Common use of Resignation of Indenture Trustee; Appointment of Clause in Contracts

Resignation of Indenture Trustee; Appointment of. Successor. (a) The Indenture Trustee or any successor thereto may resign at --------- any time without cause by giving at least thirty (30) days prior written notice to the Owner Trust, the Owner Participant, the Charterer and each Holder, such resignation to be effective upon the acceptance of the trusteeship by a successor Indenture Trustee as provided in Section 8.02(b). In addition, a Majority in Interest of Holders of Notes may at any time remove the Indenture Trustee without cause by an instrument in writing delivered to the Owner Trust, the Owner Participant, the Charterer and the Indenture Trustee, such removal to be effective upon the acceptance of the trusteeship by a successor Indenture Trustee as provided in Section 8.02(b). The Owner Trust (acting pursuant to instructions from the Charterer) may remove the Indenture Trustee if: (1) the Indenture Trustee fails to comply with Sections 6.06 or 8.02(c) hereof; (2) the Indenture Trustee is adjudged as bankrupt or an insolvent; (3) a receiver or public officer takes charge of the Indenture Trustee or its property; or (4) the Indenture Trustee becomes incapable of acting.

Resignation of Indenture Trustee; Appointment of. Successor. (a) The Indenture Trustee or any successor thereto may resign at any --------- any time without cause by giving at least thirty (30) days prior written notice to the Owner TrustTrustee, the Owner Participant, the Charterer Lessee and each Holder, such resignation to be effective upon the acceptance of the trusteeship by a successor Indenture Trustee as provided in Section 8.02(b). In addition, a Majority in Interest of Holders of Notes may at any time remove the Indenture Trustee without cause by an instrument in writing delivered to the Owner TrustTrustee, the Owner Participant, the Charterer Lessee and the Indenture Trustee, such removal to be effective upon the acceptance of the trusteeship by a successor Indenture Trustee as provided in Section 8.02(b). The Owner Trust Trustee (acting pursuant to instructions from the ChartererLessee) may remove the Indenture Trustee if: (1) the Indenture Trustee fails to comply with Sections Section 6.06 hereof or 8.02(c) hereof;); 49 (2) the Indenture Trustee is adjudged as bankrupt or an insolvent; (3) a receiver or public officer takes charge of the Indenture Trustee or its property; or (4) the Indenture Trustee becomes incapable of acting.

Resignation of Indenture Trustee; Appointment of. Successor. (a) The Indenture Trustee or any successor thereto may resign at any --------- any time without cause by giving at least thirty (30) days prior written notice to the Owner TrustTrustee, the Owner Participant, the Charterer and each Holder, such resignation to be effective upon the acceptance of the trusteeship by a successor Indenture Trustee as provided in Section 8.02(b). In addition, a Majority in Interest of Holders of Notes may at any time remove the Indenture Trustee without cause by an instrument in writing delivered to the Owner TrustTrustee, the Owner Participant, the Charterer and the Indenture Trustee, such removal to be effective upon the acceptance of the trusteeship by a successor Indenture Trustee as provided in Section 8.02(b). The Owner Trust Trustee (acting pursuant to instructions from the Charterer) may remove the Indenture Trustee if: (1) the Indenture Trustee fails to comply with Sections 6.06 or 8.02(c) hereof; (2) the Indenture Trustee is adjudged as bankrupt or an insolvent; (3) a receiver or public officer takes charge of the Indenture Trustee or its property; or (4) the Indenture Trustee becomes incapable of acting.