Common use of Custodian May Resign; Indenture Trustee May Remove Custodian Clause in Contracts

Custodian May Resign; Indenture Trustee May Remove Custodian. The Custodian may resign from the obligations and duties hereby imposed upon it as such obligations and duties relate to its acting as Custodian of the Mortgage Loans upon giving 60 days written notice to the Indenture Trustee. Upon receiving such notice of resignation, the Indenture Trustee shall either take custody of the Mortgage Files itself and give prompt notice thereof to RRIC, RMAC and the Custodian or promptly appoint a successor Custodian which is able to satisfy the requirements of Section 3.7(i) of this Custodial Agreement 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 the Indenture Trustee has not taken custody of the Mortgage Files and no successor Cxxxxxxxx has been so appointed, the resigning Custodian may petition any court of competent jurisdiction for the appointment of a successor Cxxxxxxxx. All fees and expenses of any successor Custodian shall be the responsibility of RRIC. The Indenture Trustee may remove the Custodian at any time for cause, or otherwise the Indenture Trustee may remove the Custodian at any time upon giving 60 days written notice. In such event, the Indenture Trustee shall take custody of the Mortgage Files itself, or shall appoint, or petition a court of competent jurisdiction to appoint, a successor Custodian hereunder. Any successor Custodian shall be a depository institution subject to supervision or examination by federal or state authority and shall be able to satisfy the other requirements contained in Section 3.7(i) of this Custodial Agreement. Any resignation or removal of the Custodian and appointment of a successor Custodian pursuant to any of the provisions of this Section 3.5 shall become effective only upon acceptance of appointment by the successor Custodian and subject to the prior approval of RRIC and RMAC. The Indenture Trustee shall give prompt notice to RRIC, RMAC, the Servicer, the Master Servicer and the Custodian of the appointment of any successor Custodian.

Custodian May Resign; Indenture Trustee May Remove Custodian. The Custodian may resign from the obligations and duties hereby imposed upon it as such obligations and duties relate to its acting as Custodian of the Mortgage Loans upon giving 60 days written notice to the Indenture TrusteeLoans. Upon receiving such written notice of resignation, the Indenture Trustee shall either take custody of the Mortgage Files itself and give prompt written notice thereof to RRICthe Depositor, RMAC the Master Servicer, the Servicer, the Subservicer and the Custodian Custodian, or promptly appoint a successor Custodian which is able to satisfy the requirements of Section 3.7(i) of this Custodial Agreement 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 the Indenture Trustee has shall not have taken custody of the Mortgage Files and no successor Cxxxxxxxx has Custodian shall have been so appointedappointed and have accepted appointment within 30 days after the giving of such written notice of resignation, the resigning Custodian may petition any court of competent jurisdiction for the appointment of a successor Cxxxxxxxx. All fees and expenses of any successor Custodian shall be the responsibility of RRICCustodian. The Indenture Trustee may remove the Custodian upon receipt of notice that the Custodian has failed to satisfy the obligations set forth in Section 3.09 and Section 3.10 hereof or at any time for cause, or otherwise with the Indenture Trustee may remove consent of the Custodian at any time upon giving 60 days written noticeMaster Servicer. In such event, the Indenture Trustee shall take custody of the Mortgage Files itself, or shall appoint, or petition a court of competent jurisdiction to appoint, a successor Custodian hereunder. Any successor Custodian shall be a depository institution subject to supervision or examination by federal or state authority and authority, shall be able to satisfy the other requirements contained in Section 3.7(i) of this Custodial Agreement3.7 and shall be unaffiliated with the Servicer, the Subservicer or the Depositor. Any resignation or removal of the Custodian and appointment of a successor Custodian pursuant to any of the provisions of this Section 3.5 shall become effective only upon acceptance of appointment by the successor Custodian and subject to the prior approval of RRIC and RMACCustodian. The Indenture Trustee shall give prompt notice to RRIC, RMACthe Depositor, the Master Servicer, the Master Servicer and the Custodian Subservicer of the appointment of any successor Custodian. No successor Custodian shall be appointed by the Indenture Trustee without the prior approval of the Depositor, the Master Servicer, the Servicer and the Subservicer.

