Common use of RESIGNATION AND REMOVAL OF THE GRANTOR TRUSTEE Clause in Contracts

RESIGNATION AND REMOVAL OF THE GRANTOR TRUSTEE. (a) The Grantor Trustee may at any time resign and be discharged from each Trust hereby created by giving written notice thereof to the Depositor, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Grantor Trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning Grantor Trustee and the successor Grantor Trustee. If no successor Grantor Trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Grantor Trustee may petition any court of competent jurisdiction for the appointment of a successor Grantor Trustee. The Grantor Trustee may not resign from any Trust created hereby without also resigning as Underlying Indenture Trustee under the Underlying Indenture.

RESIGNATION AND REMOVAL OF THE GRANTOR TRUSTEE. (a) The Grantor Trustee may at any time resign and be discharged from each the Trust hereby created by giving written notice thereof to the Depositor, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Grantor Trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning Grantor Trustee and the successor Grantor Trustee. If no successor Grantor Trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Grantor Trustee may petition any court of competent jurisdiction for the appointment of a successor Grantor Trustee. The Grantor Trustee may not resign from any the Trust created hereby without also resigning as Underlying Indenture Trustee under the Underlying Indenture.

RESIGNATION AND REMOVAL OF THE GRANTOR TRUSTEE. (a) The Grantor Trustee may at any time resign and be discharged from each the Grantor Trust hereby created by giving written notice thereof to the Depositor, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Grantor Trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning Grantor Trustee and the successor Grantor Trustee. If no successor Grantor Trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Grantor Trustee may petition any court of competent jurisdiction for the appointment of a successor Grantor Trustee. The Grantor Trustee may not resign from any the Grantor Trust created hereby without also resigning as Underlying Indenture Trustee under the Underlying Indenture.

RESIGNATION AND REMOVAL OF THE GRANTOR TRUSTEE. (a) The Grantor Trustee may at any time resign and be discharged from each the Trust hereby created by giving written notice thereof to the DepositorSeller, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Depositor Seller shall promptly appoint a successor Grantor Trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning Grantor Trustee and the successor Grantor Trustee. If no successor Grantor Trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Grantor Trustee may petition any court of competent jurisdiction for the appointment of a successor Grantor Trustee. The Grantor Trustee may not resign from any the Trust created hereby without also resigning as Underlying Indenture Trustee under the Underlying IndenturePooling and Servicing Agreement.