Common use of Replacement of Trustee or Security Agent Clause in Contracts

Replacement of Trustee or Security Agent. A resignation or removal of the Trustee or the Security Agent and appointment of a successor Trustee or successor Security Agent shall become effective only upon the successor Trustee’s or the successor Security Agent’s acceptance of appointment as provided in this Section 7.06. The Trustee and the Security Agent may resign at any time by giving written notice to the Issuer and the Holders. The Holders of a majority in outstanding principal amount of the outstanding Notes may remove the Trustee or the Security Agent by so notifying the Trustee, the Security Agent and the Issuer. The Issuer shall remove the Trustee or the Security Agent if:

Replacement of Trustee or Security Agent. A resignation or removal of the Trustee or and/or the Security Agent and appointment of a successor Trustee or and/or successor Security Agent shall become effective only upon the successor Trustee’s or and/or the successor Security Agent’s ’s, as the case may be, acceptance of appointment as provided in this Section ‎‎Section 7.06. The Trustee and the Security Agent may resign at any time without giving any reason by giving written notice to so notifying the Issuer and the HoldersIssuer. The Holders of a majority in outstanding principal amount of the outstanding Notes may remove the Trustee or the Security Agent by so notifying the Trustee, the Security Agent and the Issuer. The Issuer shall remove the Trustee or the Security Agent if:.