Removal for Cause. The Administrator will, if any of the following events occurs and is continuing, remove a Co-Trustee and terminate its rights and obligations under this Agreement by notifying the Co-Trustee: (i) the Co-Trustee no longer meets the applicable eligibility requirements in Section 9.1; (ii) the Co-Trustee is legally unable to act as Owner Trustee or Delaware Trustee, as applicable; or (iii) an Insolvency Event of the Co-Trustee occurs.
Appears in 37 contracts
Sources: Trust Agreement (Ford Credit Auto Lease Trust 2025-B), Trust Agreement (Ford Credit Auto Lease Trust 2025-B), Trust Agreement (Ford Credit Auto Lease Trust 2025-A)
Removal for Cause. The Administrator will, if any of the following events occurs and is continuing, remove a Co-Trustee and terminate its rights and obligations under this Agreement by notifying the Co-Trustee:
(i) the Co-Trustee no longer meets the applicable eligibility requirements in Section 9.1;
(ii) the Co-Trustee is legally unable to act as Owner Trustee [or Delaware Trustee, as applicable]; or
(iii) an Insolvency Event of the Co-Trustee occurs.
Appears in 3 contracts
Sources: Trust Agreement (CAB East LLC), Trust Agreement (CAB East LLC), Trust Agreement (CAB East LLC)