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

Resignation of Trustee; Appointment of Successor. (a) The resignation or removal of the Trustee and the appointment of a successor Trustee shall become effective only upon the successor Trustee's acceptance of appointment as provided in this Section 7.01. The Trustee or any successor thereto may resign at any time without cause by giving at least 30 days' prior written notice to the Company and the Holders of the Equipment Notes. A Majority in Interest may at any time remove the Trustee without cause upon 60 days prior written notice by an instrument in writing delivered to the Company and the Trustee. In addition, the Company may remove the Trustee if: (i) the Trustee fails to comply with Section 7.01(c), (ii) the Trustee is adjudged a bankrupt or an insolvent, (iii) a receiver or public officer takes charge of the Trustee or its property or (iv) the Trustee becomes incapable of acting as provided herein. In the case of the resignation or removal of the Trustee, the Company shall promptly appoint a successor Trustee, provided that a Majority in Interest may appoint, within one year after such resignation or removal, a successor Trustee which may be other than the successor Trustee appointed as provided above, and such successor Trustee appointed as provided above shall be superseded by the successor Trustee so appointed by a Majority in Interest. If a successor Trustee shall not have been appointed and accepted its appointment hereunder within 60 days after the Trustee gives notice of resignation as provided above, the retiring Trustee, the Company or a Majority in Interest may petition any court of competent jurisdiction for the appointment of a successor Trustee. Any successor Trustee so appointed by such court shall immediately and without further act be superseded by any successor Trustee appointed as provided in the proviso to the fifth sentence of this paragraph (a) within one year from the date of the appointment by such court.

Resignation of Trustee; Appointment of Successor. (a) The resignation or removal of the Trustee and the appointment of a successor Trustee shall become effective only upon the successor Trustee's acceptance of appointment as provided in this Section 7.01. The Trustee or any successor thereto Trustees may resign at any time without cause by giving at least 30 90 days' prior written notice to the Company Grantor and any Owner, such resignation to be effective upon the Holders acceptance of appointment by a successor Trustee under Section 11.01(b). In addition, the Equipment Notes. A Majority Grantor or, in Interest the event of a Transfer, any Owner may at any time remove any of the Trustee Trustees with or without cause upon 60 days prior written notice by an instrument in writing delivered to the Company and Trustee, such removal to be effective upon the Trustee. In additionacceptance of appointment by a successor Trustee under Section 11.01(b); except that, neither the Company Grantor nor any Owner may remove the Independent Trustee if: (i) the Trustee fails to comply with Section 7.01(c)without cause, (ii) after an Event of Default under the Trustee is adjudged a bankrupt Indenture or an insolvent, (iii) a receiver if the removal of one or public officer takes charge more Trustees would cause the breach of the Trustee or its property or (iv) the Trustee becomes incapable of acting as provided hereinSection 2.04(b). In the case of the resignation or removal of the a Trustee, the Company shall promptly Grantor or, in the event of a Transfer, any Owner may appoint a successor Trustee by an instrument signed by the Grantor or any Owner, as applicable, subject to Section 2.04(b). If the last remaining Trustee of the Trust resigns or is removed or the Issuer Trustee, provided that a Majority in Interest may appoint, within one year after such resignation the Independent Trustee or removal, a successor the Delaware Trustee which may be other than the successor Trustee appointed as provided above, resigns or is removed and such successor Trustee appointed as provided above shall be superseded by the successor Trustee so appointed by a Majority in Interest. If a successor Trustee shall not have been appointed and accepted its appointment hereunder within 60 30 days after the Trustee gives giving of written notice of such resignation as provided aboveor the delivery of the written instrument with respect to such removal, the retiring such Trustee, the Company Grantor or a Majority in Interest any Owner may petition apply to any court of competent jurisdiction for the appointment of to appoint a successor TrusteeTrustee in compliance with Section 2.04(b) to act until such time, if any, as a successor Trustee shall have been appointed as provided above. Any successor Trustee so appointed by such court shall immediately and without further act be superseded by any successor Trustee appointed as provided in above provided. In the proviso event of removal of a Trustee, the Trustee so removed shall be entitled to the fifth sentence of this paragraph (a) within one year from compensation and reimbursement for expenses incurred through the date of the appointment by such courtremoval.

