Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust hereby created by giving written notice thereof to the Depositor, the Seller, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning trustee or securities administrator, as applicable, and the successor trustee or securities administrator, as applicable. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator may petition any court of competent jurisdiction for the appointment of a successor trustee or securities administrator. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof and shall fail to resign after written request thereto by the Depositor, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copies, a copy of which instrument shall be delivered to the Trustee, the Securities Administrator, each Master Servicer and the successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trustee. Any resignation or removal of the Trustee or Securities Administrator and appointment of a successor trustee or securities administrator pursuant to any of the provisions of this Section 10.08 shall become effective upon acceptance of appointment by the successor trustee or securities administrator as provided in Section 10.09 hereof.
Appears in 26 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Ac5), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Ac4), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Ac7)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 thirty (30) days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.06 of this Agreement and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicablethe Trustee, the Securities Administrator and the Master Servicer by the Depositor. The Holders evidencing of Certificates entitled to at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Trustee or successor trusteeDepositor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof9.08. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 18 contracts
Samples: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Fm2), Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Cw1), Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-He4)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.06 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicablethe Trustee, the Securities Administrator and the Master Servicer by the Depositor. The Holders evidencing of Certificates entitled to at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Trustee or successor trusteeDepositor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof8.08. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 18 contracts
Samples: Pooling and Servicing Agreement (SG Mortgage Securities Trust 2006-Opt2), Pooling and Servicing Agreement (SG Mortgage Securities Trust 2005-Opt1), Pooling and Servicing Agreement (ACE Securities Corp Home Equity Loan Trust 2005-Rm2)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 8.6 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator, as applicable. The Holders evidencing at least of Certificates evidencing, in aggregate, not less than 51% of the Voting Rights Certificate Principal Balance of each Class of the Certificates may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Depositor. All costs and expenses incurred by the Trustee or successor trusteein connection with its removal without cause hereunder shall be reimbursed to it by the Trust Fund. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof8.8. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 17 contracts
Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Ar3), Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Oa1), Pooling and Servicing Agreement (Deutsche Alt-a Securities Inc)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 thirty (30) days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.06 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicablethe Trustee, the Securities Administrator and the Master Servicer by the Depositor. The Holders evidencing of Certificates entitled to at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Trustee or successor trusteeDepositor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof9.08. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 14 contracts
Samples: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Asap3), Pooling and Servicing Agreement (ACE Securities Corp Home Equity Loan Trust 2005-He5), Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Asap4)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, without limitation, and in the case of the Securities Administrator, in connection with upon the resignation or termination removal of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 thirty (30) days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or successor securities administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.06 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicablethe Trustee, the Securities Administrator and the Master Servicer by the Depositor. The Holders evidencing of Certificates entitled to at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Trustee or successor trusteeDepositor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof9.08. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 11 contracts
Samples: Pooling and Servicing Agreement (Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-He1), Pooling and Servicing Agreement (Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-Fm2), Pooling and Servicing Agreement (Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-He2)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust hereby created by giving written notice thereof to the Depositor, the Seller, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning trustee or securities administrator, as applicable, and the successor trustee or securities administrator, as applicable. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator may petition any court of competent jurisdiction for the appointment of a successor trustee or securities administrator. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 9.06 hereof and shall fail to resign after written request thereto by the Depositor, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer Servicers may remove the Trustee or the Securities Administrator, as applicable, and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copies, a copy of which instrument shall be delivered to the Trustee, the Securities Administrator, each the Master Servicer and the successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trustee. In the event that the fee payable to a successor Trustee exceeds the Trustee Fee, any such excess shall be an obligation of the Trust. Any resignation or removal of the Trustee or Securities Administrator and appointment of a successor trustee or securities administrator pursuant to any of the provisions of this Section 10.08 9.08 shall become effective upon acceptance of appointment by the successor trustee or securities administrator as provided in Section 10.09 9.09 hereof.
Appears in 9 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Trust 2003-Sd2), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Trust 2004-Sd2), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Trust 2003-Sd1)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, without limitation, and in the case of the Securities Administrator, in connection with upon the resignation or termination removal of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 thirty (30) days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or successor securities administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.06 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicablethe Trustee, the Securities Administrator and the Master Servicer by the Depositor. The Holders evidencing of Certificates entitled to at least fifty-one percent (51% %) of the Voting Rights of each Class of Certificates may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Trustee or successor trusteeDepositor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof9.08. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 8 contracts
Samples: Pooling and Servicing Agreement (Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2006-Af1), Pooling and Servicing Agreement (Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2006-Ar2), Pooling and Servicing Agreement (Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2006-Ar3)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 8.6 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicablethe Trustee, the Securities Administrator and the Master Servicer by the Depositor. The Holders evidencing at least of Certificates evidencing, in aggregate, not less than 51% of the Voting Rights Certificate Principal Balance of each Class of Certificates the Certificates, may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Depositor. All costs and expenses incurred by the Trustee or successor trusteein connection with its removal without cause hereunder shall be reimbursed to it by the Trust Fund. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof8.8. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities, Inc. Mortgage Loan Trust, Series 2005-Ar1), Pooling and Servicing Agreement (Deutsche Alt-a Securities, Inc. Mortgage Loan Trust, Series 2005-3), Pooling and Servicing Agreement (Deutsche Alt-a Securities, Inc. Mortgage Loan Trust, Series 2005-Ar2)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.6 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator, as applicable. The Holders evidencing at least of Certificates evidencing, in aggregate, not less than 51% of the Voting Rights Certificate Principal Balance of each Class of the Certificates may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Depositor. All costs and expenses incurred by the Trustee or successor trusteein connection with its removal without cause hereunder shall be reimbursed to it by the Trust Fund. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof9.8. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Ar5), Pooling and Servicing Agreement (PHH Alternative Mortgage Trust, Series 2007-2), Pooling and Servicing Agreement (PHH Alternative Mortgage Trust, Series 2007-3)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, the SellerMaster Servicer, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) ), the Certificateholders and the Master ServicerNIMS Insurer, with a copy to the Rating Agenciesif any. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administratoradministrator acceptable to the NIMS Insurer, as applicableif any, by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator, the Master Servicer and the successor trustee or securities administratorNIMS Insurer, as applicableif any, by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 8.6 and shall fail to resign after written request thereto therefor by the NIMS Insurer, if any, or the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to then the Trust Fund by any state in which the Trustee NIMS Insurer, if any, or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, acceptable to the NIMS Insurer, if any, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator, as applicable. The Holders evidencing at least of Certificates evidencing, in aggregate, not less than 51% of the Voting Rights Certificate Principal Balance of each Class of the Certificates or the NIMS Insurer, if any, may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Depositor. All costs and expenses incurred by the Trustee or successor trusteein connection with its removal without cause hereunder shall be reimbursed to it by the Trust Fund. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof8.8. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Oa4 /DE), Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Oa3 /DE), Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-3)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 thirty (30) days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 8.6 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicablethe Trustee, the Securities Administrator and the Master Servicer by the Depositor. The Holders evidencing at least of Certificates evidencing, in aggregate, not less than 51% of the Voting Rights Certificate Principal Balance of each Class of Certificates the Certificates, may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Depositor. All costs and expenses incurred by the Trustee or successor trusteein connection with its removal without cause hereunder shall be reimbursed to it by the Trust Fund. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof8.8. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities Inc), Pooling and Servicing Agreement (Deutsche Alt-a Securities, Inc. Mortgage Loan Trust, Series 2005-4), Pooling and Servicing Agreement (Deutsche Mortgage Securities Inc)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust hereby created by giving written notice thereof to the Depositor, the SellerSwap Provider, the Sponsor, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the each Rating AgenciesAgency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, (and in the case of the Securities Administrator’s removal, the Trustee may appoint a successor securities administrator) by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning trustee or securities administrator, as applicable, and the successor trustee or securities administrator, as applicable. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator may petition any court of competent jurisdiction for the appointment of a successor trustee or securities administrator. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof and shall fail to resign after written request thereto by the Depositor, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable applicable, fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities AdministratorAdministrator , as applicable, (and in the case of the Securities Administrator’s ineligibility, the Trustee may appoint a successor securities administrator) and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copies, a copy of which instrument shall be delivered to the Trustee, the Securities Administrator, each the Master Servicer and the successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trusteerelated successor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or securities administrator pursuant to any of the provisions of this Section 10.08 shall become effective upon acceptance of appointment by the successor trustee or securities administrator as provided in Section 10.09 hereofhereof and upon acceptance of appointment by a successor derivative administrator under the Derivative Administration Agreement.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-He4), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Im1), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Im1)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 8.06 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicablethe Trustee, the Securities Administrator and the Master Servicer by the Depositor. The Holders evidencing of Certificates entitled to at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Trustee or successor trusteeDepositor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof8.08. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities Inc), Pooling and Servicing Agreement (Ace Securities Corp), Pooling and Servicing Agreement (Nomura Asset Acceptance Corp)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust hereby created by giving written notice thereof to the Depositor, the SellerSellers, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the each Rating AgenciesAgency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning trustee or securities administrator, as applicable, and the successor trustee or securities administrator, as applicable. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator may petition any court of competent jurisdiction for the appointment of a successor trustee or securities administrator. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof and shall fail to resign after written request thereto by the Depositor, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable applicable, fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copies, a copy of which instrument shall be delivered to the Trustee, the Securities Administrator, each the Master Servicer and the successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trusteerelated successor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or securities administrator pursuant to any of the provisions of this Section 10.08 shall become effective upon acceptance of appointment by the successor trustee or securities administrator as provided in Section 10.09 hereof.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (Saco I Trust 2005-8), Pooling and Servicing Agreement (Mortgage-Backed Certificates, Series 2005-7), Pooling and Servicing Agreement (Mortgage-Backed Certificates, Series 2005-7)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities AdministratorAdministrator being affiliated with the Master Servicer, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust hereby created by giving written notice thereof to the Depositor, the Swap Provider, the Seller, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the each Rating AgenciesAgency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, (and in the case of the Securities Administrator’s removal, the Trustee may appoint a successor securities administrator) by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning trustee or securities administrator, as applicable, and the successor trustee or securities administrator, as applicable. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator may petition any court of competent jurisdiction for the appointment of a successor trustee or securities administrator. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof and shall fail to resign after written request thereto by the Depositor, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable applicable, fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities AdministratorAdministrator , as applicable, (and in the case of the Securities Administrator’s ineligibility, the Trustee may appoint a successor securities administrator) and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copies, a copy of which instrument shall be delivered to the Trustee, the Securities Administrator, each the Master Servicer and the successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trusteerelated successor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or securities administrator pursuant to any of the provisions of this Section 10.08 shall become effective upon acceptance of appointment by the successor trustee or securities administrator as provided in Section 10.09 hereof.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (SACO I Trust 2007-1), Pooling and Servicing Agreement (SACO I Trust 2007-2), Pooling and Servicing Agreement (SACO I Trust 2006-10)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 8.6 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicablethe Trustee, the Securities Administrator and the Master Servicer by the Depositor. The Holders evidencing at least of Certificates evidencing, in aggregate, not less than 51% of the Voting Rights of each Class of Certificates Trust Fund may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Depositor. All costs and expenses incurred by the Trustee or successor trusteein connection with its removal without cause hereunder shall be reimbursed to it by the Trust Fund. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof8.8. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities Inc), Pooling and Servicing Agreement (Deutsche Alt-a Securities Inc Mort Loan Trust Series 2003-3), Pooling and Servicing Agreement (Deutsche Mortgage Securities Inc Mort Loan Trust Ser 2002 1)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust hereby created by giving written notice thereof to the Depositor, the SellerSponsor, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning trustee or securities administrator, as applicable, and the successor trustee or securities administrator, as applicable. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator may petition any court of competent jurisdiction for the appointment of a successor trustee or securities administrator. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof and shall fail to resign after written request thereto by the Depositor, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copies, a copy of which instrument shall be delivered to the Trustee, the Securities Administrator, each Master Servicer and the successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trustee. Any resignation or removal of the Trustee or Securities Administrator and appointment of a successor trustee or securities administrator pursuant to any of the provisions of this Section 10.08 shall become effective upon acceptance of appointment by the successor trustee or securities administrator as provided in Section 10.09 hereof.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Ac3), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Ac3), Pooling and Servicing Agreement (Suntrust Alternative Loan Trust, Series 2006-if Mortgage Pass-Through Certificates, Series 2006-1f)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust hereby created by giving written notice thereof to the Depositor, the Seller, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the each Master Servicer, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning trustee or securities administrator, as applicable, and the successor trustee or securities administrator, as applicable. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator may petition any court of competent jurisdiction for the appointment of a successor trustee or securities administrator. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 9.06 hereof and shall fail to resign after written request thereto by the Depositor, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer Servicers may remove the Trustee or the Securities Administrator, as applicable, and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copies, a copy of which instrument shall be delivered to the Trustee, the Securities Administrator, each Master Servicer and the successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the each Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trustee. Any resignation or removal of the Trustee or Securities Administrator and appointment of a successor trustee or securities administrator pursuant to any of the provisions of this Section 10.08 9.08 shall become effective upon acceptance of appointment by the successor trustee or securities administrator as provided in Section 10.09 9.09 hereof.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer), with a copy to the Rating AgenciesCertificateholders and to the Certificate Insurer. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Certificate Insurer, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 8.6 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator, as applicable. The Holders evidencing at least of Certificates evidencing, in aggregate, not less than 51% of the Voting Rights Certificate Principal Balance of each Class of the Certificates may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Certificate Insurer, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Depositor. All costs and expenses incurred by the Trustee or successor trusteein connection with its removal without cause hereunder shall be reimbursed to it by the Trust Fund. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof8.8. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Deutsche Alt-B Securities Mortgage Loan Trust, Series 2006-Ab1), Pooling and Servicing Agreement (Deutsche Alt-B Securities, Inc. Mortgage Loan Trust, Series 2006-Ab2), Pooling and Servicing Agreement (Deutsche Mortgage Securities Inc. Mortgage Loan Trust 2004-5)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 thirty (30) days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.06 of this Agreement and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicablethe Trustee, the Securities Administrator and the Master Servicer by the Depositor. The Holders evidencing of Certificates entitled to at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Trustee or successor trusteeDepositor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof9.08. Any Person appointed as successor trustee pursuant to Section 9.07 shall also be required to serve as successor supplemental interest trust trustee. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2007-He2), Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2007-Asap1), Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2007-He1)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust hereby created by giving written notice thereof to the Depositor, the Seller, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning trustee or securities administrator, as applicable, and the successor trustee or securities administrator, as applicable. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator may petition any court of competent jurisdiction for the appointment of a successor trustee or securities administrator. If at any time (i) the Trustee or the Trustee, Securities Administrator or Paying Agent shall cease to be eligible in accordance with the provisions of Section 10.06 9.06 hereof and shall fail to resign after written request thereto by the Depositor, (ii) the Trustee or the Trustee, Securities Administrator or Paying Agent shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Trustee, Securities Administrator or Paying Agent or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or Trustee, the Securities Administrator or Paying Agent or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer Servicers may remove the Trustee Trustee, Securities Administrator or the Securities AdministratorPaying Agent, as applicable, and appoint a successor trustee trustee, successor securities administrator or successor securities administratorpaying agent, as applicable, by written instrument, in multiple copies, a copy of which instrument shall be delivered to the Trustee, the Securities Administrator, each the Master Servicer Servicer, the Paying Agent and the successor trustee ,successor securities administrator or successor securities administratorpaying agent, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or Trustee, Securities Administrator or Paying Agent and appoint a successor trustee or trustee, securities administrator or paying agent by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or Trustee, Securities Administrator or Paying Agent so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Trustee, Securities Administrator or Paying Agent shall be given to each Rating Agency by the Trustee or successor trustee. In the event that the fee payable to a successor Trustee exceeds the Trustee Fee, any such excess shall be an obligation of the Trust. Any resignation or removal of the Trustee or Trustee, Securities Administrator or Paying Agent and appointment of a successor trustee or securities administrator pursuant to any of the provisions of this Section 10.08 9.08 shall become effective upon acceptance of appointment by the successor trustee or securities administrator as provided in Section 10.09 9.09 hereof.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Bears Stearns Asset Backed Securities Trust 2005-Sd2), Pooling and Servicing Agreement (Bears Stearns Asset Backed Securities Trust 2005-Sd2), Pooling and Servicing Agreement (Bears Stearns Asset Backed Securities Trust 2005-Sd2)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust hereby created by giving written notice thereof to the Depositor, the Seller, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning trustee or securities administrator, as applicable, and the successor trustee or securities administrator, as applicable. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator may petition any court of competent jurisdiction for the appointment of a successor trustee or securities administrator. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof and shall fail to resign after written request thereto by the Depositor, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copies, a copy of which instrument shall be delivered to the Trustee, the Securities Administrator, each Master Servicer and the successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trustee. Any resignation or removal of the Trustee or Securities Administrator and appointment of a successor trustee or securities administrator pursuant to any of the provisions of this Section 10.08 shall become effective upon acceptance of appointment by the successor trustee or securities administrator as provided in Section 10.09 hereof.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Ac1), Pooling and Servicing Agreement (Bear Stearns Asset Bk Sec Inc Series 2002-Ac5), Pooling and Servicing Agreement (Bear Stearns Asset Backed Certificates Series 2002-Ac4)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust hereby created by giving written notice thereof to the Depositor, the Seller, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning trustee or securities administrator, as applicable, and the successor trustee or securities administrator, as applicable. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator may petition any court of competent jurisdiction for the appointment of a successor trustee or securities administrator. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 9.06 hereof and shall fail to resign after written request thereto by the Depositor, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copies, a copy of which instrument shall be delivered to the Trustee, the Securities Administrator, each Master Servicer and the successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trustee. Any resignation or removal of the Trustee or Securities Administrator and appointment of a successor trustee or securities administrator pursuant to any of the provisions of this Section 10.08 9.08 shall become effective upon acceptance of appointment by the successor trustee or securities administrator as provided in Section 10.09 9.09 hereof.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust hereby created by giving written notice thereof to the Depositor, the SellerSwap Provider, the Sponsor, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the each Rating AgenciesAgency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, (and in the case of the Securities Administrator’s removal, the Trustee may appoint a successor securities administrator) by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning trustee or securities administrator, as applicable, and the successor trustee or securities administrator, as applicable. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator may petition any court of competent jurisdiction for the appointment of a successor trustee or securities administrator. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof and shall fail to resign after written request thereto by the Depositor, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable applicable, fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities AdministratorAdministrator , as applicable, (and in the case of the Securities Administrator’s ineligibility, the Trustee may appoint a successor securities administrator) and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copies, a copy of which instrument shall be delivered to the Trustee, the Securities Administrator, each the Master Servicer and the successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trusteerelated successor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or securities administrator pursuant to any of the provisions of this Section 10.08 shall become effective upon acceptance of appointment by the successor trustee or securities administrator as provided in Section 10.09 hereof.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement, Pooling and Servicing Agreement (SACO I Trust 2006-5), Pooling and Servicing Agreement (SACO I Trust 2006-5)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, without limitation in the case of the Securities Administrator, in connection with upon the resignation or termination removal of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 thirty (30) days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or successor securities administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.06 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicablethe Trustee, the Securities Administrator and the Master Servicer by the Depositor. The Holders evidencing of Certificates entitled to at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Trustee or successor trusteeDepositor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof9.08. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Nomura Asset Acceptance Corp. Alternate Loan Trust, Series 2005-Ap3), Pooling and Servicing Agreement (Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-Ap2), Pooling and Servicing Agreement (Nomura Asset Acceptance Corp)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust hereby created by giving written notice thereof to the Depositor, the Seller, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesAgencies and the Certificate Insurers. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning trustee or securities administrator, as applicable, and the successor trustee or securities administrator, as applicable. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator may petition any court of competent jurisdiction for the appointment of a successor trustee or securities administrator. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof and shall fail to resign after written request thereto by the Depositor, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copies, a copy of which instrument shall be delivered to the Trustee, the Securities Administrator, each Master Servicer and the successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates (with the prior written consent of the Certificate Insurers, which consents shall not be unreasonably withheld) may at any time remove the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency and the Certificate Insurers by the Trustee or successor trustee. Any resignation or removal of the Trustee or Securities Administrator and appointment of a successor trustee or securities administrator pursuant to any of the provisions of this Section 10.08 shall become effective upon acceptance of appointment by the successor trustee or securities administrator as provided in Section 10.09 hereof.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Ac6), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Ac5), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Ac5)
Resignation and Removal of Trustee and Securities Administrator. (a) The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, the Seller, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesServicer and the Trustee or Securities Administrator, as applicable. Upon receiving such notice of resignation, the Depositor shall will promptly appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, one copy to the successor trustee or the successor securities administrator, as applicable, and one copy to each of the successor trustee or securities administrator, as applicableMaster Servicer and the Servicer. If no successor trustee or successor securities administrator administrator, as applicable, shall have been so appointed and shall have accepted appointment within 30 thirty (30) days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as applicable, may petition any court of competent jurisdiction for the appointment of a successor trustee or successor securities administrator. , respectively.
(b) If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the Depositor, (ii) the Trustee or the Securities Administrator Administrator, as applicable, shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or Administrator, as applicable, of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator Administrator, as applicable, or of its either of their property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(Aiii) a tax is imposed or threatened with respect to the Trust Fund Issuing Entity by any state in which the Trustee or the Securities Administrator or the Trust Fund Issuing Entity held by the Trustee is located, or (Biv) the imposition continued use of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify Administrator would result in a downgrading of the Trust Fund against such taxrating by any Rating Agency of any Class of Certificates with a rating, then the Depositor or the Master Servicer may shall remove the Trustee or the Securities Administrator, as applicable, and the Depositor shall appoint a successor trustee or securities administrator, respectively, by written instrument, one copy of which instrument shall be delivered to the Trustee or the Securities Administrator so removed, one copy each to the successor trustee or successor securities administrator, as applicable, and one copy each to the Master Servicer and the Servicer.
(c) The Holders of more than 50% of the Class Principal Amount (or Percentage Interest) of each Class of Certificates may at any time upon thirty (30) days' written notice to the Trustee or the Securities Administrator, as applicable, and to the Depositor remove the Trustee or the Securities Administrator, respectively, by such written instrument, signed by such Holders or their attorney-in-fact duly authorized, one copy of which instrument shall be delivered to the Depositor and one copy to the Trustee or the Securities Administrator, as applicable; the Depositor shall thereupon appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copies, a copy of which instrument shall be delivered to the Trustee, the Securities Administrator, each Master Servicer and the successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trustee. accordance with this Section.
(d) Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator administrator, respectively, pursuant to any of the provisions of this Section 10.08 shall become effective upon acceptance of appointment by the successor trustee or the successor securities administrator administrator, as applicable, of appointment, as provided in Section 10.09 hereof6.07.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series MLCC 2007-2), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series MLCC 2007-3)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) ), the Group I Senior Certificate Insurer and the Master Servicer, with a copy to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, in each case acceptable to the Group I Senior Certificate Insurer by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator, the Group I Senior Certificate Insurer and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of such party, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.6 and shall fail to resign after written request thereto therefor by the DepositorDepositor with the prior written consent of the Group I Senior Certificate Insurer, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed then the Depositor may with respect to the Trust Fund by any state in which prior written consent of the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) Group I Senior Certificate Insurer remove the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, and appoint a successor trustee or successor securities administrator, as applicable, in each case acceptable to the Group I Senior Certificate Insurer by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator, as applicable. The Holders evidencing at least of Certificates evidencing, in aggregate, not less than 51% of the Voting Rights Certificate Principal Balance of each Class the Certificates may with the prior written consent of Certificates the Group I Senior Certificate Insurer, or the Group I Senior Certificate Insurer may at any time remove the Trustee or the Securities Administrator Administrator, and appoint a successor trustee or successor securities administrator administrator, in each case acceptable to the Group I Senior Certificate Insurer by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Depositor. All costs and expenses incurred by the Trustee or successor trusteein connection with its removal without cause hereunder shall be reimbursed to it by the Trust Fund. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof9.8. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Ar3), Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Ar3)
Resignation and Removal of Trustee and Securities Administrator. (a) The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, the Seller, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesCompany and the Trustee or Securities Administrator, as applicable. Upon receiving such notice of resignation, the Depositor shall will promptly appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, one copy to the successor trustee or the successor securities administrator, as applicable, and one copy to each of the successor trustee or securities administrator, as applicableMaster Servicer and Servicers. If no successor trustee or successor securities administrator administrator, as applicable, shall have been so appointed and shall have accepted appointment within 30 thirty (30) days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as applicable, may petition any court of competent jurisdiction for the appointment of a successor trustee or successor securities administrator. , respectively.
