Common use of Appointment, Removal and Resignation of the Guarantee Trustee Clause in Contracts

Appointment, Removal and Resignation of the Guarantee Trustee. (a) Subject to Section 4.2(b), the Guarantee Trustee may be appointed or removed without cause at any time by the action of (i) if an Issuer Trust Default has not occurred or has occurred and is not continuing, the holders of a majority (based on Liquidation Amounts) of the outstanding Common Securities or (ii) if an Issuer Trust Default has occurred and is continuing, or for cause, the Holders of a Majority in Liquidation Amount of the Capital Securities.

Appointment, Removal and Resignation of the Guarantee Trustee. (a) Subject to Section 4.2(b), the Guarantee Trustee may be appointed or removed without cause at any time by the action of (i) if an Issuer Trust Default has not occurred or has occurred and is not continuing, continuing the holders of a majority (based on Liquidation Amounts) of the outstanding Common Securities or if (ii) if (x) an Issuer Trust Default has occurred and is continuing, or (y) for cause, the Holders of a Majority in Liquidation Amount of the Capital Securities.

Appointment, Removal and Resignation of the Guarantee Trustee. (a) Subject to Section 4.2(bSECTION 4.2(B), unless an Event of Default shall have occurred and be continuing, the Guarantee Trustee may be appointed or removed without cause at any time by the action Guarantor. Subject to the provisions of (i) this SECTION 4.2, if an Issuer Trust Event of Default has not occurred or has shall have occurred and is not be continuing, the holders of a majority (based on Liquidation Amounts) of the outstanding Common Securities Guarantee Trustee may be appointed or (ii) if an Issuer Trust Default has occurred and is continuing, or for cause, removed by the Holders of a Majority in Liquidation Amount of the Capital Securities.