Common use of Resignation or Removal of MPN Holder Clause in Contracts

Resignation or Removal of MPN Holder. The MPN Holder may at any time resign by giving written notice thereof to the Depositor Eligible Lender Trustee, the Purchaser, the Eligible Lender Trustee, and the Indenture Trustee and delivering all related Master Notes to a successor MPN Holder, which agrees to the terms of this Agreement, or to the Indenture Trustee at the direction of the Depositor Eligible Lender Trustee (on behalf of the Eligible Lender Trustee). If at any time the MPN Holder shall fail to perform its duties hereunder, or shall be adjudged bankrupt or insolvent, then the Indenture Trustee, at the direction of the Group I Controlling Noteholders holding at least a majority in interest of the Outstanding Amount of the related Group I Notes, may remove the MPN Holder and appoint a successor MPN Holder, which agrees to the terms of this Agreement by written instrument, a copy of which instrument shall be delivered to the MPN Holder so removed, or may require the MPN Holder to deliver the related Master Notes to the Indenture Trustee at the direction of the Depositor Eligible Lender Trustee (on behalf of the Eligible Lender Trustee).