Custodian May Resign; Indenture Trustee May Remove Custodian. The Custodian may resign from the obligations and duties hereby imposed upon it as such obligations and duties relate to its acting as the Custodian of the Mortgage Loans upon giving 60 days written notice to the Indenture TrusteeLoans. Upon receiving such notice of resignation, the Indenture Trustee Trustee, as pledgee of the Mortgage Loans and with the consent of the Bond Insurer, shall either take custody of the Mortgage Files itself and give prompt notice thereof to RRICthe Master Servicer, RMAC the Bond Insurer and the Custodian Custodian, or promptly appoint a successor Custodian which is able to satisfy the requirements of Section 3.7(i) of this Custodial Agreement by written instrument, in duplicatetriplicate, one copy of which instrument shall be delivered to the resigning Custodian Custodian, one copy to the successor Xxxxxxxxx and one copy to the successor CustodianBond Insurer. If the Indenture Trustee has Trustee, as pledgee of the Mortgage Loans shall not have taken custody of the Mortgage Files and no successor Cxxxxxxxx has Xxxxxxxxx shall have been so appointedappointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Custodian may petition any court of competent jurisdiction for the appointment of a successor Cxxxxxxxx. All fees and expenses of any successor Custodian shall be the responsibility of RRICXxxxxxxxx. The Indenture Trustee Trustee, as pledgee of the Mortgage Loans may remove the Custodian at any time for cause, or otherwise the Indenture Trustee may remove based upon a material breach by the Custodian at any time upon giving 60 days written noticeof its duties and obligations hereunder. In such event, the Indenture Trustee shall take custody Trustee, as pledgee of the Mortgage Files itself, or Loans shall appoint, or petition a court of competent jurisdiction to appoint, a successor Custodian hereunder. Any successor Custodian shall be a depository institution subject to supervision or examination by federal or state authority and shall be able to satisfy the other requirements contained in Section 3.7(i) of this Custodial Agreement3.7 and shall be unaffiliated with the Depositor or the Issuer. Any resignation or removal of the Custodian and appointment of a successor Custodian pursuant to any of the provisions of this Section 3.5 shall become effective only upon acceptance of appointment by the successor Custodian and subject to the prior approval of RRIC and RMACCustodian. The Indenture Trustee Trustee, as pledgee of the Mortgage Loans shall give prompt notice to RRIC, RMAC, the Servicer, Depositor and the Master Servicer and the Custodian of the appointment of any successor Custodian. No successor Custodian other than LaSalle National Bank shall be appointed by the Indenture Trustee, as pledgee of the Mortgage Loans without the prior approval of the Depositor, the Bond Insurer and the Master Servicer.

Custodian May Resign; Indenture Trustee May Remove Custodian. The Custodian may resign from the obligations and duties hereby imposed upon it as such obligations and duties relate to its acting as Custodian of the Mortgage Loans upon giving 60 days written notice to the Indenture TrusteeHELOCs hereunder. Upon receiving such written notice of resignation, the Indenture Trustee shall either take custody of the Mortgage Files itself and give prompt written notice thereof to RRICthe Depositor, RMAC the Master Servicer, the Note Insurer and the Custodian Custodian, or promptly appoint a successor Custodian which is able to satisfy approved by the requirements of Section 3.7(i) of this Custodial Agreement Note Insurer 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 the Indenture Trustee has shall not have taken custody of the Mortgage Files and no successor Cxxxxxxxx has Custodian shall have been so appointedappointed and have accepted appointment within 30 days after the giving of such written notice of resignation, the resigning Custodian may petition any court of competent jurisdiction for the appointment of a successor Cxxxxxxxx. All fees and expenses of any successor Custodian shall be the responsibility of RRICCustodian. The Indenture Trustee may remove and, if so directed in writing by the Custodian at any time for causeNote Insurer following a breach of this Agreement by the Custodian, or otherwise the Indenture Trustee may shall remove the Custodian at any time upon giving 60 days prior written noticenotice to Custodian. In such event, the Indenture Trustee shall take custody of the Mortgage Files itself, or shall appoint, or petition a court of competent jurisdiction to appoint, a successor Custodian hereunder. Any successor Custodian shall be a approved by the Note Insurer and be a depository institution subject to supervision or examination by federal or state authority and shall be able to satisfy the other requirements contained in Section 3.7(i) of this Custodial Agreement3.6 and shall be unaffiliated with the Sponsor and the Depositor and the Note Insurer. Any resignation or removal of the Custodian and appointment of a successor Custodian pursuant to any of the provisions of this Section 3.5 3.4 shall become effective only upon acceptance of appointment by the successor Custodian and subject to the prior approval of RRIC and RMACCustodian. The Indenture Trustee shall give prompt notice to RRIC, RMAC, the Servicer, Depositor and the Master Servicer and the Custodian of the appointment of any successor Custodian. Notwithstanding anything to the contrary set forth herein, no successor Custodian shall be appointed by the Indenture Trustee without the prior approval of the Depositor.

