Common use of Resignation or Removal of Trust Collateral Agent or Custodian Clause in Contracts

Resignation or Removal of Trust Collateral Agent or Custodian. (a) The Trust Collateral Agent and the Custodian may at any time resign and be discharged from the trusts hereby created by giving 30 days' prior written notice thereof to the Servicer. To the extent that the Trust Collateral Agent and the Custodian resign hereunder, the Indenture Trustee shall also resign under the Indenture and [the Collateral Agent] shall resign under the Spread Account Agreement. Upon receiving such notice of resignation, with the prior written consent of [the Note Insurer (or, if a Note Insurer Default shall have occurred or is continuing,] the Noteholders evidencing not less than 25% of the Note Balance), the Servicer shall promptly appoint a successor Trust Collateral Agent or Custodian, as applicable, by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trust Collateral Agent or Custodian, as applicable, and one copy to the successor Trust Collateral Agent or successor Custodian. [If no successor Trust Collateral Agent or successor Custodian shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the Note Insurer may appoint a successor Trust Collateral Agent or Custodian, as applicable, by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trust Collateral Agent or Custodian and one copy to the successor Trust Collateral Agent or Custodian.] If no successor Trust Collateral Agent or Custodian shall have been so appointed and have accepted appointment within 60 days after the giving of such notice of resignation, the resigning Trust Collateral Agent or Custodian may petition any court of competent jurisdiction for the appointment of a successor Trust Collateral Agent or Custodian, as applicable. [The Trust Collateral Agent or the Custodian may be removed at any time by written demand of the Note Insurer delivered to the Trust Collateral Agent or the Custodian, as applicable, and the Servicer.]

Resignation or Removal of Trust Collateral Agent or Custodian. (a) The Trust Collateral Agent and the Custodian may at any time resign and be discharged from the trusts hereby created by giving 30 days' prior written notice thereof to the Servicer. To the extent that the Trust Collateral Agent and the Custodian resign hereunder, the Indenture Trustee shall also resign under the Indenture and [the Collateral Agent] Agent shall resign under the Spread Account Agreement. Upon receiving such notice of resignation, with the prior written consent of [the Note Insurer (or, if a Note Insurer Default shall have occurred or is continuing,] , the Noteholders evidencing not less than 25% of the Note Balance), the Servicer shall promptly appoint a successor Trust Collateral Agent or Custodian, as applicable, by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trust Collateral Agent or Custodian, as applicable, and one copy to the successor Trust Collateral Agent or successor Custodian. [If no successor Trust Collateral Agent or successor Custodian shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the Note Insurer may appoint a successor Trust Collateral Agent or Custodian, as applicable, by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trust Collateral Agent or Custodian and one copy to the successor Trust Collateral Agent or Custodian.] . If no successor Trust Collateral Agent or Custodian shall have been so appointed and have accepted appointment within 60 days after the giving of such notice of resignation, the resigning Trust Collateral Agent or Custodian may petition any court of competent jurisdiction for the appointment of a successor Trust Collateral Agent or Custodian, as applicable. [The Trust Collateral Agent or the Custodian may be removed at any time by written demand of the Note Insurer delivered to the Trust Collateral Agent or the Custodian, as applicable, and the Servicer.]

Resignation or Removal of Trust Collateral Agent or Custodian. (a) The Trust Collateral Agent and the Custodian may at any time resign and be discharged from the trusts hereby created by giving 30 days' prior written notice thereof to the Servicer. To the extent that the Trust Collateral Agent and the Custodian resign hereunder, the Indenture Trustee shall also resign under the Indenture and [the Collateral Agent] Agent shall resign under the Spread Account Agreement. Upon receiving such notice of resignation, with the prior written consent of [the Note Insurer (or, if a Note Insurer Default shall have occurred or is continuing,] , the Class A Noteholders evidencing not less than 25% of the Class A Note Balance or, after the Policy Expiration Date, by the Class B Noteholders evidencing not less than 25% of the Class B Note Balance), the Servicer shall promptly appoint a successor Trust Collateral Agent or Custodian, as applicable, by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trust Collateral Agent or Custodian, as applicable, and one copy to the successor Trust Collateral Agent or successor Custodian. [If no successor Trust Collateral Agent or successor Custodian shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the Note Insurer may appoint a successor Trust Collateral Agent or Custodian, as applicable, by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trust Collateral Agent or Custodian and one copy to the successor Trust Collateral Agent or Custodian.] . If no successor Trust Collateral Agent or Custodian shall have been so appointed and have accepted appointment within 60 days after the giving of such notice of resignation, the resigning Trust Collateral Agent or Custodian may petition any court of competent jurisdiction for the appointment of a successor Trust Collateral Agent or Custodian, as applicable. [The Trust Collateral Agent or the Custodian may be removed at any time by written demand of the Note Insurer delivered to the Trust Collateral Agent or the Custodian, as applicable, and the Servicer.]

Resignation or Removal of Trust Collateral Agent or Custodian. (a) The Trust Collateral Agent and the Custodian may at any time resign and be discharged from the trusts hereby created by giving 30 days' prior written notice thereof to the Servicer. To the extent that the Trust Collateral Agent and the Custodian resign hereunder, the Indenture Trustee shall also resign under the Indenture and [the Collateral Agent] Agent shall resign under the Spread Account Agreement. Upon receiving such notice of resignation, with the prior written consent of [the Note Insurer (or, if a Note Insurer Default shall have occurred or is continuing,] , the Class A Noteholders evidencing not less than 25% of the Class A Note Balance or, after the Class A Notes have been paid in full and all outstanding Reimbursement Obligations and other amounts due to the Note Insurer have been paid in full and the term of the Note Policy (as set forth therein) has expired, by the Class B Noteholders, evidencing not less than 25% of the Class B Note Balance), the Servicer shall promptly appoint a successor Trust Collateral 57 Agent or Custodian, as applicable, by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trust Collateral Agent or Custodian, as applicable, and one copy to the successor Trust Collateral Agent or successor Custodian. [If no successor Trust Collateral Agent or successor Custodian shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the Note Insurer may appoint a successor Trust Collateral Agent or Custodian, as applicable, by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trust Collateral Agent or Custodian and one copy to the successor Trust Collateral Agent or Custodian.] . If no successor Trust Collateral Agent or Custodian shall have been so appointed and have accepted appointment within 60 days after the giving of such notice of resignation, the resigning Trust Collateral Agent or Custodian may petition any court of competent jurisdiction for the appointment of a successor Trust Collateral Agent or Custodian, as applicable. [The Trust Collateral Agent or the Custodian may be removed at any time by written demand of the Note Insurer delivered to the Trust Collateral Agent or the Custodian, as applicable, and the Servicer.]

Resignation or Removal of Trust Collateral Agent or Custodian. (a) The Trust Collateral Agent and the Custodian may at any time resign and be discharged from the trusts hereby created by giving 30 days' prior written notice thereof to the Servicer. To the extent that the Trust Collateral Agent and the Custodian resign hereunder, the Indenture Trustee shall also resign under the Indenture and [the Collateral Agent] Agent shall resign under the Spread Account Agreement. Upon receiving such notice of resignation, with the prior written consent of [the Note Insurer (or, if a Note Insurer Default shall have occurred or is continuing,] , the Class A Noteholders evidencing not less than 25% of the Class A Note Balance or, after the Policy Expiration Date, by the Class B Noteholders, evidencing not less than 25% of the Class B Note Balance), the Servicer shall promptly appoint a successor Trust Collateral Agent or Custodian, as applicable, by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trust Collateral Agent or Custodian, as applicable, and one copy to the successor Trust Collateral Agent or successor Custodian. [If no successor Trust Collateral Agent or successor Custodian shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the Note Insurer may appoint a successor Trust Collateral Agent or Custodian, as applicable, by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trust Collateral Agent or Custodian and one copy to the successor Trust Collateral Agent or Custodian.] . If no successor Trust Collateral Agent or Custodian shall have been so appointed and have accepted appointment within 60 days after the giving of such notice of resignation, the resigning Trust Collateral Agent or Custodian may petition any court of competent jurisdiction for the appointment of a successor Trust Collateral Agent or Custodian, as applicable. [The Trust Collateral Agent or the Custodian may be removed at any time by written demand of the Note Insurer delivered to the Trust Collateral Agent or the Custodian, as applicable, and the Servicer.]