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 the trusts hereby created by giving 120 days written notice thereof to the Depositor. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Grantor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Grantor Trustee and one copy to the successor Grantor Trustee. If no successor Grantor Trustee shall have been so appointed and have accepted appointment within 120 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.

RESIGNATION AND REMOVAL OF THE GRANTOR TRUSTEE. (a) The Grantor Trustee may at any time resign and be discharged from the trusts hereby created by giving 120 30 days written notice thereof to the Depositor. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Grantor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Grantor Trustee and one copy to the successor Grantor Trustee. If no successor Grantor Trustee shall have been so appointed and have accepted appointment within 120 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.