Custodian May Resign; Indenture Trustee May Remove Custodian. The Custodian may resign upon 15 Business Days prior written notice to the Purchaser from the obligations and duties hereby imposed upon it as such obligations and duties relate to its acting as the Custodian of the Mortgage Loans upon giving 60 days written notice to the Indenture TrusteeHome Equity Loans. Upon receiving such notice of resignation, the Indenture Trustee Trustee, with the consent of the Credit Enhancer, shall either take custody of the Mortgage Files itself and give prompt notice thereof to RRICthe Servicer, RMAC and the Custodian Credit Enhancer, or promptly appoint a successor Custodian which is able to satisfy the requirements of Section 3.7(i) of this Custodial Agreement by written instrument, in duplicatetriplicate, one copy of which instrument shall be delivered to the resigning Custodian, one copy to the successor Custodian and one copy to the successor CustodianCredit Enhancer. If the Indenture Trustee has shall not have taken custody of the Mortgage Files and no successor Cxxxxxxxx has Custodian shall have been so appointedappointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Custodian may petition any court of competent jurisdiction for the appointment of a successor Cxxxxxxxx. All fees and expenses of any successor Custodian shall be the responsibility of RRICCustodian. The Indenture Trustee may remove the Custodian at any time for cause, or otherwise the Indenture Trustee may remove based upon a material breach by the Custodian at any time of its duties and obligations hereunder upon giving 60 days 15 Business Days prior written notice. In such event, the Indenture Trustee shall take custody of the Mortgage Files itself, or shall appoint, or petition a court of competent jurisdiction to appoint, a successor Custodian hereunder. Any successor Custodian shall be a depository institution subject to supervision or examination by federal or state authority and shall be able to satisfy the other requirements contained in Section 3.7(i) of this Custodial Agreement3.7 and shall be unaffiliated with the Purchaser or the Issuer. Any resignation or removal of the Custodian and appointment of a successor Custodian pursuant to any of the provisions of this Section 3.5 shall not become effective only upon until acceptance of appointment by the successor Custodian and subject to the prior approval of RRIC and RMACCustodian. The Indenture Trustee shall give prompt notice to RRIC, RMACthe Credit Enhancer, the Servicer, the Master Servicer Purchaser and the Custodian Servicer of the appointment of any successor Custodian. No successor Custodian shall be appointed by the Indenture Trustee without the prior approval of the Purchaser, the Credit Enhancer and the Servicer. As a condition to the effectiveness of a resignation by the Custodian, at least 15 calendar days before the effective date of that resignation, the Custodian must provide (x) written notice to the Purchaser of any successor pursuant to this Section and (y) in writing and in form and substance reasonably satisfactory to the Purchaser, all information reasonably requested by the Purchaser in order to comply with the Purchaser’s reporting obligation under Item 6.02 of Form 8-K with respect to the resignation of the Custodian.

