Common use of Resignation by Trustee Clause in Contracts

Resignation by Trustee. The Trustee and any successor Trustee may at any time resign from the trusts hereby created by giving sixty (60) days' written notice by registered or certified mail to the Issuer, the Servicers, the Supervisory Servicer, the Noteholders, the Rating Agency and by first-class mail (postage prepaid) to the Holders of the Notes and such resignation shall take effect upon the appointment of a successor Trustee by the Issuer pursuant to Section 10.8 and in accordance with Section 10.9 hereof. Upon receiving such notice of resignation, the Issuer shall promptly appoint a successor Trustee approved by the Servicers and the Supervisory Servicer. If no successor Trustee shall have been so appointed and have accepted appointment within sixty (60) days of the mailing of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribed, appoint a successor Trustee.

Resignation by Trustee. The Trustee and any successor Trustee may at any time resign from the trusts hereby created by giving sixty (60) days' written notice by registered or certified mail to the Issuer, the Servicers, the Supervisory Servicer, the Noteholders, the Rating Agency and by first-class mail (postage prepaid) to the Holders of the Notes and such resignation shall take effect upon the appointment of a successor Trustee by the Issuer pursuant to Section 10.8 and in accordance with Section 10.9 hereof. Upon receiving such notice of resignation, the Issuer shall promptly appoint a successor Trustee approved by the Servicers Servicers, the Supervisory Servicer and the Supervisory ServicerRequired Noteholders such approval not to be unreasonably withheld or delayed. If no successor Trustee shall have been so appointed and have accepted appointment within sixty (60) days of the mailing of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribed, appoint a successor Trustee.

Resignation by Trustee. The Trustee and any successor Trustee may at any time resign from the trusts hereby created by giving sixty (60) days' written notice by registered or certified mail to the Issuer, the Servicers, the Supervisory Servicer, the Noteholders, the Rating Agency and by first-class mail (postage prepaid) to the Holders of the Notes and such resignation shall take effect upon the appointment of a successor Trustee by the Issuer pursuant to Section 10.8 and in accordance with Section 10.9 hereof. Upon receiving such notice of resignation, the Issuer shall promptly appoint a successor Trustee approved by the Servicers Servicers, the Supervisory Servicer and the Supervisory ServicerRequired Noteholders, such consent not to be unreasonably withheld or delayed. If no successor Trustee shall have been so appointed and have accepted appointment within sixty (60) days of the mailing of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribed, appoint a successor Trustee.

Resignation by Trustee. The Trustee and any successor Trustee may at any time resign from the trusts hereby created by giving sixty (60) days' written notice by registered or certified mail to the Issuer, the Servicers, the Supervisory Servicer, the Noteholders, the Rating Agency and by first-class mail (postage prepaid) to the Holders of the Notes and such resignation shall take effect upon the appointment of a successor Trustee by the Issuer pursuant to TRUST INDENTURE - Page 42 Section 10.8 and in accordance with Section 10.9 hereof. Upon receiving such notice of resignation, the Issuer shall promptly appoint a successor Trustee approved by the Servicers and the Supervisory ServicerServicers, such consent not to be unreasonably withheld or delayed. If no successor Trustee shall have been so appointed and have accepted appointment within sixty (60) days of the mailing of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribed, appoint a successor Trustee.