Replacement of Collection Account Bank. (i) No resignation or removal of the Collection Account Bank and no appointment of a successor Collection Account Bank shall become effective until the acceptance of appointment by the successor Collection Account Bank pursuant to this Section 16(e)(i). The Collection Account Bank may resign at any time by so notifying Lender and Borrower. Lender may remove the Collection Account Bank by so notifying the Collection Account Bank and may appoint a successor Collection Account Bank. If the Collection Account Bank resigns or is removed or if a vacancy exists in the office of Collection Account Bank for any reason (the Collection Account Bank in such event being referred to herein as the retiring Collection Account Bank), Lender shall promptly appoint a successor Collection Account Bank.
Replacement of Collection Account Bank. So long as no Default or Event of Default shall have occurred and be continuing, Borrower shall have the right at any time to designate a successor Collection Account Bank to hold one or more of the Collection Account or the Security Deposit Account upon thirty (30) days prior written notice to Lender, and Lender's reasonable approval of the successor. No such designation shall become effective until each of Borrower and the successor collection account bank has delivered to Lender an executed collection account agreement substantially equivalent to the existing Collection Account Agreement and financing statements as may be necessary or appropriate have been prepared, executed and delivered to a filing agency.
Replacement of Collection Account Bank. (a) The Servicer shall monitor the Collection Account Bank for any of the events listed in Article 5.1 of the Collection Account Bank Agreement and confirms that if any such events occur, the Servicer shall, as directed by the Issuer or, following the service of a Note Acceleration Notice, the Security Trustee, terminate the appointment of the Collection Account Bank in accordance with Article 5 of the Collection Account Bank Agreement and assist the Issuer in opening one or more replacement accounts in the name of the Issuer in accordance with the terms of Article 5 of the Collection Account Bank Agreement as soon as reasonably practicable and in any event within 30 calendar days.
Replacement of Collection Account Bank. If an Insolvency Event occurs with respect to the Collection Account Bank, the Mortgage Administrator shall immediately notify the Issuer and the Trustee of such occurrence and use commercially reasonable endeavours to either: (i) find a replacement collection account bank with at least the Required Rating; or (ii) to the extent possible, use reasonable endeavours to take such other remedial measures as may be required by the relevant criteria of the Rating Agencies at such time, in each case and in any event within thirty (30) Business Days of the occurrence of such Insolvency Event.
