Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any Distribution Date any amounts available for distribution that it has received in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the Seller or by the Owners of at least 25% of the aggregate Percentage Interests represented by the Offered Certificates then Outstanding, or, if there are no Offered Certificates then Outstanding, by such Percentage Interests represented by the Class X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give to the Rating Agencies notice of the occurrence of any such event of which the Depositor is aware. (b) If any event described an Paragraph (a) occurs and is continuing, then and in every such case the Depositor and the Owners of a majority of the Percentage Interests represented by the Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section 10.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof.

Appears in 11 contracts

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2004-A), Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2006-A), Pooling and Servicing Agreement (Nationstar Home Equity Loan Trust 2007-A)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any Distribution Date any amounts available for distribution that it has received in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the Seller or by the Owners of at least 25% of the aggregate Percentage Interests represented by the Offered Certificates then Outstanding, or, if there are no Offered Certificates then Outstanding, by such Percentage Interests represented by the Class X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give to the Rating Agencies notice of the occurrence of any such event of which the Depositor is aware. (b) If any event described an Paragraph (a) occurs and is continuing, then and in every such case the Depositor and the Owners of a majority of the Percentage Interests represented by the Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section ~~10.09(b~~l0.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section ~~10.09~~ l0.09 hereof.

Appears in 6 contracts

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2002-A), Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2002 B), Pooling and Servicing Agreement (Chec Funding LLC Centex Home Equity Loan Trust 2002 D)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled ~~hereto~~ thereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has~~ received by the Trustee in accordance with the terms hereof~~; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder)~~; or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Company, the Certificate Insurer or by the Owners of at least 25% of the aggregate Percentage Interests represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no ~~Offered Certificates then Outstanding, by such Percentage Interests represented by the~~ Class ~~X-IO Certificates, or if there are no Class X-IO~~ A Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its ~~obligations,~~ obligations or take corporate action for the purpose of any of the foregoing. The ~~Depositor~~ Company shall give to ~~the Rating Agencies~~ Xxxxx'x and Standard & Poor's notice of the occurrence of any such event of which the ~~Depositor~~ Company is aware. (b) If any event described an in Paragraph (a) occurs and is continuing, then and in every such case (i) the ~~Depositor and~~ Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer (x) the Company or (y) the Owners of a majority of the Percentage Interests represented by the ~~Offered~~ Class A Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section ~~10.09(b)~~ 10.9 hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section ~~10.09~~ 10.9 hereof.

Appears in 5 contracts

Samples: Pooling and Servicing Agreement (First Alliance Mortgage Loan Trust 1997-4), Pooling and Servicing Agreement (First Alliance Mortgage Loan Trust 1996-3), Pooling and Servicing Agreement (First Alliance Mortgage Loan Trust 1997-3)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1i) the Trustee shall fail to distribute to the Owners entitled hereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2ii) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Sellers, the Certificate Insurer or by the Owners of at least 25% of the aggregate Percentage Interests in the Trust Estate represented by the Offered Certificates then Outstanding, or, if there are no Offered Certificates then Outstanding, by such Percentage Interests represented by the Class ~~X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R~~ C Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3iii) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, ~~marshalling~~ marshaling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4iv) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, ~~marshalling~~ marshaling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5v) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give notice to the Certificate Insurer and the Rating Agencies ~~notice~~ of the occurrence of any such event of which the Depositor is aware. (b) If any event described ~~an Paragraph~~ in paragraph (a) occurs and is continuing, then and in every such case (i) the Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer, the Depositor and the Owners of a majority of the Percentage Interests represented by the Offered Certificates ~~then Outstanding~~ or if there are no Offered Certificates then ~~Outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding~~ outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section 10.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof. (c) The Servicer shall not be liable for any costs relating to the removal of the Trustee or the appointment of a new Trustee.

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (Contimortgage Home Equity Trust 1999-1), Pooling and Servicing Agreement (Contisecurities Asset Funding Corp), Pooling and Servicing Agreement (Contisecurities Asset Funding Corp)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any Distribution Date any amounts available for distribution that it has received in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the Seller or by the Owners of at least 25% of the aggregate Percentage Interests represented by the Offered Certificates then Outstanding, or, if there are no Offered Certificates then Outstanding, by such Percentage Interests represented by the Class X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the ~~winding-~~winding up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give to the Rating Agencies notice of the occurrence of any such event of which the Depositor is aware. (b) If any event described an Paragraph (a) occurs and is continuing, then and in every such case the Depositor and the Owners of a majority of the Percentage Interests represented by the Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section 10.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2004-D), Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2005-B), Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2004-C)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1i) the Trustee shall fail to distribute to the Owners entitled hereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2ii) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Sellers, the Certificate Insurer or by the Owners of at least 25% of the aggregate Percentage Interests in the Trust Estate represented by the Offered Certificates then Outstanding, or, if there are no Offered ~~Certificates then Outstanding, by such Percentage Interests represented by the Class X-IO Certificates, or if there are no Class X-IO~~ Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3iii) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, ~~marshalling~~ marshaling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4iv) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, ~~marshalling~~ marshaling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5v) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give notice to the Certificate Insurer and the Rating Agencies ~~notice~~ of the occurrence of any such event of which the Depositor is aware. (b) If any event described ~~an Paragraph~~ in paragraph (a) occurs and is continuing, then and in every such case (i) the Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer, the Depositor and the Owners of a majority of the Percentage Interests represented by the Offered Certificates ~~then Outstanding~~ or if there are no Offered Certificates then ~~Outstanding~~ outstanding by such majority of the Percentage Interests represented by the ~~Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R~~ Retained Certificates, may, whether or not the Trustee resigns pursuant to Section 10.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof. (c) The Servicer shall not be liable for any costs relating to the removal of the Trustee or the appointment of a new Trustee.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Contisecurities Asset Funding Corp), Pooling and Servicing Agreement (Contimortgage Home Equity Trust 1998-1), Pooling and Servicing Agreement (Contimortgage Home Equity Trust 1997-5)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any ~~Distribution~~ Payment Date any amounts available for distribution that it has received in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the Seller or by the Owners of at least 25% of the aggregate Percentage Interests in the Trust Estate represented by the Offered Certificates then Outstanding, or, if there are no Offered ~~Certificates then Outstanding, by such Percentage Interests represented by the Class X-IO Certificates, or if there are no Class X-IO~~ Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give to the Rating Agencies notice of the occurrence of any such event of which the Depositor is aware. (b) If any event described an in Paragraph (a) occurs and is continuing, then and in every such case the Depositor and the Owners of a majority of the Percentage Interests represented by the Offered Certificates ~~then Outstanding~~ or if there are no Offered Certificates then ~~Outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding~~ outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section 10.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof. (c) The Servicer shall not be liable for any costs relating to the removal of the Trustee or the appointment of a new Trustee.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Imc Home Equity Loan Trust 1998 5), Pooling and Servicing Agreement (Imc Home Equity Loan Trust 1998-1), Pooling and Servicing Agreement (Imc Home Equity Loan Trust 1997-3)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled ~~hereto~~ thereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has~~ received by the Trustee in accordance with the terms hereof~~; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder)~~; or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Seller, the Certificate Insurer or by the Owners of at least 25% of the aggregate Percentage Interests represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no ~~Offered Certificates then Outstanding, by such Percentage Interests represented by the~~ Class ~~X-IO Certificates, or if there are no Class X-IO~~ A Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its ~~obligations,~~ obligations or take corporate action for the purpose of any of the foregoing. The ~~Depositor~~ Seller shall give to ~~the Rating Agencies~~ Moody's and Standard & Poor's notice of the occurrence of any such event of which the ~~Depositor~~ Seller is aware. (b) If any event described an in Paragraph (a) occurs and is continuing, then and in every such case (i) the ~~Depositor and~~ Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer (x) the Seller or (y) the Owners of a majority of the Percentage Interests represented by the ~~Offered~~ Class A Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section ~~10.09(b)~~ 10.9 hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section ~~10.09~~ 10.9 hereof.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (First Alliance Mortgage Loan Trust 1998-3), Pooling and Servicing Agreement (First Alliance Mortgage Loan Trust 1999-1), Pooling and Servicing Agreement (First Alliance Mortgage Loan Trust 1999-4)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any Distribution Date any amounts available for distribution that it has received in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the Seller or by the Owners of at least 25% of the aggregate Percentage Interests represented by the Offered Certificates then Outstanding, or, if there are no Offered Certificates then Outstanding, by such Percentage Interests represented by the Class X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the ~~winding-~~winding up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give to the Rating Agencies notice of the occurrence of any such event of which the Depositor is aware. (b) If any event described an Paragraph (a) occurs and is continuing, then and in every such case the Depositor and the Owners of a majority of the Percentage Interests represented by the Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section ~~10.09(b~~l0.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section ~~10.09~~ l0.09 hereof.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Centex Funding LLC Centex Home Eq Ln Ast Bk Cert Ser 2003-A), Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2003-B), Pooling and Servicing Agreement (Chec Funding LLC Centex Home Equity Loan Trust 2003-C)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any ~~Distribution~~ Payment Date any amounts available for distribution that it has received in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); oror 124 (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Seller, the Certificate Insurer, or by the Owners of at least 25% of the aggregate Percentage Interests in the Trust Estate represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no ~~Offered Certificates then Outstanding, by such Percentage Interests represented by the~~ Class ~~X-IO Certificates, or if there are no Class X-IO~~ A Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give to the ~~Rating Agencies~~ Certificate Insurer, Moody's and Standard & Poor's notice of the occurrence of any such event of which the Depositor is aware. (b) If any event described an Paragraph (a) occurs and is continuing, then and in every such case (i) the Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer, the Depositor and the Owners of a majority of the Percentage Interests represented by the ~~Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the~~ Class ~~X-IO~~ A Certificates or if there are no Class ~~X-IO~~ A Certificates then ~~Outstanding~~ outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section ~~10.09(b~~l0.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section ~~10.09~~ l0.09 hereof.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Chec Asset Receivables Corp), Pooling and Servicing Agreement (Chec Asset Receivables Corp)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms ~~hereof;~~ hereof (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall fail in the performance of, or breach, any material covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the Seller or by the Owners of at least 25% of the aggregate Percentage Interests in the Trust Estate represented by the Offered Certificates then Outstanding, or, if there are no Offered ~~Certificates then Outstanding, by such Percentage Interests represented by the Class X-IO Certificates, or if there are no Class X-IO~~ Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 60 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing~~. The Depositor shall give to the Rating Agencies notice of the occurrence of any such event of which the Depositor is aware.~~; or (b6) If any event described an Paragraph (a) occurs and is continuing, then and in every such case the Depositor and the Owners of a majority of the Percentage Interests represented by the Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee ~~resigns pursuant~~ shall fail to meet the eligibility requirements set forth in Section 10.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof.10.08

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Amresco Residential Secs Corp Mort Loan Trust 1998-3), Pooling and Servicing Agreement (Amresco Residential Securities Corp Mortgage Loan Tr 1998-2)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any Distribution Date any amounts available for distribution that it has received in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the Seller or by the Owners of at least 25[____]% of the aggregate Percentage Interests represented by the Offered Certificates then Outstanding, or, if there are no Offered Certificates then Outstanding, by such Percentage Interests represented by the Class X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give to the Rating Agencies notice of the occurrence of any such event of which the Depositor is aware. (b) If any event described an Paragraph (a) occurs and is continuing, then and in every such case the Depositor and the Owners of a majority of the Percentage Interests represented by the Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section 10.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Chec Funding LLC), Pooling and Servicing Agreement (Chec Funding LLC)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1i) the Trustee shall fail to distribute to the Owners entitled ~~hereto~~ thereto on any Distribution Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof; ~~(provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder);~~ or (2ii) the Trustee shall cease to be eligible in accordance with Section 10.8 hereof or fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the Unaffiliated Seller or by the Owners of at least 25% of the aggregate Percentage Interests represented by ~~the~~ any Class of Offered ~~Certificates then Outstanding~~Certificates, or, if there are no Offered Certificates then Outstanding, by such Percentage Interests represented by the Class ~~X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R~~ B Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3iii) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 60 days; or (4iv) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5v) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing~~. The Depositor shall give to the Rating Agencies notice of the occurrence of any such event of which the Depositor is aware~~. (b) The Unaffiliated Seller and the Trustee shall give notice to the Rating Agencies, to each other and to each Owner if either of them becomes aware that an event described in subsection (a) has occurred and is continuing. (c) If any event described ~~an Paragraph~~ in paragraph (a) occurs and is continuing, then and in every such ~~case~~ case, the ~~Depositor and the~~ Majority Owners of ~~a majority of the Percentage Interests represented by~~ the Offered ~~Certificates then Outstanding or~~ Certificates, or, if there are no Offered Certificates then ~~Outstanding~~ Outstanding, by ~~such~~ a majority of the ~~Percentage Interests represented by the~~ Class ~~X-IO Certificates or if there are no Class X-IO~~ B Certificates then ~~Outstanding by such majority of the Percentage Interests represented by the Class R Certificates~~Outstanding, may, whether or not the Trustee resigns pursuant to Section ~~10.09(b)~~ 10.9 hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor ~~Trustee~~ trustee pursuant to the terms of Section ~~10.09~~ 10.9 hereof.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp), Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any ~~Distribution~~ Payment Date any amounts available for distribution that it has received in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Seller, the Certificate Insurer, or by the Owners of at least 25% of the aggregate Percentage Interests in the Trust Estate represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no ~~Offered Certificates then Outstanding, by such Percentage Interests represented by the~~ Class ~~X-IO Certificates, or if there are no Class X-IO~~ A Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its 107 creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give to the ~~Rating Agencies~~ Certificate Insurer, Moody's and Standard & Poor's notice of the occurrence of any such event of which the Depositor is aware. (b) If any event described an in Paragraph (a) occurs and is continuing, then and in every such case (i) the Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer, the Depositor and the Owners of a majority of the Percentage Interests represented by the ~~Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the~~ Class ~~X-IO~~ A Certificates or if there are no Class ~~X-IO~~ A Certificates then ~~Outstanding~~ outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section 10.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof. (c) The Servicer shall not be liable for any costs relating to the removal of the Trustee or the appointment of a new Trustee.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Imc Home Equity Loan Trust 1997-1)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any Distribution Date any amounts available for distribution that it has received in accordance with the terms hereof; (~~provided~~PROVIDED, ~~however~~HOWEVER, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Seller, the Certificate Insurer, or by the Owners of at least 25___% of the aggregate Percentage Interests in the Trust Estate represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no ~~Offered~~ Class A Certificates then Outstanding, by such Percentage Interests represented by the Class X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period ~~of 75~~ of____ days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give to the ~~Rating Agencies~~ Certificate Insurer, Xxxxx'x and Standard & Poor's notice of the occurrence of any such event of which the Depositor is aware. (b) If any event described an Paragraph (a) occurs and is continuing, then and in every such case (i) the Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer, the Depositor and the Owners of a majority of the Percentage Interests represented by the ~~Offered~~ Class A Certificates ~~then Outstanding~~ or if there are no ~~Offered~~ Class A Certificates then ~~Outstanding~~ outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section ~~10.09(b~~l0.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying ~~the 30~~ the____ days required for notice therein, appoint a successor Trustee pursuant to the terms of Section ~~10.09~~ l0.09 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chec Funding LLC)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the ~~Owners~~ Holders entitled ~~hereto~~ thereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof~~; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder)~~; or (2) the Trustee shall cease to be eligible in accordance with Section 10.8 hereof or fail in the performance of, or breach, any covenant or agreement 110 of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Sponsor, the Certificate Insurer or by the ~~Owners~~ Holders of at least 25% of the aggregate Percentage Interests represented by the ~~Offered Certificates then Outstanding~~Class A Certificates, or, if there are no ~~Offered~~ Class A Certificates then Outstanding, by such Percentage Interests represented by the Class ~~X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R~~ B Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, ~~marshalling~~ marshaling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 60 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, ~~marshalling~~ marshaling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing~~. The Depositor shall give to the Rating Agencies notice of the occurrence of any such event of which the Depositor is aware~~. (b) The Sponsor and the Trustee shall give notice to Xxxxx'x and S&P, to each other, to the Certificate Insurer and to each Holder if it becomes aware that an event described in subsection (a) has occurred and is continuing. (c) If any event described ~~an Paragraph~~ in paragraph (a) occurs and is continuing, then and in every such case (i) the ~~Depositor and~~ Sponsor or the ~~Owners of a majority~~ Certificate Insurer or (ii) with the written consent of the ~~Percentage Interests represented by~~ Certificate Insurer, the ~~Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or~~ Majority Holders, or, if there are no Class ~~X-IO~~ A Certificates then ~~Outstanding~~ Outstanding, by ~~such~~ a majority of the ~~Percentage Interests represented by the~~ Class ~~R Certificates~~B Certificates then Outstanding, may, whether or not the Trustee resigns pursuant to Section ~~10.09(b)~~ 10.9 hereof, immediately, concurrently with the giving of 111 notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor ~~Trustee~~ trustee pursuant to the terms of Section ~~10.09~~ 10.9 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Equivantage Acceptance Corp)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any Distribution Date any amounts available for distribution that it has received in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the Seller or by the Owners of at least 25___% of the aggregate Percentage Interests represented by the Offered Certificates then Outstanding, or, if there are no Offered Certificates then Outstanding, by such Percentage Interests represented by the Class X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 ___ days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give to the Rating Agencies notice of the occurrence of any such event of which the Depositor is aware. (b) If any event described an Paragraph (a) occurs and is continuing, then and in every such case the Depositor and the Owners of a majority of the Percentage Interests represented by the Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section 10.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chec Funding LLC)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any ~~Distribution~~ Payment Date any amounts available for distribution that it has received in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Seller, the Certificate Insurer, or by the Owners of at least 25% of the aggregate Percentage Interests in the Trust Estate represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no ~~Offered Certificates then Outstanding, by such Percentage Interests represented by the~~ Class ~~X-IO Certificates, or if there are no Class X-IO~~ A Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give to the ~~Rating Agencies~~ Certificate Insurer, Moody's and Standard & Poor's notice of the occurrence of any such event of which the Depositor is aware. (b) If any event described an Paragraph (a) occurs and is continuing, then and in every such case (i) the Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer, the Depositor and the Owners of a majority of the Percentage Interests represented by the ~~Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the~~ Class ~~X-IO~~ A Certificates or if there are no Class ~~X-IO~~ A Certificates then ~~Outstanding~~ outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section ~~10.09(b~~l0.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section ~~10.09~~ l0.09 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (DLJ Mortgage Acceptance Corp)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to ~~paragraph~~ clause (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled ~~hereto~~ thereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof~~; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder)~~; or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the Seller or the Certificate Insurer or by the Owners of at least 25% of the aggregate Percentage ~~Interests~~ Interest represented by ~~the Offered Certificates then Outstanding~~any Class of Class A Certificates, or, if there are no ~~Offered~~ Class A Certificates then Outstanding, by such Percentage ~~Interests~~ Interest represented by ~~the~~ any Class ~~X-IO Certificates, or if there are no~~ of Class ~~X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R~~ B Certificates, a written notice specifying such failure or breach and requiring it to be ~~remedied~~remedied (unless the Trustee is aware of such breach as evidenced by notice from the Trustee pursuant to Section 9.2(b) in which case the 30 day cure period shall begin at the time such notice was given); or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 60 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing~~. The Depositor shall give to the Rating Agencies notice of the occurrence of any such event of which the Depositor is aware~~. (b) The Seller and the Trustee shall give notice to each other, to the Certificate Insurer, the Transferor and to each Owner if it becomes aware that an event described in Subsection (a) has occurred and is continuing. (c) If any event described ~~an Paragraph~~ in Subsection (a) occurs and is continuing, then and in every such case (x) the ~~Depositor and~~ Seller or the Certificate Insurer or (y) with the consent of the Certificate Insurer, the Owners of a majority of the Percentage ~~Interests~~ Interest represented by ~~the Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority~~ any Class of ~~the Percentage Interests represented by the~~ Class ~~X-IO Certificates or~~ A Certificates, or, if there are no Class ~~X-IO~~ A Certificates then ~~Outstanding~~ Outstanding, by such ~~majority of the~~ Percentage ~~Interests~~ Interest represented by ~~the~~ any Class ~~R Certificates~~of Class B Certificates then Outstanding, may, whether or not the Trustee resigns pursuant to Section ~~10.09(b)~~ 9.9 hereof, immediately, concurrently with the giving of notice to the Trustee, ~~and without delaying the 30 days required for notice therein,~~ appoint a successor ~~Trustee~~ trustee pursuant to the terms of Section ~~10.09~~ 9.9 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Access Financial Lending Corp)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to ~~paragraph~~ clause (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled ~~hereto~~ thereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof~~; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder)~~; or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the Seller or the Certificate Insurer or by the Owners of at least 25% of the aggregate Percentage ~~Interests~~ Interest represented by ~~the Offered Certificates then Outstanding~~any Class of Class A Certificates, or, if there are no ~~Offered~~ Class A Certificates then Outstanding, by such Percentage ~~Interests~~ Interest represented by ~~the~~ any Class ~~X-IO Certificates, or if there are no~~ of Class ~~X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R~~ B Certificates, a written notice specifying such failure or breach and requiring it to be ~~remedied~~remedied (unless the Trustee is aware of such breach as evidenced by notice from the Trustee pursuant to Section 9.2(b) in which case the 30 day cure period shall begin at the time such notice was given); or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 60 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or 103 relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing~~. The Depositor shall give to the Rating Agencies notice of the occurrence of any such event of which the Depositor is aware~~. (b) The Seller and the Trustee shall give notice to each other, to the Certificate Insurer, the Transferor and to each Owner if it becomes aware that an event described in Subsection (a) has occurred and is continuing. (c) If any event described ~~an Paragraph~~ in Subsection (a) occurs and is continuing, then and in every such case (x) the ~~Depositor and~~ Seller or the Certificate Insurer or (y) with the consent of the Certificate Insurer, the Owners of a majority of the Percentage ~~Interests~~ Interest represented by ~~the Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority~~ any Class of ~~the Percentage Interests represented by the~~ Class ~~X-IO Certificates or~~ A Certificates, or, if there are no Class ~~X-IO~~ A Certificates then ~~Outstanding~~ Outstanding, by such ~~majority of the~~ Percentage ~~Interests~~ Interest represented by ~~the~~ any Class ~~R Certificates~~of Class B Certificates then Outstanding, may, whether or not the Trustee resigns pursuant to Section ~~10.09(b)~~ 9.9 hereof, immediately, concurrently with the giving of notice to the Trustee, ~~and without delaying the 30 days required for notice therein,~~ appoint a successor ~~Trustee~~ trustee pursuant to the terms of Section ~~10.09~~ 9.9 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Access Financial Lending Corp)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any Distribution Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall breach or fail in the performance ~~of, or breach,~~ of any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Seller, the Certificate Insurer, or by the Owners of at least 25% of the aggregate Percentage Interests in the Trust Estate represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no ~~Offered~~ Class A Certificates then Outstanding, by the Owners of such Percentage Interests represented by ~~the Class X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the~~ Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing; or (6) the Trustee shall (i) delegate or assign the execution of its trusts or powers or the performance of its duties under Sections 7.02(c), 7.02(d), 7.03(c), 7.09 or 11.16 of this Agreement, or (ii) resume the execution of its trusts or powers or the performance of its duties under Sections 7.02(c), 7.02(d), 7.03(c), 7.09 or 11.16 of this Agreement after having previously delegated or assigned such execution or performance, in either case without the prior written consent of the Master Servicer. The Depositor shall give to the ~~Rating Agencies~~ Certificate Insurer, Xxxxx'x and Standard & Poor's notice of the occurrence of any such event of which the Depositor is aware. (b) If any event described ~~an Paragraph~~ in paragraph (a) occurs and is continuing, then and in every such case (i) the ~~Depositor~~ Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer, the Master Servicer and the Owners of a majority of the Percentage Interests represented by the ~~Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the~~ Class ~~X-IO~~ A Certificates or if there are no Class ~~X-IO~~ A Certificates then Outstanding by ~~such~~ the Owners of a majority of the Percentage Interests represented by the Class R 104 Certificates, may, whether or not the Trustee resigns pursuant to Section 10.09(b) hereof~~, immediately~~, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof. (c) To the extent of any costs incurred in removing the Trustee which are not recovered from the former Trustee, such costs will be payable pursuant to Section 2.05 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Block Mortgage Finance Inc Asset Backed Cert Series 1999 2)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any Distribution Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall breach or fail in the performance ~~of, or breach,~~ of any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in 105 connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Seller, the Certificate Insurer, or by the Owners of at least 25% of the aggregate Percentage Interests in the Trust Estate represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no ~~Offered~~ Class A Certificates then Outstanding, by the Owners of such Percentage Interests represented by ~~the Class X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the~~ Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing; or (6) the Trustee shall (i) delegate or assign the execution of its trusts or powers or the performance of its duties under Sections 7.02(c), 7.02(d), 7.03(c), 7.09 or 11.16 of this Agreement, or (ii) resume the execution of its trusts or powers or the performance of its duties under Sections 7.02(c), 7.02(d), 7.03(c), 7.09 or 11.16 of this Agreement after having previously delegated or assigned such execution or performance, in either case without the prior written consent of the Master Servicer. The Depositor shall give to the ~~Rating Agencies~~ Certificate Insurer, Moody's and Standard & Poor's notice of the occurrence of any such event of which the Depositor is aware. (b) If any event described ~~an Paragraph~~ in paragraph (a) occurs and is continuing, then and in every such case (i) the ~~Depositor~~ Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer, the Master Servicer and the Owners of a majority of the Percentage Interests represented by the ~~Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the~~ Class ~~X-IO~~ A Certificates or if there are no Class ~~X-IO~~ A Certificates then Outstanding by ~~such~~ the Owners of a majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section 10.09(b) hereof~~, immediately~~, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof. (c) To the extent of any costs incurred in removing the Trustee which are not recovered from the former Trustee, such costs will be payable pursuant to Section 2.05 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Block Mortgage Finance Asset Backed Certificates Ser 1999 1)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the ~~Owners~~ Holders entitled ~~hereto~~ thereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof~~; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder)~~; or (2) the Trustee shall cease to be eligible in accordance with Section 10.8 hereof or fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Sponsor, the Certificate Insurer or by the ~~Owners~~ Holders of at least 25% of the aggregate Percentage Interests represented by the ~~Offered Certificates then Outstanding~~Class A Certificates, or, if there are no ~~Offered~~ Class A Certificates then Outstanding, by such Percentage Interests represented by the Class ~~X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R~~ B Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, ~~marshalling~~ marshaling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its 108 affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 60 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, ~~marshalling~~ marshaling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing~~. The Depositor shall give to the Rating Agencies notice of the occurrence of any such event of which the Depositor is aware~~. (b) The Sponsor and the Trustee shall give notice to Xxxxx'x and S&P, to each other, to the Certificate Insurer and to each Holder if it becomes aware that an event described in subsection (a) has occurred and is continuing. (c) If any event described ~~an Paragraph~~ in paragraph (a) occurs and is continuing, then and in every such case (i) the ~~Depositor and~~ Sponsor or the ~~Owners of a majority~~ Certificate Insurer or (ii) with the written consent of the ~~Percentage Interests represented by~~ Certificate Insurer, the ~~Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or~~ Majority Holders, or, if there are no Class ~~X-IO~~ A Certificates then ~~Outstanding~~ Outstanding, by ~~such~~ a majority of the ~~Percentage Interests represented by the~~ Class ~~R Certificates~~B Certificates then Outstanding, may, whether or not the Trustee resigns pursuant to Section ~~10.09(b)~~ 10.9 hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor ~~Trustee~~ trustee pursuant to the terms of Section ~~10.09~~ 10.9 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Equivantage Acceptance Corp)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any ~~Distribution~~ Payment Date any amounts available for distribution that it has received in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Seller, the Certificate Insurer, or by the Owners of at least 25% of the aggregate Percentage Interests in the Trust Estate represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no ~~Offered Certificates then Outstanding, by such Percentage Interests represented by the~~ Class ~~X-IO Certificates, or if there are no Class X-IO~~ A Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give to the ~~Rating Agencies~~ Certificate Insurer, Xxxxx'x and Standard & Poor's notice of the occurrence of any such event of which the Depositor is aware. (b) If any event described an Paragraph (a) occurs and is continuing, then and in every such case (i) the Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer, the Depositor and the Owners of a majority of the Percentage Interests represented by the ~~Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the~~ Class ~~X-IO~~ A Certificates or if there are no Class ~~X-IO~~ A Certificates then ~~Outstanding~~ outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section ~~10.09(b~~l0.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section ~~10.09~~ l0.09 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (DLJ Commercial Mort Corp Comm Mort Pass THR Cer Ser 1998-Cg1)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any ~~Distribution~~ Payment Date any amounts available for distribution that it has received in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Seller, the Certificate Insurer, or by the Owners of at least 25% of the aggregate Percentage Interests in the Trust Estate represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no ~~Offered Certificates then Outstanding, by such Percentage Interests represented by the~~ Class ~~X-IO Certificates, or if there are no Class X-IO~~ A Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give to the ~~Rating Agencies~~ Certificate Insurer, Moody's and Standard & Poor's notice of the occurrence of any such event of which the Depositor is aware. (b) If any event described an in Paragraph (a) occurs and is continuing, then and in every such case (i) the Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer, the Depositor and the Owners of a majority of the Percentage Interests represented by the ~~Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the~~ Class ~~X-IO~~ A Certificates or if there are no Class ~~X-IO~~ A Certificates then ~~Outstanding~~ outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section 10.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof. (c) The Servicer shall not be liable for any costs relating to the removal of the Trustee or the appointment of a new Trustee.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Imc Home Equity Loan Trust 1996-4)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to ~~paragraph~~ clause (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled ~~hereto~~ thereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof~~; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder)~~; or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Depositor or the Certificate Insurer or by the Owners of at least 25% of the aggregate Percentage ~~Interests~~ Interest represented by ~~the Offered Certificates then Outstanding~~any Class of Class A Certificates, or, if there are no ~~Offered~~ Class A Certificates then Outstanding, by such Percentage ~~Interests~~ Interest represented by ~~the~~ any Class ~~X-IO Certificates, or if there are no~~ of Class ~~X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R~~ B Certificates, a written notice specifying such failure or breach and requiring it to be ~~remedied~~remedied (unless the Trustee is aware of such breach as evidenced by notice from the Trustee pursuant to Section 9.2(b) in which case the 30 day cure period shall begin at the time such notice was given); or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 60 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing~~. The Depositor shall give to the Rating Agencies notice of the occurrence of any such event of which the Depositor is aware~~. (b) The Depositor and the Trustee shall give notice to each other, to the Certificate Insurer, and to each Owner if it becomes aware that an event described in Subsection (a) has occurred and is continuing. (c) If any event described ~~an Paragraph~~ in Subsection (a) occurs and is continuing, then and in every such case (x) the Depositor ~~and~~ or the Certificate Insurer or (y) with the consent of the Certificate Insurer, the Owners of a majority of the Percentage ~~Interests~~ Interest represented by ~~the Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority~~ any Class of ~~the Percentage Interests represented by the~~ Class ~~X-IO Certificates or~~ A Certificates, or, if there are no Class ~~X-IO~~ A Certificates then ~~Outstanding~~ Outstanding, by such ~~majority of the~~ Percentage ~~Interests~~ Interest represented by ~~the~~ any Class ~~R Certificates~~of Class B Certificates then Outstanding, may, whether or not the Trustee resigns pursuant to Section ~~10.09(b)~~ 9.9 hereof, immediately, concurrently with the giving of notice to the Trustee, ~~and without delaying the 30 days required for notice therein,~~ appoint a successor ~~Trustee~~ trustee pursuant to the terms of Section ~~10.09~~ 9.9 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Home Equity Securitization Corp)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any ~~Distribution~~ Payment Date any amounts available for distribution that it has received in accordance with the terms hereof; (~~provided~~PROVIDED, ~~however~~HOWEVER, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Seller, the Certificate Insurer, or by the Owners of at least 25% of the aggregate Percentage Interests in the Trust Estate represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no ~~Offered Certificates then Outstanding, by such Percentage Interests represented by the~~ Class ~~X-IO Certificates, or if there are no Class X-IO~~ A Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give to the ~~Rating Agencies~~ Certificate Insurer, Moody's and Standard & Poor's notice of the occurrence of any such event of which the Depositor is aware. (b) If any event described an Paragraph (a) occurs and is continuing, then and in every such case (i) the Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer, the Depositor and the Owners of a majority of the Percentage Interests represented by the ~~Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the~~ Class ~~X-IO~~ A Certificates or if there are no Class ~~X-IO~~ A Certificates then ~~Outstanding~~ outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section ~~10.09(b~~l0.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section ~~10.09~~ l0.09 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chec Asset Receivables Corp)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any Distribution Date any amounts available for distribution that it has received in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Seller, the Certificate Insurer, or by the Owners of at least 25% of the aggregate Percentage Interests in the Trust Estate represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no ~~Offered~~ Class A Certificates then Outstanding, by such Percentage Interests represented by the Class X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give to the ~~Rating Agencies~~ Certificate Insurer, Moody's and Standard & Poor's notice of the occurrence of any such event of which the Depositor is aware. (b) If any event described an Paragraph (a) occurs and is continuing, then and in every such case (i) the Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer, the Depositor and the Owners of a majority of the Percentage Interests represented by the ~~Offered~~ Class A Certificates ~~then Outstanding~~ or if there are no ~~Offered~~ Class A Certificates then ~~Outstanding~~ outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section ~~10.09(b~~l0.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section ~~10.09~~ l0.09 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Ln Asset Bk Cert Ser 1999-3)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any Distribution Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall breach or fail in the performance ~~of, or breach,~~ of any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the 113 Trustee by the ~~Seller~~ Seller, the Certificate Insurer, or by the Owners of at least 25% of the aggregate Percentage Interests in the Trust Estate represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no ~~Offered~~ Class A Certificates then Outstanding, by the Owners of such Percentage Interests represented by ~~the Class X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the~~ Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing; or (6) the Trustee shall (i) delegate or assign the execution of its trusts or powers or the performance of its duties under Sections 7.02(c), 7.02(d), 7.03(c), 7.09 or 11.16 of this Agreement, or (ii) resume the execution of its trusts or powers or the performance of its duties under Sections 7.02(c), 7.02(d), 7.03(c), 7.09 or 11.16 of this Agreement after having previously delegated or assigned such execution or performance, in either case without the prior written consent of the Master Servicer. The Depositor shall give to the ~~Rating Agencies~~ Certificate Insurer, Xxxxx'x and Standard & Poor's notice of the occurrence of any such event of which the Depositor is aware. (b) If any event described ~~an Paragraph~~ in paragraph (a) occurs and is continuing, then and in every such case (i) the ~~Depositor~~ Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer, the Master Servicer and the Owners of a majority of the Percentage Interests represented by the ~~Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the~~ Class ~~X-IO~~ A Certificates or if there are no Class ~~X-IO~~ A Certificates then Outstanding by ~~such~~ the Owners of a majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section 10.09(b) hereof~~, immediately~~, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof. (c) To the extent of any costs incurred in removing the Trustee which are not recovered from the former Trustee, such costs will be payable pursuant to Section 2.05 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Block Mortgage Finance Inc Asset Backed Cert Series 1998 2)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled ~~hereto~~ thereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof~~; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder)~~; or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Originator, the Certificate Insurer or by the Owners of at least 25% of the aggregate Percentage Interests represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no Offered Certificates then Outstanding, by such Percentage Interests represented by the ~~Class X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates~~Originator's Interest, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The ~~Depositor~~ Originator shall give to the ~~Rating Agencies~~ Certificate Insurer, Xxxxx'x and S&P notice of the occurrence of any such event of which the ~~Depositor~~ Originator is aware. (b) If any event described an in Paragraph (a) occurs and is continuing, then and in every such case (i) the ~~Depositor and~~ Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer (x) the Originator or (y) the Owners of a majority of the Percentage Interests represented by the ~~Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the~~ Class ~~X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R~~ A Certificates, may, whether or not the Trustee resigns pursuant to Section ~~10.09(b)~~ 10.9 hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section ~~10.09~~ 10.9 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Advanta Revolving Home Equity Loan Trust 1996-A)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms ~~hereof;~~ hereof (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection 125 132 herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the Seller or by the Owners of at least 25% of the aggregate Percentage Interests in the Trust Estate represented by the Offered Certificates then Outstanding, or, if there are no Offered ~~Certificates then Outstanding, by such Percentage Interests represented by the Class X-IO Certificates, or if there are no Class X-IO~~ Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 60 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing~~. The Depositor shall give to the Rating Agencies notice of the occurrence of any such event of which the Depositor is aware.~~; or (b6) If any event described an Paragraph (a) occurs and is continuing, then and in every such case the Depositor and the Owners of a majority of the Percentage Interests represented by the Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee ~~resigns pursuant~~ shall fail to meet the eligibility requirements set forth in Section 10.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof.10.08

