Common use of Resignation or Removal of Liquidity Agent Clause in Contracts

Resignation or Removal of Liquidity Agent. The Liquidity Agent may resign at any time by giving not less than 30 days' prior written notice thereof to the Lenders and to the Trust. The Liquidity Agent may be removed upon written request by the Lenders holding more than 66-2/3% of the Lenders' Commitment hereunder at any particular time (the "Majority Lenders"). Notice of any such proposed resignation by, or removal of, the Liquidity Agent shall be given to the Rating Agency. Any resignation by or removal of the Liquidity Agent shall only be effective upon the appointment of a successor Liquidity Agent acceptable to each of the Trust, the Rating Agency and the Majority Lenders. Upon any such resignation or removal, the Majority Lenders, with the approval of the Securitization Agent, on behalf of the Trust, shall have the right to appoint a successor Liquidity Agent. If no successor Liquidity Agent shall have been so appointed, or if a successor so appointed shall not have accepted such appointment within 30 days after the retiring Liquidity Agent's notice of resignation as aforesaid, then the retiring Liquidity Agent may, on behalf of the Lenders, appoint a successor Liquidity Agent which shall be a Canadian chartered bank for the time being listed in Schedule I or Schedule II of the Bank Act (Canada). Upon the acceptance of any appointment as Liquidity Agent hereunder by a successor Liquidity Agent, such successor Liquidity Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Liquidity Agent, and the retiring Liquidity Agent shall be discharged from its duties and obligations under this agreement. After any retiring Liquidity Agent's resignation or removal hereunder as Liquidity Agent, the provision of this Section 12.17 shall enure to its benefit as to any actions taken or omitted to be taken by it while it was Liquidity Agent under this agreement.