Resignation or Removal of Trustees. (a) A Trustee may at any time resign by giving thirty (30) days prior written notice to the Initial Beneficiary and each Certificateholder. Upon receiving the notice of resignation, the holder of the UTI (in the case of the UTI Trustee, Administrative Trustee or Delaware Trustee) or the holder of the applicable SUBI (in the case of a SUBI Trustee) shall promptly appoint a successor Trustee who meets the eligibility requirements set forth in Section 6.2 by written instrument.
(b) If at any time:
(i) a Trustee shall cease to be qualified in accordance with Section 6.2,
(ii) any representation or warranty made by a Trustee Bank pursuant to Section 6.7 shall prove to have been untrue in any material respect when made,
(iii) a Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of a Trustee or of its property shall be appointed, or any public officer shall take charge or control of a Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or
(iv) the holder of the UTI Certificate or any SUBI Certificate otherwise desires, in its sole discretion, to remove and replace the applicable Trustee with respect to the UTI Portfolio or SUBI Portfolio represented by such Certificate, then such Trustee may be removed upon written notice by the holder of the applicable UTI Certificate or SUBI Certificate or the assignee or pledgee of such UTI Certificate or SUBI Certificate in connection with a Financing. If a Trustee resigns or is removed under the authority of the immediately preceding sentence, the holder of the applicable UTI Certificate or SUBI Certificate shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed, one copy to each of the Servicer, the Initial Beneficiary and VCI and one copy to the successor Trustee, together with payment of all amounts owed to the outgoing Trustee.
(c) Any resignation or removal of a Trustee and appointment of a successor Trustee pursuant to any of the provisions of this part shall not become effective until acceptance of appointment by the successor Trustee.
Resignation or Removal of Trustees. (a) A Trustee may at any time resign by giving thirty (30) days prior written notice to the Settlor and each Certificateholder. Upon receiving the notice of resignation, the Settlor shall promptly appoint a successor Trustee who meets the eligibility requirements set forth in Section 6.2 by written instrument.
(b) If at any time:
(i) a Trustee shall cease to be qualified in accordance with Section 6.2;
(ii) any representation or warranty made by a Trustee Bank pursuant to Section 6.7 shall prove to have been untrue in any material respect when made;
(iii) a Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of a Trustee or of its property shall be appointed, or any public officer shall take charge or control of a Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; or
(iv) the Settlor otherwise desires, in its sole discretion, to remove and replace any Trustee, then such Trustee may be removed upon written notice by the Settlor. If a Trustee resigns or is removed under the authority of the immediately preceding sentence, the Settlor shall promptly appoint a successor Trustee by written instrument, in duplicate, a copy of which instrument shall be delivered to the Trustee so removed, each Series Servicer, each Certificateholder, and the successor Trustee, together with payment of all amounts owed to the outgoing Trustee.
(c) Any resignation or removal of a Trustee and appointment of a successor Trustee pursuant to any of the provisions of this part shall not become effective until acceptance of appointment by the successor Trustee.
Resignation or Removal of Trustees i. The Trustees and each Trustee shall serve until death, resignation or removal by the Employer.
ii. Any Trustee may resign upon written notice to the Employer or be removed by delivery of a certified copy of a resolution of the Board of Directors to that effect.
iii. Said removal or resignation shall be effective sixty (60) days from the date of delivery of such written notice or resolution unless a different time is specified by the Employer.
iv. The Employer may remove any Trustee and fill vacancies however arising at its pleasure except there shall be at least one Trustee at all times. Appointment of successor Trustees shall take effect upon delivery to the Trustees (and the removed members thereof) of an instrument so appointing the successor(s) and an instrument of acceptance executed by such successor(s).
v. Any successor Trustee shall become vested with all funds, powers, rights, duties, obligations, privileges and immunities as the Trustees have hereunder as if it had been originally appointed.
vi. In the event there are no remaining Trustees for whatever reason and the Employer fails to appoint successor Trustees within thirty (30) days after the effective date of the resignation or removal or death or incapacity of all the Trustees, any court of competent jurisdiction of the state under whose law the Plan is to be construed may, while such failure continues, appoint successor Trustees upon application therefore by any Participant or Beneficiary hereunder, or by any removed Trustees.
Resignation or Removal of Trustees. A Trustee may resign at any time as a Trustee of the Master Trust by delivering notice of such resignation not less than thirty (30) days prior to the effective date thereof to the Company and each of the other Trustees then serving hereunder. Prior to a Change of Control, the Company may remove a Trustee at any time for any reason by notice to the Trustees. Upon a Change of Control, Bank One shall immediately and without further action be removed as a Trustee. Further, upon a Change of Control the Company may not remove a Trustee; however, a Trustee may be removed at any time by the affirmative vote of a majority of the remaining Trustees.