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Amresco Residential Securities Corp Mort Loan Trust 1997-3)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1A) the Trustee shall fail to distribute to the Owners entitled ~~hereto~~ thereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof; ~~(provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder);~~ or (2B) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the 105 107 Trustee by the ~~Seller~~ Sponsor, the Certificate Insurer or by the Owners of at least 25% of the aggregate Percentage Interests represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no Offered Certificates then Outstanding, by such Percentage Interests represented by the Class X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, Outstanding a written notice specifying such failure or breach and requiring it to be remedied; or (3C) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4D) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5E) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The ~~Depositor~~ Sponsor shall give to the Certificate Insurer and each Rating ~~Agencies~~ Agency notice of the occurrence of any such event of which the ~~Depositor~~ Sponsor is aware. (b) If any event described an in Paragraph (a) occurs and is continuing, then and in every such case (i) the ~~Depositor and~~ Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer (x) the Sponsor or (y) the Owners of a majority of the Percentage Interests represented by the ~~Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the~~ Class ~~X-IO Certificates or~~ A Certificates, or, if there are no Class ~~X-IO~~ A Certificates then Outstanding, by such Percentage Interest represented by any Class of Class R Certificates then Outstanding ~~by such majority of the Percentage Interests represented by the Class R Certificates,~~ may, whether or not the Trustee resigns pursuant to Section ~~10.09(b)~~ 10.9 hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section ~~10.09~~ 10.9 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Advanta Mortgage Conduit Services Inc)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled ~~hereto~~ thereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof~~; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder)~~; or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in 118 this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Sponsor or by the Owners of at least 25% of the aggregate Percentage Interests represented by the Offered Certificates then Outstanding, or, if there are no Offered Certificates then Outstanding, by such Percentage Interests represented by ~~the~~ any Class ~~X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R~~ B Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or ~~sequestrator~~ seques- trator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The ~~Depositor~~ Sponsor shall give to ~~the Rating Agencies~~ Xxxxx'x and Fitch notice of the occurrence of any such event of which the ~~Depositor~~ Sponsor is aware. (b) If any event described an in Paragraph (a) occurs and is continuing, then and in every such case (x) the ~~Depositor and~~ Sponsor 119 or (y) the Owners of a majority of the Percentage Interests represented by the Offered ~~Certificates then Outstanding or~~ Certificates, or, if there are no Offered Certificates then ~~Outstanding~~ Outstanding, by such ~~majority of the~~ Percentage ~~Interests~~ Interest represented by ~~the~~ any Class ~~X-IO Certificates or if there are no~~ of Class ~~X-IO~~ R Certificates then Outstanding ~~by such majority of the Percentage Interests represented by the Class R Certificates,~~ may, whether or not the Trustee resigns pursuant to Section ~~10.09(b)~~ 10.9 hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section ~~10.09~~ 10.9 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Advanta Mortgage Loan Trust 1997-1)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Sellers, 109 the Certificate Insurer, or by the Owners of at least 25% of the aggregate Percentage Interests in the Trust Estate represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no ~~Offered Certificates then Outstanding, by such Percentage Interests represented by the~~ Class ~~X-IO Certificates, or if there are no Class X-IO~~ A Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give notice to the Certificate Insurer and the Rating Agencies ~~notice~~ of the occurrence of any such event of which the Depositor is aware. (b) If any event described ~~an Paragraph~~ in paragraph (a) occurs and is continuing, then and in every such case (i) the Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer, the Depositor and the Owners of a majority of the Percentage Interests represented by the ~~Offered~~ Class A Certificates ~~then Outstanding~~ or if there are no ~~Offered~~ Class A Certificates then ~~Outstanding~~ outstanding by such majority of the Percentage Interests represented by the ~~Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R~~ Subordinate Certificates, may, whether or not the Trustee resigns pursuant to Section 10.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof. (c) The Servicer shall not be liable for any costs relating to the removal of the Trustee or the appointment of a new Trustee.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Contimortgage Home Equity Loan Trust 1996-4)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any Distribution Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall breach or fail in the performance ~~of, or breach,~~ of any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Seller, the Certificate Insurer, or by the Owners of at least 25% of the aggregate Percentage Interests in the Trust Estate represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no ~~Offered~~ Class A Certificates then Outstanding, by the Owners of such Percentage Interests represented by ~~the Class X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the~~ Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give to the ~~Rating Agencies~~ Certificate Insurer, Moody's and Standard & Poor's notice of the occurrence of any such event of which the Depositor is aware. (b) If any event described ~~an Paragraph~~ in paragraph (a) occurs and is continuing, then and in every such case (i) the ~~Depositor~~ Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer, the Master Servicer and the Owners of a majority of the Percentage Interests represented by the ~~Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the~~ Class ~~X-IO~~ A Certificates or if there are no Class ~~X-IO~~ A Certificates then Outstanding by ~~such~~ the Owners of a majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section 10.09(b) hereof~~, immediately~~, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof. (c) To the extent of any costs incurred in removing the Trustee which are not recovered from the former Trustee, such costs will be payable pursuant to Section 2.05 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Block Mortgage Finance Asset Backed Certificates Ser 1998-1)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled ~~hereto~~ thereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof~~; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder)~~; or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any 106 118 representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Sponsor, the Class A-8 and Class A-9 Certificate Insurer or by the Owners of at least 25% of the aggregate Percentage Interests represented by the Offered Certificates then Outstanding, or, if there are no Offered Certificates then Outstanding, by such Percentage Interests represented by ~~the~~ any Class ~~X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R~~ B Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The ~~Depositor~~ Sponsor shall give to the ~~Rating Agencies~~ Class A-8 and Class A-9 Certificate Insurer and Moodx'x xxx Standard & Poor's notice of the occurrence of any such event of which the ~~Depositor~~ Sponsor is aware. (b) If any event described an in Paragraph (a) occurs and is continuing, then and in every such case (i) the ~~Depositor~~ Class A-8 and Class A-9 Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Class A-8 and Class A-9 Certificate Insurer (x) the Sponsor or (y) the Owners of a majority of the Percentage Interests represented by the Offered ~~Certificates then Outstanding or~~ Certificates, or, if there are no Offered Certificates then ~~Outstanding~~ Outstanding, by such ~~majority of the~~ Percentage ~~Interests~~ Interest represented by ~~the~~ any Class ~~X-IO Certificates or if there are no~~ of Class ~~X-IO~~ R Certificates then Outstanding ~~by such majority of the Percentage Interests represented by the Class R Certificates,~~ may, whether or not the Trustee resigns pursuant to Section ~~10.09(b)~~ 10.9 hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section ~~10.09~~ 10.9 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Advanta Mortgage Conduit Services Inc)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any Distribution Date any amounts available for distribution that it has received in accordance with the terms hereof; (~~provided~~PROVIDED, ~~however~~HOWEVER, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Seller, the Certificate Insurer, or by the Owners of at least 25% of the aggregate Percentage Interests in the Trust Estate represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no ~~Offered~~ Class A Certificates then Outstanding, by such Percentage Interests represented by the Class X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give to the ~~Rating Agencies~~ Certificate Insurer, Moody's and Standard & Poor's notice of the occurrence of any such event of which the Depositor is aware. (b) If any event described an Paragraph (a) occurs and is continuing, then and in every such case (i) the Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer, the Depositor and the Owners of a majority of the Percentage Interests represented by the ~~Offered~~ Class A Certificates ~~then Outstanding~~ or if there are no ~~Offered~~ Class A Certificates then ~~Outstanding~~ outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section ~~10.09(b~~l0.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section ~~10.09~~ l0.09 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chec Asset Receivables Corp)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms ~~hereof;~~ hereof (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall fail in the performance of, or breach, any material covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the Seller or by the Owners of at least 25% of the aggregate Percentage Interests in the Trust Estate represented by the Offered Certificates then Outstanding, or, if there are no Offered ~~Certificates then Outstanding, by such Percentage Interests represented by the Class X-IO Certificates, or if there are no Class X-IO~~ Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; oror 126 (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 60 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing~~. The Depositor shall give to the Rating Agencies notice of the occurrence of any such event of which the Depositor is aware.~~; or (b6) If any event described an Paragraph (a) occurs and is continuing, then and in every such case the Depositor and the Owners of a majority of the Percentage Interests represented by the Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee ~~resigns pursuant~~ shall fail to meet the eligibility requirements set forth in Section 10.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof.10.08

