Common use of Resignation and Removal of the Trustee; Appointment of Successors Clause in Contracts

Resignation and Removal of the Trustee; Appointment of Successors. Upon the occurrence of a Disqualification Event with respect to the Trustee, the Beneficiary may appoint a successor Trustee by an instrument signed by the Beneficiary. If a successor Trustee has not been appointed within 30 days after the giving of written notice of such resignation or the delivery of the written instrument with respect to such removal, the Trustee or the Beneficiary may apply to any court of competent jurisdiction to appoint a successor Trustee to act until such time, if any, as a successor Trustee has been appointed as above provided. Any successor Trustee so appointed by such court will immediately and without further act be superseded by any successor Trustee appointed as above provided within one year from the date of the appointment by such court. The Trustee may resign at any time without cause by giving at least 30 days’ prior written notice to the Beneficiary. In addition, the Beneficiary may at any time remove the Trustee without cause by an instrument in writing delivered to the Trustee. No such removal or resignation will become effective until a successor Trustee, however appointed, becomes vested as Trustee hereunder pursuant to Section 8.02. The Managing Beneficiary will notify the Rating Agencies promptly after the resignation or removal of the Trustee and promptly after the appointment of a successor Trustee.

Resignation and Removal of the Trustee; Appointment of Successors. Upon the occurrence of a Disqualification Event with respect to the Trustee, the Beneficiary Beneficiaries may appoint a successor Trustee by an instrument signed by the BeneficiaryBeneficiaries. If a successor Trustee has not been appointed within 30 days after the giving of written notice of such resignation or the delivery of the written instrument with respect to such removal, the Trustee or the Beneficiary Beneficiaries may apply to any court of competent jurisdiction to appoint a successor Trustee to act until such time, if any, as a successor Trustee has been appointed as above provided. Any successor Trustee so appointed by such court will immediately and without further act be superseded by any successor Trustee appointed as above provided within one year from the date of the appointment by such court. The Trustee may resign at any time without cause by giving at least 30 days’ ' prior written notice to the BeneficiaryBeneficiaries. In addition, the Beneficiary Beneficiaries may at any time remove the Trustee without cause by an instrument in writing delivered to the Trustee. No such removal or resignation will become effective until a successor Trustee, however appointed, becomes vested as Trustee hereunder pursuant to Section 8.02. The Managing Beneficiary will notify the Rating Agencies promptly after the resignation or removal of the Trustee and promptly after the appointment of a successor Trustee.

Resignation and Removal of the Trustee; Appointment of Successors. Upon the occurrence of a Disqualification Event with respect to the Trustee, the Beneficiary Beneficiaries may appoint a successor Trustee by an instrument signed by the BeneficiaryBeneficiaries. If a successor Trustee has will not have been appointed within 30 days after the giving of written notice of such resignation or the delivery of the written instrument with respect to such removal, the Trustee or the Beneficiary Beneficiaries may apply to any court of competent jurisdiction to appoint a successor Trustee to act until such time, if any, as a successor Trustee has will have been appointed as above provided. Any successor Trustee so appointed by such court will immediately and without further act be superseded by any successor Trustee appointed as above provided within one year from the date of the appointment by such court. The Trustee may resign at any time without cause by giving at least 30 days’ ' prior written notice to the BeneficiaryBeneficiaries. In addition, the Beneficiary Beneficiaries may at any time remove the Trustee without cause by an instrument in writing delivered to the Trustee. No such removal or resignation will shall become effective until a successor Trustee, however appointed, becomes vested as Trustee hereunder pursuant to Section 8.02. The Managing Beneficiary will notify the Rating Agencies promptly after the resignation or removal of the Trustee and promptly after the appointment of a successor Trustee.

Resignation and Removal of the Trustee; Appointment of Successors. Upon the occurrence of a Disqualification Event with respect to the Trustee, the Beneficiary Beneficiaries may appoint a successor Trustee by an instrument signed by the BeneficiaryBeneficiaries. If a successor Trustee has not been appointed within 30 days after the giving of written notice of such resignation or the delivery of the written instrument with respect to such removal, the Trustee or the Beneficiary Beneficiaries may apply to any court of competent jurisdiction to appoint a successor Trustee to act until such time, if any, as a successor Trustee has been appointed as above provided. Any successor Trustee so appointed by such court will immediately and without further act be superseded by any successor Trustee appointed as above provided within one year from the date of the appointment by such court. The Trustee may resign at any time without cause by giving at least 30 days’ ' prior written notice to the BeneficiaryBeneficiaries. In addition, the Beneficiary Beneficiaries may at any time remove the Trustee without cause by an instrument in writing delivered to the Trustee. No such removal or resignation will shall become effective until a successor Trustee, however appointed, becomes vested as Trustee hereunder pursuant to Section 8.02. The Managing Beneficiary will notify the Rating Agencies promptly after the resignation or removal of the Trustee and promptly after the appointment of a successor Trustee.will