Common use of Resignation or Removal of Custodian Clause in Contracts

Resignation or Removal of Custodian. (1) Subject to the provisions of Section 11.6(3), the Custodian may at any time tender its resignation by giving written notice thereof to the Co-Owners (or their Agent on their behalf), the Seller and the Servicer and, upon the receipt and acceptance thereof by the Servicer, on behalf of the Seller and the Co-Owners, shall be discharged from its obligations and duties hereunder. Upon receiving such notice, the Co-Owners (or their Agent on their behalf) and the Seller shall promptly seek to retain a successor Custodian and, subject to acceptance by the Servicer of the resignation of the resigning Custodian, shall appoint such Person by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Custodian and one copy to the successor Custodian. If no successor Custodian shall have been so appointed or shall have accepted an appointment within 30 days after the giving of such notice of resignation, the Servicer may petition any court of competent jurisdiction for the appointment of a successor Custodian. The Servicer shall not accept the resignation of the resigning Custodian until a successor Custodian has been appointed and has agreed to act as Custodian in accordance with the terms hereof.

Resignation or Removal of Custodian. (1a) Subject to the provisions of Section 11.6(39.05(c), the Custodian may may, at any time time, tender its resignation by giving written notice thereof to the Co-Owners (or their Agent on their behalf)Owners, the Credit Enhancement Providers, if any, the Seller and the Servicer and, upon the receipt and acceptance thereof by the Servicer, on behalf of the Seller and Seller, the Co-OwnersOwners and any Credit Enhancement Providers, shall be discharged from its obligations and duties hereunder. Upon receiving such notice, the Co-Owners (or their Agent on their behalf) and the Seller shall promptly seek to retain a successor Custodian Xxxxxxxxx and, subject to acceptance by the Servicer of the resignation of the resigning Custodian, shall appoint such Person by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Custodian and one copy to the successor Custodian. If no successor Custodian Xxxxxxxxx shall have been so appointed or shall have accepted an appointment within 30 days after the giving of such notice of resignation, the Servicer may or the resigning Custodian shall petition any court of competent jurisdiction for the appointment of a successor CustodianXxxxxxxxx. The Servicer shall not accept the resignation of the resigning Custodian until a successor Custodian Xxxxxxxxx has been appointed and has agreed to act as Custodian in accordance with the terms hereof.

Resignation or Removal of Custodian. (1) Subject to the provisions of Section 11.6(3), the Custodian may at any time tender its resignation by giving written notice thereof to the Co-Owners (or their Agent on their behalf), the Seller and the Servicer and, upon the receipt and acceptance thereof by the Servicer, on behalf of the Seller and the Co-Owners, shall be discharged from its obligations and duties hereunder. Upon receiving such notice, the Co-Owners (or their Agent on their behalf) and the Seller shall promptly seek to retain a successor Custodian and, subject to acceptance by the Servicer of the resignation of the resigning Custodian, shall appoint such Person by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Custodian and one copy to the successor Custodian. If no successor Custodian Xxxxxxxxx shall have been so appointed or shall have accepted an appointment within 30 days after the giving of such notice of resignation, the Servicer may petition any court of competent jurisdiction for the appointment of a successor CustodianXxxxxxxxx. The Servicer shall not accept the resignation of the resigning Custodian until a successor Custodian Xxxxxxxxx has been appointed and has agreed to act as Custodian in accordance with the terms hereof.

Resignation or Removal of Custodian. (1a) Subject to the provisions of Section 11.6(39.05(c), the Custodian may may, at any time time, tender its resignation by giving written notice thereof to the Co-Owners (or their Agent on their behalf)Owners, the Credit Enhancement Providers, if any, the Seller and the Servicer and, upon the receipt and acceptance thereof by the Servicer, on behalf of the Seller and Seller, the Co-OwnersOwners and any Credit Enhancement Providers, shall be discharged from its obligations and duties hereunder. Upon receiving such notice, the Co-Owners (or their Agent on their behalf) and the Seller shall promptly seek to retain a successor Custodian and, subject to acceptance by the Servicer of the resignation of the resigning Custodian, shall appoint such Person by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Custodian and one copy to the successor Custodian. If no successor Custodian shall have been so appointed or shall have accepted an appointment within 30 days after the giving of such notice of resignation, the Servicer may or the resigning Custodian shall petition any court of competent jurisdiction for the appointment of a successor Custodian. The Servicer shall not accept the resignation of the resigning Custodian until a successor Custodian has been appointed and has agreed to act as Custodian in accordance with the terms hereof.