Resignation, Appointment and Acceptance. Exhibit 10.59 1.1 The Predecessor Indenture Trustee, the Predecessor Paying Agent, the Predecessor Authentication Agent and the Predecessor Transfer Agent and Registrar hereby resign as Indenture Trustee, Paying Agent, Authentication Agent, and Transfer Agent and Registrar, respectively, under the Indenture and each of the other Transaction Documents. Without limiting the foregoing, each of the parties hereto waives the 30-day written notice requirement set forth in the second sentence of Section 6.08 of the Indenture with respect to such resignation. Notwithstanding anything herein to the contrary, each of the Predecessor Indenture Trustee, the Predecessor Paying Agent, the Predecessor Authentication Agent and the Predecessor Transfer Agent and Registrar expressly reserves, retains and does not assign or surrender its rights to indemnity as fully provided under the Indenture with respect to serving thereunder as Indenture Trustee, Paying Agent, Authentication Agent, and Transfer Agent and Registrar, respectively, prior to its resignation.
Resignation, Appointment and Acceptance. (a) Upon execution of this Agreement, The Bank of New York (the “Resigning Trustee”) shall resign as a trustee of the Trust. The Administrator hereby appoints The Bank of New York (Delaware) as successor Owner Trustee of the Trust effective as of the Resigning Trustee’s resignation, to have all the rights, powers and duties set forth herein and under the Trust Statute, and the Owner Trustee, pursuant to Section 6.10 of the Existing Agreement and by its execution hereof, hereby accepts the appointment as Owner Trustee, and accepts the rights, powers, trusts and duties of an Owner Trustee with respect to the trust as provided in this Agreement.
Resignation, Appointment and Acceptance
