Common use of Appointment of Administrators Clause in Contracts

Appointment of Administrators. (a) Except as otherwise provided in this Section 8.20(a), the Administrators shall be appointed by the Holders of a Majority in Liquidation Amount of the Common Securities and all Administrators (including the initial Administrators) may be removed by the Holders of a Majority in Liquidation Amount of the Common Securities or may resign at any time. The Holders, by acceptance of a Trust Securities Certificate, shall be deemed to agree to the appointment of the initial Administrators. Each Administrator shall sign an agreement agreeing to comply with the terms of this Trust Agreement. If at any time there is no Administrator, the Property Trustee or any Holder who has been a Holder of Trust Securities for at least six months may petition any court of competent jurisdiction for the appointment of one or more Administrators.

Appointment of Administrators. (a) Except as otherwise provided in this Section 8.20(a), the Administrators (other than the initial Administrators) shall be appointed by the Holders of a Majority in Liquidation Amount of the Common Securities and all Administrators (including the initial Administrators) may be removed by the Holders of a Majority in Liquidation Amount of the Common Securities or may resign at any time. The Holders, by acceptance of a Trust Securities Certificate, shall be deemed to agree to the appointment of the initial Administrators. Each Administrator shall sign an agreement agreeing to comply with the terms of this Trust Agreement. If at any time there is no Administrator, the Property Trustee or any Holder who has been a Holder of Trust Securities for at least six months may petition any court of competent jurisdiction for the appointment of one or more Administrators.