Common use of RESIGNATION OR REMOVAL OF THE RECEIVABLES TRUSTEE Clause in Contracts

RESIGNATION OR REMOVAL OF THE RECEIVABLES TRUSTEE. (a) The Receivables Trustee may at any time resign and be discharged from the Receivables Trust hereby created by giving written notice thereof to the Transferor Beneficiary. Upon receiving such notice of resignation, each Transferor Beneficiary shall be vested jointly with the power to appoint a successor trustee and shall promptly appoint such successor trustee as detailed in Clause 7.5 by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Receivables Trustee and one copy to the successor trustee. 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 Receivables Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee.

RESIGNATION OR REMOVAL OF THE RECEIVABLES TRUSTEE. (a) The Receivables Trustee may at any time resign and be discharged from the Receivables Trust hereby created by giving written notice thereof to each of the Transferor BeneficiaryBeneficiaries. Upon receiving such notice of resignation, each Transferor Beneficiary the Beneficiaries shall be vested jointly with the power to appoint a successor trustee and shall promptly appoint such successor trustee as detailed in Clause 7.5 by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Receivables Trustee and one copy to the successor trustee. 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 Receivables Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee.

RESIGNATION OR REMOVAL OF THE RECEIVABLES TRUSTEE. (a) The Receivables Trustee may at any time resign and be discharged from the Receivables Trust hereby created by giving written notice thereof to the Transferor BeneficiaryBeneficiaries and the Investor Beneficiary (and any other beneficiaries). Upon receiving such notice of resignation, each Transferor Beneficiary shall be vested jointly with the power to appoint a successor trustee and shall promptly appoint such successor trustee as detailed in Clause 7.5 by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Receivables Trustee and one copy to the successor trustee. 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 Receivables Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee.