Resignation or Removal of Issuer Trustee. (a) The Issuer Trustee may at any time resign and be discharged from the trust hereby created by giving written notice thereof to the Seller and the Servicer. Upon receiving such notice of resignation, the Seller shall (i) promptly appoint a successor trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Issuer Trustee and one copy to the successor trustee and (ii) provide written notice to each Rating Agency of such resignation. If no successor trustee shall have been so appointed and have accepted within 30 days after the giving of such notice of resignation, the resigning Issuer Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee.
Resignation or Removal of Issuer Trustee. (a) The Issuer Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Owner. Upon receiving such notice of resignation, the Owner shall promptly appoint a successor Issuer Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Issuer Trustee and one copy to the successor Issuer Trustee. If no successor Issuer Trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Issuer Trustee may petition any court of competent jurisdiction for the appointment of a successor Issuer Trustee.
