Common use of Resignation or Removal of the Trustee and the Delaware Trustee Clause in Contracts

Resignation or Removal of the Trustee and the Delaware Trustee. (a) Subject to the last sentence of this Section 8.07(a), each of the Trustee or the Delaware Trustee may at any time resign and be discharged from their respective obligations and duties hereunder by giving written notice thereof to the Depositor and to all Certificateholders. Upon receiving such notice of resignation, the Depositor shall as promptly as possible (and in any event within 45 calendar days after the date of such notice of resignation) appoint a successor Trustee or Successor Delaware Trustee (as defined below) by written instrument, in duplicate, which instrument shall be delivered to the resigning Trustee and to the successor Trustee or Successor Delaware Trustee. A copy of such instrument shall be delivered to the Certificateholders by the Depositor. If no such successor Trustee or Successor Delaware Trustee shall have been so appointed and have accepted appointment within 45 calendar days after the giving of such notice of resignation, the resigning Trustee or the Delaware Trustee may petition, at the expense of the Depositor, any court of competent jurisdiction for the appointment of a successor Trustee for the Certificates. (b) If at any time the Trustee or the Delaware Trustee shall cease to be eligible in accordance with the terms of Sections 8.06 and 8.14, respectively and shall fail to resign after written request therefor by the Depositor, or if at any time the Trustee or the Delaware Trustee shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee or the Delaware Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Delaware Trustee or of their respective property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor may remove the Trustee or the Delaware Trustee and appoint a successor Trustee or Successor Delaware Trustee by written instrument, in duplicate, which instrument shall be delivered to the Trustee or the Delaware Trustee so removed and to the successor Trustee or Successor Delaware Trustee. A copy of such instrument shall be delivered to the Certificateholders by the Depositor. (c) Any resignation or removal of the Trustee or the Delaware Trustee and appointment of a successor Trustee or Successor Delaware Trustee pursuant to any of the terms of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee or Successor Delaware Trustee as provided in Section 8.08.

Resignation or Removal of the Trustee and the Delaware Trustee. (a) Subject to the last sentence of this Section 8.07(a), each of the Trustee or the Delaware Trustee may at any time resign and be discharged from their respective obligations and duties hereunder by giving written notice thereof to the Depositor and to all Certificateholders. Upon receiving such notice of resignation, the Depositor shall as promptly as possible (and in any event within 45 calendar days after the date of such notice of resignation) appoint a successor Trustee or Successor Delaware Trustee (as defined below) by written instrument, in duplicate, which instrument shall be delivered to the resigning Trustee and to the successor Trustee or Successor Delaware Trustee. A copy of such instrument shall be delivered to the Certificateholders by the Depositor. If no such successor Trustee or Successor Delaware Trustee shall have been so appointed and have accepted appointment within 45 calendar days after the giving of such notice of resignation, the resigning Trustee or the Delaware Trustee may petition, at the expense of the Depositor, any court of competent jurisdiction for the appointment of a successor Trustee for the Certificates. (b) If at any time the Trustee or the Delaware Trustee shall cease to be eligible in accordance with the terms of Sections 8.06 and 8.14, respectively and shall fail to resign after written request therefor by the Depositor, or if at any time the Trustee or the Delaware Trustee shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee or the Delaware Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Delaware Trustee or of their respective property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor may remove the Trustee or the Delaware Trustee and appoint a successor Trustee or Successor Delaware Trustee by written instrument, in duplicate, which instrument shall be delivered to the Trustee or the Delaware Trustee so removed and to the successor Trustee or Successor or Delaware Trustee. A copy of such instrument shall be delivered to the Certificateholders by the Depositor. (c) Any resignation or removal of the Trustee or the Delaware Trustee and appointment of a successor Trustee or Successor Delaware Trustee pursuant to any of the terms of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee or Successor Delaware Trustee as provided in Section 8.08.

Resignation or Removal of the Trustee and the Delaware Trustee. (a) Subject to the last sentence of this Section 8.07(a), each of the Trustee or the Delaware Trustee may at any time resign and be discharged from their respective obligations and duties hereunder by giving written notice thereof to the Depositor and to all Certificateholders. Upon receiving such notice of resignation, the Depositor shall as promptly as possible (and in any event within 45 calendar days after the date of such notice of resignation) appoint a successor Trustee or Successor Delaware Trustee (as defined below) by written instrument, in duplicate, which instrument shall be delivered to the resigning Trustee and to the successor Trustee or Successor Delaware Trustee. A copy of such instrument shall be delivered to the Certificateholders by the Depositor. If no such successor Trustee or Successor Delaware Trustee shall have been so appointed and have accepted appointment within 45 calendar days after the giving of such notice of resignation, the resigning Trustee or the Delaware Trustee may petition, at the expense of the Depositor, any court of competent jurisdiction for the appointment of a successor Trustee for the Certificates. (b) If at any time the Trustee or the Delaware Trustee shall cease to be eligible in accordance with the terms of Sections 8.06 and 8.14, respectively and shall fail to resign after written request therefor by the Depositor, or if at any time the Trustee or the Delaware Trustee shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee or the Delaware Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Delaware Trustee or of their respective property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor may remove the Trustee or the Delaware Trustee and appoint a successor Trustee or Successor Delaware Trustee by written instrument, in duplicate, which instrument shall be delivered to the Trustee or the Delaware Trustee so removed and to the successor Trustee or Successor or Delaware Trustee. A copy of o f such instrument shall be delivered to the Certificateholders by the Depositor. (c) Any resignation or removal of the Trustee or the Delaware Trustee and appointment of a successor Trustee or Successor Delaware Trustee pursuant to any of the terms of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee or Successor Delaware Trustee as provided in Section 8.08.