Resignation of Trustee; Appointment of Successor. (a) The resignation or removal of the Trustee and the appointment of a successor Trustee shall become effective only upon the successor Trustee's acceptance of appointment as provided in this Section 7.01. The Trustee or any successor thereto may resign at any time without cause by giving at least 30 thirty (30) days' prior written notice to each Owner Participant, such resignation to be effective upon the Company and the Holders acceptance of the Equipment Notessuch appointment by a successor Trustee under Section 11.01(b) hereof. A Majority in Interest may In case at any time remove the Trustee shall cease to be eligible in accordance with the provisions of this Article XI, the Trustee shall resign immediately by giving written notice to each Owner Participant, such resignation to be effective upon the acceptance of appointment by a successor Trustee under Section 11.01(b) hereof. In addition, the Trustee may be removed at any time without cause upon 60 days prior written notice by an instrument in writing executed by each Owner Participant and delivered to the Company and Trustee, such removal to be effective upon the Trusteeacceptance of appointment by a successor Trustee under Section 11.01(b) hereof. In addition, the Company may remove the Trustee if: (i) the Trustee fails to comply with Section 7.01(c), (ii) the Trustee is adjudged a bankrupt or an insolvent, (iii) a receiver or public officer takes charge of the Trustee or its property or (iv) the Trustee becomes incapable of acting as provided herein. In the case of the resignation or removal of the Trustee, the Company shall promptly appoint a successor Trustee, provided that a Majority in Interest of Owner Participants may appoint, within one year after such resignation or removal, appoint a successor Trustee which may be other than the successor Trustee appointed as provided above, and by an instrument signed by such successor Trustee appointed as provided above shall be superseded by the successor Trustee so appointed by a Majority in InterestInterest of Owner Participants. If a successor Trustee shall not have been appointed and accepted its appointment hereunder within 60 thirty (30) days after the Trustee gives giving of written notice of such resignation as provided aboveor the delivery of the written instrument with respect to such removal, the retiring Trustee, the Company Trustee or a Majority in Interest of Owner Participants may petition apply to any court of competent jurisdiction for the appointment of to appoint a successor Trustee. Any Trustee to act until such time, if any, as a successor Trustee so appointed by such court shall immediately and without further act be superseded by any successor Trustee appointed as above provided in the proviso to the fifth sentence of this paragraph (a) within one year from the date of the appointment by such court.

Resignation of Trustee; Appointment of Successor. (a) The resignation or removal of the A Trustee and the appointment of a successor Trustee shall become effective only upon the successor Trustee's acceptance of appointment as provided in this Section 7.01. The Trustee or any successor thereto may resign at any time without cause by giving at least 30 90 days' ’ prior written notice to the Company Grantor and any Owner, such resignation to be effective upon the Holders acceptance of appointment by a successor Trustee under Section 11.01(b). In addition, the Equipment Notes. A Majority Grantor or, in Interest the event of a Transfer, any Owner may at any time remove any of the Trustee Trustees with or without cause upon 60 days prior written notice by an instrument in writing delivered to the Company and Trustee, such removal to be effective upon the Trustee. In additionacceptance of appointment by a successor Trustee under Section 11.01(b); except that, neither the Company Grantor nor any Owner may remove the an Independent Trustee if: (i) after a Termination Event under the Trustee fails to comply with Section 7.01(c), Loan Funding and Servicing Agreement or (ii) if the Trustee is adjudged a bankrupt removal of one or an insolvent, (iii) a receiver or public officer takes charge more Trustees would cause the breach of the Trustee or its property or (iv) the Trustee becomes incapable of acting as provided hereinSection 2.05(b). In the case of the resignation or removal of the a Trustee, the Company shall promptly Grantor or, in the event of a Transfer, any Owner, may appoint a successor Trustee, provided that a Majority in Interest may appoint, within one year after such resignation or removal, a successor Trustee which may be other than the successor Trustee appointed as provided above, and such successor Trustee appointed as provided above shall be superseded by an instrument signed by the successor Trustee so appointed by a Majority in InterestGrantor or any Owner, as applicable, subject to Section 2.05(b). If the last remaining Trustee of the Trust resigns or is removed or an Independent Trustee resigns or is removed and a successor Trustee shall not have been appointed and accepted its appointment hereunder within 60 30 days after the Trustee gives giving of written notice of such resignation as provided aboveor the delivery of the written instrument with respect to such removal, the retiring such Trustee, the Company Grantor or a Majority in Interest any Owner may petition apply to any court of competent jurisdiction for the appointment of to appoint a successor TrusteeTrustee in compliance with Section 2.05(b) to act until such time, if any, as a successor Trustee shall have been appointed as provided above. Any successor Trustee so appointed by such court shall immediately and without further act be superseded by any successor Trustee appointed as provided in the proviso to the fifth sentence of this paragraph (a) within one year from the date of the appointment by such courtabove provided.

