Common use of Effectiveness of Resignation or Removal Clause in Contracts

Effectiveness of Resignation or Removal. No resignation or removal of a Co-Trustee and appointment of a successor under this Section 9.3 will become effective until (i) the successor accepts its appointment as the Owner Trustee or Delaware Trustee, as applicable, under Section 9.3(a) by executing and delivering to the Administrator an agreement accepting its appointment under this Agreement and (ii) if the successor is a successor Delaware Trustee, it files the certificate of amendment to the Certificate of Trust referred to in Section 9.3(e).

Effectiveness of Resignation or Removal. No resignation or removal of a Co-Trustee and appointment of a successor under this Section 9.3 will become effective until (i) the successor accepts its appointment as the Owner Trustee [or Delaware Trustee, as applicable], under Section 9.3(a) by executing and delivering to the Administrator an agreement accepting its appointment under this Agreement and (ii) [if the successor is a successor Delaware Trustee, ,] it files the certificate of amendment to the Certificate of Trust referred to in Section 9.3(e).