Common use of Termination of Trustee Clause in Contracts

Termination of Trustee. If any of the following events ---------------------- occur and shall be continuing, the Controlling Party, upon notice to the Noteholders, may terminate all of the duties of the Trustee under this Agreement: (i) the Trustee shall cease to meet the eligibility requirements for the Trustee as set forth in Section 6.11 of the Indenture and shall fail to resign after written request therefor by the Insurer, (ii) a court having jurisdiction in the premises in respect of the Trustee in an involuntary case or proceeding under federal or state bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, shall have entered a decree or order granting relief or appointing a receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator (or similar official) for the Trustee or for any substantial part of the Trustee's property, or ordering the winding-up or liquidation of the Trustee's affairs.; (iii) an involuntary case under the federal bankruptcy laws, as now or hereafter in effect, or another present or future federal or state bankruptcy, insolvency or similar law is commenced with respect to the Trustee and such case is not dismissed within 60 days; (iv) the Trustee commences a voluntary case under any federal or state banking or bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, or consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator (or other similar official) for the Trustee or any substantial part of the Trustee's property, or makes any assignment for the benefit of creditors or fails generally to pay its debts as such debts become due or takes any corporate action in furtherance of any of the foregoing; (v) the Trustee has failed to perform its duties hereunder, and such failure has a material adverse effect on the Insurer or the Noteholders; and (vi) the Trustee otherwise becomes incapable of acting. On or after the receipt by the Trustee of such written notice, all authority, power, obligations and responsibilities of the Trustee under this Agreement, whether with respect to the Notes, the Certificates or the Other Conveyed Property or otherwise, automatically shall pass to, be vested in and become obligations and responsibilities of such successor Trustee appointed by the Controlling Party.

Termination of Trustee. If any of the following events occur ---------------------- occur and shall be continuing, the Controlling Party, upon notice to the Noteholders, may terminate all of the duties of the Trustee under this Agreement: (i) the Trustee shall cease to meet the eligibility requirements for the Trustee as set forth in Section 6.11 of the Indenture and shall fail to resign after written request therefor by the Insurer, (ii) a court having jurisdiction in the premises in respect of the Trustee in an involuntary case or proceeding under federal or state bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, shall have entered a decree or order granting relief or appointing a receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator (or similar official) for the Trustee or for any substantial part of the Trustee's property, or ordering the winding-up or liquidation of the Trustee's affairs.; (iii) an involuntary case under the federal bankruptcy laws, as now or hereafter in effect, or another present or future federal or state bankruptcy, insolvency or similar law is commenced with respect to the Trustee and such case is not dismissed within 60 days; (iv) the Trustee commences a voluntary case under any federal or state banking or bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, or consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator (or other similar official) for the Trustee or any substantial part of the Trustee's property, or makes any assignment for the benefit of creditors or fails generally to pay its debts as such debts become due or takes any corporate action in furtherance of any of the foregoing; (v) the Trustee has failed to perform its duties hereunder, and such failure has a material adverse effect on the Insurer or the Noteholders; and (vi) the Trustee otherwise becomes incapable of acting. On or after the receipt by the Trustee of such written notice, all authority, power, obligations and responsibilities of the Trustee under this Agreement, whether with respect to the Notes, the Certificates or the Other Conveyed Property or otherwise, automatically shall pass to, be vested in and become obligations and responsibilities of such successor Trustee appointed by the Controlling Party.

Termination of Trustee. If any of the following events ---------------------- occur and shall be continuing, the Controlling Party, upon notice to the Noteholders, may terminate all of the duties of the Trustee under this Agreement: (i) the Trustee shall cease to meet the eligibility requirements for the Trustee as set forth in Section 6.11 of the Indenture and shall fail to resign after written request therefor by the InsurerControlling Party, (ii) a court having jurisdiction in the premises in respect of the Trustee in an involuntary case or proceeding under federal or state bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, shall have entered a decree or order granting relief or appointing a receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator (or similar official) for the Trustee or for any substantial part of the Trustee's property, or ordering the winding-up or liquidation of the Trustee's affairs.; (iii) an involuntary case under the federal bankruptcy laws, as now or hereafter in effect, or another present or future federal or state bankruptcy, insolvency or similar law is commenced with respect to the Trustee and such case is not dismissed within 60 days; (iv) the Trustee commences a voluntary case under any federal or state banking or bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, or consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator (or other similar official) for the Trustee or any substantial part of the Trustee's property, or makes any assignment for the benefit of creditors or fails generally to pay its debts as such debts become due or takes any corporate action in furtherance of any of the foregoing; (v) the Trustee has failed to perform its duties hereunder, and such failure has a material adverse effect on the Insurer or the Noteholders; and (vi) the Trustee otherwise becomes incapable of acting. On or after the receipt by the Trustee of such written notice, all authority, power, obligations and responsibilities of the Trustee under this Agreement, whether with respect to the Notes, the Certificates or the Other Conveyed Property or otherwise, automatically shall pass to, be vested in and become obligations and responsibilities of such successor Trustee appointed by the Controlling Party.

Termination of Trustee. If any of the following events occur ---------------------- occur and shall be continuing, the Controlling Party, upon notice to the Noteholders, may terminate all of the duties of the Trustee under this Agreement: (i) the Trustee shall cease to meet the eligibility requirements for the Trustee as set forth in Section 6.11 of the Indenture and shall fail to resign after written request therefor by the InsurerControlling Party, (ii) a court having jurisdiction in the premises in respect of the Trustee in an involuntary case or proceeding under federal or state bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, shall have entered a decree or order granting relief or appointing a receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator (or similar official) for the Trustee or for any substantial part of the Trustee's property, or ordering the winding-up or liquidation of the Trustee's affairs.; (iii) an involuntary case under the federal bankruptcy laws, as now or hereafter in effect, or another present or future federal or state bankruptcy, insolvency or similar law is commenced with respect to the Trustee and such case is not dismissed within 60 days; (iv) the Trustee commences a voluntary case under any federal or state banking or bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, or consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator (or other similar official) for the Trustee or any substantial part of the Trustee's property, or makes any assignment for the benefit of creditors or fails generally to pay its debts as such debts become due or takes any corporate action in furtherance of any of the foregoing; (v) the Trustee has failed to perform its duties hereunder, and such failure has a material adverse effect on the Insurer or the Noteholders; and (vi) the Trustee otherwise becomes incapable of acting. On or after the receipt by the Trustee of such written notice, all authority, power, obligations and responsibilities of the Trustee under this Agreement, whether with respect to the Notes, the Certificates or the Other Conveyed Property or otherwise, automatically shall pass to, be vested in and become obligations and responsibilities of such successor Trustee appointed by the Controlling Party.