Resignation and Removal of the Collateral Trustee Clause Samples
The 'Resignation and Removal of the Collateral Trustee' clause outlines the procedures by which the collateral trustee may step down from their role or be removed by the relevant parties. Typically, this clause specifies the notice requirements, the process for appointing a successor, and any conditions that must be met for resignation or removal to take effect. Its core function is to ensure continuity and stability in the administration of collateral by providing a clear mechanism for replacing the trustee if necessary, thereby minimizing disruption and protecting the interests of all parties involved.
Resignation and Removal of the Collateral Trustee. (a) The Collateral Trustee may at any time by giving sixty (60) days' prior written notice to the Grantors and the Secured Parties, resign and be discharged of the responsibilities hereby created, such resignation to become effective upon the appointment of a successor Collateral Trustee. The Collateral Trustee may be removed at any time and a successor Collateral Trustee appointed by (i) until the payment in full of the Credit Agreement Obligations, the Lender and (ii) from and after the payment in full of the Credit Agreement Obligations, the Indenture Trustee; provided, however, that the Collateral Trustee shall be entitled to its fees and expenses to the date of removal; and, provided, further, that the Collateral Trustee's rights pursuant to Section 8.5 shall survive with respect to any transaction or occurrence prior to the effective date of such resignation or removal. If no successor Collateral Trustee shall be appointed and approved within sixty (60) days from the date of the giving of the aforesaid notice of resignation or within sixty (60) days from the date of such removal, the Collateral Trustee shall, or any Secured Party may, apply to any court of competent jurisdiction to appoint a successor Collateral Trustee to act until such time, if any, as a successor Collateral Trustee shall have been appointed as above provided. Any successor Collateral Trustee so appointed by such court shall immediately and without further act be superseded by any successor Collateral Trustee approved by the Lender and the Indenture Trustee as above provided.
(b) If at any time the Collateral Trustee shall resign, be removed or otherwise become incapable of acting, or if at any time a vacancy shall occur in the office of the Collateral Trustee for any other cause, a successor Collateral Trustee may be appointed by (i) until the payment in full of the Credit Agreement Obligations, the Lender and (ii) from and after the payment in full of the Credit Agreement Obligations, the Indenture Trustee, and the powers, duties, authority and title of the predecessor Collateral Trustee terminated and canceled without procuring the resignation of such predecessor Collateral Trustee, and without any other formality (except as may be required by applicable law) than the appointment and designation of a successor Collateral Trustee in writing, duly acknowledged, delivered to the predecessor Collateral Trustee and the Grantors, and filed for record in each applicable office, if any,...
Resignation and Removal of the Collateral Trustee. SECTION 6.1 SECTION 6.2 SECTION 6.3 SECTION 6.4 ARTICLE 7.MISCELLANEOUS PROVISIONS SECTION 7.1 SECTION 7.2 SECTION 7.3 SECTION 7.4 SECTION 7.5 SECTION 7.6 SECTION 7.7 SECTION 7.8 SECTION 7.9 SECTION 7.10 SECTION 7.11 SECTION 7.12 SECTION 7.13 SECTION 7.14 SECTION 7.15 SECTION 7.16 SECTION 7.17 SECTION 7.18 SECTION 7.19 SECTION 7.20 SECTION 7.21 SECTION 7.22 SECTION 7.23 SECTION 7.24 Resignation or Removal of Collateral Trustee Appointment of Successor Collateral Trustee Succession Merger, Conversion or Consolidation of Collateral Trustee Amendment Voting Further Assurances; Insurance; Real Estate Perfection of Junior Trust Estate Successors and Assigns Delay and Waiver Notices Notice Following Discharge of Priority Lien Obligations Entire Agreement Compensation; Expenses Indemnity Severability Headings Obligations Secured Governing Law Consent to Jurisdiction Waiver of Jury Trial Counterparts Effectiveness Additional Guarantors Continuing Nature of this Agreement Insolvency Rights and Immunities of Secured Debt Representatives Patriot Act EXHIBIT A EXHIBIT B EXHIBIT C EXHIBIT D EXHIBIT E EXHIBIT F – – – – – - Additional Secured Debt Designation Form of Collateral Trust Joinder—Additional Secured Debt Form of Collateral Trust Joinder—Additional Guarantors Form of ABL Intercreditor Agreement Form of Mortgage Form of Opinion SCHEDULE 1 – Mortgaged Properties This Collateral Trust Agreement (this “Agreement”) is dated as of July 31, 2009 and is by and among ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇, a Delaware corporation (the “Company”), the Guarantors from time to time party hereto, Deutsche Bank Trust Company Americas, a banking corporation duly organized under the laws of the State of New York, as First Lien Trustee (as defined below), Deutsche Bank Trust Company Americas, a banking corporation duly organized under the laws of the State of New York, as Second Lien Trustee (as defined below), the other Secured Debt Representatives from time to time party hereto, and Deutsche Bank Trust Company Americas, a banking corporation duly organized under the laws of the State of New York, as Collateral Trustee (in such capacity and together with its successors in such capacity, the “Collateral Trustee”).
Resignation and Removal of the Collateral Trustee. Resignation or Removal of Collateral Trustee................................................ 24 Section 6.2 Appointment of Successor Collateral Trustee................................................. 25 Section 6.3 Succession................................................................................................... 25 Section 6.4 Merger, Conversion or Consolidation of Collateral Trustee............................. 25
Resignation and Removal of the Collateral Trustee. 31
Section 6.1 Resignation or Removal of Collateral Trustee 31 Section 6.2 Appointment of Successor Collateral Trustee 31 Section 6.3 Succession 31 Section 6.4 Merger, Conversion or Consolidation of Collateral Trustee 32 SECTION 6.5 CONCERNING THE COLLATERAL TRUSTEE AND THE PARITY LIEN REPRESENTATIVES 32
Resignation and Removal of the Collateral Trustee. SECTION 6.1 Resignation or Removal of Collateral Trustee SECTION 6.2 Appointment of Successor Collateral Trustee
Resignation and Removal of the Collateral Trustee. ARTICLE 7. MISCELLANEOUS PROVISIONS EXHIBIT A to Collateral Trust Agreement FORM OF COLLATERAL TRUST JOINDER—SECURED DEBT REPRESENTATIVE EXHIBIT B to Collateral Trust Agreement
Resignation and Removal of the Collateral Trustee. (a) The Collateral Trustee may at any time, upon 30 days’ prior written notice (which prior notice may be waived by the Primary Holder Representatives) to the Company and each Primary Holder Representative, resign and be discharged of the responsibilities hereby created, such resignation to become effective upon (i) the appointment of a successor Collateral Trustee by the Directing Parties, (ii) the acceptance of such appointment by such successor Collateral Trustee and (iii) the approval of such successor Collateral Trustee evidenced by one or more instruments signed by the Directing Parties (which approval, in each case, shall not be unreasonably withheld). If no successor Collateral Trustee shall be appointed and shall have accepted such appointment within 60 days after the Collateral Trustee gives the aforesaid notice of resignation, the Collateral Trustee, or, if a Notice of Acceleration is in effect, the Collateral Trustee or the Directing Parties may apply to any court of competent jurisdiction to appoint a successor Collateral Trustee to act until such time, if any, as a successor Collateral Trustee shall have been appointed as provided in this Section 5.7. Any successor so appointed by such court
Resignation and Removal of the Collateral Trustee