Common use of Replacement of Fiscal Agent Clause in Contracts

Replacement of Fiscal Agent. A resignation or removal of the Fiscal Agent and appointment of a successor Fiscal Agent shall become effective only upon the successor Fiscal Agent’s acceptance of appointment as provided in this Section. The Fiscal Agent may resign at any time by giving 60 days’ prior written notice thereof to MBIA. Either MBIA or the Holders of a majority in aggregate principal amount of the Notes may remove the Fiscal Agent at any time by giving written notice thereof to the Fiscal Agent and, in the case where removal is at the election of the Holders of a majority in aggregate principal amount of the Notes, MBIA. If the Fiscal Agent resigns or is removed or if a vacancy exists in the office of Fiscal Agent for any reason, MBIA shall promptly appoint a successor Fiscal Agent. Within one year after the successor Fiscal Agent takes office, the Holders of a majority in aggregate principal amount of the Notes may appoint a successor Fiscal Agent to replace the successor Fiscal Agent appointed by MBIA. If a successor Fiscal Agent does not take office within 60 days after the retiring Fiscal Agent resigns or is removed, the retiring Fiscal Agent, MBIA or the Holders of at least 10% in principal amount of the Notes may petition any court of competent jurisdiction for the appointment of a successor Fiscal Agent. If the Fiscal Agent fails to comply with Section 10.08, any Noteholder or holder of any beneficial interest in a Note may petition any court of competent jurisdiction for the removal of the Fiscal Agent and the appointment of a successor Fiscal Agent. A successor Fiscal Agent shall deliver a written acceptance of its appointment to the retiring Fiscal Agent and to MBIA. Thereupon, the retiring Fiscal Agent shall, upon payment of its charges, transfer all property held by it as Fiscal Agent to the successor Fiscal Agent, the resignation or removal of the retiring Fiscal Agent shall become effective, and the successor Fiscal Agent shall have all the rights, powers and duties of the Fiscal Agent under this Agreement. The successor Fiscal Agent shall mail a notice of its succession to Noteholders.

Replacement of Fiscal Agent. A resignation or removal of the Fiscal Agent and appointment of a successor Fiscal Agent shall become effective only upon the successor Fiscal Agent’s 's acceptance of appointment as provided in this Section. The Fiscal Agent may resign at any time by giving 60 days’ ' prior written notice thereof to MBIAthe Company. Either MBIA the Company or the Holders of a majority in aggregate principal amount of the Notes Securities may remove the Fiscal Agent at any time by giving written notice thereof to the Fiscal Agent and, in the case where removal is at the election of the Holders of a majority in principal aggregate principal amount of the NotesSecurities, MBIAthe Company. If the Fiscal Agent resigns or is removed or if a vacancy exists in the office of Fiscal Agent for any reason, MBIA the Company shall promptly appoint a successor Fiscal Agent. Within one year after the successor Fiscal Agent takes office, the Holders of a majority in aggregate principal amount of the Notes may appoint a successor Fiscal Agent to replace the successor Fiscal Agent appointed by MBIA. If a successor Fiscal Agent does not take office within 60 days after the retiring Fiscal Agent resigns or is removed, the retiring Fiscal Agent, MBIA Agent or the Holders of at least 10% in principal amount of the Notes may petition any court of competent jurisdiction for the appointment of Company will appoint a successor Fiscal Agent. If the Fiscal Agent fails to comply with Section 10.089.8, any Noteholder or holder of any beneficial interest in a Note may petition any court of competent jurisdiction for the removal of the Fiscal Agent and the appointment of Company will promptly appoint a successor Fiscal Agent. A successor Fiscal Agent shall deliver a written acceptance of its appointment to the retiring Fiscal Agent and to MBIAthe Company. Thereupon, the retiring Fiscal Agent shall, upon payment of its charges, shall transfer all property held by it as Fiscal Agent to the successor Fiscal Agent, the resignation or removal of the retiring Fiscal Agent shall become effective, and the successor Fiscal Agent shall have all the rights, powers and duties of the Fiscal Agent under this Agreement. The successor Fiscal Agent shall mail a notice of its succession to NoteholdersHolders.

Replacement of Fiscal Agent. A resignation or removal of the Fiscal Agent and appointment of a successor Fiscal Agent shall become effective only upon the successor Fiscal Agent’s acceptance of appointment as provided in this Section. The Fiscal Agent may resign at any time by giving 60 days’ prior written notice thereof to MBIA. Either MBIA or the Holders of a majority in aggregate principal amount of the Notes may remove the Fiscal Agent at any time by giving written notice thereof to the Fiscal Agent and, in the case where removal is at the election of the Holders of a majority in aggregate principal amount of the Notes, MBIA. If the Fiscal Agent resigns or is removed or if a vacancy exists in the office of Fiscal Agent for any reason, MBIA shall promptly appoint a successor Fiscal Agent. Within one year after the successor Fiscal Agent takes office, the Holders of a majority in aggregate principal amount of the Notes may appoint a successor Fiscal Agent to replace the successor Fiscal Agent appointed by MBIA. If a successor Fiscal Xxxxxx Agent does not take office within 60 days after the retiring Fiscal Agent resigns or is removed, the retiring Fiscal Agent, MBIA or the Holders of at least 10% in principal amount of the Notes may petition any court of competent jurisdiction for the appointment of a successor Fiscal Agent. If the Fiscal Agent fails to comply with Section 10.08, any Noteholder or holder of any beneficial interest in a Note may petition any court of competent jurisdiction for the removal of the Fiscal Agent and the appointment of a successor Fiscal Agent. A successor Fiscal Agent shall deliver a written acceptance of its appointment to the retiring Fiscal Agent and to MBIA. Thereupon, the retiring Fiscal Agent shall, upon payment of its charges, transfer all property held by it as Fiscal Agent to the successor Fiscal Agent, the resignation or removal of the retiring Fiscal Agent shall become effective, and the successor Fiscal Agent shall have all the rights, powers and duties of the Fiscal Agent under this Agreement. The successor Fiscal Agent shall mail a notice of its succession to Noteholders.