Common use of Resignation and Removal of Master Collateral Agent Clause in Contracts

Resignation and Removal of Master Collateral Agent. (a) The Master Collateral Agent may, at any time with or without cause by giving 60 days' prior written notice to National, NFLP and the Beneficiaries, resign and be discharged of its responsibilities hereunder created, such resignation to become effective upon the appointment by National and NFLP of a successor Master Collateral Agent with the approval of the Majority Beneficiaries, which approval shall not be unreasonably withheld, and the acceptance of such appointment by such successor Master Collateral Agent. National shall, promptly upon receipt thereof, provide a copy of the notice from the Master Collateral Agent referred to in the preceding sentence to each Rating Agency. The Master Collateral Agent may be removed by National or NFLP at any time (with or without cause) upon 30 days' written notice by National or NFLP, as the case may be, to the Master Collateral Agent and each of the Rating Agencies, and the approval of the successor Master Collateral Agent by the Majority Beneficiaries, which approval will not be unreasonably withheld; provided, however, that if either National or NFLP is in default under this Agreement or any Financing Document and such default has a material adverse effect on the Beneficiaries, then so long as such default continues, the right of National or NFLP, as applicable, to remove the Master Collateral Agent shall cease and the non-defaulting grantor shall have, or if both National and NFLP are then in default, then the Majority Beneficiaries shall have, the right to remove the Master Collateral Agent (with or without cause) upon 30 days' written notice to National, NFLP, the Master Collateral Agent and each of the Rating Agencies; provided, further, that no removal of the Master Collateral Agent shall be effective until the appointment of a successor Master Collateral Agent and acceptance of such appointment by such Master Collateral Agent. Any removed Master Collateral Agent shall be entitled to its reasonable fees and expenses to the date the successor Master Collateral Agent assumes the Master Collateral Agent's duties hereunder. The indemnification of Section 4.10 shall survive the termination of the other provisions of this Agreement as to the predecessor Master Collateral Agent. If no successor Master Collateral Agent shall be appointed and approved within 30 days from the date of the giving of the aforesaid notice of resignation or within 30 days from the date of such notice of removal, the Master Collateral Agent, on behalf of National, NFLP, each Financing Source and each Beneficiary may appoint, or petition a court of competent jurisdiction to appoint, a successor Master Collateral Agent to act until such time, if any, as a successor Master Collateral Agent shall be appointed as above provided. Any successor Master Collateral Agent so appointed by such court shall immediately without further act supersede any predecessor Master Collateral Agent. Upon the appointment of a successor Master Collateral Agent hereunder, the predecessor Master Collateral Agent shall be discharged of and from any and all further obligations arising in connection with this Agreement.

Resignation and Removal of Master Collateral Agent. (a) The Master Collateral Agent may, at any time with or without cause by giving 60 forty-five (45) days' prior written notice to NationalThrifty, NFLP Thrifty Finance, the Financing Sources and the Beneficiaries, resign and be discharged of its responsibilities hereunder created, such resignation to become effective upon the appointment by National Thrifty and NFLP Thrifty Finance of a successor Master Collateral Agent with the approval of the Majority Beneficiaries, Required Beneficiaries (which approval shall not be unreasonably withheld, ) and the acceptance of such appointment by such successor Master Collateral AgentAgent or the appointment thereof by a court of competent jurisdiction (as and to the extent provided in the related Financing Documents). National Thrifty and Thrifty Finance shall, promptly upon receipt thereof, provide a copy of the notice from the Master Collateral Agent referred to in the preceding sentence to each Rating Agency. The Master Collateral Agent may be removed by National Thrifty or NFLP Thrifty Finance at any time (with or without cause) upon 30 thirty (30) days' written notice by National Thrifty or NFLPThrifty Finance, as the case may be, to the Master Collateral Agent and each of the Rating Agencies, and the approval of the successor Master Collateral Agent by the Majority Required Beneficiaries, which approval will not be unreasonably withheld; provided, however, that if either National Thrifty or NFLP Thrifty Finance is in default under this Agreement or any Financing Document and such default has a material adverse effect on the Beneficiaries, then so long as such default continues, the right of National Thrifty or NFLPThrifty Finance, as applicable, to remove the Master Collateral Agent shall cease and the non-defaulting grantor shall have, or if both National Thrifty and NFLP Thrifty Finance are then in default, then the Majority Required Beneficiaries shall have, have the right to remove the Master Collateral Agent (with or without cause) upon 30 thirty (30) days' written notice to NationalThrifty, NFLPThrifty Finance, the Master Collateral Agent and each of the Rating Agencies; provided, further, that no removal of the Master Collateral Agent shall be effective until the appointment of a successor Master Collateral Agent and acceptance of such appointment by such Master Collateral Agent. Any removed Master Collateral Agent shall be entitled to its reasonable fees and expenses to the date the successor Master Collateral Agent assumes the Master Collateral Agent's duties hereunder. The indemnification of Section 4.10 shall survive the termination of the other provisions of this Agreement as to the predecessor Master Collateral Agent. If no successor Master Collateral Agent shall be appointed and approved within 30 thirty (30) days from the date of the giving of the aforesaid notice of resignation or within 30 thirty (30) days from the date of such notice of removal, the Master Collateral Agent, on behalf of National, NFLPThrifty and Thrifty Finance, each Financing Source and each Beneficiary may appoint, or petition a court of competent jurisdiction to appoint, appoint a successor Master Collateral Agent to act until such time, if any, as a successor Master Collateral Agent shall be appointed as above provided. If a successor Master Collateral Agent does not take office within thirty (30) days after the retiring Master Collateral Agent resigns or is removed, the retiring Master Collateral Agent, on behalf of Thrifty and Thrifty Finance, each Financing Source and each Beneficiary may petition any court of competent jurisdiction for the appointment of a successor Master Collateral Agent. Any successor Master Collateral Agent so appointed by such court shall immediately without further act supersede any predecessor Master Collateral Agent. Upon the appointment of a successor Master Collateral Agent hereunder, the predecessor Master Collateral Agent shall be discharged of and from any and all further obligations arising in connection with this Agreement.

Resignation and Removal of Master Collateral Agent. (a) The Master Collateral Agent may, at any time with or without cause by giving 60 forty-five (45) days' ’ prior written notice to Nationalthe Master Servicer, NFLP RCFC, the Financing Sources and the Beneficiaries, resign and be discharged of its responsibilities hereunder created, such resignation to become effective upon the appointment by National the Master Servicer and NFLP RCFC of a successor Master Collateral Agent with the approval of the Majority Beneficiaries, Required Beneficiaries (which approval shall not be unreasonably withheld, ) and the acceptance of such appointment by such successor Master Collateral AgentAgent or the appointment thereof by a court of competent jurisdiction (as and to the extent provided in the related Financing Documents). National The Master Servicer and RCFC shall, promptly upon receipt thereof, provide a copy of the notice from the Master Collateral Agent referred to in the preceding sentence to each Rating Agency. The Master Collateral Agent may be removed by National the Master Servicer or NFLP RCFC at any time (with or without cause) upon 30 thirty (30) days' ’ written notice by National the Master Servicer or NFLPRCFC, as the case may be, to the Master Collateral Agent and each of the Rating Agencies, and the approval of the successor Master Collateral Agent by the Majority Required Beneficiaries, which approval will not be unreasonably withheld; provided, however, that if either National the Master Servicer or NFLP RCFC is in default under this Agreement or any Financing Document and such default has a material adverse effect on the Beneficiaries, then so long as such default continues, the right of National the Master Servicer or NFLPRCFC, as applicable, to remove the Master Collateral Agent shall cease and the non-defaulting grantor party shall have, or if both National the Master Servicer and NFLP RCFC are then in default, then the Majority Required Beneficiaries shall have, have the right to remove the Master Collateral Agent (with or without cause) upon 30 thirty (30) days' ’ written notice to National, NFLPthe Master Servicer RCFC, the Master Collateral Agent and each of the Rating Agencies; provided, further, that no removal of the Master Collateral Agent shall be effective until the appointment of a successor Master Collateral Agent and acceptance of such appointment by such Master Collateral Agent. Any removed Master Collateral Agent shall be entitled to its reasonable fees and expenses to the date the successor Master Collateral Agent assumes the Master Collateral Agent's ’s duties hereunder. The indemnification of Section 4.10 shall survive the termination of the other provisions of this Agreement as to the predecessor Master Collateral Agent. If no successor Master Collateral Agent shall be appointed and approved within 30 thirty (30) days from the date of the giving of the aforesaid notice of resignation or within 30 thirty (30) days from the date of such notice of removal, the Master Collateral Agent, on behalf of National, NFLPthe Master Servicer and RCFC, each Financing Source and each Beneficiary may appoint, or petition a court of competent jurisdiction to appoint, appoint a successor Master Collateral Agent to act until such time, if any, as a successor Master Collateral Agent shall be appointed as above provided. If a successor Master Collateral Agent does not take office within thirty (30) days after the retiring Master Collateral Agent resigns or is removed, the retiring Master Collateral Agent, on behalf of the Master Servicer and RCFC, each Financing Source and each Beneficiary may petition any court of competent jurisdiction for the appointment of a successor Master Collateral Agent. Any successor Master Collateral Agent so appointed by such court shall immediately without further act supersede any predecessor Master Collateral Agent. Upon the appointment of a successor Master Collateral Agent hereunder, the predecessor Master Collateral Agent shall be discharged of and from any and all further obligations arising in connection with this Agreement.

Resignation and Removal of Master Collateral Agent. (a) The Master Collateral Agent may, at any time with or without cause by giving 60 sixty (60) days' ’ prior written notice to Nationalthe Master Servicer, NFLP each of the Lessor Grantors, each of the Lessee Grantors and the Beneficiaries, resign and be discharged of its responsibilities hereunder created, such resignation to become effective upon the appointment by National the Master Servicer and NFLP the Lessor Grantors of a successor Master Collateral Agent with the approval of the Majority Beneficiarieseach Beneficiary, which approval shall not be unreasonably withheld, and the acceptance of such appointment by such successor Master Collateral Agent. National The Master Servicer shall, promptly upon receipt thereofof such notice from the Master Collateral Agent, provide a copy of the such notice from the Master Collateral Agent referred to in the preceding sentence to each Rating Agency. The Master Collateral Agent may be removed by National the Master Servicer or NFLP any of the Lessor Grantors at any time (with or without cause) upon 30 thirty (30) days' ’ written notice by National the Master Servicer or NFLPany of the Lessor Grantors, as the case may be, to the Master Collateral Agent and each of the Rating Agencies, and the approval by each Beneficiary of the successor Master Collateral Agent appointed by the Majority Beneficiaries, which approval will not be unreasonably withheldMaster Servicer and the Lessor Grantors; provided, however, that if either National the Master Servicer or NFLP any of the Lessor Grantors is in default (beyond all applicable grace and cure periods) under this Agreement or any Financing Document and such default has a material adverse effect on the BeneficiariesDocument, then so long as such default continues, the right of National or NFLP, as applicable, the Master Servicer and the Lessor Grantors to remove the Master Collateral Agent shall cease and the non-defaulting grantor shall have, or if both National and NFLP are then in default, then the Majority Beneficiaries shall have, the right to remove the Master Collateral Agent may be removed (with or without cause) at the direction of 100% of the Beneficiaries upon 30 thirty (30) days' ’ written notice to Nationalthe Master Servicer, NFLPeach of the Lessor Grantors, each of the Lessee Grantors, the Master Collateral Agent and each of the Rating Agencies; provided, further, that no removal of the Master Collateral Agent shall be effective until the appointment of a successor Master Collateral Agent selected and approved by 100% of the Beneficiaries and acceptance of such appointment by such Master Collateral Agent. Any removed Master Collateral Agent shall be entitled to its reasonable fees and expenses to the date the successor Master Collateral Agent assumes the Master Collateral Agent's ’s duties hereunder. The indemnification of Section 4.10 shall survive the termination of the other provisions of this Agreement as to the predecessor Master Collateral Agent. If no successor Master Collateral Agent shall be appointed and approved within 30 thirty (30) days from the date of the giving of the aforesaid notice of resignation or within 30 thirty (30) days from the date of such notice of removal, the Master Collateral Agent, on behalf of Nationalthe Master Servicer, NFLPeach of the Lessor Grantors, each of the Lessee Grantors, each Financing Source and each Beneficiary may appoint, or petition a court of competent jurisdiction to appoint, a successor Master Collateral Agent to act until such time, if any, as a successor Master Collateral Agent shall be appointed as above provided. Any successor Master Collateral Agent so appointed by such court shall immediately upon its acceptance of such appointment without further act supersede any predecessor Master Collateral Agent. Upon the appointment of a successor Master Collateral Agent hereunderhereunder and its acceptance of such appointment, the predecessor Master Collateral Agent shall be discharged of and from any and all further obligations arising in connection with this Agreement.

Resignation and Removal of Master Collateral Agent. (a) The Master Collateral Agent may, at any time with or without cause by giving 60 forty-five (45) days' prior written notice to Nationalthe Master Servicer, NFLP RCFC, the Financing Sources and the Beneficiaries, resign and be discharged of its responsibilities hereunder created, such resignation to become effective upon the appointment by National the Master Servicer and NFLP RCFC of a successor Master Collateral Agent with the approval of the Majority Beneficiaries, Required Beneficiaries (which approval shall not be unreasonably withheld, ) and the acceptance of such appointment by such successor Master Collateral AgentAgent or the appointment thereof by a court of competent jurisdiction (as and to the extent provided in the related Financing Documents). National The Master Servicer and RCFC shall, promptly upon receipt thereof, provide a copy of the notice from the Master Collateral Agent referred to in the preceding sentence to each Rating Agency. The Master Collateral Agent may be removed by National the Master Servicer or NFLP RCFC at any time (with or without cause) upon 30 thirty (30) days' written notice by National the Master Servicer or NFLPRCFC, as the case may be, to the Master Collateral Agent and each of the Rating Agencies, and the approval of the successor Master Collateral Agent by the Majority Required Beneficiaries, which approval will not be unreasonably withheld; provided, however, that if either National the Master Servicer or NFLP RCFC is in default under this Agreement or any Financing Document and such default has a material adverse effect on the Beneficiaries, then so long as such default continues, the right of National the Master Servicer or NFLPRCFC, as applicable, to remove the Master Collateral Agent shall cease and the non-defaulting grantor party shall have, or if both National the Master Servicer and NFLP RCFC are then in default, then the Majority Required Beneficiaries shall have, have the right to remove the Master Collateral Agent (with or without cause) upon 30 thirty (30) days' written notice to National, NFLPthe Master Servicer RCFC, the Master Collateral Agent and each of the Rating Agencies; provided, further, that no removal of the Master Collateral Agent shall be effective until the appointment of a successor Master Collateral Agent and acceptance of such appointment by such Master Collateral Agent. Any removed Master Collateral Agent shall be entitled to its reasonable fees and expenses to the date the successor Master Collateral Agent assumes the Master Collateral Agent's duties hereunder. The indemnification of Section 4.10 shall survive the termination of the other provisions of this Agreement as to the predecessor Master Collateral Agent. If no successor Master Collateral Agent shall be appointed and approved within 30 days from the date of the giving of the aforesaid notice of resignation or within 30 days from the date of such notice of removal, the Master Collateral Agent, on behalf of National, NFLP, each Financing Source and each Beneficiary may appoint, or petition a court of competent jurisdiction to appoint, a successor Master Collateral Agent to act until such time, if any, as a successor Master Collateral Agent shall be appointed as above provided. Any successor Master Collateral Agent so appointed by such court shall immediately without further act supersede any predecessor Master Collateral Agent. Upon the appointment of a successor Master Collateral Agent hereunder, the predecessor Master Collateral Agent shall be discharged of and from any and all further obligations arising in connection with this Agreement.Collateral

Resignation and Removal of Master Collateral Agent. (ac) The Master Collateral Agent may, at any time with or without cause by giving 60 forty-five (45) days' ’ prior written notice to Nationalthe Master Servicer, NFLP RCFC, the Financing Sources and the Beneficiaries, resign and be discharged of its responsibilities hereunder created, such resignation to become effective upon the appointment by National the Master Servicer and NFLP RCFC of a successor Master Collateral Agent with the approval WEIL:\95391242\3\52399.0016 of the Majority Beneficiaries, Required Beneficiaries (which approval shall not be unreasonably withheld, ) and the acceptance of such appointment by such successor Master Collateral AgentAgent or the appointment thereof by a court of competent jurisdiction (as and to the extent provided in the related Financing Documents). National The Master Servicer and RCFC shall, promptly upon receipt thereof, provide a copy of the notice from the Master Collateral Agent referred to in the preceding sentence to each Rating Agency. The Master Collateral Agent may be removed by National the Master Servicer or NFLP RCFC at any time (with or without cause) upon 30 thirty (30) days' ’ written notice by National the Master Servicer or NFLPRCFC, as the case may be, to the Master Collateral Agent and each of the Rating Agencies, and the approval of the successor Master Collateral Agent by the Majority Required Beneficiaries, which approval will not be unreasonably withheld; provided, however, that if either National the Master Servicer or NFLP RCFC is in default under this Agreement or any Financing Document and such default has a material adverse effect on the Beneficiaries, then so long as such default continues, the right of National the Master Servicer or NFLPRCFC, as applicable, to remove the Master Collateral Agent shall cease and the non-defaulting grantor party shall have, or if both National the Master Servicer and NFLP RCFC are then in default, then the Majority Required Beneficiaries shall have, have the right to remove the Master Collateral Agent (with or without cause) upon 30 thirty (30) days' ’ written notice to National, NFLPthe Master Servicer RCFC, the Master Collateral Agent and each of the Rating Agencies; provided, further, that no removal of the Master Collateral Agent shall be effective until the appointment of a successor Master Collateral Agent and acceptance of such appointment by such Master Collateral Agent. Any removed Master Collateral Agent shall be entitled to its reasonable fees and expenses to the date the successor Master Collateral Agent assumes the Master Collateral Agent's ’s duties hereunder. The indemnification of Section 4.10 shall survive the termination of the other provisions of this Agreement as to the predecessor Master Collateral Agent. If no successor Master Collateral Agent shall be appointed and approved within 30 thirty (30) days from the date of the giving of the aforesaid notice of resignation or within 30 thirty (30) days from the date of such notice of removal, the Master Collateral Agent, on behalf of National, NFLPthe Master Servicer and RCFC, each Financing Source and each Beneficiary may appoint, or petition a court of competent jurisdiction to appoint, appoint a successor Master Collateral Agent to act until such time, if any, as a successor Master Collateral Agent shall be appointed as above provided. If a successor Master Collateral Agent does not take office within thirty (30) days after the retiring Master Collateral Agent resigns or is removed, the retiring Master Collateral Agent, on behalf of the Master Servicer and RCFC, each Financing Source and each Beneficiary may petition any court of competent jurisdiction for the appointment of a successor Master Collateral Agent. Any successor Master Collateral Agent so appointed by such court shall immediately without further act supersede any predecessor Master Collateral Agent. Upon the appointment of a successor Master Collateral Agent hereunder, the predecessor Master Collateral Agent shall be discharged of and from any and all further obligations arising in connection with this Agreement.

Resignation and Removal of Master Collateral Agent. (a) The Master Collateral Agent may, at any time with or without cause by giving 60 sixty (60) days' prior written notice to Nationalthe Master Servicer, NFLP each of the Lessor Grantors, each of the Lessee Grantors and the Beneficiaries, resign and be discharged of its responsibilities hereunder created, such resignation to become effective upon the appointment by National the Master Servicer and NFLP the Lessor Grantors of a successor Master Collateral Agent with the approval of the Majority Beneficiarieseach Beneficiary, which approval shall not be unreasonably withheld, and the acceptance of such appointment by such successor Master Collateral Agent. National The Master Servicer shall, promptly upon receipt thereof, provide a copy of the notice from the Master Collateral Agent referred to in the preceding sentence to each Rating Agency. The Master Collateral Agent may be removed by National the Master Servicer or NFLP any of the Lessor Grantors at any time (with or without cause) upon 30 thirty (30) days' written notice by National the Master Servicer or NFLPany of the Lessor Grantors, as the case may be, to the Master Collateral Agent and each of the Rating Agencies, and the approval by each Beneficiary of the successor Master Collateral Agent appointed by the Majority Beneficiaries, which approval will not be unreasonably withheldMaster Servicer and the Lessor Grantors; provided, however, that if either National the Master Servicer or NFLP any of the Lessor Grantors is in default (beyond all applicable grace and cure periods) under this Agreement or any Financing Document and such default has a material adverse effect on the BeneficiariesDocument, then so long as such default continues, the right of National or NFLP, as applicable, the Master Servicer and the Lessor Grantors to remove the Master Collateral Agent shall cease and the non-defaulting grantor shall have, or if both National and NFLP are then in default, then the Majority Beneficiaries shall have, the right to remove the Master Collateral Agent may be removed (with or without cause) at the direction of 100% of the Beneficiaries upon 30 thirty (30) days' written notice to Nationalthe Master Servicer, NFLPeach of the Lessor Grantors, each of the Lessee Grantors, the Master Collateral Agent and each of the Rating Agencies; provided, further, that no removal of the Master Collateral Agent shall be effective until the appointment of a successor Master Collateral Agent and acceptance of such appointment by such Master Collateral Agent. Any removed Master Collateral Agent shall be entitled to its reasonable fees and expenses to the date the successor Master Collateral Agent assumes the Master Collateral Agent's duties hereunder. The indemnification of Section 4.10 shall survive the termination of the other provisions of this Agreement as to the predecessor Master Collateral Agent. If no successor Master Collateral Agent shall be appointed and approved within 30 thirty (30) days from the date of the giving of the aforesaid notice of resignation or within 30 thirty (30) days from the date of such notice of removal, the Master Collateral Agent, on behalf of Nationalthe Master Servicer, NFLPeach of the Lessor Grantors, each of the Lessee Grantors, each Financing Source and each Beneficiary may appoint, or petition a court of competent jurisdiction to appoint, a successor Master Collateral Agent to act until such time, if any, as a successor Master Collateral Agent shall be appointed as above provided. Any successor Master Collateral Agent so appointed by such court shall immediately upon its acceptance of such appointment without further act supersede any predecessor Master Collateral Agent. Upon the appointment of a successor Master Collateral Agent hereunderhereunder and its acceptance of such appointment, the predecessor Master Collateral Agent shall be discharged of and from any and all further obligations arising in connection with this Agreement.

Resignation and Removal of Master Collateral Agent. (a) The Master Collateral Agent may, at any time with or without cause by giving 60 forty-five (45) days' ’ prior written notice to Nationalthe Master Servicer, NFLP RCFC, the Financing Sources and the Beneficiaries, resign and be discharged of its responsibilities hereunder created, such resignation to become effective upon the appointment by National the Master Servicer and NFLP RCFC of a successor Master Collateral Agent with the approval of the Majority Beneficiaries, Required Beneficiaries (which approval shall not be unreasonably withheld, ) and the acceptance of such appointment by such successor Master Collateral AgentAgent or the appointment thereof by a court of competent jurisdiction (as and to the extent provided in the related Financing Documents). National The Master Servicer and RCFC shall, promptly upon receipt thereof, provide a copy of the notice from the Master Collateral Agent referred to in the preceding sentence to each Rating Agency. The Master Collateral Agent may be removed by National the Master Servicer or NFLP RCFC at any time (with or without cause) upon 30 thirty (30) days' ’ written notice by National the Master Servicer or NFLPRCFC, as the case may be, to the Master Collateral Agent and each of the Rating Agencies, and the approval of the successor Master Collateral Agent by the Majority Required Beneficiaries, which approval will not be unreasonably withheld; provided, however, that if either National the Master Servicer or NFLP RCFC is in default under this Agreement or any Financing Document and such default has a material adverse effect on the Beneficiaries, then so long as such default continues, the right of National the Master Servicer or NFLPRCFC, as applicable, to remove the Master Collateral Agent shall cease and the non-defaulting grantor party shall have, or if both National the Master Servicer and NFLP RCFC are then in default, then the Majority Required Beneficiaries shall have, have the right to remove the Master Collateral Agent (with or without cause) upon 30 thirty (30) days' ’ written notice to National, NFLPthe Master Servicer RCFC, the Master Collateral Agent and each of the Rating Agencies; provided, further, that no removal of the Master Collateral Agent shall be effective until the appointment of a successor Master Collateral Agent and acceptance of such appointment by such Master Collateral Agent. Any removed Master Collateral Agent shall be entitled to its reasonable fees and expenses to the date the successor Master Collateral Agent assumes the Master Collateral Agent's ’s duties hereunder. The indemnification of Section 4.10 shall survive the termination of the other provisions of this Agreement as to the predecessor Master Collateral Agent. If no successor Master Collateral Agent shall be appointed and approved within 30 thirty (30) days from the date of the giving of the aforesaid notice of resignation or within 30 thirty (30) days from the date of such notice of removal, the Master Collateral Agent, on behalf of National, NFLPthe Master Servicer and RCFC, each Financing Source and each Beneficiary may appoint, or petition a court of competent jurisdiction to appoint, appoint a successor Master Collateral Agent to act until such time, if any, as a successor Master Collateral Agent shall be appointed as above provided. If a successor Master Collateral Agent does not take office within thirty (30) days after the retiring Master Collateral Agent resigns or is removed, the retiring Master Collateral Agent, on behalf of the Master Servicer and RCFC, each Financing Source and each Beneficiary may petition any court of competent jurisdiction