Common use of Retirement for Trustee's Default Clause in Contracts

Retirement for Trustee's Default. The Trustee shall retire as trustee of the Trusts if and when directed to do so by the Manager in writing (which direction must be copied to each Servicer and, if any of the Trusts are Rated Trusts, the Designated Rating Agency). A direction may only be given on the occurrence of one or more of the following events (each a Trustee's Default): (a) (Insolvency Event) an Insolvency Event has occurred and is continuing in relation to the Trustee in its personal capacity;