(b) If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the Depositor, (ii) the Trustee or the Securities Administrator Administrator, as applicable, shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or Administrator, as applicable, of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator Administrator, as applicable, or of its either of their property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(Aiii) a tax is imposed or threatened with respect to the Trust Fund Issuing Entity by any state in which the Trustee or the Securities Administrator or the Trust Fund Issuing Entity held by the Trustee is located, or (Biv) the imposition continued use of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify Administrator would result in a downgrading of the Trust Fund against such taxrating by any Rating Agency of any Class of Certificates with a rating, then the Depositor or the Master Servicer may shall remove the Trustee or the Securities Administrator, as applicable, and the Depositor shall appoint a successor trustee or securities administrator, respectively, by written instrument, one copy of which instrument shall be delivered to the Trustee or the Securities Administrator so removed, one copy each to the successor trustee or successor securities administrator, as applicable, and one copy each to the Master Servicer and Servicers.
(c) The Holders of more than 50% of the Class Principal Amount (or Percentage Interest) of each Class of Certificates may at any time upon thirty (30) days' written notice to the Trustee or the Securities Administrator, as applicable, and to the Depositor remove the Trustee or the Securities Administrator, respectively, by such written instrument, signed by such Holders or their attorney-in-fact duly authorized, one copy of which instrument shall be delivered to the Depositor and one copy to the Trustee or the Securities Administrator, as applicable; the Depositor shall thereupon appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copies, a copy of which instrument shall be delivered to the Trustee, the Securities Administrator, each Master Servicer and the successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trustee. accordance with this Section.
(d) Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator administrator, respectively, pursuant to any of the provisions of this Section 10.08 shall become effective upon acceptance of appointment by the successor trustee or the successor securities administrator administrator, as applicable, of appointment, as provided in Section 10.09 hereof6.07.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series MLCC 2006-2), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series MLCC 2006-3)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 8.6 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicablethe Trustee, the Securities Administrator and the Master Servicer by the Depositor. The Holders evidencing at least of Certificates evidencing, in aggregate, not less than 51% of the Voting Rights of each Class of Certificates Certificates, may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Depositor. All costs and expenses incurred by the Trustee or successor trusteein connection with its removal without cause hereunder shall be reimbursed to it by the Trust Fund. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof8.8. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Deutsche Mortgage Sec Inc Mort Loan Tr Ser 2004-1), Pooling and Servicing Agreement (Deutsche Mortgage Sec Inc Mort Loan Tr Ser 2004-1)
Resignation and Removal of Trustee and Securities Administrator. The (a) Each of the Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, other party and to the Seller, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) Depositor and the Master Servicer, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Depositor Seller shall promptly appoint a successor trustee or successor securities administrator, as applicable, that meets the requirements in Section 6.05, in each case, by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, one copy to the successor trustee or successor securities administrator, as applicable, and one copy to the successor trustee or securities administrator, as applicableMaster Servicer. If no successor trustee or successor securities administrator shall have been so appointed and shall have accepted appointment within 30 60 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator may petition any court of competent jurisdiction for the appointment of a successor. If no successor trustee securities administrator shall have been so appointed and shall have accepted appointment within 60 days after the giving of such notice of resignation, the Trustee shall become the successor securities administrator or, notwithstanding the above, the Trustee may, if it shall be unwilling so to act, or shall, if it is legally unable so to act, appoint a successor securities administratoradministrator meeting the requirements of Section 6.05 to assume all or any part of the responsibilities, duties or liabilities of the Securities Administrator hereunder; provided, that the Trustee shall obtain a letter from each Rating Agency that the rating provided by such Rating Agency, if any, on each of the Certificates will not be lowered as a result of the selection of the successor to the Securities Administrator and such successor securities administrator shall be reasonably acceptable to Xxxxxxxxx. Pending appointment by the Trustee of a successor to the Securities Administrator hereunder, the Trustee shall act in such capacity as hereinabove provided. In connection with such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments on the Mortgage Loans as it and such successor shall agree; provided, however, no such compensation shall be in excess of that permitted the Securities Administrator, except that Section 9.28 shall apply to the same extent it applies to a successor Master Servicer. Such successor shall undertake and assume the obligations of the Trustee to pay compensation to any third Person acting as an agent or independent contractor in the performance of the securities administrator responsibilities hereunder. If the Trustee shall succeed to any duties of the Securities Administrator respecting the Mortgage Loans as provided herein, it shall do so in a separate capacity and not in its capacity as Trustee. The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession.
(b) If at any time (i) either the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the DepositorSeller, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator such party or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(Aiii) a tax is imposed or threatened with respect to the Trust Fund by any state in which the Trustee or Trustee, the Securities Administrator or the Trust Fund is located, or (Biv) the imposition continued use of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify Administrator would result in a downgrading of the Trust Fund against such taxrating by the Rating Agencies of any Class of Certificates with a rating, then the Depositor or the Master Servicer may Seller shall remove the Trustee or the Securities Administrator, as applicable, and appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in multiple copies, a one copy of which instrument shall be delivered to the TrusteeTrustee or Securities Administrator so removed, one copy to the successor and one copy to the Master Servicer. To the extent a successor of either the Trustee or the Securities Administrator is not so appointed within 60 days, the Securities Administrator, procedure set forth in Section 6.06(a) shall be followed with respect to each Master Servicer and the successor trustee or successor securities administrator, as applicable. successor.
(c) The Holders evidencing at least 51of more than 50% of the Aggregate Voting Rights Interests of each Class of Certificates may at any time upon 30 days’ written notice to the Trustee, the Securities Administrator and the Depositor remove the Trustee or the Securities Administrator and appoint a successor trustee or securities administrator by such written instrument or instruments, in multiple copiesinstrument, signed by such Holders or their attorneysattorney-in-fact duly authorized, one complete set copy of which instruments instrument shall be delivered by to the successor trustee or successor securities administrator Depositor, one copy to each of the Master Servicer, the Trustee or Securities Administrator so removed and one copy to the Master Servicer; the Depositor shall thereupon use its best efforts to appoint a mutually acceptable successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trustee. in accordance with this Section.
(d) Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or securities administrator pursuant to any of the provisions of this Section 10.08 shall become effective upon acceptance of appointment by the successor trustee or securities administrator as provided in Section 10.09 hereof6.07. If Xxxxx Fargo Bank, N.A. resigns or is removed as Securities Administrator, it shall resign (or in the case of removal, be deemed removed) as Master Servicer.
Appears in 2 contracts
Samples: Trust Agreement (Thornburg Mortgage Securities Trust 2005-3), Trust Agreement (Thornburg Mortgage Securities Trust 2004-3)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or to the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. The Depositor shall deliver a copy of such instrument to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.06 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. The Depositor shall deliver a copy of such instrument to the Certificateholders, as applicablethe Trustee, the Securities Administrator and the Master Servicer. The Holders evidencing of Certificates entitled to at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their duly authorized attorneys-in-fact duly authorizedfact, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Trustee or successor trusteeDepositor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 9.07 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof9.08. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (People's Financial Realty Mortgage Securities 2006-1), Pooling and Servicing Agreement (Peoples Choice Home Loan Securities Corp)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.06 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicablethe Trustee, the Securities Administrator and the Master Servicer by the Depositor. The Holders evidencing of Certificates entitled to at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Trustee or successor trusteeDepositor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof9.08. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (ACE Securities Corp Series 2005 SD1), Pooling and Servicing Agreement (ACE Securities Corp Home Equity Loan Trust, Series 2005-Sn1)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 [________] ([__]) days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.06 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicablethe Trustee, the Securities Administrator and the Master Servicer by the Depositor. The Holders evidencing of Certificates entitled to at least 51[___]% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Trustee or successor trusteeDepositor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof9.08. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Ace Securities Corp), Pooling and Servicing Agreement (Ace Securities Corp)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 8.6 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator, as applicable. The Holders evidencing at least of Certificates evidencing, in aggregate, not less than 51% of the Voting Rights of each Class of Certificates Trust Fund may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Depositor. All costs and expenses incurred by the Trustee or successor trusteein connection with its removal without cause hereunder shall be reimbursed to it by the Trust Fund. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof8.8. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Deutsche Mort Sec Inc Mortgage Loan Trust Series 2004 2), Pooling and Servicing Agreement (Deutsche Mort Sec Inc Mortgage Loan Trust Series 2004 2)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, without limitation, and in the case of the Securities Administrator, in connection with upon the resignation or termination removal of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 thirty (30) days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or successor securities administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.06 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicablethe Trustee, the Securities Administrator and the Master Servicer by the Depositor. The Holders evidencing of Certificates entitled to at least fifty-one percent (51% %) of the Voting Rights of each Class of Certificates may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Trustee or successor trusteeDepositor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof9.08. Any Person appointed as successor trustee pursuant to this Section 9.07 shall also be required to serve as successor supplemental interest trust trustee hereunder and under the Swap Agreement. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2006-Ar4), Pooling and Servicing Agreement (Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-Af1)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust hereby created by giving written notice thereof to the Depositor, the Seller, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning trustee or securities administrator, as applicable, and the successor trustee or securities administrator, as applicable. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator may petition any court of competent jurisdiction for the appointment of a successor trustee or securities administrator. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 9.06 hereof and shall fail to resign after written request thereto by the Depositor, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer Servicers may remove the Trustee or the Securities Administrator, as applicable, and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copies, a copy of which instrument shall be delivered to the Trustee, the Securities Administrator, each the Master Servicer and the successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trustee. Any resignation or removal of the Trustee or Securities Administrator and appointment of a successor trustee or securities administrator pursuant to any of the provisions of this Section 10.08 9.08 shall become effective upon acceptance of appointment by the successor trustee or securities administrator as provided in Section 10.09 9.09 hereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 thirty (30) days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.06 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicablethe Trustee, the Securities Administrator and the Master Servicer by the Depositor. The Holders evidencing of Certificates entitled to at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Trustee or successor trusteeDepositor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof9.08. Any Person appointed as successor trustee pursuant to Section 9.07 shall also be required to serve as successor supplemental interest trust trustee. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2007-Wm2), Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2007-Sl1)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust hereby created by giving written notice thereof to the Depositor, the SellerSponsor, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesAgencies and the Insurer. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning trustee or securities administrator, as applicable, and the successor trustee or securities administrator, as applicable. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator may petition any court of competent jurisdiction for the appointment of a successor trustee or securities administrator. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof and shall fail to resign after written request thereto by the Depositor, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copies, a copy of which instrument shall be delivered to the Trustee, the Securities Administrator, each Master Servicer and the successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates (with the prior written consent of the Insurer, which consents shall not be unreasonably withheld) may at any time remove the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency and the Insurer by the Trustee or successor trustee. Any resignation or removal of the Trustee or Securities Administrator and appointment of a successor trustee or securities administrator pursuant to any of the provisions of this Section 10.08 shall become effective upon acceptance of appointment by the successor trustee or securities administrator as provided in Section 10.09 hereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Ac1), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Ac1)
Resignation and Removal of Trustee and Securities Administrator. The (a) Each of the Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the DepositorTrustee or the Securities Administrator, as applicable, the Seller, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) Depositor and the Master Servicer, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Depositor shall will promptly appoint a successor trustee or successor Securities Administrator, as applicable, by written instrument, one copy of which instrument shall be delivered to the resigning Trustee or resigning Securities Administrator, as applicable, one copy to the successor trustee or successor securities administrator, as applicable, by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning trustee or securities administrator, as applicable, and the successor trustee or securities administrator, as applicableMaster Servicer. If no successor trustee or successor securities administrator Securities Administrator, as applicable, shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or resigning Securities Administrator Administrator, as applicable, may petition any court of competent jurisdiction for the appointment of a successor trustee or securities administrator. trustee.