for the appointment of a successor Master Collateral Agent. Any successor Master Collateral Agent so appointed by such court shall immediately without further act supersede any predecessor Master Collateral Agent. Upon the appointment of a successor Master Collateral Agent hereunder, the predecessor Master Collateral Agent shall be discharged of and from any and all further obligations arising in connection with this Agreement. (b) The appointment and designation referred to in Section 4.5(a) shall, after any required filing, be full evidence of the right and authority to make the same and of all the facts therein recited, and this Agreement shall vest in such successor Master Collateral Agent, without any further act, deed or conveyance, all of the estate and title of its predecessors and upon such filing for record the successor Master Collateral Agent shall become fully vested with all the estates, properties, rights, powers, duties, authority and title of its predecessors; but any predecessor Master Collateral Agent shall, nevertheless, on payment of its charges and on the written request of the Required Beneficiaries, the Master Servicer, RCFC or any successor Master Collateral Agent empowered to act as such at the time any such request is made, execute and deliver an instrument without recourse or representation transferring to such successor all the estates, properties, rights, powers, duties, authority and title of such predecessor hereunder and shall deliver all securities, deposits and monies held by it to such successor Master Collateral Agent. SECTION 4.6.

Resignation and Removal of Master Collateral Agent. (a) The Master Collateral Agent may, at any time with or without cause by giving 60 sixty (60) days' prior written notice to Nationalthe Master Servicer, NFLP NFLP, each of the Lessee Grantors and the Beneficiaries, resign and be discharged of its responsibilities hereunder created, such resignation to become effective upon the appointment by National the Master Servicer and NFLP of a successor Master Collateral Agent with the approval of the Majority Beneficiaries, which approval shall not be unreasonably withheld, and the acceptance of such appointment by such successor Master Collateral Agent. National The Master Servicer shall, promptly upon receipt thereof, provide a copy of the notice from the Master Collateral Agent referred to in the preceding sentence to each Rating Agency. The Master Collateral Agent may be removed by National the Master Servicer or NFLP at any time (with or without cause) upon 30 thirty (30) days' written notice by National the Master Servicer or NFLP, as the case may be, to the Master Collateral Agent and each of the Rating Agencies, and the approval of the successor Master Collateral Agent by the Majority Beneficiaries, which approval will not be unreasonably withheld; provided, however, that if either National the Master Servicer or NFLP is in default (beyond all applicable grace and cure periods) under this Agreement or any Financing Document and such default has a material adverse effect on the Beneficiaries, then so long as such default continues, the right of National the Master Servicer or NFLP, as applicable, to remove the Master Collateral Agent shall cease and the non-defaulting grantor shall have, or if both National the Master Servicer and NFLP are then in default, then the Majority Beneficiaries shall have, the right to remove the Master Collateral Agent (with or without cause) upon 30 thirty (30) days' written notice to Nationalthe Master Servicer, NFLP, each of the Lessee Grantors, the Master Collateral Agent and each of the Rating Agencies; provided, further, that no removal of the Master Collateral Agent shall be effective until the appointment of a successor Master Collateral Agent and acceptance of such appointment by such Master Collateral Agent. Any removed Master Collateral Agent shall be entitled to its reasonable fees and expenses to the date the successor Master Collateral Agent assumes the Master Collateral Agent's duties hereunder. The indemnification of Section 4.10 shall survive the termination of the other provisions of this Agreement as to the predecessor Master Collateral Agent. If no successor Master Collateral Agent shall be appointed and approved within 30 thirty (30) days from the date of the giving of the aforesaid notice of resignation or within 30 thirty (30) days from the date of such notice of removal, the Master Collateral Agent, on behalf of Nationalthe Master Servicer, NFLP, each of the Lessee Grantors, each Financing Source and each Beneficiary may appoint, or petition a court of competent jurisdiction to appoint, a successor Master Collateral Agent to act until such time, if any, as a successor Master Collateral Agent shall be appointed as above provided. Any successor Master Collateral Agent so appointed by such court shall immediately without further act supersede any predecessor Master Collateral Agent. Upon the appointment of a successor Master Collateral Agent hereunder, the predecessor Master Collateral Agent shall be discharged of and from any and all further obligations arising in connection with this Agreement.