Resignation of Trustee; Appointment of Successor. (a) The resignation or removal of the Trustee and the appointment of a successor Trustee shall become effective only upon the successor Trustee's acceptance of appointment as provided in this Section 7.01. The Trustee or any successor thereto may resign at any time without cause by giving at least 30 days' prior written notice to each Owner Participant, such resignation to be effective upon the Company and the Holders acceptance of the Equipment Notesappointment by a successor Trustee under Section 11.01(b) hereof. A Majority in Interest may In case at any time remove the Trustee shall cease to be eligible in accordance with the provisions of this Article XI, the Trustee shall resign immediately by giving written notice to each Owner Participant, such resignation to be effective upon the acceptance of appointment by a successor Trustee under Section 11.01(b) hereof. In addition, the Trustee may be removed at any time without cause upon 60 days prior written notice by an instrument in writing executed by each Owner Participant and delivered to the Company and Trustee, such removal to be effective upon the Trusteeacceptance of appointment by a successor Trustee under Section 11.01(b) hereof. In addition, the Company may remove the Trustee if: (i) the Trustee fails to comply with Section 7.01(c), (ii) the Trustee is adjudged a bankrupt or an insolvent, (iii) a receiver or public officer takes charge of the Trustee or its property or (iv) the Trustee becomes incapable of acting as provided herein. In the case of the resignation or removal of the Trustee, the Company shall promptly appoint a successor Trustee, provided that a Majority in Interest of Owner Participants may appoint, within one year after such resignation or removal, appoint a successor Trustee which may be other than the successor Trustee appointed as provided above, and by an instrument signed by such successor Trustee appointed as provided above shall be superseded by the successor Trustee so appointed by a Majority in InterestInterest of Owner Participants. If a successor Trustee shall not have been appointed and accepted its appointment hereunder within 60 thirty (30) days after the Trustee gives giving of written notice of such resignation as provided aboveor the delivery of the written instrument with respect to such removal, the retiring Trustee, the Company Trustee or a Majority in Interest of Owner Participants may petition apply to any court of competent jurisdiction for the appointment of to appoint a successor Trustee. Any Trustee to act until such time, if any, as a successor Trustee so appointed by such court shall immediately and without further act be superseded by any successor Trustee appointed as above provided in the proviso to the fifth sentence of this paragraph (a) within one year from the date of the appointment by such court.

Resignation of Trustee; Appointment of Successor. (a1) The resignation or removal of the Trustee and the appointment of a successor Trustee shall become effective only upon the successor Trustee's acceptance of appointment as provided in this Section 7.01. The Trustee or any successor thereto may resign at any time without cause by giving at least 30 days' 60 days prior written notice to the Company and Certificateholders, such resignation to be effective on the Holders acceptance of appointment by a successor Trustee under paragraph (b) below. In addition, the Equipment Notes. A Majority in Interest Required Certificateholders may at any time remove the Trustee with or without cause upon 60 days prior written notice by an instrument in writing delivered to the Company and Trustee, such removal to be effective upon the Trusteeacceptance of appointment by a successor Trustee under paragraph (b) below. In addition, the Company may remove the Trustee if: (i) the Trustee fails to comply with Section 7.01(c), (ii) the Trustee is adjudged a bankrupt or an insolvent, (iii) a receiver or public officer takes charge of the Trustee or its property or (iv) the Trustee becomes incapable of acting as provided herein. In the case of the resignation or removal of the Trustee, the Company Certificateholders may appoint a successor Trustee by an instrument signed by the Required Certificateholders. The Certificateholders shall use their best efforts to promptly appoint a successor Trustee, provided that a Majority in Interest may appoint, within one year after such resignation or removal, a successor Trustee which may be other than the successor Trustee appointed as provided above, and such successor Trustee appointed as provided above shall be superseded by the successor Trustee so appointed by a Majority in Interest. If a successor Trustee shall not have been appointed and accepted its appointment hereunder within 60 30 days after the Trustee gives giving of written notice of such resignation as provided aboveor the delivery of the written instrument with respect to such removal, the retiring Trustee, Trustee or the Company or a Majority in Interest Certificateholders at the expense of the Trust may petition apply to any court of competent jurisdiction for the appointment of to appoint a successor Trustee. Such court may thereupon, after such notice, if any, as it may prescribe, appoint a successor Trustee to act until such time, if any, as a successor shall have been appointed by the Certificateholders as above provided. Such successor Trustee shall meet the qualifications of paragraph (c) below. Any successor Trustee so appointed by such a court shall immediately and without further act be superseded by any successor Trustee appointed as provided in by the proviso to the fifth sentence of this paragraph (a) Certificateholders within one year from the date of the appointment by such court.

Resignation of Trustee; Appointment of Successor. (a) The resignation or removal of the A Trustee and the appointment of a successor Trustee shall become effective only upon the successor Trustee's acceptance of appointment as provided in this Section 7.01. The Trustee or any successor thereto may resign at any time without cause by giving at least 30 90 days' prior written notice to the Company Grantor and any Owner, such resignation to be effective upon the Holders acceptance of appointment by a successor Trustee under Section 11.01(b). In addition, the Equipment Notes. A Majority Grantor or, in Interest the event of a Transfer, any Owner may at any time remove any of the Trustee Trustees with or without cause upon 60 days prior written notice by an instrument in writing delivered to the Company and Trustee, such removal to be effective upon the Trustee. In additionacceptance of appointment by a successor Trustee under Section 11.01(b); except that, neither the Company Grantor nor any Owner may remove the an Independent Trustee if: (i) after a Termination Event under the Trustee fails to comply with Section 7.01(c), Loan Funding and Servicing Agreement or (ii) if the Trustee is adjudged a bankrupt removal of one or an insolvent, (iii) a receiver or public officer takes charge more Trustees would cause the breach of the Trustee or its property or (iv) the Trustee becomes incapable of acting as provided hereinSection 2.05(b). In the case of the resignation or removal of the a Trustee, the Company shall promptly Grantor or, in the event of a Transfer, any Owner, may appoint a successor Trustee, provided that a Majority in Interest may appoint, within one year after such resignation or removal, a successor Trustee which may be other than the successor Trustee appointed as provided above, and such successor Trustee appointed as provided above shall be superseded by an instrument signed by the successor Trustee so appointed by a Majority in InterestGrantor or any Owner, as applicable, subject to Section 2.05(b). If the last remaining Trustee of the Trust resigns or is removed or an Independent Trustee resigns or is removed and a successor Trustee shall not have been appointed and accepted its appointment hereunder within 60 30 days after the Trustee gives giving of written notice of such resignation as provided aboveor the delivery of the written instrument with respect to such removal, the retiring such Trustee, the Company Grantor or a Majority in Interest any Owner may petition apply to any court of competent jurisdiction for the appointment of to appoint a successor TrusteeTrustee in compliance with Section 2.05(b) to act until such time, if any, as a successor Trustee shall have been appointed as provided above. Any successor Trustee so appointed by such court shall immediately and without further act be superseded by any successor Trustee appointed as provided in the proviso to the fifth sentence of this paragraph (a) within one year from the date of the appointment by such courtabove provided.

Resignation of Trustee; Appointment of Successor. (a) The resignation or removal of the Trustee and the appointment of a successor Trustee shall become effective only upon the successor Trustee's acceptance of appointment as provided in this Section 7.01. The Trustee or any successor thereto Trustees may resign at any time without cause by giving at least 30 90 days' prior written notice to the Company Grantor and any Owner, such resignation to be effective upon the Holders acceptance of appointment by a successor Trustee under Section 11.01(b). In addition, the Equipment Notes. A Majority Grantor or, in Interest the event of a Transfer, any Owner may at any time remove any of the Trustee Trustees with or without cause upon 60 days prior written notice by an instrument in writing delivered to the Company and Trustee, such removal to be effective upon the Trustee. In additionacceptance of appointment by a successor Trustee under Section 11.01(b); except that, neither the Company Grantor nor any Owner may remove the Independent Trustee if: (i) after an Event of Default under the Trustee fails to comply with Section 7.01(c), Indenture or (ii) if the Trustee is adjudged a bankrupt removal of one or an insolvent, (iii) a receiver or public officer takes charge more Trustees would cause the breach of the Trustee or its property or (iv) the Trustee becomes incapable of acting as provided hereinSection 2.04(b). In the case of the resignation or removal of the a Trustee, the Company shall promptly Grantor or, in the event of a Transfer, any Owner may appoint a successor Trustee, provided that a Majority in Interest may appoint, within one year after such resignation or removal, a successor Trustee which may be other than the successor Trustee appointed as provided above, and such successor Trustee appointed as provided above shall be superseded by an instrument signed by the successor Trustee so appointed by a Majority in InterestGrantor or any Owner, as applicable, subject to Section 2.04(b). If the last remaining Trustee of the Trust resigns or is removed or the Independent Trustee or Delaware Trustee resigns or is removed and a successor Trustee shall not have been appointed and accepted its appointment hereunder within 60 30 days after the Trustee gives giving of written notice of such resignation as provided aboveor the delivery of the written instrument with respect to such removal, the retiring such Trustee, the Company Grantor or a Majority in Interest any Owner may petition apply to any court of competent jurisdiction for the appointment of to appoint a successor TrusteeTrustee in compliance with Section 2.04(b) to act until such time, if any, as a successor Trustee shall have been appointed as provided above. Any successor Trustee so appointed by such court shall immediately and without further act be superseded by any successor Trustee appointed as provided in the proviso to the fifth sentence of this paragraph (a) within one year from the date of the appointment by such courtabove provided.