator under this Agreement: (i) the Indenture Administrator defaults in the performance of any of its duties under this Agreement and, after notice of such default by the Issuer, the Indenture Trustee or the Owner Trustee, does not cure such default within 15 days (or, if such default cannot be cured in such time, does not give within 15 days such assurance of cure as is reasonably satisfactory to the Issuer); or (ii) an Insolvency Event occurs with respect to the Indenture Administrator. (c) The Indenture Administrator will notify the Issuer and the Indenture Trustee within five Business Days after the occurrence of an Insolvency Event with respect to the Indenture Administrator.

Resignation and Removal of Indenture Administrator. (a) Subject to Section 5.2(a), the Indenture Administrator may resign its duties under this Agreement by providing the Issuer, the Owner Trustee and the Indenture Trustee with at least 60 days’ prior notice. (b) Subject to Section 5.2(a), if any of the following events occurs and is continuing, the Owner Trustee, with the consent of Noteholders of Notes evidencing not less than a majority of the Note Balance of the Controlling Class (or if no Notes are outstandingOutstanding, the holder of the Residual Interest), by notice to the Indenture Administrator may terminate all of the rights and obligations of the Indenture Administrator under this Agreement: (i) the Indenture Administrator defaults in the performance of any of its duties under this Agreement and, after notice of such default by the Issuer, the Indenture Trustee or the Owner Trustee, does not cure such default within 15 days (or, if such default cannot be cured in such time, does not give within 15 days such assurance of cure as is reasonably satisfactory to the Issuer); or (ii) an Insolvency Event occurs with respect to the Indenture Administrator. (c) The Indenture Administrator will notify the Issuer and the Indenture Trustee within five Business Days after the occurrence of an Insolvency Event with respect to the Indenture Administrator.