Custodian May Resign; Indenture Trustee May Remove Custodian. The Custodian may resign from the obligations and duties hereby imposed upon it as such obligations and duties relate to its acting as Custodian of the Mortgage Loans upon giving 60 days written notice to the Indenture Trustee. Upon receiving such notice of resignation, the Indenture Trustee shall either take custody of the Mortgage Files itself and give prompt notice thereof to RRIC, RMAC and the Custodian or promptly appoint a successor Custodian which is able to satisfy the requirements of Section 3.7(i) of this Custodial Agreement 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 the Indenture Trustee has not taken custody of the Mortgage Files and no successor Cxxxxxxxx Xxxxxxxxx has been so appointed, the resigning Custodian may petition any court of competent jurisdiction for the appointment of a successor CxxxxxxxxXxxxxxxxx. All fees and expenses of any successor Custodian shall be the responsibility of RRIC. The Indenture Trustee may remove the Custodian at any time for cause, or otherwise the Indenture Trustee may remove the Custodian at any time upon giving 60 days written notice. In such event, the Indenture Trustee shall take custody of the Mortgage Files itself, or shall appoint, or petition a court of competent jurisdiction to appoint, a successor Custodian hereunder. Any successor Custodian shall be a depository institution subject to supervision or examination by federal or state authority and shall be able to satisfy the other requirements contained in Section 3.7(i) of this Custodial Agreement. Any resignation or removal of the Custodian and appointment of a successor Custodian pursuant to any of the provisions of this Section 3.5 shall become effective only upon acceptance of appointment by the successor Custodian and subject to the prior approval of RRIC and RMAC. The Indenture Trustee shall give prompt notice to RRIC, RMAC, the Servicer, the Master Servicer and the Custodian of the appointment of any successor Custodian.

Custodian May Resign; Indenture Trustee May Remove Custodian. The Custodian may resign from the obligations and duties hereby imposed upon it as such obligations and duties relate to its acting as Custodian of the Mortgage Loans upon giving 60 days written notice to the Indenture TrusteeLoans. Upon receiving such written notice of resignation, the Indenture Trustee shall either take custody of the Mortgage Files itself and give prompt written notice thereof to RRICthe Depositor, RMAC the Master Servicer, the Servicer, the Subservicer and the Custodian Custodian, or promptly appoint a successor Custodian which is able to satisfy the requirements of Section 3.7(i) of this Custodial Agreement 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 the Indenture Trustee has shall not have taken custody of the Mortgage Files and no successor Cxxxxxxxx has Custodian shall have been so appointedappointed and have accepted appointment within 30 days after the giving of such written notice of resignation, the resigning Custodian may petition any court of competent jurisdiction for the appointment of a successor Cxxxxxxxx. All fees and expenses of any successor Custodian shall be the responsibility of RRICCustodian. The Indenture Trustee may remove the Custodian at any time for cause, or otherwise with the Indenture Trustee may remove consent of the Custodian at any time upon giving 60 days written noticeMaster Servicer. In such event, the Indenture Trustee shall take custody of the Mortgage Files itself, or shall appoint, or petition a court of competent jurisdiction to appoint, a successor Custodian hereunder. Any successor Custodian shall be a depository institution subject to supervision or examination by federal or state authority and authority, shall be able to satisfy the other requirements contained in Section 3.7(i) of this Custodial Agreement3.7 and shall be unaffiliated with the Servicer, the Subservicer or the Depositor. Any resignation or removal of the Custodian and appointment of a successor Custodian pursuant to any of the provisions of this Section 3.5 shall become effective only upon acceptance of appointment by the successor Custodian and subject to the prior approval of RRIC and RMACCustodian. The Indenture Trustee shall give prompt notice to RRIC, RMACthe Depositor, the Master Servicer, the Master Servicer and the Custodian Subservicer of the appointment of any successor Custodian. No successor Custodian shall be appointed by the Indenture Trustee without the prior approval of the Depositor, the Master Servicer, the Servicer and the Subservicer.