Common use of Note Insurer Removal of the Indenture Trustee Clause in Contracts

Note Insurer Removal of the Indenture Trustee. Notwithstanding anything in this Indenture to the contrary, so long as no Note Insurer Default has occurred and is continuing, the Note Insurer shall have the right to remove the Indenture Trustee for "cause." For purposes of this Section, "cause" shall mean (a) the negligence or willful misconduct of the Indenture Trustee in the performance of its duties under this Indenture or (b) the failure or unwillingness of the Indenture Trustee to perform its duties under this Indenture. Upon receipt by the Indenture Trustee of notice of termination under this Section, the Indenture Trustee shall continue to act as the Indenture Trustee hereunder until a successor Indenture Trustee is appointed and have the right to proceed to cure such negligence, willful misconduct or failure or unwillingness to perform its duties, for a period of two (2) weeks. If such cure is effected, the termination notice shall be void. If such cure is not effected within such time, the Indenture Trustee functions hereunder will be terminated immediately upon appointment of a successor trustee by the Owner Trustee with the approval of Note Insurer. If no successor is appointed and accepts appointment within thirty (30) days of removal, the Indenture Trustee may petition a court of competent jurisdiction for appointment of a successor Indenture Trustee.

Note Insurer Removal of the Indenture Trustee. Notwithstanding anything in this Indenture to the contrary, so long as no Note Insurer Default has occurred and is continuing, the Note Insurer shall have the right to remove the Indenture Trustee for "cause." For purposes of this Section, "cause" shall mean (a) the negligence or willful misconduct of the Indenture Trustee in the performance of its duties under this Indenture or (b) the failure or unwillingness of the Indenture Trustee to perform its duties under this Indenture. Upon receipt by the Indenture Trustee of notice of termination under this SectionSection 11.08, the Indenture Trustee shall continue to act as the Indenture Trustee hereunder until a successor Indenture Trustee is appointed and have the right to proceed to cure such negligence, willful misconduct or failure or unwillingness to perform its duties, for a period of two (2) weeks. If such cure is effected, the termination notice shall be void. If such cure is not effected within such time, the Indenture 120 Trustee functions hereunder will be terminated immediately upon appointment of a successor trustee by the Owner Trustee with the approval of Note Insurer. If no successor is appointed and accepts appointment within thirty (30) days of removal, the Indenture Trustee may petition a court of competent jurisdiction for appointment of a successor Indenture Trustee.

Note Insurer Removal of the Indenture Trustee. Notwithstanding anything in this Indenture to the contrary, so long as no Note Insurer Default has occurred and is continuing, the Note Insurer shall have the right to remove the Indenture Trustee for "cause." For purposes of this Section, "cause" shall mean (a) the negligence or willful misconduct of the Indenture Trustee in the performance of its duties under this Indenture or (b) the failure or unwillingness of the Indenture Trustee to perform its duties under this Indenture. Upon receipt by the Indenture Trustee of notice of termination under this Section, the Indenture Trustee shall continue to act as the Indenture Trustee hereunder until a successor Indenture Trustee is appointed and have the right to proceed to cure such negligence, willful misconduct or failure or 109 119 unwillingness to perform its duties, for a period of two (2) weeks. If such cure is effected, the termination notice shall be void. If such cure is not effected within such time, the Indenture Trustee functions hereunder will be terminated immediately upon appointment of a successor trustee by the Owner Trustee with the approval of Note Insurer. If no successor is appointed and accepts appointment within thirty (30) days of removal, the Indenture Trustee may petition a court of competent jurisdiction for appointment of a successor Indenture Trustee.

Note Insurer Removal of the Indenture Trustee. Notwithstanding anything in this Indenture to the contrary, so long as no Note Insurer Default has occurred and is continuing, the Note Insurer shall have the right to remove the Indenture Trustee for "cause." For purposes of this Section, "cause" shall mean (a) the negligence or willful misconduct of the Indenture Trustee in the performance of its duties under this Indenture or (b) the failure or unwillingness of the Indenture Trustee to perform its duties under this Indenture. Upon receipt by the Indenture Trustee of notice of termination under this SectionSection 11.08, the Indenture Trustee shall continue to act as the Indenture Trustee hereunder until a successor Indenture Trustee is appointed and have the right to proceed to cure such negligence, willful misconduct or failure or unwillingness to perform its duties, for a period of two (2) weeks. If such cure is effected, the termination notice shall be void. If such cure is not effected within such time, the Indenture Trustee functions hereunder will be terminated immediately upon appointment of a successor trustee by the Owner Trustee with the approval of Note Insurer. If no successor is appointed and accepts appointment within thirty (30) days of removal, the Indenture Trustee may petition a court of competent jurisdiction for appointment of a successor Indenture Trustee.

Note Insurer Removal of the Indenture Trustee. Notwithstanding anything in this Indenture to the contrary, so long as no Note Insurer Default has occurred and is continuing, the Note Insurer shall have the right to remove the Indenture Trustee for "cause." For purposes of this Section, "cause" shall mean (a) the negligence or willful misconduct of the Indenture Trustee in the performance of its duties under this Indenture or (b) the failure or unwillingness of the Indenture Trustee to perform its duties under this Indenture. Upon receipt by the Indenture Trustee of notice of termination under this SectionSection 11.08, the Indenture Trustee shall continue to act as the Indenture Trustee hereunder until a successor Indenture Trustee is appointed and have the right to proceed to cure such negligence, willful misconduct or failure or unwillingness to perform its duties, for a period of two (2) weeks. If such cure is effected, the termination notice shall be void. If such cure is not effected within such time, the Indenture Trustee functions hereunder will be terminated immediately upon appointment of a successor trustee by the Owner Trustee Issuer with the approval of Note Insurer. If no successor is appointed and accepts appointment within thirty (30) days of removal, the Indenture Trustee may petition a court of competent jurisdiction for appointment of a successor Indenture Trustee.