Common use of Replacement of Note Trustee Clause in Contracts

Replacement of Note Trustee. The Note Trustee may resign at any time by so notifying the Note Issuer, provided, however, that no such resignation shall be effective until either (a) the Collateral has been completely liquidated and the proceeds of the liquidation distributed to the Noteholders or (b) a successor trustee having the qualifications set forth in Section 6.11 has been designated and has accepted such trusteeship. The Holders of a majority in Outstanding Amount of the Notes may remove the Note Trustee by so notifying the Note Trustee and may appoint a successor Note Trustee with the prior written consent of the Note Issuer which shall not be unreasonably withheld. The Note Issuer shall remove the Note Trustee if:

Replacement of Note Trustee. The Note Trustee may resign at any time by so notifying the Note Issuer, provided, however, that no such resignation shall be effective until either (a) the Collateral has been completely liquidated and the proceeds of the liquidation distributed to the Noteholders or (b) a successor trustee having the qualifications set forth in Section 6.11 has been designated and has accepted such trusteeship. The Holders of a majority in Outstanding Amount of the Notes may remove the Note Trustee by so notifying the Note Trustee and the Rating Agencies and may appoint a successor Note Trustee with the prior written consent of the Note Issuer which shall not be unreasonably withheld. The Note Issuer shall remove the Note Trustee if: