Common use of Termination of Trust Collateral Agent Clause in Contracts

Termination of Trust Collateral Agent. The Trust Collateral Agent may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Seller and Insurer. Upon receiving such notice of resignation, the Seller shall, with the written consent of the Insurer (unless an Insurer Default has occurred and is continuing), promptly appoint a successor trust collateral agent by written instrument, in triplicate, one copy of which instrument shall be delivered to the resigning Trust Collateral Agent, one copy to the Insurer and one copy to the successor trust collateral agent. If no successor shall have been so appointed and have accepted appointment within thirty (30) days after the giving of such notice of resignation, the resigning Trust Collateral Agent may petition any court of competent jurisdiction for the appointment of a successor trust collateral agent. If the Trust Collateral Agent shall resign voluntarily, for any reason, except lack of eligibility, then the Trust Collateral Agent shall bear all of its costs and expenses (including without limitation its attorney's fees) of transferring the trusteeship to a successor trustee and such costs and expenses shall not be reimbursable from the Trust Property nor payable by the Seller or the Servicer. If any of the following events occur and shall be continuing, the Insurer (so long as an Insurer Default shall not have occurred and be continuing), or, in the event that an Insurer Default has occurred and is continuing, the Note Majority, upon notice to the Noteholders, may terminate all of the duties of the Trust Collateral Agent under this Agreement:

Termination of Trust Collateral Agent. The Trust Collateral Agent may at any time resign and be discharged from the trusts hereby created by giving 60 days' prior written notice thereof to the Seller Seller, the Insurer and Insurerthe Noteholders. Upon receiving such notice of resignation, the Seller shall, with the prior written consent of the Insurer (unless an Insurer Default has occurred and is continuing)Controlling Party, promptly appoint a successor trust collateral agent by written instrument, in triplicate, one copy of which instrument shall be delivered to the resigning Trust Collateral Agent, one copy to the Insurer Insurer, one copy to the Noteholders and one copy to the successor trust collateral agent. If no successor shall have been so appointed and have accepted appointment within thirty (30) days after the giving of such notice of resignation, the resigning Trust Collateral Agent may petition any court of competent jurisdiction for the appointment of a successor trust collateral agent. If the Trust Collateral Agent shall resign voluntarily, for any reason, except lack of eligibility, then the Trust Collateral Agent shall bear all of its costs and expenses (including without limitation its attorney's fees) of transferring the trusteeship to a successor trustee and such costs and expenses shall not be reimbursable from the Trust Property nor payable by the Seller or the Servicer. If any of the following events occur and shall be continuing, the Insurer (so long as an Insurer Default shall not have occurred and be continuing), or, in the event that an Insurer Default has occurred and is continuing, the Note Majority, upon notice to the Noteholders, Controlling Party may terminate all of the duties of the Trust Collateral Agent under this Agreement: