Common use of Collateral Custodian Removal Clause in Contracts

Collateral Custodian Removal. The Collateral Custodian may be removed, with or without cause, by the Administrative Agent and, so long as no Event of Default has occurred and is continuing, with the consent of the Servicer, upon thirty (30) days’ notice given in writing to the Collateral Custodian (the "Collateral Custodian Termination Notice"); provided that, notwithstanding its receipt of a Collateral Custodian Termination Notice, the Collateral Custodian shall continue to act in such capacity until a successor Collateral Custodian has been appointed and has agreed to act as Collateral Custodian hereunder; provided, further, that the Collateral Custodian shall continue to receive compensation of its reasonable and documented fees and expenses in accordance with Section 11.04 above while so serving as the Collateral Custodian prior to a successor Collateral Custodian being appointed.

Collateral Custodian Removal. The Collateral Custodian may be removed, with or without cause, by the Administrative Agent and, so long as no Event of Default has occurred and is continuing, with the consent of the Servicer, upon thirty (30) days’ by notice given in writing to the Collateral Custodian (the "“Collateral Custodian Termination Notice")”) at least sixty (60) days prior to the effective date of such removal; provided that, that notwithstanding its receipt of a Collateral Custodian Termination Notice, the Collateral Custodian shall continue to act in such capacity until a successor Collateral Custodian has been appointed and appointed, has agreed to act as Collateral Custodian hereunder, and has received all Required Loan Files held by the previous Collateral Custodian; provided, further, that the Collateral Custodian shall continue not be required to receive compensation of its reasonable and documented fees and expenses in accordance with Section 11.04 above while so serving as deliver the Collateral Custodian prior Loan Files to a successor Collateral Custodian being appointeduntil it has received all contractually due fees and reasonable out-of-pocket expenses then owing to it pursuant to the Transaction Documents.