(b) If at any time (i) either the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the Depositor, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its either of their property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its either of their property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(Aiii) a tax is imposed or threatened with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund held by the Trustee is located, or (Biv) the imposition continued use of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify Administrator would result in a downgrading of the Trust Fund against such taxrating by the Rating Agencies of any Class of Certificates with a rating, then the Depositor or the Master Servicer may shall remove the Trustee or the Securities Administrator, as applicable, and appoint a successor trustee or successor securities administratorSecurities Administrator, as applicable, by written instrument, in multiple copies, a one copy of which instrument shall be delivered to the Trustee or Securities Administrator, as applicable, so removed, one copy to the successor trustee or the successor Securities Administrator, as applicable and one copy to the Master Servicer.
(c) The Holders of more than 50% of the Class Principal Amount (or Class Notional Amount) of each Class of Certificates may at any time upon 30 days' written notice to the Trustee, the Securities Administrator and the Depositor, remove the Trustee or the Securities Administrator by such written instrument, signed by such Holders or their attorney-in-fact duly authorized, one copy of which instrument shall be delivered to the Depositor, one copy to the Trustee or Securities Administrator, each as applicable, so removed and one copy to the Master Servicer and Servicer; the Depositor shall thereupon use its best efforts to appoint a mutually acceptable successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trustee. accordance with this Section.
(d) Any resignation or removal of the Trustee or Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall become effective upon acceptance of appointment by the successor trustee or the successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof6.07.
Appears in 2 contracts
Samples: Trust Agreement (Structured Asset Securities Corp Mor Pas THR Cer Ser 2002-8a), Trust Agreement (Structured Asset Securities Corp Mor Pas THR Cer Se 2002-1a)
Resignation and Removal of Trustee and Securities Administrator. The (a) Each of the Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Trustee or the Securities Administrator, as applicable, the Depositor, the Seller, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) any Cap Counterparty and the Master Servicer, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Depositor shall will promptly appoint a successor trustee or a successor securities administrator, as applicable, one copy of which instrument shall be delivered to the resigning Trustee and the resigning Securities Administrator, as applicable, one copy to the successor trustee or successor securities administrator, as applicable, by written instrument, in triplicate, and one copy of which instrument shall be delivered to each of the resigning trustee or securities administrator, as applicable, and the successor trustee or securities administrator, as applicableMaster Servicer. If no successor trustee or successor securities administrator shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or resigning Securities Administrator Administrator, as applicable, may petition any court of competent jurisdiction for the appointment of a successor trustee or successor securities administrator. , as applicable.
(b) If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the Depositor, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its either of their property or affairs for the purpose of rehabilitation, conservation or liquidation, (iii) the Securities Administrator shall fail to observe or perform in any material respect any of the covenants or agreements of the Securities Administrator contained in this Agreement, including any failure to provide the information, reports, assessments or attestations required pursuant to Subsection 9.25(a) or 9.25(b) hereof, (iii)(Aiv) a tax is imposed or threatened with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund held by the Trustee is located, (Bv) the imposition continued use of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or Securities Administrator would result in a downgrading of the rating by any Rating Agency of any Class of Certificates with a rating, (vi) the Paying Agent shall fail to provide the information required pursuant to Subsection 3.08, Sections 9.25(a) and (b) hereof or (vii) the Depositor desires to replace the Securities Administrator with a successor Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or Depositor, the Master Servicer may or the Trustee (with regard to clause (iii) only) shall remove the Trustee Trustee, the Paying Agent or the Securities Administrator, as applicable, and the Depositor shall appoint a successor trustee or successor securities administrator, as applicable, acceptable to the Master Servicer by written instrument, in multiple copies, a one copy of which instrument shall be delivered to the TrusteeTrustee or Securities Administrator so removed, the Securities Administrator, one copy each Master Servicer and to the successor trustee or successor securities administrator, as applicable. , and one copy to each of the Master Servicer.
(c) The Holders evidencing at least 51of more than 50% of the Voting Rights Class Principal Amount (or Percentage Interest) of each Class of Certificates may at any time upon 30 days’ written notice to the Trustee or the Securities Administrator, as applicable, and to the Depositor remove the Trustee or the Securities Administrator and appoint a successor trustee or securities administrator Administrator, as applicable, by such written instrument or instruments, in multiple copiesinstrument, signed by such Holders or their attorneysattorney-in-fact duly authorized, one complete set copy of which instruments instrument shall be delivered by to the Depositor, one copy to the Trustee, one copy to the Master Servicer; the Depositor shall thereupon appoint a successor trustee or successor securities administrator administrator, as applicable, in accordance with this Section mutually acceptable to each of the Depositor and the Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trustee. .
(d) Any resignation or removal of the Trustee or the Securities Administrator Administrator, as applicable, and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall become effective upon acceptance of appointment by the successor trustee or the successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof6.07.
Appears in 1 contract
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, without limitation, and in the case of the Securities Administrator, in connection with upon the resignation or termination removal of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesCertificateholders and the Certificate Insurer. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, Securities Administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning trustee Trustee or securities administratorSecurities Administrator, as applicable, and to the successor trustee or securities administratorsuccessor Securities Administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator, the Master Servicer and the Certificate Insurer by the Depositor. If no successor trustee or successor securities administrator Securities Administrator shall have been so appointed and have accepted appointment within 30 thirty (30) days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or securities administratorsuccessor Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.06 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administratorSecurities Administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee or the Securities Administrator so removed and to the successor trustee or successor Securities Administrator. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator, each the Master Servicer and the successor trustee or successor securities administrator, as applicableCertificate Insurer by the Depositor. The Certificate Insurer or the Holders evidencing of Certificates entitled to at least fifty-one percent (51% %) of the Voting Rights of each Class of Certificates may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or securities administrator successor Securities Administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Certificate Insurer, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Trustee or successor trusteeDepositor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or securities administrator successor Securities Administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or securities administrator successor Securities Administrator, as applicable, as provided in Section 10.09 hereof9.08. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person. Any Person appointed as successor trustee pursuant to this Section 9.07 shall also be required to serve as successor supplemental interest trust trustee under the Swap Agreement.
Appears in 1 contract
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust hereby created by giving written notice thereof to the Depositor, the Seller, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning trustee or securities administrator, as applicable, and the successor trustee or securities administrator, as applicable. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator may petition any court of competent jurisdiction for the appointment of a successor trustee or securities administrator. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 9.06 hereof and shall fail to resign after written request thereto by the Depositor, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copies, a copy of which instrument shall be delivered to the Trustee, the Securities Administrator, each Master Servicer and the successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trustee. Any resignation or removal of the Trustee or Securities Administrator and appointment of a successor trustee or securities administrator pursuant to any of the provisions of this Section 10.08 9.08 shall become effective upon acceptance of appointment by the successor trustee or securities administrator as provided in Section 10.09 9.09 hereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-St1)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.06 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicablethe Trustee, the Securities Administrator and the Master Servicer by the Depositor. The Holders evidencing of Certificates entitled to at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Trustee or successor trusteeDepositor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof8.08. 158 Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ace Securities Corp Series HE2)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, the SellerMaster Servicer, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) ), Certificate Insurer, Swap Provider, Cap Counterparty and the Master Servicer, with a copy to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administratoradministrator (with the prior written consent of the Certificate Insurer, as applicable, which consent shall not be unreasonably delayed or withheld) by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator, the Master Servicer and the successor trustee or securities administrator, as applicableCertificate Insurer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 thirty (30) days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.06 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor (with the consent of the Certificate Insurer unless a Certificate Insurer Default has occurred and is continuing, in which case, no consent shall be required) or the Master Servicer Certificate Insurer may remove the Trustee or the Securities Administrator, as applicable, applicable and the Depositor shall appoint a successor trustee or successor securities administratoradministrator (with the prior written consent of the Certificate Insurer, not to be unreasonably delayed or withheld), as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicablethe Trustee, the Securities Administrator and the Master Servicer by the Depositor. The Holders evidencing of Certificates entitled to at least 51% of the Voting Rights (with the consent of each Class the Certificate Insurer unless a Certificate Insurer Default has occurred and is continuing, in which case, no consent shall be required), upon the failure of Certificates the Trustee to perform its obligations hereunder, may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator (with the prior written consent of the Certificate Insurer, not to be unreasonably delayed or withheld) by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Certificate Insurer, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Trustee or successor trusteeDepositor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof9.08. Any Person appointed as successor trustee pursuant to Section 9.07 shall also be required to serve as successor supplemental interest trust trustee under the Swap Agreement and as Trustee on behalf of Party B under the Cap Contract. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2007-Sl2)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer), with a copy to the Rating AgenciesCertificateholders and to the Insurer. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Insurer, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, either the Insurer may appoint a successor Trustee or Securities Administrator or the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 8.06 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator, as applicable. The Holders evidencing at least of Certificates evidencing, in aggregate, not less than 51% of the Voting Rights Certificate Principal Balance of each Class of the Certificates may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Insurer, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Depositor. All costs and expenses incurred by the Trustee or successor trusteein connection with its removal without cause hereunder shall be reimbursed to it by the Trust Fund. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof8.08. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Deutsche Alt-B Securities Mortgage Loan Trust, Series 2006-Ab4)
Resignation and Removal of Trustee and Securities Administrator. (a) The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, the Seller, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesServicer and the Trustee or Securities Administrator, as applicable. Upon receiving such notice of resignation, the Depositor shall will promptly appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, one copy to the successor trustee or the successor securities administrator, as applicable, ,and one copy to each of the Master Servicer and the successor trustee or securities administrator, as applicableServicer. If no successor trustee or successor securities administrator administrator, as applicable, shall have been so appointed and shall have accepted appointment within 30 thirty (30) days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as applicable, may petition any court of competent jurisdiction for the appointment of a successor trustee or successor securities administrator. , respectively.
(b) If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the Depositor, (ii) the Trustee or the Securities Administrator Administrator, as applicable, shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or Administrator, as applicable, of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator Administrator, as applicable, or of its either of their property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(Aiii) a tax is imposed or threatened with respect to the Trust Fund Issuing Entity by any state in which the Trustee or the Securities Administrator or the Trust Fund Issuing Entity held by the Trustee is located, or (Biv) the imposition continued use of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify Administrator would result in a downgrading of the Trust Fund against such taxrating by any Rating Agency of any Class of Certificates with a rating, then the Depositor or the Master Servicer may shall remove the Trustee or the Securities Administrator, as applicable, and the Depositor shall appoint a successor trustee or securities administrator, respectively, by written instrument, one copy of which instrument shall be delivered to the Trustee or the Securities Administrator so removed, one copy each to the successor trustee or successor securities administrator, as applicable, and one copy each to the Master Servicer and the Servicer.
(c) The Holders of more than 50% of the Class Principal Amount (or Class Notional Amount or Percentage Interest) of each Class of Certificates may at any time upon thirty (30) days' written notice to the Trustee or the Securities Administrator, as applicable, and to the Depositor remove the Trustee or the Securities Administrator, respectively, by such written instrument, signed by such Holders or their attorney-in-fact duly authorized, one copy of which instrument shall be delivered to the Depositor and one copy to the Trustee or the Securities Administrator, as applicable; the Depositor shall thereupon appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copies, a copy of which instrument shall be delivered to the Trustee, the Securities Administrator, each Master Servicer and the successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trustee. accordance with this Section.
(d) Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator administrator, respectively, pursuant to any of the provisions of this Section 10.08 shall become effective upon acceptance of appointment by the successor trustee or the successor securities administrator administrator, as applicable, of appointment, as provided in Section 10.09 hereof6.07.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series MLCC 2007-1)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the DepositorCompany, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor Company shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator, the Servicer and the successor trustee or securities administrator, as applicableMaster Servicer by the Company. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.06 and shall fail to resign after written request thereto therefor by the DepositorCompany, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer Company may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicablethe Trustee, the Securities Administrator, the Servicer and the Master Servicer by the Company. The Holders evidencing of Certificates entitled to at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Company, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee), the Servicer and the Master Servicer by the Trustee or successor trusteeCompany. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof8.08. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Peoples Choice Home Loan Securities Trust Series 2004-1)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust hereby created by giving written notice thereof to the Depositor, the Seller, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning trustee or securities administrator, as applicable, and the successor trustee or securities administrator, as applicable. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator may petition any court of competent jurisdiction for the appointment of a successor trustee or securities administrator. 106 If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof and shall fail to resign after written request thereto by the Depositor, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copies, a copy of which instrument shall be delivered to the Trustee, the Securities Administrator, each Master Servicer and the successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trustee. Any resignation or removal of the Trustee or Securities Administrator and appointment of a successor trustee or securities administrator pursuant to any of the provisions of this Section 10.08 shall become effective upon acceptance of appointment by the successor trustee or securities administrator as provided in Section 10.09 hereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I LLC)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and or the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, Servicer and the Seller, Depositor and mailing a copy of such notice to all Holders of record. The Trustee or the Securities Administrator (or the TrusteeAdministrator, if the Securities Administrator resigns) and the Master Serviceras applicable, with shall also mail a copy of such notice of resignation to the each Rating AgenciesAgency. Upon receiving such notice of resignation, the Depositor Servicer shall use its best efforts to promptly appoint a mutually acceptable successor trustee Trustee or successor securities administratorSecurities Administrator, as applicable, by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning trustee Trustee or securities administratorSecurities Administrator, as applicable, and one copy to the successor trustee Trustee or securities administratorSecurities Administrator, as applicable. If no successor trustee Trustee or successor securities administrator Securities Administrator, as the case may be, shall have been so appointed and shall have accepted appointment within 30 thirty (30) days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator may petition any court of competent jurisdiction for the appointment of a successor trustee Trustee or securities administratorSecurities Administrator. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.05 and shall fail to resign after written request thereto therefor by the DepositorServicer, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its their respective property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its their respective property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by if at any state in which the Trustee or time the Securities Administrator has failed to duly perform, within the required time period, its obligations under Section 3.20, Section 3.21 or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such taxSection 3.22, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicablethe case may be, and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copies, a copy of which instrument shall be delivered to the Trustee, the Securities Administrator, each Master Servicer and the successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instrumentsinstrument, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorizedduplicate, one complete set copy of which instruments instrument shall be delivered by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or the Securities Administrator Administrator, as applicable, so removed and one copy to the successor trustee or securities administrator so appointedsuccessor. Notice The Holders of Certificates evidencing not less than 50% of the Voting Rights may at any removal of time remove the Trustee or the Securities Administrator shall be given by written instrument or instruments delivered to each Rating Agency by the Servicer and the Trustee or the Securities Administrator, as applicable; the Servicer shall thereupon use its best efforts to appoint a mutually acceptable successor trusteeTrustee or Securities Administrator, as the case may be, in accordance with this Section 9.06. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or securities administrator Trustee pursuant to any of the provisions of this Section 10.08 9.06 shall become effective upon acceptance of appointment by the successor trustee Trustee or securities administrator Securities Administrator, as the case may be, as provided in Section 10.09 hereof9.07.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Banc of America Funding 2006-F Trust)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust hereby created by giving written notice thereof to the Depositor, the Seller, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesAgencies and the Class A-5 Insurer. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning trustee or securities administrator, as applicable, and the successor trustee or securities administrator, as applicable. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator may petition any court of competent jurisdiction for the appointment of a successor trustee or securities administrator. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof and shall fail to resign after written request thereto by the Depositor, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copies, a copy of which instrument shall be delivered to the Trustee, the Securities Administrator, each Master Servicer and the successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates (with the prior written consent of the Class A-5 Insurer, which consent shall not be unreasonably withheld) may at any time remove the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency and the Class A-5 Insurer by the Trustee or successor trustee. Any resignation or removal of the Trustee or Securities Administrator and appointment of a successor trustee or securities administrator pursuant to any of the provisions of this Section 10.08 shall become effective upon acceptance of appointment by the successor trustee or securities administrator as provided in Section 10.09 hereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Ac9)
Resignation and Removal of Trustee and Securities Administrator. The (a) Each of the Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the DepositorTrustee or the Securities Administrator, as applicable, the Seller, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) Depositor and the Master Servicer, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Depositor shall will promptly appoint a successor trustee or successor Securities Administrator, as applicable, by written instrument, one copy of which instrument shall be delivered to the resigning Trustee or resigning Securities Administrator, as applicable, one copy to the successor trustee or successor securities administrator, as applicable, by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning trustee or securities administrator, as applicable, Master Servicer and one copy to the successor trustee or securities administrator, as applicableClass A4 Certificate Insurer. If no successor trustee or successor securities administrator Securities Administrator, as applicable, shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or resigning Securities Administrator Administrator, as applicable, may petition any court of competent jurisdiction for the appointment of a successor trustee or securities administrator. trustee.
(b) If at any time (i) either the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the Depositor, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its either of their property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its either of their property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(Aiii) a tax is imposed or threatened with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund held by the Trustee is located, or (Biv) the imposition continued use of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities AdministratorAdministrator would result in a downgrading of the rating by the Rating Agencies of any Class of Certificates with a rating (in the case of the Class A4 Certificates, as applicable fails determined without regard to indemnify the Trust Fund against such taxClass A4 Certificate Insurance Policy), then the Depositor or the Master Servicer may shall remove the Trustee or the Securities Administrator, as applicable, and appoint a successor trustee or successor securities administratorSecurities Administrator, as applicable, by written instrument, in multiple copies, a one copy of which instrument shall be delivered to the Trustee or Securities Administrator, as applicable, so removed, one copy to the successor trustee or the successor Securities Administrator, as applicable, one copy to the Class A4 Certificate Insurer and one copy to the Master Servicer.
(c) The Holders of more than 50% of the Class Principal Amount (or Class Notional Amount) of each Class of Certificates may at any time upon 30 days' written notice to the Trustee, the Securities Administrator, each Master Servicer the Depositor and the Class A4 Certificate Insurer remove the Trustee or the Securities Administrator by such written instrument, signed by such Holders or their attorney-in-fact duly authorized, one copy of which instrument shall be delivered to the Depositor, one copy to the Trustee or Securities Administrator, as applicable, so removed, one copy to the Class A4 Certificate Insurer and one copy to the Master Servicer; the Depositor shall thereupon use its best efforts to appoint a mutually acceptable successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trustee. accordance with this Section.
(d) Any resignation or removal of the Trustee or Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall become effective upon acceptance of appointment by the successor trustee or the successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof6.07.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2001-2)
Resignation and Removal of Trustee and Securities Administrator. The (a) Each of the Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, other party and to the Seller, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) Depositor and the Master Servicer, with a copy to the Rating AgenciesAgency. Upon receiving such notice of resignation, the Depositor shall will promptly appoint a successor trustee or securities administrator, as applicable, by written instrument, one copy of which instrument shall be delivered to the resigning Trustee or Securities Administrator, as applicable, one copy to the successor trustee or successor securities administrator, as applicable, by written instrument, in triplicate, and one copy of which instrument shall be delivered to each of the resigning trustee or securities administrator, as applicable, and the successor trustee or securities administrator, as applicableMaster Servicer. If no successor trustee or successor securities administrator shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator may petition any court of competent jurisdiction for the appointment of a successor trustee or securities administrator. successor.
(b) If at any time (i) either the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the Depositor, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator such party or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(Aiii) a tax is imposed or threatened with respect to the Trust Fund by any state in which the Trustee or Trustee, the Securities Administrator or the Trust Fund is located, or (Biv) the imposition continued use of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify Administrator would result in a downgrading of the Trust Fund against such taxrating by the Rating Agency of any Class of Certificates with a rating, then the Depositor or the Master Servicer may shall remove the Trustee or the Securities Administrator, as applicable, and appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in multiple copies, a one copy of which instrument shall be delivered to the TrusteeTrustee or Securities Administrator so removed, the Securities Administrator, each Master Servicer and one copy to the successor trustee or successor securities administrator, as applicable. and one copy to the Master Servicer.
(c) The Holders evidencing at least 51of more than 50% of the Aggregate Voting Rights Interests of each Class of Certificates may at any time upon 30 days’ written notice to the Trustee, the Securities Administrator and the Depositor remove the Trustee or the Securities Administrator and appoint a successor trustee or securities administrator by such written instrument or instruments, in multiple copiesinstrument, signed by such Holders or their attorneysattorney-in-fact duly authorized, one complete set copy of which instruments instrument shall be delivered by to the successor trustee or successor securities administrator Depositor, one copy to each of the Master Servicer, the Trustee or Securities Administrator so removed and one copy to the Master Servicer; the Depositor shall thereupon use its best efforts to appoint a mutually acceptable successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trustee. in accordance with this Section.
(d) Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or securities administrator pursuant to any of the provisions of this Section 10.08 shall become effective upon acceptance of appointment by the successor trustee or securities administrator as provided in Section 10.09 hereof6.07.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp Thorn Mort Sec Tr 2003-3)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.06 of this Agreement and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicablethe Trustee, the Securities Administrator and the Master Servicer by the Depositor. The Holders evidencing of Certificates entitled to at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Trustee or successor trusteeDepositor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof9.08. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (ACE Securities Corp Home Equity Loan Trust Series 2005-Sd2)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) 162 Pooling and the Master Servicer, with a copy Servicing Agreement and to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.06 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicablethe Trustee, the Securities Administrator and the Master Servicer by the Depositor. The Holders evidencing of Certificates entitled to at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Trustee or successor trusteeDepositor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof8.08. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (SG Mortgage Securities Trust 2006-Fre1)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and to the Master ServicerCertificateholders, with a copy to the Rating AgenciesMBIA. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.06 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to MBIA, as applicablethe Certificateholders, the Trustee, the Securities Administrator and the Master Servicer by the Depositor. The Holders evidencing of Certificates entitled to at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee), MBIA and the Master Servicer by the Trustee or successor trusteeDepositor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof8.08. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ace Securities Corp Home Equity Loan Trust Series 2003 Hs1)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer), with a copy to the Rating AgenciesClass A Certificate Insurer and to the Certificateholders. Upon receiving such notice of resignation, the Depositor (at the Sponsor’s written direction) shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Depositor, the Trustee, the Securities Administrator, to the Class A Certificate Insurer and the Master Servicer by the successor trustee or securities administrator, as applicable. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 thirty (30) days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.06 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor (at the Sponsor’s written direction) may, with the prior written consent of the Class A Certificate Insurer, or (iii)(A) shall, at the prior written direction of the Class A Certificate Insurer, in each case, so long as a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided default by the appointment of a different trustee or securities administrator Class A Certificate Insurer has not occurred and (C) is not continuing, remove the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator, the Depositor and the Master Servicer by the successor trustee or securities administrator, as applicable. The Class A Certificate Insurer may, and during the continuance of a Class A Certificate Insurer default under the Insurance Agreement, the Holders evidencing of Certificates entitled to at least 51% of the Voting Rights of each Class of Certificates may may, at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered to the Depositor and the Sponsor, one complete set to the Trustee or the Securities Administrator so removed and one complete set to the successor so appointed. A copy of such instrument shall be delivered to the Certificateholders, the Depositor, the Trustee (in the case of the removal of the Securities Administrator), the Securities Administrator (in the case of the removal of the Trustee) and the Master Servicer by the successor trustee or successor securities administrator to each of the Master Serviceradministrator, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trusteeas applicable. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof9.08. Any Person appointed as successor trustee pursuant to Section 9.07 shall also be required to serve as successor supplemental interest trust trustee. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (SunTrust Acquisition Closed-End Seconds Trust, Series 2007-1)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust hereby created by giving written notice thereof to the Depositor, the SellerSellers, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to each Rating Agency and the Rating AgenciesClass I-A Insurer. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning trustee or securities administrator, as applicable, and the successor trustee or securities administrator, as applicable. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator may petition any court of competent jurisdiction for the appointment of a successor trustee or securities administrator. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof and shall fail to resign after written request thereto by the Depositor, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable applicable, fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities AdministratorAdministrator , as applicable, (and in the case of the Securities Administrator’s ineligibility, the Trustee may appoint a successor securities administrator with the consent of the Class I-A Insurer) and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copies, a copy of which instrument shall be delivered to the Trustee, the Securities Administrator, each the Master Servicer and the successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates (with the prior written consent of the Class I-A Insurer, which consent shall not be unreasonably withheld) may at any time remove the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency and the Class I-A Insurer by the Trustee or successor trusteerelated successor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or securities administrator pursuant to any of the provisions of this Section 10.08 shall become effective upon acceptance of appointment by the successor trustee or securities administrator as provided in Section 10.09 hereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (SACO I Trust 2005-10)
Resignation and Removal of Trustee and Securities Administrator. The (a) Each of the Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, the Seller, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) Depositor and the Master Servicer, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Depositor shall will promptly appoint a successor trustee or a successor securities administrator, as applicable, by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning Trustee and the resigning Securities Administrator, as applicable, one copy to the successor trustee or successor securities administrator, as applicable, one copy to the Certificate Insurer and one copy to the successor trustee or securities administrator, as applicableMaster Servicer. If no successor trustee or successor securities administrator shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or resigning Securities Administrator Administrator, as applicable, may petition any court of competent jurisdiction for the appointment of a successor trustee or a successor securities administrator. , as applicable.