Resignation or Removal of Trustees. Each Trustee may at any time resign and be discharged from the trust created by this Agreement by giving thirty (30) days prior written notice of resignation to the Administrator, the Depositors and the other Trustee. When it receives a notice of resignation, the Administrator shall promptly appoint a successor Trustee in writing delivered to the resigning Trustee and to the successor Trustee. If no successor Trustee has been so appointed and assumed trusteeship within thirty (30) days after the notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. The Administrator may remove a Trustee if at any time such Trustee is legally unable to act, or an Insolvency Event occurs with respect to such Trustee. If the Administrator removes a Trustee under the authority of the preceding sentence, the Administrator shall promptly appoint a successor Trustee in writing delivered to the outgoing Trustee and to the successor Trustee, and shall pay all fees and expenses owed to the outgoing Trustee. Any resignation or removal of a Trustee and appointment of a successor Trustee shall not become effective until acceptance of the appointment by the successor Trustee pursuant to
Resignation or Removal of Trustees. Subject to Section 8.02(c) hereof, a Trustee may at any time resign and be discharged from the Trust by giving sixty (60) days’ prior written notice thereof to other parties hereto and the Holders. Upon receiving a notice of resignation from the Owner Trustee, the Certificateholder shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Owner Trustee, one copy to the successor Owner Trustee and one copy to each Noteholder. Upon receiving a notice of resignation from the Note Trustee, the Majority Noteholders shall promptly appoint a successor Note Trustee reasonably acceptable to the Certificateholder by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Note Trustee, one copy to the successor Note Trustee and one copy to the Holders.
Resignation or Removal of Trustees. Any Trustee acting hereunder may resign at any time upon thirty (30) days' written notice to the Company, the Committee and the remaining Trustees, and the Company may remove any Trustee upon thirty (30) days' written notice to the Trustees and the Committee; but the Company and such Trustee may by written instrument waive such notice. If any Trustee shall resign, be removed, or for any other reason cease to be Trustee, the Company shall appoint a successor Trustee or Trustees. Subject to the foregoing provisions, any resignation or removal of the Trustee or appointment of a new Trustee shall be by instrument in writing and shall become effective on the date therein specified. Any successor Trustee shall have the same powers and duties as the succeeded Trustee, subject to such changes as the Company may then determine. The appointment of any successor Trustee or Trustees hereunder shall without any separate instrument or conveyance immediately vest title to the assets of the Trust in such successor Trustee or Trustees. Upon request of such successor Trustee or Trustees, the Company and the Trustee ceasing to act shall execute and deliver such instruments of conveyance and further assurance and do such other things as may reasonably be required for more fully and certainly vesting and confirming
Resignation or Removal of Trustees. Any Trustee may be removed by the Employer at any time upon thirty (30) days' notice in writing to the Trustees, which notice may be waived by the Trustees. A Trustee may resign at any time upon thirty (30) days notice in writing to the Employer, which notice may be waived by the Employer. Upon such removal or resignation of a Trustee, or upon the death or disability of a Trustee, the Employer may, or in the event there is no then acting Trustee, who shall have the same powers and duties as those conferred upon the other trustees, who shall have the same powers and duties as those conferred upon the other Trustee.
Resignation or Removal of Trustees. Any Trustee acting hereunder ---------------------------------- may resign at any time upon thirty (30) days' written notice to the Company, and the Company may remove any Trustee upon thirty (30) days' written notice to the Trustee; but the parties may by written instrument waive such notice. If any Trustee shall die, resign, be removed or for any other reason cease to be Trustee, he shall be replaced by a successor to be appointed by the Board of Directors. Any resignation or removal of the Trustee or appointment of a new Trustee shall be by instrument in writing and shall become effective on the date therein specified. Any successor Trustee shall have the same powers and duties as the succeeded Trustee, subject to such changes as the Company may then determine. The appointment of any successor Trustee or Trustees hereunder shall without any separate instrument or conveyance immediately vest title to the assets of the Trust in such successor Trustee or Trustees.
Resignation or Removal of Trustees. (i) The Trustees and each Trustee shall serve until death, resignation or removal by the Employer.
(ii) Any Trustee may resign upon written notice to the Employer or be removed by delivery of a certified copy of a resolution of the Board of Directors to that effect. ___________________________________________________