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Amresco Residential Securities Corp)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any Distribution Date any amounts available for distribution that it has received in accordance with the terms hereof; (~~provided~~PROVIDED, ~~however~~HOWEVER, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Certificate Insurer, or by the Owners of at least 25% of the aggregate Percentage Interests in the Trust Estate represented by the ~~Offered~~ Class A Certificates then Outstanding or, if there are no Class A Certificates then Outstanding, of at least 25% of the aggregate Percentage Interests in the Trust Estate represented by the Class B-1 Certificates then Outstanding, or, if there are no ~~Offered Certificates then Outstanding, by such Percentage Interests represented by the~~ Class ~~X-IO Certificates, or if there are no Class X-IO~~ B-1 Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing~~. The Depositor shall give to the Rating Agencies notice of the occurrence of any such event of which the Depositor is aware.~~; or (b6) If any event described an Paragraph (a) occurs and is continuing, then and in every such case the Depositor and the Owners of a majority of the Percentage Interests represented by the Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee ~~resigns pursuant~~ shall fail to meet the eligibility requirements set forth in Section 10.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof10.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Asset Backed Sec Corp Home Equity Loan Tr 1999-Lb1)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled ~~hereto~~ thereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has~~ received by the Trustee in accordance with the terms hereof~~; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder)~~; or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Company, the Certificate Insurer or by the Owners of at least 25% of the aggregate Percentage Interests represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no ~~Offered Certificates then Outstanding, by such Percentage Interests represented by the~~ Class ~~X-IO Certificates, or if there are no Class X-IO~~ A Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its ~~obligations,~~ obligations or take corporate action for the purpose of any of the foregoing. The ~~Depositor~~ Company shall give to ~~the Rating Agencies~~ Moody's and Standard & Poor's notice of the occurrence of any such event of which the ~~Depositor~~ Company is aware. (b) If any event described an in Paragraph (a) occurs and is continuing, then and in every such case (i) the ~~Depositor and~~ Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer (x) the Company or (y) the Owners of a majority of the Percentage Interests represented by the ~~Offered~~ Class A Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section ~~10.09(b)~~ 10.9 hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section ~~10.09~~ 10.9 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (First Alliance Mortgage Loan Trust 1996-4)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms ~~hereof;~~ hereof (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove 110 to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the Seller or by the Owners of at least 25% of the aggregate Percentage Interests in the Trust Estate represented by the Offered Certificates then Outstanding, or, if there are no Offered ~~Certificates then Outstanding, by such Percentage Interests represented by the Class X-IO Certificates, or if there are no Class X-IO~~ Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 60 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property~~; or~~; (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing~~. The Depositor shall give to the Rating Agencies notice of the occurrence of any such event of which the Depositor is aware.~~; or (b6) If any event described an Paragraph (a) occurs and is continuing, then and in every such case the Depositor and the Owners of a majority of the Percentage Interests represented by the Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee ~~resigns pursuant~~ shall fail to meet the eligibility requirements set forth in Section 10.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof.10.08

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Amresco Residential Securities Corp Mortgage Loan Tr 1997-2)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms ~~hereof;~~ hereof (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the Seller or by the 127 Owners of at least 25% of the aggregate Percentage Interests in the Trust Estate represented by the Offered Certificates then Outstanding, or, if there are no Offered ~~Certificates then Outstanding, by such Percentage Interests represented by the Class X-IO Certificates, or if there are no Class X-IO~~ Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 60 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing~~. The Depositor shall give to the Rating Agencies notice of the occurrence of any such event of which the Depositor is aware.~~; or (b6) If any event described an Paragraph (a) occurs and is continuing, then and in every such case the Depositor and the Owners of a majority of the Percentage Interests represented by the Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee ~~resigns pursuant~~ shall fail to meet the eligibility requirements set forth in Section 10.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof.10.08

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Amresco Residential Securities Corp Mort Loan Trust 1998-1)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any Distribution Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall breach or fail in the performance ~~of, or breach,~~ of any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Seller, the Certificate Insurer, or by the Owners of at least 2525 % of the aggregate Percentage Interests in the Trust Estate represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no ~~Offered Certificates then Outstanding, by such Percentage Interests represented by the~~ Class ~~X-IO Certificates, or if there are no Class X-IO~~ A Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give to the ~~Rating Agencies~~ Certificate Insurer, Moody's and Standard & Poor's notice of the occurrence of any such event of which the Depositor is aware. (b) If any event described ~~an Paragraph~~ in paragraph (a) occurs and is continuing, then and in every such case (i) the Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer, the Depositor and the Owners of a majority of the Percentage Interests represented by the ~~Offered~~ Class A Certificates ~~then Outstanding~~ or if there are no ~~Offered~~ Class A Certificates then ~~Outstanding~~ outstanding by such majority of the Percentage Interests represented by each of the Class ~~X-IO~~ X Certificates ~~or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by~~ and the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section 10.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof. (c) The Master Servicer shall not be liable for any costs relating to the removal of the Trustee or the appointment of a new Trustee.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Block Mortgage Finance Inc)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any Distribution Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall breach or fail in the performance ~~of, or breach,~~ of any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Seller, the Certificate Insurer, or by the Owners of at least 25% of the aggregate Percentage Interests in the Trust Estate represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no ~~Offered~~ Class A Certificates then Outstanding, by such Percentage Interests represented by ~~the Class X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the~~ Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give to the ~~Rating Agencies~~ Certificate Insurer, Moody's and Standard & Poor's notice of the occurrence of any such event of which the Depositor is aware. (b) If any event described ~~an Paragraph~~ in paragraph (a) occurs and is continuing, then and in every such case (i) the ~~Depositor~~ Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer, the Master Servicer and the Owners of a majority of the Percentage Interests represented by the ~~Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the~~ Class ~~X-IO~~ A Certificates or if there are no Class ~~X-IO~~ A Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section 10.09(b) hereof~~, immediately~~, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof. (c) To the extent of any costs incurred in removing the Trustee which are not recovered from the former Trustee, such costs will be payable pursuant to Section 2.05 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Block Mortgage Finance Asset Backed Certificates Ser 1997-2)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1A) the Trustee shall fail to distribute to the Owners entitled ~~hereto~~ thereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof; ~~(provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder);~~ or (2B) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Sponsor, the Certificate Insurer or by the Owners of at least 25% of the aggregate Percentage Interests represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no ~~Offered~~ Class A Certificates then Outstanding, by such Percentage Interests represented by ~~the Class X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the~~ any Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3C) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4D) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5E) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The ~~Depositor~~ Sponsor shall give to the ~~Rating Agencies~~ Certificate Insurer and Moody's and Standard & Poor's notice of the occurrence of any such event of which the ~~Depositor~~ Sponsor is aware. (b) If any event described an in Paragraph (a) occurs and is continuing, then and in every such case (i) the ~~Depositor and~~ Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer (x) the Sponsor or (y) the Owners of a majority ~~of the Percentage Interests represented by the Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority~~ 92 100 of the Percentage Interests represented by the Class ~~X-IO Certificates or~~ A Certificates, or, if there are no Class ~~X-IO~~ A Certificates then Outstanding, by such Percentage Interest represented by any Class of Class R Certificates then Outstanding ~~by such majority of the Percentage Interests represented by the Class R Certificates,~~ may, whether or not the Trustee resigns pursuant to Section ~~10.09(b)~~ 10.9 hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section ~~10.09~~ 10.9 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Advanta Mortgage Loan Trust 1998-3)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any Distribution Date any amounts available for distribution that it has received in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Seller, the Certificate Insurer, or by the Owners of at least 25% of the aggregate Percentage Interests in the Trust Estate represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no ~~Offered~~ Class A Certificates then Outstanding, by such Percentage Interests represented by the Class X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give to the ~~Rating Agencies~~ Certificate Insurer, Moody's and Standard & Poor's notice of the occurrence of any such event of which the Depositor is aware. (b) If any event described an Paragraph (a) occurs and is continuing, then and in every such case (i) the Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer, the Depositor and the Owners of a majority of the Percentage Interests represented by the ~~Offered~~ Class A Certificates ~~then Outstanding~~ or if there are no ~~Offered~~ Class A Certificates then ~~Outstanding~~ outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section ~~10.09(b~~l0.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section ~~10.09~~ l0.09 hereof.. 121

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 1999-2)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled ~~hereto~~ thereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has~~ received by the Trustee in accordance with the terms hereof~~; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder)~~; or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Seller, the Certificate Insurer or by the Owners of at least 25% of the aggregate Percentage Interests represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no ~~Offered~~ Class A Certificates then Outstanding, by such Percentage ~~Interests represented by the Class X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage~~ 203968.5d Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its ~~obligations,~~ obligations or take corporate action for the purpose of any of the foregoing. The ~~Depositor~~ Seller shall give to ~~the Rating Agencies~~ Moody's and Standard & Poor's notice of the occurrence of any such event of which the ~~Depositor~~ Seller is aware. (b) If any event described an in Paragraph (a) occurs and is continuing, then and in every such case (i) the ~~Depositor and~~ Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer (x) the Seller or (y) the Owners of a majority of the Percentage Interests represented by the ~~Offered~~ Class A Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section ~~10.09(b)~~ 10.9 hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section ~~10.09~~ 10.9 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (First Alliance Mortgage Loan Trust 1999-2)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Sellers, or by the Owners of at least 25% of the aggregate Percentage Interests in the Trust Estate represented by the Offered Certificates then Outstanding, or, if there are no Offered ~~Certificates then Outstanding, by such Percentage Interests represented by the Class X-IO Certificates, or if there are no Class X-IO~~ Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; oror 109 (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, ~~marshalling~~ marshaling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, ~~marshalling~~ marshaling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give notice to the Rating Agencies ~~notice~~ of the occurrence of any such event of which the Depositor is aware. (b) If any event described ~~an Paragraph~~ in paragraph (a) occurs and is continuing, then and in every such case the Depositor and the Owners of a majority of the Percentage Interests represented by the Offered Certificates ~~then Outstanding~~ or if there are no Offered Certificates then ~~Outstanding~~ outstanding by such majority of the Percentage Interests represented by the ~~Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R~~ Retained Certificates, may, whether or not the Trustee resigns pursuant to Section 10.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof. (c) The Servicer shall not be liable for any costs relating to the removal of the Trustee or the appointment of a new Trustee.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Contimortgage Home Equity Loan Trust 1997-3)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any ~~Distribution~~ Payment Date any amounts available for distribution that it has received in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the Seller or by the Owners of at least 25% of the aggregate Percentage Interests in the Trust Estate represented by the Offered Certificates then Outstanding, or, if there are no Offered ~~Certificates then Outstanding, by such Percentage Interests represented by the Class X-IO Certificates, or if there are no Class X-IO~~ Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give to the Rating Agencies notice of the occurrence of any such event of which the Depositor is aware. (b) If any event described an in Paragraph (a) occurs and is continuing, then and in every such case the Depositor and the Owners of a majority of the Percentage Interests represented by the Offered Certificates ~~then Outstanding~~ 104 111 or if there are no Offered Certificates then ~~Outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding~~ outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section 10.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof. (c) The Servicer shall not be liable for any costs relating to the removal of the Trustee or the appointment of a new Trustee.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Imc Home Equity Loan Trust 1997-5)