(b) If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the Depositor, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its either of their property or affairs for the purpose of rehabilitation, conservation or liquidation, (iii) the Securities Administrator shall fail to observe or perform in any material respect any of the covenants or agreements of the Securities Administrator contained in this Agreement, (iii)(Aiv) a tax is imposed or threatened with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund held by the Trustee is located, or (Bv) the imposition continued use of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities AdministratorAdministrator would result in a downgrading of the rating by any Rating Agency of any Class of Certificates with a rating (in case of the Class 1-A2B, as applicable fails 1-A3, 1-A4, 1-A5B or Class 2-A1 Certificates, determined without regard to indemnify the Trust Fund against such taxCertificate Insurance Policy), then the Depositor or the Master Servicer may shall remove the Trustee or the Securities Administrator, as applicable, and the Depositor shall appoint a successor trustee or a successor securities administrator, as applicable, acceptable to the Master Servicer by written instrument, one copy of which instrument shall be delivered to the Trustee or the Securities Administrator so removed, one copy each to the successor trustee or the successor securities administrator, as applicable, one copy to the Certificate Insurer and one copy to the Master Servicer.
(c) The Holders of more than 50% of the Class Principal Amount (or Percentage Interest) of each Class of Certificates may at any time upon 30 days’ written notice to the Trustee or the Securities Administrator, as applicable, the Certificate Insurer and the Depositor remove the Trustee or the Securities Administrator, as applicable, by such written instrument, signed by such Holders or their attorney-in-fact duly authorized, one copy of which instrument shall be delivered to the Depositor, one copy to the Certificate Insurer, one copy to the Trustee or the Securities Administrator, as applicable, and one copy to the Master Servicer; the Depositor shall thereupon appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copies, a copy of which instrument shall be delivered accordance with this Section mutually acceptable to the Trustee, the Securities Administrator, each Master Servicer Depositor and the successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trustee. .
(d) Any resignation or removal of the Trustee or the Securities Administrator Administrator, as applicable, and appointment of a successor trustee or securities administrator pursuant to any of the provisions of this Section 10.08 shall become effective upon (i) the payment of all unpaid amounts owed to the Trustee or the Securities Administrator, as applicable, and (ii) the acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof6.07.
Appears in 1 contract
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.06 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicablethe Trustee, the Securities Administrator and the Master Servicer by the Depositor. The Holders evidencing of Certificates entitled to at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Trustee or successor trusteeDepositor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof8.08. 170 Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (ACE Securities Corp Home Equity Series 2005-He1)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer), with a copy to the Rating AgenciesNIMS Insurer and to the Certificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator acceptable to the NIMS Insurer by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 thirty (30) days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.06 of this Agreement and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer NIMS Insurer may remove the Trustee or the Securities Administrator, as applicable, applicable and the Depositor shall appoint a successor trustee or successor securities administrator, as applicable, acceptable to the NIMS Insurer by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicablethe Trustee, the Securities Administrator and the Master Servicer by the Depositor. The Holders evidencing of Certificates entitled to at least 51% of the Voting Rights (or the NIMS Insurer upon the failure of each Class of Certificates may the Trustee to perform its obligations hereunder)may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator acceptable to the NIMS Insurer by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Trustee or successor trusteeDepositor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof9.08. Any Person appointed as successor trustee pursuant to Section 9.07 shall also be required to serve as successor supplemental interest trust trustee. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (MortgageIT Securities Corp. Mortgage Loan Trust, Series 2007-1)
Resignation and Removal of Trustee and Securities Administrator. The Each of the Trustee and or the Securities Administrator Administrator, as applicable, may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trusts hereby created by (1) giving written notice thereof of resignation to the Depositor, the SellerServicers, and the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Serviceras applicable by mailing notice of resignation by first class mail, with a copy postage prepaid, to the Certificateholders at their addresses appearing on the Certificate Register and each Rating Agencies. Upon receiving Agency, not less than 60 days before the date specified in such notice when, subject to Section 8.09, such resignation is to take effect, and (2) acceptance of resignation, the Depositor shall promptly appoint appointment by a successor trustee or successor securities administrator, as applicable, by written instrument, applicable acceptable to the NIMs Insurer in triplicate, one copy of which instrument shall be delivered to each of accordance with Section 8.09 and meeting the resigning trustee or securities administrator, as applicable, and the successor trustee or securities administrator, as applicablequalifications set forth in Section 8.07. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of or resignation, the resigning Trustee or Securities Administrator may petition any court of competent jurisdiction for the appointment of a successor trustee or securities administratortrustee. If at any time (i) the Trustee or the Securities Administrator Administrator, as applicable shall cease to be eligible in accordance with the provisions of Section 10.06 8.07 hereof and shall fail to resign after written request thereto by the Depositor, Depositor or the NIMs Insurer or (ii) the Trustee or the Securities Administrator Administrator, as applicable shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator Administrator, as applicable or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to then the Trust Fund by any state in which Depositor may remove the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, and shall promptly appoint a successor trustee or successor securities administrator, as applicable, applicable by written instrument, in multiple copiestriplicate, a one copy of which instrument shall be delivered to the Trustee, the Securities Administrator, each Master Servicer Trustee and one copy of which shall be delivered to the successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class all Classes of Certificates Certificates, with the consent of the NIMs Insurer, or the NIMs Insurer upon failure of the Trustee to perform its obligations hereunder, may at any time remove the Trustee or Securities Administrator Administrator, as applicable and the Depositor shall appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorizedauthorized (or by the NIMs Insurer), one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the Master related Servicer, one complete set to the Trustee or Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to the NIMs Insurer and each Rating Agency by the Trustee or successor trustee. Any resignation or removal of the Trustee or Securities Administrator Administrator, as applicable and appointment of a successor trustee or securities administrator pursuant to any of the provisions of this Section 10.08 8.08 shall become effective upon acceptance of appointment by the successor trustee or securities administrator as provided in Section 10.09 8.09 hereof. If the Securities Administrator and the Master Servicer are the same Person, then at any time the Securities Administrator resigns or is removed hereunder, the Master Servicer shall likewise be terminated as master servicer hereunder.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-He5)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, without limitation in the case of the Securities Administrator, in connection with upon the resignation or termination removal of the Master Servicer) and be discharged from the Trust Fund hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 thirty (30) days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or successor securities administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.06 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicablethe Trustee, the Securities Administrator and the Master Servicer by the Depositor. The Holders evidencing of Certificates entitled to at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Trustee or successor trusteeDepositor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof9.08. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 1 contract
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer), with a copy to the Rating AgenciesCertificateholders and to the Insurer. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Insurer, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 thirty (30) days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.06 of this Agreement and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicablethe Trustee, the Securities Administrator and the Master Servicer by the Depositor. The Holders evidencing of Certificates entitled to at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Trustee or successor trusteeDepositor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof9.08. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-He1)
Resignation and Removal of Trustee and Securities Administrator. The (a) Each of the Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the DepositorTrustee or the Securities Administrator, as applicable, the Seller, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) Depositor and the Master Servicer, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Depositor shall will promptly appoint a successor trustee or successor securities administratorSecurities Administrator, as applicable, by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning trustee Trustee or securities administratorresigning Securities Administrator, as applicable, and one copy to the successor trustee or securities administratorsuccessor Securities Administrator, as applicable, one copy to the Master Servicer and one copy to the Class 1-A5 Certificate Insurer. If no successor trustee or successor securities administrator Securities Administrator, as applicable, shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or resigning Securities Administrator Administrator, as applicable, may petition any court of competent jurisdiction for the appointment of a successor trustee or securities administrator. trustee.
(b) If at any time (i) either the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the Depositor, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its either of their property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its either of their property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(Aiii) a tax is imposed or threatened with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund held by the Trustee is located, or (Biv) the imposition continued use of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities AdministratorAdministrator would result in a downgrading of the rating by the Rating Agencies of any Class of Certificates with a rating (in the case of the Class 1-A5 Certificates, as applicable fails determined without regard to indemnify the Trust Fund against such taxClass 1-A5 Certificate Insurance Policy), then the Depositor or the Master Servicer may shall remove the Trustee or the Securities Administrator, as applicable, and appoint a successor trustee or successor securities administratorSecurities Administrator, as applicable, by written instrument, in multiple copies, a one copy of which instrument shall be delivered to the Trustee, the Trustee or Securities Administrator, each Master Servicer and as applicable, so removed, one copy to the successor trustee or the successor securities administratorSecurities Administrator, as applicable. , one copy to the Class 1-A5 Certificate Insurer and one copy to the Master Servicer.
(c) The Holders evidencing at least 51of more than 50% of the Voting Rights Class Principal Amount (or Class Notional Amount) of each Class of Certificates may at any time upon 30 days' written notice to the Trustee, the Securities Administrator, the Depositor and the Class 1-A5 Certificate Insurer remove the Trustee or the Securities Administrator and appoint a successor trustee or securities administrator by such written instrument or instruments, in multiple copiesinstrument, signed by such Holders or their attorneysattorney-in-fact duly authorized, one complete set copy of which instruments instrument shall be delivered by to the Depositor, one copy to the Trustee or Securities Administrator, as applicable, so removed, one copy to the Class 1-A5 Certificate Insurer and one copy to the Master Servicer; the Depositor shall thereupon use its best efforts to appoint a mutually acceptable successor trustee or successor securities administrator to each of the Master ServicerSecurities Administrator, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trustee. as applicable, in accordance with this Section.
(d) Any resignation or removal of the Trustee or Securities Administrator and appointment of a successor trustee or securities administrator successor Securities Administrator pursuant to any of the provisions of this Section 10.08 shall become effective upon acceptance of appointment by the successor trustee or securities administrator the successor Securities Administrator, as applicable, as provided in Section 10.09 hereof6.07.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp Mort Pass THR Cert Ser 01 1)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer), with a copy to the Rating AgenciesNIMS Insurer and to the Certificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator acceptable to the NIMS Insurer by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 thirty (30) days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.06 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer NIMS Insurer may remove the Trustee or the Securities Administrator, as applicable, applicable and the Depositor shall appoint a successor trustee or successor securities administrator, as applicable, acceptable to the NIMS Insurer by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicablethe Trustee, the Securities Administrator and the Master Servicer by the Depositor. The Holders evidencing of Certificates entitled to at least 51% of the Voting Rights (or the NIMS Insurer upon the failure of each Class of Certificates the Trustee to perform its obligations hereunder) may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator acceptable to the NIMS Insurer by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Trustee or successor trusteeDepositor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof9.08. Any Person appointed as successor trustee pursuant to Section 9.07 shall also be required to serve as successor supplemental interest trust trustee. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2007-He4)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust hereby created by giving written notice thereof to the Depositor, the Seller, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning trustee or securities administrator, as applicable, and the successor trustee or securities administrator, as applicable. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator may petition any court of competent jurisdiction for the appointment of a successor trustee or securities administrator. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 9.06 hereof and shall fail to resign after written request thereto by the Depositor, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copies, a copy of which instrument shall be delivered to the Trustee, the Securities Administrator, each Master Servicer and the successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trustee. Any resignation or removal of the Trustee or Securities Administrator and appointment of a successor trustee or securities administrator pursuant to any of the provisions of this Section 10.08 shall become effective upon acceptance of appointment by the successor trustee or securities administrator as provided in Section 10.09 hereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)
Resignation and Removal of Trustee and Securities Administrator. The 101
(a) Each of the Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the DepositorTrustee or the Securities Administrator, as applicable, the Seller, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) Depositor and the Master Servicer, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Depositor shall will promptly appoint a successor trustee or successor securities administratorSecurities Administrator, as applicable, by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or resigning Securities Administrator, as applicable, one copy to the successor trustee or to the successor securities administrator, as applicable, and one copy to the successor trustee or securities administrator, as applicableMaster Servicer. If no successor trustee or successor securities administrator administrator, as applicable shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or resigning Securities Administrator Administrator, as applicable, may petition any court of competent jurisdiction for the appointment of a successor trustee or securities administrator. trustee.
