Common use of RESIGNATION AND REMOVAL OF THE GRANTOR TRUSTEE Clause in Contracts

RESIGNATION AND REMOVAL OF THE GRANTOR TRUSTEE. (a) Subject to the terms of this Agreement, the Grantor Trustee may at any time resign and be discharged from the Trust hereby created by giving written notice thereof to the Depositor, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Grantor Trustee, by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning Grantor Trustee and the successor Grantor Trustee. If no successor Grantor Trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Grantor Trustee may assign its duties and obligations hereunder to a Person who satisfies the requirements of Section 7.06 or may petition any court of competent jurisdiction for the appointment of a successor Grantor Trustee. The Grantor Trustee may resign hereunder unless it shall also resign as Underlying Trustee under the Underlying Pooling and Servicing Agreement.

RESIGNATION AND REMOVAL OF THE GRANTOR TRUSTEE. (a) Subject to the terms of this Agreement, the Grantor Trustee may at any time resign and be discharged from the Trust hereby created by giving written notice thereof to the DepositorDepositor and the Swap Counterparty, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Grantor Trustee, by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning Grantor Trustee and the successor Grantor Trustee. If no successor Grantor Trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Grantor Trustee may assign its duties and obligations hereunder to a Person who satisfies the requirements of Section 7.06 or may petition any court of competent jurisdiction for the appointment of a successor Grantor Trustee. The Grantor Trustee may resign hereunder unless it shall also resign as Underlying Trustee under the Underlying Pooling and Servicing Agreement.