Common use of Resignation of the Trustee Clause in Contracts

Resignation of the Trustee. (a) The Trustee may resign by giving 30 days' prior written notice to the Advisory Board. In the case of the resignation of the Trustee, the Advisory Board shall appoint a Person to serve as successor Trustee, provided that such Person shall in all respects satisfy the requirements of Section 3807 of the Act, or any successor provision, and shall be a bank or trust company incorporated and doing business within the United States of America, whose business shall consist at least in part of serving as trustee in arrangements comparable to those contemplated hereby and having a combined capital and surplus of at least $50,000,000, if there be such an institution willing, able and legally qualified to perform the duties of the Trustee hereunder upon reasonable or customary terms. The appointment of the successor Trustee shall take effect concurrently with (i) the resignation of the former Trustee and (ii) the ratification of this Agreement, and no resignation of a Trustee shall be effective absent the concurrent appointment of a successor Trustee.

Resignation of the Trustee. (a) The Trustee may resign by giving 30 days' ’ prior written notice to the Advisory Board. In the case of the resignation of the Trustee, the Advisory Board shall appoint a Person to serve as successor Trustee, provided that such Person shall in all respects satisfy the requirements of Section 3807 of the Act, or any successor provision, and shall be a bank or trust company incorporated and doing business within the United States of America, whose business shall consist at least in part of serving as trustee in arrangements comparable to those contemplated hereby and having a combined capital and surplus of at least $50,000,000, if there be such an institution willing, able and legally qualified to perform the duties of the Trustee hereunder upon reasonable or customary terms. The appointment of the successor Trustee shall take effect concurrently with (i) the resignation of the former Trustee and (ii) the ratification of this Agreement, and no resignation of a Trustee shall be effective absent the concurrent appointment of a successor Trustee.

Resignation of the Trustee. (a) The Trustee may resign by giving 30 60 days' prior written notice to the Advisory BoardBeneficial Owners. In the case of the resignation of the Trustee, the Advisory Board Beneficial Owners shall appoint a Person to serve as successor Trustee, provided provided, that such Person shall in all respects satisfy the requirements of Section 3807 of the Act, or any successor provision, provision and shall be a bank or trust company incorporated and doing business within the United States of America, whose business shall consist at least in part of as serving as trustee in arrangements comparable to those contemplated hereby asset securitization transactions and having a combined capital and surplus of at least $50,000,000250,000,000, if there be such an institution willing, able and legally qualified to perform the duties of the Trustee hereunder upon reasonable or customary terms. The appointment of the successor Trustee shall take effect concurrently with (i) the resignation of the former Trustee and (ii) the ratification of this Agreementthe Transaction Documents by the successor trustee, and no resignation of a Trustee shall be effective absent the concurrent appointment of a successor Trustee.