(b) If at any time (i) either the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the Depositor, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its either of their property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its either of their property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(Aiii) a tax is imposed or threatened with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund held by the Trustee is located, or (Biv) the imposition continued use of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify Administrator would result in a downgrading of the Trust Fund against such taxrating by the Rating Agencies of any Class of Certificates with a rating, then the Depositor or the Master Servicer may shall remove the Trustee or the Securities Administrator, as applicable, and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copies, a one copy of which instrument shall be delivered to the Trustee or the Securities Administrator, as applicable, so removed, one copy to the successor trustee or the successor securities administrator, as applicable, and one copy to the Master Servicer.
(c) The Holders of more than 50% of the Class Principal Amount (or Class Notional Amount) of each Class of Certificates may at any time upon 30 days' written notice to the Trustee, the Securities Administrator and the Depositor remove the Trustee or the Securities Administrator by such written instrument, signed by such Holders or their attorney-in-fact duly authorized, one copy of which instrument shall be delivered to the Depositor, one copy to the Trustee or Securities Administrator, each as applicable, so removed and one copy to the Master Servicer and Servicer; the Depositor shall thereupon use its best efforts to appoint a mutually acceptable successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trustee. accordance with this Section.
(d) Any resignation or removal of the Trustee or Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall become effective upon acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof6.07.
Appears in 1 contract
Samples: Trust Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2005-4)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust hereby created by giving written notice thereof to the Depositor, the Seller, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesAgencies and MBIA. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning trustee or securities administrator, as applicable, and the successor trustee or securities administrator, as applicable. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator may petition any court of competent jurisdiction for the appointment of a successor trustee or securities administrator. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof and shall fail to resign after written request thereto by the Depositor, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copies, a copy of which instrument shall be delivered to the Trustee, the Securities Administrator, each Master Servicer and the successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency and MBIA by the Trustee or successor trustee. Any resignation or removal of the Trustee or Securities Administrator and appointment of a successor trustee or securities administrator pursuant to any of the provisions of this Section 10.08 shall become effective upon acceptance of appointment by the successor trustee or securities administrator as provided in Section 10.09 hereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Sec Inc Asst Bk Cert Ser 2002-Ac3)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 thirty (30) days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.06 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove Trustee, the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered the Master Servicer by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trustee. Any resignation or removal of the Trustee or Securities Administrator and appointment of a successor trustee or securities administrator pursuant to any of the provisions of this Section 10.08 shall become effective upon acceptance of appointment by the successor trustee or securities administrator as provided in Section 10.09 hereofDepositor.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Asap6)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer), with a copy to the Rating AgenciesCertificateholders and to the Certificate Insurer. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Certificate Insurer, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 8.06 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator, as applicable. The Holders evidencing at least of Certificates evidencing, in aggregate, not less than 51% of the Voting Rights Certificate Principal Balance of each Class of the Certificates may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Certificate Insurer, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Depositor. All costs and expenses incurred by the Trustee or successor trusteein connection with its removal without cause hereunder shall be reimbursed to it by the Trust Fund. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof8.08. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Deutsche Alt-B Securities Mortgage Loan Trust, Series 2006-Ab3)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust hereby created by giving written notice thereof to the Depositor, the SellerSellers, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to each Rating Agency and the Rating AgenciesInsurer. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, (and in the case of the Securities Administrator’s removal, the Trustee may appoint a successor securities administrator with the consent of the Insurer) by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning trustee or securities administrator, as applicable, and the successor trustee or securities administrator, as applicable. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator may petition any court of competent jurisdiction for the appointment of a successor trustee or securities administrator. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof and shall fail to resign after written request thereto by the Depositor, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable applicable, fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities AdministratorAdministrator , as applicable, (and in the case of the Securities Administrator’s ineligibility, the Trustee may appoint a successor securities administrator with the consent of the Insurer) and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copies, a copy of which instrument shall be delivered to the Trustee, the Securities Administrator, each the Master Servicer and the successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates (with the prior written consent of the Insurer, which consent shall not be unreasonably withheld) may at any time remove the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency and the Insurer by the Trustee or successor trusteerelated successor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or securities administrator pursuant to any of the provisions of this Section 10.08 shall become effective upon acceptance of appointment by the successor trustee or securities administrator as provided in Section 10.09 hereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (SACO I Trust 2006-2)
Resignation and Removal of Trustee and Securities Administrator. The (a) Each of the Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the DepositorTrustee or the Securities Administrator, as applicable, the Seller, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) Depositor and the Master Servicer, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Depositor shall will promptly appoint a successor trustee or successor securities administratorSecurities Administrator, as applicable, by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or resigning Securities Administrator, as applicable, one copy to the successor trustee or to the successor securities administrator, as applicable, and one copy to the successor trustee or securities administrator, as applicableMaster Servicer. If no successor trustee or successor securities administrator administrator, as applicable shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or resigning Securities Administrator Administrator, as applicable, may petition any court of competent jurisdiction for the appointment of a successor trustee or securities administrator. trustee.
(b) If at any time (i) either the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the Depositor, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its either of their property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its either of their property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(Aiii) a tax is imposed or threatened with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund held by the Trustee is located, (Biv) the imposition Trustee shall fail to provide the information required pursuant to Subsection 6.01 (l), (v) the continued use of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities AdministratorAdministrator would result in a downgrading of the rating by the Rating Agencies of any Class of Certificates with a rating or (vi) the Securities Administrator shall fail to observe or perform in any material respect any of the covenants or agreement of the Securities Administrator contained in this Agreement including any failure to provide the information, as applicable fails reports, assessments or attestations required pursuant to indemnify the Trust Fund against such taxSection 9.25(a) or 9.25(b) hereof, then the Depositor or the Master Servicer may shall remove the Trustee or the Securities Administrator, as applicable, and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copies, a one copy of which instrument shall be delivered to the Trustee or the Securities Administrator, as applicable, so removed, one copy to the successor trustee or the successor securities administrator, as applicable, and one copy to the Master Servicer.
(c) The Holders of more than 50% of the Class Principal Amount (or Class Notional Amount) of each Class of Certificates may at any time upon 30 days’ written notice to the Trustee, the Securities Administrator and the Depositor remove the Trustee or the Securities Administrator by such written instrument, signed by such Holders or their attorney-in-fact duly authorized, one copy of which instrument shall be delivered to the Depositor, one copy to the Trustee or Securities Administrator, each as applicable, so removed and one copy to the Master Servicer and Servicer; the Depositor shall thereupon use its best efforts to appoint a mutually acceptable successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trustee. accordance with this Section.
(d) Any resignation or removal of the Trustee or Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall become effective upon acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof6.07.
Appears in 1 contract
Samples: Trust Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-3)
Resignation and Removal of Trustee and Securities Administrator. The (a) Each of the Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the DepositorTrustee or the Securities Administrator, as applicable, the Seller, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) Depositor and the Master Servicer, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Depositor shall will promptly appoint a successor trustee or successor securities administratorSecurities Administrator, as applicable, by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or resigning Securities Administrator, as applicable, one copy to the successor trustee or to the successor securities administrator, as applicable, and one copy to the successor trustee or securities administrator, as applicableMaster Servicer. If no successor trustee or successor securities administrator administrator, as applicable shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or resigning Securities Administrator Administrator, as applicable, may petition any court of competent jurisdiction for the appointment of a successor trustee or securities administrator. trustee.
(b) If at any time (i) either the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the Depositor, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its either of their property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its either of their property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(Aiii) a tax is imposed or threatened with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund held by the Trustee is located, or (Biv) the imposition continued use of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify Administrator would result in a downgrading of the Trust Fund against such taxrating by the Rating Agencies of any Class of Certificates with a rating, then the Depositor or the Master Servicer may shall remove the Trustee or the Securities Administrator, as applicable, and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copies, a one copy of which instrument shall be delivered to the Trustee or the Securities Administrator, as applicable, so removed, one copy to the successor trustee or the successor securities administrator, as applicable, and one copy to the Master Servicer.
(c) The Holders of more than 50% of the Class Principal Amount (or Class Notional Amount) of each Class of Certificates may at any time upon 30 days' written notice to the Trustee, the Securities Administrator and the Depositor remove the Trustee or the Securities Administrator by such written instrument, signed by such Holders or their attorney-in-fact duly authorized, one copy of which instrument shall be delivered to the Depositor, one copy to the Trustee or Securities Administrator, each as applicable, so removed and one copy to the Master Servicer and Servicer; the Depositor shall thereupon use its best efforts to appoint a mutually acceptable successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trustee. accordance with this Section.
(d) Any resignation or removal of the Trustee or Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall become effective upon acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof6.07.
Appears in 1 contract
Samples: Trust Agreement (Structured Adjustable Rate Mortgage Loan Trust)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.06 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicablethe Trustee, the Securities Administrator and the Master Servicer by the Depositor. The Holders evidencing of Certificates entitled to at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Trustee or successor trusteeDepositor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof8.08. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (ACE Securities Corp., Home Equity Loan Trust, Series 2005-Wf1)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 [ ] days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 8.6 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicablethe Trustee, the Securities Administrator and the Master Servicer by the Depositor. The Holders evidencing at least 51of Certificates evidencing, in aggregate, not less than [ ]% of the Voting Rights Certificate Principal Balance of each Class of Certificates the Certificates, may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Depositor. All costs and expenses incurred by the Trustee or successor trusteein connection with its removal without cause hereunder shall be reimbursed to it by the Trust Fund. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof8.8. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities Inc)
Resignation and Removal of Trustee and Securities Administrator. The (a) Each of the Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the DepositorTrustee or the Securities Administrator, as applicable, the Seller, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) Depositor and the Master Servicer, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Depositor shall will promptly appoint a successor trustee or successor Securities Administrator, as applicable, by written instrument, one copy of which instrument shall be delivered to the resigning Trustee or resigning Securities Administrator, as applicable, and one copy to the successor trustee or successor securities administrator, as applicable, by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning trustee or securities administrator, as applicable, and the successor trustee or securities administrator, as applicableMaster Servicer. If no successor trustee or successor securities administrator Securities Administrator, as applicable, shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or resigning Securities Administrator Administrator, as applicable, may petition any court of competent jurisdiction for the appointment of a successor trustee or securities administrator. trustee.
(b) If at any time (i) either the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the Depositor, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its either of their property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its either of their property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(Aiii) a tax is imposed or threatened with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund held by the Trustee is located, or (Biv) the imposition continued use of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify Administrator would result in a downgrading of the Trust Fund against such taxrating by the Rating Agencies of any Class of Certificates with a rating, then the Depositor or the Master Servicer may shall remove the Trustee or the Securities Administrator, as applicable, and appoint a successor trustee or successor securities administratorSecurities Administrator, as applicable, by written instrument, in multiple copies, a one copy of which instrument shall be delivered to the Trustee or Securities Administrator, as applicable, so removed, one copy to the successor trustee or the successor Securities Administrator, as applicable, and one copy to the Master Servicer.