Removal of Trustee for Cause. ~~(a)~~ The Trustee may be removed ~~pursuant to paragraph (b) hereof~~ upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1i) the Trustee shall fail to distribute to the ~~Owners~~ Certificateholders entitled hereto on any Distribution Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2ii) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the Seller or by the ~~Owners~~ Certificateholders of at least 25% of the aggregate Percentage Interests in the Trust Fund represented by the Offered Certificates then Outstanding, or, if there are no Offered Certificates then Outstanding, by such Percentage Interests represented by the ~~Class X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R~~ Residual Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3iii) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, ~~marshalling~~ marshaling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4iv) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, ~~marshalling~~ marshaling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property~~; or~~; (5v) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing~~. The Depositor shall give to the Rating Agencies notice of the occurrence of any such event of which the Depositor is aware.~~; or (bvi) If any event described an Paragraph (a) occurs and is continuing, then and in every such case the Depositor and the Owners of a majority of the Percentage Interests represented by the Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee ~~resigns pursuant~~ shall fail to ~~Section 10.09(b) hereof, immediately, concurrently~~ perform in accordance with the ~~giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms~~ requirements of Section ~~10.09 hereof~~10.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or 124 138 pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled ~~hereto~~ thereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof~~; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder)~~; or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Sponsor, the Class A-6 Certificate Insurer or by the Owners of at least 25% of the aggregate Percentage Interests represented by the Offered Certificates then Outstanding, or, if there are no Offered Certificates then Outstanding, by such Percentage Interests represented by ~~the~~ any Class ~~X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R~~ B Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, 125 139 make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The ~~Depositor~~ Sponsor shall give to the ~~Rating Agencies~~ Class A-6 Certificate Insurer and Moodx'x, Xxandard & Poor's and Fitch notice of the occurrence of any such event of which the ~~Depositor~~ Sponsor is aware. (b) If any event described an in Paragraph (a) occurs and is continuing, then and in every such case (i) the ~~Depositor and~~ Class A-6 Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Class A-6 Certificate Insurer (x) the Sponsor or (y) the Owners of a majority of the Percentage Interests represented by the Offered ~~Certificates then Outstanding or~~ Certificates, or, if there are no Offered Certificates then ~~Outstanding~~ Outstanding, by such ~~majority of the~~ Percentage ~~Interests~~ Interest represented by ~~the~~ any Class ~~X-IO Certificates or if there are no~~ of Class ~~X-IO~~ R Certificates then Outstanding ~~by such majority of the Percentage Interests represented by the Class R Certificates,~~ may, whether or not the Trustee resigns pursuant to Section ~~10.09(b)~~ 10.9 hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section ~~10.09~~ 10.9 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Advanta Mortgage Loan Trust 1997-2)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any Distribution Date any amounts available for distribution that it has received in accordance with the terms hereof; (~~provided~~PROVIDED, ~~however~~HOWEVER, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); oror 115 (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Seller, the Certificate Insurer, or by the Owners of at least 25% of the aggregate Percentage Interests in the Trust Estate represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no ~~Offered~~ Class A Certificates then Outstanding, by such Percentage Interests represented by the Class X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give to the Certificate Insurer and the Rating Agencies notice of the occurrence of any such event of which the Depositor is aware. (b) If any event described an Paragraph (a) occurs and is continuing, then and in every such case (i) the Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer, the Depositor and the Owners of a majority of the Percentage Interests represented by the ~~Offered~~ Class A Certificates ~~then Outstanding~~ or if there are no ~~Offered~~ Class A Certificates then ~~Outstanding~~ outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section ~~10.09(b~~l0.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section ~~10.09~~ l0.09 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2000-A)

Removal of Trustee for Cause. (ai) ~~The Trustee may~~ Xxxxxx Xxx cannot be removed ~~pursuant~~ as Trustee with respect to ~~paragraph~~ a Trust. (bii) ~~hereof upon~~ If a Trustee other than Xxxxxx Xxx is serving as the ~~occurrence of any of~~ Trustee, the following events ~~(whatever~~ are “Trustee Events of Default”: A. with respect to a Trust, failure on the ~~reason~~ part of the Trustee duly to observe or perform any other material covenant or agreement on the part of the Trustee set forth in the Q-Trust Documents, if such failure continues unremedied for a period of 60 days after the date on which written notice of such ~~event~~ failure and ~~whether it shall~~ a demand to remedy that failure is given to the Trustee by either Xxxxxx Xxx or the Q-R Interest Holder of the related Q-REMIC B. the Trustee ceases to be ~~voluntary~~ eligible in accordance with the provisions of Section 9.05 and fails to resign; C. the Trustee becomes substantially incapable of acting, or ~~involuntary or~~ has been determined to be ~~effected by operation of~~ unable under applicable law or ~~pursuant~~ regulation to ~~any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):~~ remain as Trustee by either (1) the ~~Trustee shall fail to distribute to the Owners entitled hereto on any Distribution Date any amounts available~~ governmental unit or regulatory entity that has primary supervisory authority for ~~distribution that~~ it has received in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the Seller or by the Owners of at least 25% of the aggregate Percentage Interests represented by the Offered Certificates then Outstanding, or, if there are no Offered Certificates then Outstanding, by such Percentage Interests represented by the Class X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; orcourt; ~~(3)~~ D. a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a ~~conservator or~~ conservator, receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, ~~shall have been~~ entered against the ~~Trustee,~~ Trustee and such decree or order ~~shall have remained~~ remains in force undischarged or unstayed for a period of 75 60 days~~; or~~; ~~(4)~~ X. the Trustee consents to the appointment of a ~~conservator or~~ conservator, receiver or liquidator ~~or sequestrator or custodian of the property of the Trustee is appointed~~ in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar ~~proceedings of or~~ proceeding relating to the Trustee or ~~relating~~ to all or substantially all of its property; or ~~(5)~~ F. the Trustee ~~shall become insolvent (however insolvency is evidenced), generally fail~~ admits in writing its inability to pay its debts generally as they ~~come~~ become due, ~~file or consent to the filing of~~ files a petition to ~~take advantage of~~ invoke any applicable insolvency or reorganization statute, ~~make~~ makes an assignment for the benefit of its creditors, or voluntarily ~~suspend~~ suspends payment of its obligations. If at any time a Trustee Event of Default has occurred and is continuing with respect to a Trust, ~~or take corporate action for~~ in addition to any rights of removal under Section 9.06(c), Xxxxxx Xxx may, and if directed by the ~~purpose of any~~ Q-R Interest Holder of the foregoing. The Depositor shall give to the Rating Agencies notice of the occurrence of any such event of which the Depositor is aware. (b) If any event described an Paragraph (a) occurs and is continuingrelated Q-REMIC, then and in every such case the Depositor and the Owners of a majority of the Percentage Interests represented by the Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R Certificateswill, ~~may, whether or not~~ remove the Trustee ~~resigns pursuant~~ as to ~~Section 10.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee,~~ such Trust and ~~without delaying the 30 days required for notice therein,~~ appoint a successor Trustee ~~pursuant~~ by written instrument, one copy of which will be delivered to the ~~terms~~ Trustee so removed and one copy of ~~Section 10.09 hereof~~which will be delivered to the successor Trustee, and Xxxxxx Xxx will give written notice of the successor Trustee to the Q-REMIC Interest Holders affected by the succession. Notwithstanding the termination of the Trustee, its liability under the Q-Trust Documents arising prior to such termination will survive such termination.

Appears in 1 contract

Samples: Master Trust Agreement

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled ~~hereto~~ thereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof~~; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder)~~; or (2) the Trustee shall cease to be eligible in accordance with Section 10.8 hereof or fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Sponsor, the Certificate Insurer or by the Owners of at least 25% of the aggregate Percentage Interests represented by the ~~Offered Certificates then Outstanding~~Class A Certificates, or, if there are no ~~Offered~~ Class A Certificates then Outstanding, by such Percentage Interests represented by the Class ~~X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R~~ B Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, ~~marshalling~~ marshaling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 60 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, ~~marshalling~~ marshaling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable 105 insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing~~. The Depositor shall give to the Rating Agencies notice of the occurrence of any such event of which the Depositor is aware~~. (b) The Sponsor and the Trustee shall give notice to Xxxxx'x and S&P, to each other, to the Certificate Insurer and to each Owner if it becomes aware that an event described in subsection (a) has occurred and is continuing. (c) If any event described ~~an Paragraph~~ in paragraph (a) occurs and is continuing, then and in every such case (i) the ~~Depositor and~~ Sponsor or the ~~Owners of a majority~~ Certificate Insurer or (ii) with the written consent of the ~~Percentage Interests represented by~~ Certificate Insurer, the ~~Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or~~ Majority Owners, or, if there are no Class ~~X-IO~~ A Certificates then ~~Outstanding~~ Outstanding, by ~~such~~ a majority of the ~~Percentage Interests represented by the~~ Class ~~R Certificates~~B Certificates then Outstanding, may, whether or not the Trustee resigns pursuant to Section ~~10.09(b)~~ 10.9 hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor ~~Trustee~~ trustee pursuant to the terms of Section ~~10.09~~ 10.9 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Equivantage Acceptance Corp)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any ~~Distribution~~ Payment Date any amounts available for distribution that it has received in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Seller, the Certificate Insurer or by the Owners of at least 25% of the aggregate Percentage Interests in the Trust Estate represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no ~~Offered Certificates then Outstanding, by such Percentage Interests represented by the~~ Class ~~X-IO Certificates, or if there are no Class X-IO~~ A Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any 108 115 applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give to the Rating Agencies and the Certificate Insurer notice of the occurrence of any such event of which the Depositor is aware. (b) If any event described an in Paragraph (a) occurs and is continuing, then and in every such case (i) the Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer, the Depositor and the Owners of a majority of the Percentage Interests represented by the ~~Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the~~ Class ~~X-IO~~ A Certificates or if there are no Class ~~X-IO~~ A Certificates then ~~Outstanding~~ outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section 10.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof. (c) The Servicer shall not be liable for any costs relating to the removal of the Trustee or the appointment of a new Trustee.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Imc Home Equity Loan Trust 1997-7)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or 94 101 order of any court or any order, rule or regulation of any administrative or governmental body): (1i) the Trustee shall fail to distribute to the Owners entitled ~~hereto~~ thereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof; ~~(provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder);~~ or (2ii) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Sponsor, the Certificate Insurer or by the Owners of at least 25% of the aggregate Percentage Interests represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no Offered Certificates then Outstanding, by such Percentage Interests represented by the Class X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, Outstanding a written notice specifying such failure or breach and requiring it to be remedied; or (3iii) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4iv) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5v) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The ~~Depositor~~ Sponsor shall give to the Certificate Insurer and each Rating ~~Agencies~~ Agency notice of the occurrence of any such event of which the ~~Depositor~~ Sponsor is aware. (b) If any event described ~~an Paragraph~~ in paragraph (a) occurs and is continuing, then and in every such case (i) the ~~Depositor and~~ Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer (x) the Sponsor or (y) the Owners of a majority of the Percentage Interests represented by the ~~Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the~~ Class ~~X-IO Certificates or~~ A Certificates, or, if there are no Class ~~X-IO~~ A Certificates then Outstanding, by such Percentage Interest represented by any Class of Class R Certificates then Outstanding ~~by such majority of the Percentage Interests represented by the Class R Certificates,~~ may, whether 95 102 or not the Trustee resigns pursuant to Section ~~10.09(b)~~ 10.09 hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Advanta Mortgage Loan Trust 2000 2)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1i) the Trustee shall fail to distribute to the Owners entitled ~~hereto~~ thereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof; ~~(provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder);~~ or (2ii) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Sponsor, the Certificate Insurer or by the Owners of at least 25% of the aggregate Percentage Interests represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no Offered Certificates then Outstanding, by such Percentage Interests represented by the Class X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, Outstanding a written notice specifying such failure or breach and requiring it to be remedied; or or 96 103 (3iii) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give to the Rating Agencies notice of the occurrence of any such event of which the Depositor is aware. (b) If any event described an Paragraph (a) occurs and is continuing, then and in every such case the Depositor and the Owners of a majority of the Percentage Interests represented by the Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section 10.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Advanta Mortgage Loan Trust 1999-3)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1i) the Trustee shall fail to distribute to the Owners entitled ~~hereto~~ thereto on any Distribution Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof; ~~(provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder);~~ or (2ii) the Trustee shall cease to be eligible in accordance with Section 10.8 hereof or fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Unaffiliated Seller, the Certificate Insurer or by the Owners of at least 25% of the aggregate Percentage Interests represented by ~~the Offered Certificates then Outstanding~~any Class of Class A Certificates, or, if there are no ~~Offered~~ Class A Certificates then Outstanding, by such Percentage Interests represented by the Class ~~X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R~~ B Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3iii) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 60 days; or (4iv) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5v) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, 108 voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing~~. The Depositor shall give to the Rating Agencies notice of the occurrence of any such event of which the Depositor is aware~~. (b) The Unaffiliated Seller and the Trustee shall give notice to Xxxxx'x and S&P, to each other, to the Certificate Insurer and to each Owner if it becomes aware that an event described in subsection (a) has occurred and is continuing. (c) If any event described ~~an Paragraph~~ in paragraph (a) occurs and is continuing, then and in every such case (i) the ~~Depositor and~~ Certificate Insurer or (ii) with the ~~Owners of a majority~~ written consent of the ~~Percentage Interests represented by~~ Certificate Insurer, the ~~Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of~~ Unaffiliated Seller, the ~~Percentage Interests represented by the Class X-IO Certificates or~~ Majority Owners, or, if there are no Class ~~X-IO~~ A Certificates then ~~Outstanding~~ Outstanding, by ~~such~~ a majority of the ~~Percentage Interests represented by the~~ Class ~~R Certificates~~B Certificates then Outstanding, may, whether or not the Trustee resigns pursuant to Section ~~10.09(b)~~ 10.9 hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor ~~Trustee~~ trustee pursuant to the terms of Section ~~10.09~~ 10.9 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any ~~Distribution~~ Payment Date any amounts available for distribution that it has received in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Seller, the Certificate Insurer or by the Owners of at least 25% of the aggregate Percentage Interests in the Trust Estate represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no ~~Offered Certificates then Outstanding, by such Percentage Interests represented by the~~ Class ~~X-IO Certificates, or if there are no Class X-IO~~ A Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any 108 applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give to the Rating Agencies and the Certificate Insurer notice of the occurrence of any such event of which the Depositor is aware. (b) If any event described an in Paragraph (a) occurs and is continuing, then and in every such case (i) the Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer, the Depositor and the Owners of a majority of the Percentage Interests represented by the ~~Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the~~ Class ~~X-IO~~ A Certificates or if there are no Class ~~X-IO~~ A Certificates then ~~Outstanding~~ outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section 10.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof. (c) The Servicer shall not be liable for any costs relating to the removal of the Trustee or the appointment of a new Trustee.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Imc Home Equity Loan Trust 1998-3)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any Distribution Date any amounts available for distribution that it has received in accordance with the terms hereof; (~~provided~~PROVIDED, ~~however~~HOWEVER, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the Seller or by the Owners of at least 25% of the aggregate Percentage Interests represented by the Offered Certificates then Outstanding, or, if there are no Offered Certificates then Outstanding, by such Percentage Interests represented by the Class X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give to the Rating Agencies notice of the occurrence of any such event of which the Depositor is aware. (b) If any event described an Paragraph (a) occurs and is continuing, then and in every such case the Depositor and the Owners of a majority of the Percentage Interests represented by the Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section ~~10.09(b~~l0.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section ~~10.09~~ l0.09 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chec Funding LLC)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Sellers, the Certificate Insurer, or by the Owners of at least 25% of the aggregate Percentage Interests in the Trust Estate represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no ~~Offered Certificates then Outstanding, by such Percentage Interests represented by the~~ Class ~~X-IO Certificates, or if there are no Class X-IO~~ A Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give notice to the Certificate Insurer and the Rating Agencies ~~notice~~ of the occurrence of any such event of which the Depositor is aware. (b) If any event described ~~an Paragraph~~ in paragraph (a) occurs and is continuing, then and in every such case (i) the Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer, the Depositor and the Owners of a majority of the Percentage Interests represented by the ~~Offered~~ Class A Certificates ~~then Outstanding~~ or if there are no ~~Offered~~ Class A Certificates then ~~Outstanding~~ outstanding by such majority of the Percentage Interests represented by the ~~Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R~~ Subordinate Certificates, may, whether or not the Trustee resigns pursuant to Section 10.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof. (c) The Servicer shall not be liable for any costs relating to the removal of the Trustee or the appointment of a new Trustee.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Contisecurities Asset Funding Corp)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any Distribution Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall breach or fail in the performance ~~of, or breach,~~ of any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Seller, the Certificate Insurer, or by the Owners of at least 2525 % of the aggregate Percentage Interests in the Trust Estate represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no ~~Offered~~ Class A Certificates then Outstanding, by such Percentage Interests represented by each of the Class ~~X-IO Certificates, or if there are no Class X-IO~~ X Certificates ~~then Outstanding, by such Percentage Interests represented by~~ and the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give to the ~~Rating Agencies~~ Certificate Insurer, Moody's and Standard & Poor's notice of the occurrence of any such event of which the Depositor is aware. (b) If any event described ~~an Paragraph~~ in paragraph (a) occurs and is continuing, then and in every such case (i) the Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer, the Depositor and the Owners of a majority of the Percentage Interests represented by the ~~Offered~~ Class A Certificates ~~then Outstanding~~ or if there are no ~~Offered~~ Class A Certificates then ~~Outstanding~~ outstanding by such majority of the Percentage Interests represented by each of the Class ~~X-IO~~ X Certificates ~~or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by~~ and the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section 10.09(b) hereof~~, immediately~~, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof. (c) To the extent of any costs incurred in removing the Trustee which are not recovered from the former Trustee, such costs will be payable pursuant to Section 2.05 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Block Mortgage Finance Inc)

