Common use of Appointment of a Successor Underlying Trustee Clause in Contracts

Appointment of a Successor Underlying Trustee. Any successor Underlying Trustee appointed pursuant to Section 9.2 shall execute, acknowledge and deliver to the Certificateholder and to its predecessor Underlying Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Underlying Trustee shall become effective and such successor Underlying Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as the Underlying Trustee. The predecessor Underlying Trustee shall, upon payment of its fees and expenses, deliver to the successor Underlying Trustee all documents and statements and monies (including, without limitation, the Collection Account) held by it under this Agreement; and the predecessor Underlying Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Underlying Trustee all such rights, powers, duties and obligations (including the transfer of the Contracts and related assets to such successor). No successor Underlying Trustee shall accept appointment as provided in this Section 9.3 unless at the time of such acceptance such successor Underlying Trustee shall be eligible pursuant to Section 9.7. Upon acceptance of appointment by a successor Underlying Trustee pursuant to this Section, the successor Underlying Trustee shall mail (or cause to be mailed) notice of the succession to the Settlor and the Rating Agencies.

Appointment of a Successor Underlying Trustee. Any successor Underlying Trustee appointed pursuant to Section 9.2 shall execute, acknowledge and deliver to the Certificateholder Certificateholders and to its predecessor Underlying Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Underlying Trustee shall become effective and such successor Underlying Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as the Underlying Trustee. The predecessor Underlying Trustee shall, upon payment of its fees and expenses, deliver to the successor Underlying Trustee all documents and statements and monies (including, without limitation, the Collection Account) held by it under this Agreement; and the predecessor Underlying Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Underlying Trustee all such rights, powers, duties and obligations (including the transfer of the Contracts and related assets to such successor). No successor Underlying Trustee shall accept appointment as provided in this Section 9.3 unless at the time of such acceptance such successor Underlying Trustee shall be eligible pursuant to Section 9.7. Upon acceptance of appointment by a successor Underlying Trustee pursuant to this Section, the successor Underlying Trustee shall mail (or cause to be mailed) notice of the succession to the Settlor and the Rating Agencies.

Appointment of a Successor Underlying Trustee. Any successor Underlying Trustee appointed pursuant to Section 9.2 shall execute, acknowledge and deliver to the Certificateholder and to its predecessor Underlying Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Underlying Trustee shall become effective and such successor Underlying Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as the Underlying Trustee. The predecessor Underlying Trustee shall, upon payment of its fees and expenses, deliver to the successor Underlying Trustee all documents and statements and monies (including, without limitation, the Collection Account) held by it under this Agreement; and the predecessor Underlying Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Underlying Trustee all such rights, powers, duties and obligations (including the transfer of the Contracts and related assets to such successor). No successor Underlying Trustee shall accept appointment as provided in this Section 9.3 unless at the time of such acceptance such successor Underlying Trustee shall be eligible pursuant to Section 9.7. Upon acceptance of appointment by a successor Underlying Trustee pursuant to this SectionSection 9.3, the successor Underlying Trustee shall mail (or cause to be mailed) notice of the succession to the Settlor and the Rating Agencies.