Common use of Resignation or Removal of VG Funding Eligible Lender Trustee Clause in Contracts

Resignation or Removal of VG Funding Eligible Lender Trustee. The VG Funding Eligible Lender Trustee may at any time resign and be discharged from the trust hereby created by giving written notice thereof to VG Funding. Upon receiving such notice of resignation, VG Funding shall promptly appoint a successor VG Funding Eligible Lender Trustee meeting the eligibility requirements of Section 8.1 by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning VG Funding Eligible Lender Trustee and one copy to the successor VG Funding Eligible Lender Trustee. If no successor VG Funding Eligible Lender Trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning VG Funding Eligible Lender Trustee may petition any court of competent jurisdiction for the appointment of a successor VG Funding Eligible Lender Trustee; provided, however, that such right to appoint or to petition for the appointment of any such successor shall in no event relieve the resigning VG Funding Eligible Lender Trustee from any obligations otherwise imposed on it under this Agreement or the VG Funding Purchase Agreement until such successor has in fact assumed such appointment. If at any time the VG Funding Eligible Lender Trustee shall cease to be or shall be likely to cease to be eligible in accordance with the provisions of Section 8.1 and shall fail to resign after written request therefor by VG Funding, then VG Funding may remove the VG Funding Eligible Lender Trustee. If VG Funding shall remove the VG Funding Eligible Lender Trustee under the authority of the immediately preceding sentence, VG Funding shall promptly appoint a successor VG Funding Eligible Lender Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing VG Funding Eligible Lender Trustee so removed and one copy to the successor VG Funding Eligible Lender Trustee together with payment of all fees owed to the outgoing VG Funding Eligible Lender Trustee. Any resignation or removal of the VG Funding Eligible Lender Trustee and appointment of a successor VG Funding Eligible Lender Trustee pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor VG Funding Eligible Lender Trustee pursuant to Section 8.3 and payment of all fees and expenses owed to the outgoing VG Funding Eligible Lender Trustee.