Removal of Trustee for Cause. (ai) ~~The Trustee may~~ Xxxxxx Xxx cannot be removed ~~pursuant~~ as Trustee with respect to ~~paragraph~~ a Trust. (bii) ~~hereof upon~~ If a Trustee other than Xxxxxx Mae is serving as the ~~occurrence of any of~~ Trustee, the following events ~~(whatever~~ are “Trustee Events of Default”: A. with respect to a Trust, failure on the ~~reason~~ part of the Trustee duly to observe or perform any other material covenant or agreement on the part of the Trustee set forth in the Q-Trust Documents, if such failure continues unremedied for a period of 60 days after the date on which written notice of such ~~event~~ failure and ~~whether it shall~~ a demand to remedy that failure is given to the Trustee by either Xxxxxx Xxx or the Q-R Interest Holder of the related Q-REMIC B. the Trustee ceases to be ~~voluntary~~ eligible in accordance with the provisions of Section 9.05 and fails to resign; C. the Trustee becomes substantially incapable of acting, or ~~involuntary or~~ has been determined to be ~~effected by operation of~~ unable under applicable law or ~~pursuant~~ regulation to ~~any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):~~ remain as Trustee by either (1) the ~~Trustee shall fail to distribute to the Owners entitled hereto on any Distribution Date any amounts available~~ governmental unit or regulatory entity that has primary supervisory authority for ~~distribution that~~ it has received in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the Seller or by the Owners of at least 25% of the aggregate Percentage Interests represented by the Offered Certificates then Outstanding, or, if there are no Offered Certificates then Outstanding, by such Percentage Interests represented by the Class X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; orcourt; ~~(3)~~ D. a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a ~~conservator or~~ conservator, receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, ~~shall have been~~ entered against the ~~Trustee,~~ Trustee and such decree or order ~~shall have remained~~ remains in force undischarged or unstayed for a period of 75 60 days~~; or~~; ~~(4)~~ E. the Trustee consents to the appointment of a ~~conservator or~~ conservator, receiver or liquidator ~~or sequestrator or custodian of the property of the Trustee is appointed~~ in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar ~~proceedings of or~~ proceeding relating to the Trustee or ~~relating~~ to all or substantially all of its property; or ~~(5)~~ F. the Trustee ~~shall become insolvent (however insolvency is evidenced), generally fail~~ admits in writing its inability to pay its debts generally as they ~~come~~ become due, ~~file or consent to the filing of~~ files a petition to ~~take advantage of~~ invoke any applicable insolvency or reorganization statute, ~~make~~ makes an assignment for the benefit of its creditors, or voluntarily ~~suspend~~ suspends payment of its obligations. If at any time a Trustee Event of Default has occurred and is continuing with respect to a Trust, ~~or take corporate action for~~ in addition to any rights of removal under Section 9.06(c), Xxxxxx Mae may, and if directed by the ~~purpose of any~~ Q-R Interest Holder of the foregoing. The Depositor shall give to the Rating Agencies notice of the occurrence of any such event of which the Depositor is aware. (b) If any event described an Paragraph (a) occurs and is continuingrelated Q-REMIC, then and in every such case the Depositor and the Owners of a majority of the Percentage Interests represented by the Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R Certificateswill, ~~may, whether or not~~ remove the Trustee ~~resigns pursuant~~ as to ~~Section 10.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee,~~ such Trust and ~~without delaying the 30 days required for notice therein,~~ appoint a successor Trustee ~~pursuant~~ by written instrument, one copy of which will be delivered to the ~~terms~~ Trustee so removed and one copy of ~~Section 10.09 hereof~~which will be delivered to the successor Trustee, and Xxxxxx Xxx will give written notice of the successor Trustee to the Q-REMIC Interest Holders affected by the succession. Notwithstanding the termination of the Trustee, its liability under the Q-Trust Documents arising prior to such termination will survive such termination.

Appears in 1 contract

Samples: Master Trust Agreement

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1i) the Trustee shall fail to distribute to the Owners entitled hereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for ~~removal~~ r emoval hereunder); or (2ii) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Sellers, the Certificate Insurer or by the Owners of at least 25% of the aggregate Percentage Interests in the Trust Estate represented by the Offered Certificates then Outstanding, or, if there are no Offered ~~Certificates then Outstanding, by such Percentage Interests represented by the Class X-IO Certificates, or if there are no Class X-IO~~ Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3iii) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, ~~marshalling~~ marshaling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4iv) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, ~~marshalling~~ marshaling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5v) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give notice to the Certificate Insurer and the Rating Agencies ~~notice~~ of the occurrence of any such event of which the Depositor is aware. (b) If any event described ~~an Paragraph~~ in paragraph (a) occurs and is continuing, then and in every such case (i) the Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer, the Depositor and the Owners of a majority of the Percentage Interests represented by the Offered Certificates ~~then Outstanding~~ or if there are no Offered Certificates then ~~Outstanding~~ outstanding by such majority of the Percentage Interests represented by the ~~Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R~~ Retained Certificates, may, whether or not the Trustee resigns pursuant to Section 10.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof. (c) The Servicer shall not be liable for any costs relating to the removal of the Trustee or the appointment of a new Trustee.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Contisecurities Asset Funding Corp)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Sellers, or by the Owners of at least 25% of the aggregate Percentage Interests in the Trust Estate represented by the Offered Certificates then Outstanding, or, if there are no Offered ~~Certificates then Outstanding, by such Percentage Interests represented by the Class X-IO Certificates, or if there are no Class X-IO~~ Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give notice to the Rating Agencies ~~notice~~ of the occurrence of any such event of which the Depositor is aware. (b) If any event described ~~an Paragraph~~ in paragraph (a) occurs and is continuing, then and in every such case the Depositor and the Owners of a majority of the Percentage Interests represented by the Offered Certificates ~~then Outstanding~~ or if there are no Offered Certificates then ~~Outstanding~~ outstanding by such majority of the Percentage Interests represented by the ~~Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R~~ Retained Certificates, may, whether or not the Trustee resigns pursuant to Section 10.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof. (c) The Servicer shall not be liable for any costs relating to the removal of the Trustee or the appointment of a new Trustee.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Contimortgage Home Equity Loan Trust 1997-1)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1i) the Trustee shall fail to distribute to the Owners entitled ~~hereto~~ thereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof; ~~(provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder);~~ or (2ii) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 109 116 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Sponsor, the Certificate Insurer or by the Owners of at least 25% of the aggregate Percentage Interests represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no Offered Certificates then Outstanding, by such Percentage Interests represented by the Class X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, Outstanding a written notice specifying such failure or breach and requiring it to be remedied; or (3iii) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4iv) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5v) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The ~~Depositor~~ Sponsor shall give to the Certificate Insurer and each Rating ~~Agencies~~ Agency notice of the occurrence of any such event of which the ~~Depositor~~ Sponsor is aware. (b) If any event described ~~an Paragraph~~ in paragraph (a) occurs and is continuing, then and in every such case (i) the ~~Depositor and~~ Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer (x) the Sponsor or (y) the Owners of a majority of the Percentage Interests represented by the ~~Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the~~ Class ~~X-IO Certificates or~~ A Certificates, or, if there are no Class ~~X-IO~~ A Certificates then Outstanding, by such Percentage Interest represented by any Class of Class R Certificates then Outstanding ~~by such majority of the Percentage Interests represented by the Class R Certificates,~~ may, whether or not the Trustee resigns pursuant to Section ~~10.09(b)~~ 10.09 hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Advanta Mortgage Loan Trust 2000-1)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1A) the Trustee shall fail to distribute to the Owners entitled ~~hereto~~ thereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof; ~~(provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder);~~ or (2B) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Sponsor, the Group I Insurer or by the Owners of at least 25% of the aggregate Percentage Interests represented by the Offered Certificates then Outstanding, or, if there are no Offered Certificates then Outstanding, by such Percentage Interests represented by ~~the~~ any Class ~~X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R~~ B-1 Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3C) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4D) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; ~~or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file~~ or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The ~~Depositor~~ Sponsor shall give to the Group I Insurer and each Rating ~~Agencies~~ Agency notice of the occurrence of any such event of which the ~~Depositor~~ Sponsor is aware. (b) If any event described an in Paragraph (a) occurs and is continuing, then and in every such case (i) the ~~Depositor and~~ Group I Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Group I Insurer (x) the Sponsor or (y) the Owners of a majority of the Percentage Interests represented by the Offered ~~Certificates then Outstanding or~~ Certificates, or, if there are no Offered Certificates then ~~Outstanding~~ Outstanding, by such ~~majority of the~~ Percentage ~~Interests~~ Interest represented by ~~the~~ any Class ~~X-IO Certificates or if there are no~~ of Class ~~X-IO~~ R Certificates then Outstanding ~~by such majority of the Percentage Interests represented by the Class R Certificates,~~ may, whether or not the Trustee resigns pursuant to Section ~~10.09(b)~~ 10.9 hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section ~~10.09~~ 10.9 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Advanta Mortgage Loan Trust 1998-1)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled ~~hereto~~ thereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof~~; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder)~~; or (2) the Trustee shall cease to be eligible in accordance with Section 10.8 hereof or fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Sponsor, the Certificate Insurer or by the Owners of at least 25% of the aggregate Percentage Interests represented by the ~~Offered Certificates then Outstanding~~Class A Certificates, or, if there are no ~~Offered~~ Class A Certificates then Outstanding, by such Percentage Interests represented by the Class ~~X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R~~ B Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 60 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing~~. The Depositor shall give to the Rating Agencies notice of the occurrence of any such event of which the Depositor is aware~~. (b) The Sponsor and the Trustee shall give notice to Xxxxx'x and S&P, to each other, to the Certificate Insurer and to each Owner if it becomes aware that an event described in subsection (a) has occurred and is continuing. (c) If any event described ~~an Paragraph~~ in paragraph (a) occurs and is continuing, then and in every such case (i) the ~~Depositor and~~ Sponsor or the ~~Owners of a majority~~ Certificate Insurer or (ii) with the written consent of the ~~Percentage Interests represented by~~ Certificate Insurer, the ~~Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or~~ Majority Owners, or, if there are no Class ~~X-IO~~ A Certificates then ~~Outstanding~~ Outstanding, by ~~such~~ a majority of the ~~Percentage Interests represented by the~~ Class ~~R Certificates~~B Certificates then Outstanding, may, whether or not the Trustee resigns pursuant to Section ~~10.09(b)~~ 10.9 hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor ~~Trustee~~ trustee pursuant to the terms of Section ~~10.09~~ 10.9 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Equivantage Acceptance Corp)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any ~~Distribution~~ Payment Date any amounts available for distribution that it has received in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Seller, the Certificate Insurer, or by the Owners of at least 25% of the aggregate Percentage Interests in the Trust Estate represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no ~~Offered Certificates then Outstanding, by such Percentage Interests represented by the~~ Class ~~X-IO Certificates, or if there are no Class X-IO~~ A Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give to the ~~Rating Agencies~~ Certificate Insurer, Moody's and Standard & Poor's notice of the occurrence of any such event of which the Depositor is aware.. 104 (b) If any event described an in Paragraph (a) occurs and is continuing, then and in every such case (i) the Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer, the Depositor and the Owners of a majority of the Percentage Interests represented by the ~~Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the~~ Class ~~X-IO~~ A Certificates or if there are no Class ~~X-IO~~ A Certificates then ~~Outstanding~~ outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section 10.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof. (c) The Servicer shall not be liable for any costs relating to the removal of the Trustee or the appointment of a new Trustee.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Imc Home Equity Loan Trust 1997-2)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to ~~paragraph~~ clause (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled ~~hereto~~ thereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof~~; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder)~~; or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement 114 or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the Seller or the Certificate Insurer or by the Owners of at least 25% of the aggregate Percentage ~~Interests~~ Interest represented by ~~the Offered Certificates then Outstanding~~any Class of Class A Certificates, or, if there are no ~~Offered~~ Class A Certificates then Outstanding, by such Percentage ~~Interests~~ Interest represented by ~~the~~ any Class ~~X-IO Certificates, or if there are no~~ of Class ~~X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R~~ B Certificates, a written notice specifying such failure or breach and requiring it to be ~~remedied~~remedied (unless the Trustee is aware of such breach as evidenced by notice from the Trustee pursuant to Section 9.2(b) in which case the 30 day cure period shall begin at the time such notice was given); or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 60 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing~~. The Depositor shall give to the Rating Agencies notice of the occurrence of any such event of which the Depositor is aware~~. (b) The Seller and the Trustee shall give notice to each other, to the Certificate Insurer, the Transferor and to each Owner if it becomes aware that an event described in Subsection (a) has occurred and is continuing. (c) If any event described ~~an Paragraph~~ in Subsection (a) occurs and is continuing, then and in every such case (x) the ~~Depositor and~~ Seller or the Certificate Insurer or (y) with the consent of the Certificate 115 Insurer, the Owners of a majority of the Percentage ~~Interests~~ Interest represented by ~~the Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority~~ any Class of ~~the Percentage Interests represented by the~~ Class ~~X-IO Certificates or~~ A Certificates, or, if there are no Class ~~X-IO~~ A Certificates then ~~Outstanding~~ Outstanding, by such ~~majority of the~~ Percentage ~~Interests~~ Interest represented by ~~the~~ any Class ~~R Certificates~~of Class B Certificates then Outstanding, may, whether or not the Trustee resigns pursuant to Section ~~10.09(b)~~ 9.9 hereof, immediately, concurrently with the giving of notice to the Trustee, ~~and without delaying the 30 days required for notice therein,~~ appoint a successor ~~Trustee~~ trustee pursuant to the terms of Section ~~10.09~~ 9.9 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Access Financial Lending Corp)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1A) the Trustee shall fail to distribute to the Owners entitled ~~hereto~~ thereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof; ~~(provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder);~~ or (2B) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Sponsor, the Insurer or by the Owners of at least 25% of the aggregate Percentage Interests represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no Offered Certificates then Outstanding, by such Percentage Interests represented by the Class X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, Outstanding a written notice specifying such failure or breach and requiring it to be remedied; or (3C) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or 116 121 similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4D) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5E) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The ~~Depositor~~ Sponsor shall give to the Insurer and each Rating ~~Agencies~~ Agency notice of the occurrence of any such event of which the ~~Depositor~~ Sponsor is aware. (b) If any event described an in Paragraph (a) occurs and is continuing, then and in every such case (i) the ~~Depositor and~~ Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Insurer (x) the Sponsor or (y) the Owners of a majority of the Percentage Interests represented by the ~~Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the~~ Class ~~X-IO Certificates or~~ A Certificates, or, if there are no Class ~~X-IO~~ A Certificates then Outstanding, by such Percentage Interest represented by any Class of Class R Certificates then Outstanding ~~by such majority of the Percentage Interests represented by the Class R Certificates,~~ may, whether or not the Trustee resigns pursuant to Section ~~10.09(b)~~ 10.9 hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section ~~10.09~~ 10.9 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Advanta Mortgage Loan Trust 1998-2)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any ~~Distribution~~ Payment Date any amounts available for distribution that it has received in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Seller, the Certificate Insurer, or by the Owners of at least 25% of the aggregate Percentage Interests in the Trust Estate represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no ~~Offered Certificates then Outstanding, by such Percentage Interests represented by the~~ Class ~~X-IO Certificates, or if there are no Class X-IO~~ A Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give to the ~~Rating Agencies~~ Certificate Insurer, Xxxxx'x and Standard & Poor's notice of the occurrence of any such event of which the Depositor is aware. (b) If any event described an in Paragraph (a) occurs and is continuing, then and in every such case (i) the Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer, the Depositor and the Owners of a majority of the Percentage Interests represented by the ~~Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the~~ Class ~~X-IO~~ A Certificates or if there are no Class ~~X-IO~~ A Certificates then ~~Outstanding~~ outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section 10.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof. (c) The Master Servicer shall not be liable for any costs relating to the removal of the Trustee or the appointment of a new Trustee.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (DLJ Mortgage Acceptance Corp)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any Distribution Date any amounts available for distribution that it has received in accordance with the terms hereof; (~~provided~~PROVIDED, ~~however~~HOWEVER, that any such failure which is due to 117 circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Seller, the Certificate Insurer, or by the Owners of at least 25% of the aggregate Percentage Interests represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no ~~Offered~~ Class A Certificates then Outstanding, by such Percentage Interests represented by the Class X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give to the Certificate Insurer and the Rating Agencies notice of the occurrence of any such event of which the Depositor is aware. (b) If any event described an Paragraph (a) occurs and is continuing, then and in every such case (i) the Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer, the Depositor and the Owners of a majority of the Percentage Interests represented by the ~~Offered~~ Class A Certificates then Outstanding or if there are no ~~Offered~~ Class A Certificates then Outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section ~~10.09(b~~l0.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section ~~10.09~~ l0.09 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Credit Corp Home Eq Ln Asset Backed Cert Ser 2000 B)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any Distribution Date any amounts available for distribution that it has received in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant 116 hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Seller, the Certificate Insurer, or by the Owners of at least 25% of the aggregate Percentage Interests represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no ~~Offered~~ Class A Certificates then Outstanding, by such Percentage Interests represented by the Class X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give to the Certificate Insurer and the Rating Agencies notice of the occurrence of any such event of which the Depositor is aware. (b) If any event described an Paragraph (a) occurs and is continuing, then and in every such case (i) the Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer, the Depositor and the Owners of a majority of the Percentage Interests represented by the ~~Offered~~ Class A Certificates then Outstanding or if there are no ~~Offered~~ Class A Certificates then Outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section 10.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Asset Backed Certs Series 2001 A)

Removal of Trustee for Cause. ~~(a)~~ The Trustee may be removed ~~pursuant to paragraph (b) hereof~~ upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1i) the Trustee shall fail to distribute to the ~~Owners~~ Certificateholders entitled hereto on any Distribution Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof; (~~provided~~PROVIDED, ~~however~~HOWEVER, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2ii) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the Seller or by the ~~Owners~~ Certificateholders of at least 25% of the aggregate Percentage Interests in the Trust Fund represented by the Offered Certificates then Outstanding, or, if there are no Offered Certificates then Outstanding, by such Percentage Interests represented by the ~~Class X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R~~ Residual Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3iii) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, ~~marshalling~~ marshaling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4iv) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, ~~marshalling~~ marshaling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property~~; or~~; (5v) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing~~. The Depositor shall give to the Rating Agencies notice of the occurrence of any such event of which the Depositor is aware.~~; or (bvi) If any event described an Paragraph (a) occurs and is continuing, then and in every such case the Depositor and the Owners of a majority of the Percentage Interests represented by the Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee ~~resigns pursuant~~ shall fail to ~~Section 10.09(b) hereof, immediately, concurrently~~ perform in accordance with the ~~giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms~~ requirements of Section ~~10.09 hereof~~10.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled ~~hereto~~ thereto on any Distribution Date ~~any~~ amounts 103 available for distribution ~~that it has received~~ in accordance with the terms hereof~~; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder)~~; or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Sponsor, the Certificate Insurer or by the Owners of at least 25% of the aggregate Percentage Interests represented by each Class of the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no ~~Offered~~ Class A Certificates then Outstanding, by such Percentage Interests represented by ~~the~~ any Class ~~X-IO Certificates, or if there are no~~ of Class ~~X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R~~ B Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 30 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The ~~Depositor~~ Sponsor shall give to the ~~Rating Agencies~~ Certificate Insurer, Moody's and Standard & Poor's notice of the occurrence of any such event of which the ~~Depositor~~ Sponsor is aware.. 104 (b) If any event described an in Paragraph (a) occurs and is continuing, then and in every such case (i) the ~~Depositor and~~ Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer (x) the Sponsor or (y) the Owners of a majority of the Percentage Interests represented by ~~the Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority~~ each Class of the ~~Percentage Interests represented by the~~ Class ~~X-IO Certificates or~~ A Certificates, or, if there are no Class ~~X-IO~~ A Certificates then Outstanding, by such Percentage Interest represented by any Class of Class B Certificates then Outstanding ~~by such majority of the Percentage Interests represented by the Class R Certificates,~~ may, whether or not the Trustee resigns pursuant to Section ~~10.09(b)~~ 10.9 hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section ~~10.09~~ 10.9 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Accredited Home Lenders Inc)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms ~~hereof;~~ hereof (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall 108 have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Seller, the Certificate Insurer, or by the Owners of at least 25% of the aggregate Percentage Interests in the Trust Estate represented by the ~~Offered~~ Class A Certificates or Reimbursement Amount then Outstanding, or, if there are no ~~Offered~~ Class A Certificates ~~then Outstanding, by such Percentage Interests represented by the Class X-IO Certificates,~~ or ~~if there are no Class X-IO Certificates~~ Reimbursement Amount then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 60 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property~~; or~~; (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing~~. The Depositor shall give to the Rating Agencies notice of the occurrence of any such event of which the Depositor is aware.~~; or (b6) If any event described an Paragraph (a) occurs and is continuing, then and in every such case the Depositor and the Owners of a majority of the Percentage Interests represented by the Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee ~~resigns pursuant~~ shall fail to meet the eligibility requirements set forth in Section 10.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof.10.08

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Armesco Residential Sec Corp Mort Loan Tr 1996-5)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Sellers, or by the Owners of at least 25% of the aggregate Percentage Interests in the Trust Estate represented by the Offered Certificates then Outstanding, or, if there are no Offered Certificates ~~then Outstanding, by such Percentage Interests represented by the Class X-IO Certificates, or if there are no Class X-IO Certificates~~ 110 then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give notice to the Rating Agencies ~~notice~~ of the occurrence of any such event of which the Depositor is aware. (b) If any event described ~~an Paragraph~~ in paragraph (a) occurs and is continuing, then and in every such case the Depositor and the Owners of a majority of the Percentage Interests represented by the Offered Certificates ~~then Outstanding~~ or if there are no Offered Certificates then ~~Outstanding~~ outstanding by such majority of the Percentage Interests represented by the ~~Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R~~ Retained Certificates, may, whether or not the Trustee resigns pursuant to Section 10.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof. (c) The Servicer shall not be liable for any costs relating to the removal of the Trustee or the appointment of a new Trustee.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Contimortgage Home Equity Loan Trust 1997-2)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):): 107 (1i) the Trustee shall fail to distribute to the Owners entitled hereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2ii) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Sellers, the Certificate Insurer or by the Owners of at least 25% of the aggregate Percentage Interests in the Trust Estate represented by the ~~Offered~~ Class A and Class B Certificates then Outstanding, or, if there are no ~~Offered Certificates then Outstanding, by such Percentage Interests represented by the~~ Class ~~X-IO Certificates, or if there are no~~ A and Class ~~X-IO~~ B Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3iii) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, ~~marshalling~~ marshaling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4iv) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, ~~marshalling~~ marshaling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5v) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give notice to the Certificate Insurer and the Rating Agencies ~~notice~~ of the occurrence of any such event of which the Depositor is aware. (b) If any event described ~~an Paragraph~~ in paragraph (a) occurs and is continuing, then and in every such case (i) the Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer, the Depositor and the Owners of a majority of the Percentage Interests represented by the ~~Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the~~ Class ~~X-IO~~ A and Class B Certificates or if there are no Class ~~X-IO~~ A and Class B Certificates then ~~Outstanding~~ outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section 10.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and 108 without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof. (c) The Servicer shall not be liable for any costs relating to the removal of the Trustee or the appointment of a new Trustee.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Contisecurities Asset Funding Corp)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled ~~hereto~~ thereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has~~ received by the Trustee in accordance with the terms hereof~~; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder)~~; or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Seller, the Certificate Insurer or by the Owners of at least 25% of the aggregate Percentage Interests represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no ~~Offered Certificates then Outstanding, by such Percentage Interests represented by the~~ Class ~~X-IO Certificates, or if there are no Class X-IO~~ A Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its ~~obligations,~~ obligations or take corporate action for the purpose of any of the foregoing. The ~~Depositor~~ Seller shall give to ~~the Rating Agencies~~ Moody's and Standard & Poor's notice of the occurrence of any such ~~event of which~~ evexx xx xhich the ~~Depositor~~ Seller is aware. (b) If any event described an in Paragraph (a) occurs and is continuing, then and in every such case (i) the ~~Depositor and~~ Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer (x) the Seller or (y) the Owners of a majority of the Percentage Interests represented by the ~~Offered~~ Class A Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section ~~10.09(b)~~ 10.9 hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section ~~10.09~~ 10.9 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (First Alliance Mortgage Loan Trust 1998-4)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):): 103 (1) the Trustee shall fail to distribute to the Owners entitled ~~hereto~~ thereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof~~; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder)~~; or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Sponsor, the Certificate Insurer or by the Owners of at least 25% of the aggregate Percentage Interests represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no ~~Offered~~ Class A Certificates then Outstanding, by such Percentage Interests represented by ~~the~~ any Class ~~X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R~~ B Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. 104 The ~~Depositor~~ Sponsor shall give to the ~~Rating Agencies~~ Certificate Insurer and Moody's and Standard & Poor's notice of the occurrence of any such event of which the ~~Depositor~~ Sponsor is aware. (b) If any event described an in Paragraph (a) occurs and is continuing, then and in every such case (i) the ~~Depositor and~~ Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer (x) the Sponsor or (y) the Owners of a majority of the Percentage Interests represented by the ~~Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the~~ Class ~~X-IO Certificates or~~ A Certificates, or, if there are no Class ~~X-IO~~ A Certificates then Outstanding, by such Percentage Interest represented by any Class of Class RS Certificates then Outstanding ~~by such majority of the Percentage Interests represented by the Class R Certificates,~~ may, whether or not the Trustee resigns pursuant to Section ~~10.09(b)~~ 10.9 hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section ~~10.09~~ 10.9 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Advanta Mortgage Loan Trust 1996-4)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1A) the Trustee shall fail to distribute to the Owners entitled ~~hereto~~ thereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof; ~~(provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder);~~ or (2B) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the 100 101 Trustee by the ~~Seller~~ Sponsor, the Certificate Insurer or by the Owners of at least 25% of the aggregate Percentage Interests represented by the ~~Offered~~ Class [A] Certificates then Outstanding, or, if there are no Offered Certificates then Outstanding, by such Percentage Interests represented by the Class X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, Outstanding a written notice specifying such failure or breach and requiring it to be remedied; or (3C) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4D) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5E) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The ~~Depositor~~ Sponsor shall give to the Certificate Insurer and each Rating ~~Agencies~~ Agency notice of the occurrence of any such event of which the ~~Depositor~~ Sponsor is aware. (b) If any event described an in Paragraph (a) occurs and is continuing, then and in every such case (i) the ~~Depositor and~~ Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer (x) the Sponsor or (y) the Owners of a majority of the Percentage Interests represented by the ~~Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the~~ Class ~~X-IO Certificates or~~ [A] Certificates, or, if there are no Class ~~X-IO~~ [A] Certificates then Outstanding, by such Percentage Interest represented by any Class of [Residual Class] Certificates then Outstanding ~~by such majority of the Percentage Interests represented by the Class R Certificates,~~ may, whether or not the Trustee resigns pursuant to Section ~~10.09(b)~~ 10.9 hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section ~~10.09~~ 10.9 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Advanta Conduit Receivables Inc)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled ~~hereto~~ thereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has~~ received by the Trustee in accordance with the terms hereof~~; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder)~~; or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Company, the Certificate Insurer or by the Owners of at least 25% of the aggregate Percentage Interests represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no ~~Offered Certificates then Outstanding, by such Percentage Interests represented by the~~ Class ~~X-IO Certificates, or if there are no Class X-IO~~ A Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its ~~obligations,~~ obligations or take corporate action for the purpose of any of the foregoing. The ~~Depositor~~ Company shall give to ~~the Rating Agencies~~ Moody's and Standard & Poor's notice of the occurrence of any such ~~event of which~~ evexx xx xhich the ~~Depositor~~ Company is aware. (b) If any event described an in Paragraph (a) occurs and is continuing, then and in every such case (i) the ~~Depositor and~~ Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer (x) the Company or (y) the Owners of a majority of the Percentage Interests represented by the ~~Offered~~ Class A Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section ~~10.09(b)~~ 10.9 hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section ~~10.09~~ 10.9 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (First Alliance Mortgage Co /De/)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the ~~Owners~~ Holders entitled ~~hereto~~ thereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof~~; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder)~~; or (2) the Trustee shall cease to be eligible in accordance with Section 10.8 hereof or fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any 109 material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Sponsor, the Certificate Insurer or by the ~~Owners~~ Holders of at least 25% of the aggregate Percentage Interests represented by the ~~Offered Certificates then Outstanding~~Class A Certificates, or, if there are no ~~Offered~~ Class A Certificates then Outstanding, by such Percentage Interests represented by the Class ~~X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R~~ B Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, ~~marshalling~~ marshaling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 60 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, ~~marshalling~~ marshaling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing~~. The Depositor shall give to the Rating Agencies notice of the occurrence of any such event of which the Depositor is aware~~. (b) The Sponsor and the Trustee shall give notice to Xxxxx'x and S&P, to each other, to the Certificate Insurer and to each Holder if it becomes aware that an event described in subsection (a) has occurred and is continuing. (c) If any event described ~~an Paragraph~~ in paragraph (a) occurs and is continuing, then and in every such case (i) the ~~Depositor and~~ Sponsor or the ~~Owners of a majority~~ Certificate Insurer or (ii) with the written consent of the ~~Percentage Interests represented by~~ Certificate Insurer, the ~~Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or~~ Majority Holders, or, if there are no Class ~~X-IO~~ A Certificates then ~~Outstanding~~ Outstanding, by ~~such~~ a majority of the ~~Percentage Interests represented by the~~ Class ~~R Certificates~~B Certificates then Outstanding, may, whether or not the Trustee resigns pursuant to Section ~~10.09(b)~~ 10.9 hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor ~~Trustee~~ trustee pursuant to the terms of Section ~~10.09~~ 10.9 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Equivantage Acceptance Corp)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled ~~hereto~~ thereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof~~; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder)~~; or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Sponsor, the Certificate Insurer or by the Owners of at least 25% of the aggregate Percentage Interests represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no ~~Offered~~ Class A Certificates then Outstanding, by such Percentage Interests represented by ~~the~~ any Class ~~X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R~~ B Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give to the Rating Agencies notice of the occurrence of any such event of which the Depositor is aware. (b) If any event described an Paragraph (a) occurs and is continuing, then and in every such case the Depositor and the Owners of a majority of the Percentage Interests represented by the Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section 10.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof.the

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Advanta Mortgage Loan Trust 1996-3)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1A) the Trustee shall fail to distribute to the Owners entitled ~~hereto~~ thereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof; ~~(provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder);~~ or (2B) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Sponsor, the Certificate Insurer or by the Owners of at least 25% of the aggregate Percentage Interests represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no Offered Certificates then Outstanding, by such Percentage Interests represented by the Class X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R Certificates, Outstanding a written notice specifying such failure or breach and requiring it to be remedied; or (3C) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4D) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5E) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The ~~Depositor~~ Sponsor shall give to the Certificate Insurer and each Rating ~~Agencies~~ Agency notice of the occurrence of any such event of which the ~~Depositor~~ Sponsor is aware.. 104 106 (b) If any event described an in Paragraph (a) occurs and is continuing, then and in every such case (i) the ~~Depositor and~~ Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer (x) the Sponsor or (y) the Owners of a majority of the Percentage Interests represented by the ~~Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the~~ Class ~~X-IO Certificates or~~ A Certificates, or, if there are no Class ~~X-IO~~ A Certificates then Outstanding, by such Percentage Interest represented by any Class of Class R Certificates then Outstanding ~~by such majority of the Percentage Interests represented by the Class R Certificates,~~ may, whether or not the Trustee resigns pursuant to Section ~~10.09(b)~~ 10.9 hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section ~~10.09~~ 10.9 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Advanta Mortgage Conduit Services Inc)

Removal of Trustee for Cause. ~~(a)~~ The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body~~): (1)~~ ): the Trustee shall fail to distribute to the Owners entitled hereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); ~~or (2)~~ or the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Sellers, the Certificate Insurer or by the Owners of at least 25% of the aggregate Percentage Interests in the Trust Estate represented by the Offered Certificates then Outstanding, or, if there are no Offered Certificates then Outstanding, by such Percentage Interests represented by the Class ~~X-IO Certificates, or if there are no Class X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R~~ C Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give to the Rating Agencies notice of the occurrence of any such event of which the Depositor is aware. (b) If any event described an Paragraph (a) occurs and is continuing, then and in every such case the Depositor and the Owners of a majority of the Percentage Interests represented by the Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority of the Percentage Interests represented by the Class X-IO Certificates or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section 10.09(b) hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Contisecurities Asset Funding Corp)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled hereto on any Distribution Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms ~~hereof;~~ hereof (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder); or (2) the Trustee shall breach or fail in the performance ~~of, or breach,~~ of any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the ~~Seller~~ Seller, the Certificate Insurer, or by the Owners of at least 2525 % of the aggregate Percentage Interests in the Trust Estate represented by the ~~Offered~~ Class A Certificates then Outstanding, or, if there are no ~~Offered~~ Class A Certificates then Outstanding, by such Percentage Interests represented by each of the Class ~~X-IO Certificates, or if there are no Class X-IO~~ X Certificates ~~then Outstanding, by such Percentage Interests represented by~~ and the Class R Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 75 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. The Depositor shall give to the ~~Rating Agencies~~ Certificate Insurer, Xxxxx'x and Standard & Poor's notice of the occurrence of any such event of which the Depositor is aware. (b) If any event described ~~an Paragraph~~ in paragraph (a) occurs and is continuing, then and in every such case (i) the Certificate Insurer or (ii) with the prior written consent (which shall not be unreasonably withheld) of the Certificate Insurer, the Depositor and the Owners of a majority of the Percentage Interests represented by the ~~Offered~~ Class A Certificates ~~then Outstanding~~ or if there are no ~~Offered~~ Class A Certificates then ~~Outstanding~~ outstanding by such majority of the Percentage Interests represented by each of the Class ~~X-IO~~ X Certificates ~~or if there are no Class X-IO Certificates then Outstanding by such majority of the Percentage Interests represented by~~ and the Class R Certificates, may, whether or not the Trustee resigns pursuant to Section 10.09(b) hereof~~, immediately~~, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor Trustee pursuant to the terms of Section 10.09 hereof. (c) To the extent of any costs incurred in removing the Trustee which are not recovered from the former Trustee, such costs will be payable pursuant to Section 10.07 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Morgan Stanley Abs Capital I Inc)

Removal of Trustee for Cause. (a) The Trustee may be removed pursuant to ~~paragraph~~ clause (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled ~~hereto~~ thereto on any ~~Distribution~~ Payment Date ~~any~~ amounts available for distribution ~~that it has received~~ in accordance with the terms hereof~~; (provided, however, that any such failure which is due to circumstances beyond the control of the Trustee shall not be a cause for removal hereunder)~~; or (2) the Trustee shall fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the Seller or the Certificate Insurer or by the Owners of at least 25% of the aggregate Percentage ~~Interests~~ Interest represented by ~~the Offered Certificates then Outstanding~~any Class of Class A Certificates, or, if there are no ~~Offered~~ Class A Certificates then Outstanding, by such Percentage ~~Interests~~ Interest represented by ~~the~~ any Class ~~X-IO Certificates, or if there are no~~ of Class ~~X-IO Certificates then Outstanding, by such Percentage Interests represented by the Class R~~ B Certificates, a written notice specifying such failure or breach and requiring it to be ~~remedied~~remedied (unless the Trustee is aware of such breach as evidenced by notice from the Trustee pursuant to Section 9.2(b) in which case the 30 day cure period shall begin at the time such notice was given); or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have 105 remained in force undischarged or unstayed for a period of 75 60 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing~~. The Depositor shall give to the Rating Agencies notice of the occurrence of any such event of which the Depositor is aware~~. (b) The Seller and the Trustee shall give notice to each other, to the Certificate Insurer, the Transferor and to each Owner if it becomes aware that an event described in Subsection (a) has occurred and is continuing. (c) If any event described ~~an Paragraph~~ in Subsection (a) occurs and is continuing, then and in every such case (x) the ~~Depositor and~~ Seller or the Certificate Insurer or (y) with the consent of the Certificate Insurer, the Owners of a majority of the Percentage ~~Interests~~ Interest represented by ~~the Offered Certificates then Outstanding or if there are no Offered Certificates then Outstanding by such majority~~ any Class of ~~the Percentage Interests represented by the~~ Class ~~X-IO Certificates or~~ A Certificates, or, if there are no Class ~~X-IO~~ A Certificates then ~~Outstanding~~ Outstanding, by such ~~majority of the~~ Percentage ~~Interests~~ Interest represented by ~~the~~ any Class ~~R Certificates~~of Class B Certificates then Outstanding, may, whether or not the Trustee resigns pursuant to Section ~~10.09(b)~~ 9.9 hereof, immediately, concurrently with the giving of notice to the Trustee, ~~and without delaying the 30 days required for notice therein,~~ appoint a successor ~~Trustee~~ trustee pursuant to the terms of Section ~~10.09~~ 9.9 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Access Financial Lending Corp)

Common use of Removal of Trustee for Cause Clause in Contracts