(c) The Holders of more than [___]% of the Class Principal Amount (or Class Notional Amount) of each Class of Certificates may at any time upon 30 days' written notice to the Trustee, the Securities Administrator and the Depositor remove the Trustee or the Securities Administrator by such written instrument, signed by such Holders or their attorney-in-fact duly authorized, one copy of which instrument shall be delivered to the Depositor, one copy to the Trustee or Securities Administrator, each as applicable, so removed, and one copy to the Master Servicer and Servicer; the Depositor shall thereupon use its best efforts to appoint a mutually acceptable successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trustee. accordance with this Section.
(d) Any resignation or removal of the Trustee or Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall become effective upon acceptance of appointment by the successor trustee or the successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof6.07.
Appears in 1 contract
Samples: Trust Agreement (Banccap Asset Securization Issuance Corp)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 thirty (30) days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or successor securities administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.06 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicablethe Trustee, the Securities Administrator and the Master Servicer by the Depositor. The Holders evidencing of Certificates entitled to at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Trustee or successor trusteeDepositor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof9.08. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (NAAC Alternative Loan Trust, Series 2005-Wf1)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.06 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicablethe Trustee, the Securities Administrator and the Master Servicer by the Depositor. The Holders evidencing of Certificates entitled to at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Trustee or successor trusteeDepositor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof8.08.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (ACE Securities Corp Series Home Equity Trust 2005-Rm1)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and to the Master Servicer, Certificateholders with a copy to the Rating AgenciesMBIA. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 8.6 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to MBIA, as applicablethe Certificateholders, the Trustee, the Securities Administrator and the Master Servicer by the Depositor. The Holders evidencing at least of Certificates evidencing, in aggregate, not less than 51% of the Voting Rights of each Class of Certificates Trust Fund may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee), MBIA and the Master Servicer by the Depositor. All costs and expenses incurred by the Trustee or successor trusteein connection with its removal without cause hereunder shall be reimbursed to it by the Trust Fund. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof8.8. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Deutsche Alt a Securities Inc Mort Loan Trust Ser 2003-4xs)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer), with a copy to the Rating AgenciesNIMS Insurer and to the Certificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator acceptable to the NIMS Insurer by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 thirty (30) days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.06 of this Agreement and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer NIMS Insurer may remove the Trustee or the Securities Administrator, as applicable, applicable and the Depositor shall appoint a successor trustee or successor securities administrator, as applicable, acceptable to the NIMS Insurer by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicablethe Trustee, the Securities Administrator and the Master Servicer by the Depositor. The Holders evidencing of Certificates entitled to at least 51% of the Voting Rights (or the NIMS Insurer upon the failure of each Class of Certificates the Trustee to perform its obligations hereunder) may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator acceptable to the NIMS Insurer by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Trustee or successor trusteeDepositor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof9.08. Any Person appointed as successor trustee pursuant to Section 9.07 shall also be required to serve as successor supplemental interest trust trustee. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2007-Asap2)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer), with a copy to the Rating AgenciesNIMS Insurer, to the Cap Counterparty, to the Swap Provider and to the Certificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator acceptable to the NIMS Insurer by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 thirty (30) days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.06 of this Agreement and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer NIMS Insurer may remove the Trustee or the Securities Administrator, as applicable, applicable and the Depositor shall appoint a successor trustee or successor securities administrator, as applicable, acceptable to the NIMS Insurer by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicablethe Trustee, the Securities Administrator and the Master Servicer by the Depositor. The Holders evidencing of Certificates entitled to at least 51% of the Voting Rights (or the NIMS Insurer upon the failure of each Class of Certificates the Trustee to perform its obligations hereunder) may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator acceptable to the NIMS Insurer by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Trustee or successor trusteeDepositor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof9.08. Any Person appointed as successor trustee pursuant to Section 9.07 shall also be required to serve as successor supplemental interest trust trustee under the Swap Agreement. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2007-He5)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust hereby created by giving written notice thereof to the Depositor, the SellerSponsor, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning trustee or securities administrator, as applicable, and the successor trustee or securities administrator, as applicable. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator may petition any court of competent jurisdiction for the appointment of a successor trustee or securities administrator. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 9.06 hereof and shall fail to resign after written request thereto by the Depositor, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copies, a copy of which instrument shall be delivered to the Trustee, the Securities Administrator, each Master Servicer and the successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trustee. Any resignation or removal of the Trustee or Securities Administrator and appointment of a successor trustee or securities administrator pursuant to any of the provisions of this Section 10.08 9.08 shall become effective upon acceptance of appointment by the successor trustee or securities administrator as provided in Section 10.09 hereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Luminent Mortgage Trust 2006-3)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 thirty (30) days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.06 of this Agreement and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicablethe Trustee, the Securities Administrator and the Master Servicer by the Depositor. The Holders evidencing of Certificates entitled to at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Trustee or successor trusteeDepositor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof9.08. Any Person appointed as successor trustee pursuant to this Section 9.07 shall also be required to serve as successor supplemental interest trust trustee hereunder and under the Swap Agreement. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Nc3)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer), with a copy to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 thirty (30) days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.06 of this Agreement and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and the Depositor shall appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicablethe Trustee, the Securities Administrator and the Master Servicer by the Depositor. The Holders evidencing of Certificates entitled to at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Trustee or successor trusteeDepositor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof9.08. Any Person appointed as successor trustee pursuant to Section 9.07 shall also be required to serve as successor supplemental interest trust trustee under the Class A Swap Agreement. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (MortgageIT Securities Corp. Mortgage Loan Trust, Series 2007-2)
Resignation and Removal of Trustee and Securities Administrator. The (a) Each of the Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the DepositorTrustee or the Securities Administrator, as applicable, the Seller, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) Depositor and the Master Servicer, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Depositor shall will promptly appoint a successor trustee or successor Securities Administrator, as applicable, by written instrument, one copy of which instrument shall be delivered to the resigning Trustee or resigning Securities Administrator, as applicable, one copy to the successor trustee or successor securities administrator, as applicable, by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning trustee or securities administrator, as applicable, Master Servicer and one copy to the successor trustee or securities administrator, as applicableCertificate Insurer. If no successor trustee or successor securities administrator Securities Administrator, as applicable, shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or resigning Securities Administrator Administrator, as applicable, may petition any court of competent jurisdiction for the appointment of a successor trustee or securities administrator. trustee.
(b) If at any time (i) either the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the Depositor, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its either of their property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its either of their property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(Aiii) a tax is imposed or threatened with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund held by the Trustee is located, or (Biv) the imposition continued use of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities AdministratorAdministrator would result in a downgrading of the rating by the Rating Agencies of any Class of Certificates with a rating (in the case of the Class A4 Certificates, as applicable fails determined without regard to indemnify the Trust Fund against such taxClass A4 Certificate Insurance Policy), then the Depositor or the Master Servicer may shall remove the Trustee or the Securities Administrator, as applicable, and appoint a successor trustee or successor securities administratorSecurities Administrator, as applicable, by written instrument, in multiple copies, a one copy of which instrument shall be delivered to the Trustee or Securities Administrator, as applicable, so removed, one copy to the successor trustee or the successor Securities Administrator, as applicable, one copy to the Certificate Insurer and one copy to the Master Servicer.
(c) The Holders of more than 50% of the Class Principal Amount (or Class Notional Amount) of each Class of Certificates may at any time upon 30 days' written notice to the Trustee, the Securities Administrator, each Master Servicer the Depositor and the Certificate Insurer remove the Trustee or the Securities Administrator by such written instrument, signed by such Holders or their attorney-in-fact duly authorized, one copy of which instrument shall be delivered to the Depositor, one copy to the Trustee or Securities Administrator, as applicable, so removed, one copy to the Certificate Insurer and one copy to the Master Servicer; the Depositor shall thereupon use its best efforts to appoint a mutually acceptable successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trustee. accordance with this Section.
(d) Any resignation or removal of the Trustee or Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall become effective upon acceptance of appointment by the successor trustee or the successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof6.07.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-3)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.06 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicablethe Trustee, the Securities Administrator and the Master Servicer by the Depositor. The Holders evidencing of Certificates entitled to at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Trustee or successor trusteeDepositor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof8.08. 153 Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (ACE Securities Corp Series 2004-Rm2)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, without limitation, and in the case of the Securities Administrator, in connection with upon the resignation or termination removal of the Master Servicer) and be discharged from the Trust Fund hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 thirty (30) days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or successor securities administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.06 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicablethe Trustee, the Securities Administrator and the Master Servicer by the Depositor. The Holders evidencing of Certificates entitled to at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Trustee or successor trusteeDepositor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof9.08. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 1 contract
Resignation and Removal of Trustee and Securities Administrator. The (a) TheEach of the Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving 60 days’ written notice thereof to the DepositorDepositor and, as applicable, the Seller, Trustee or the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesAdministrator. Upon receiving such notice of resignation, the Depositor shall will promptly appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning trustee Trustee or securities administratorresigning Securities Administrator, as applicable, and one copy to the successor trustee or successor securities administrator, as applicable. If no successor trustee or successor securities administrator administrator, as applicable, shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or resigning Securities Administrator Administrator, as applicable, may petition any court of competent jurisdiction for the appointment of a successor trustee or successor securities administrator, as applicable. In the case of any such resignation by the Securities Administrator, if no successor securities administrator shall have been appointed and shall have accepted appointment within 60 days after the Securities Administrator ceases to be the Securities Administrator pursuant to this Section 6.06, then the Trustee may perform the duties of the Securities Administrator pursuant to this Agreement and shall be entitled to the fees of the Securities Administrator for so long as the Trustee performs such duties; provided, however, that the Trustee may engage a qualified entity to perform the duties of the Securities Administrator under this Agreement. The successor trustee shall notify the Rating Agency and the Servicer of any change of Trustee, and the successor securities administrator shall notify the Rating Agency and the Servicer of any change of Securities Administrator.
(b) If at any time any of the following events shall occur: (i) the Trustee or the Securities Administrator shall cease ceases to be eligible in accordance with the provisions of Section 10.06 hereof 6.05 and shall fail fails to resign after written request thereto therefor by the Depositor, (ii) the TrusteeSecurities Administrator fails to perform its obligations pursuant to Section 5.02 to make distributions to Certificateholders, which failure continues unremedied for a period of one Business Day after the date upon which written notice of such failure shall have been given to the Trustee by the Depositor, (iii) the TrusteeSecurities Administrator fails to provide a Back-upBack-up Certificate, Assessment of Compliance or an Accountant’s Attestation required under Sections 6.20, 6.21 and, 6.22 and 6.23, respectively, by March 15 of each year in which Exchange Act reports are required, (iv) the Trustee or the Securities Administrator shall become becomes incapable of acting, or shall be is adjudged as a bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its respective property shall be is appointed, or any public officer shall take takes charge or control of the Trustee or the Securities Administrator or of its respective property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(Av) a tax is imposed or threatened with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund held by the Trustee is located, or (Bvi) the imposition continued use of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities AdministratorAdministrator would result in a downgrading of the rating by any Rating Agency of any Class of Certificates with a rating; then, as applicable fails to indemnify the Trust Fund against in each such taxcase, then the Depositor or the Master Servicer may shall remove the Trustee or the Securities Administrator, as applicable, and the Depositor shall appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copies, a onea copy of which instrument shall be delivered to each of (i) the TrusteeTrustee or Securities Administrator so removed, one copy to(ii) the successor trustee and one copy toor successor securities administrator, as applicable, and (iii) the Servicer.
(c) The Holders of more than 50% of the Class Principal Amount (or Percentage Interest) of each Class of Certificates may at any time, upon 30 days’ written notice to the Trustee or the Securities Administrator, each Master Servicer as applicable, and to the Depositor, remove the Trustee or the Securities Administrator, as applicable, by such written instrument, signed by such Holders or their attorney-in-fact duly authorized, onea copy of which instrument shall be delivered to (i) the Depositor, one copy to(ii) the Trustee and one copy to(iii) the Servicer; the. The Depositor shall thereupon appoint a successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trustee. accordance with this Section 6.06.
(d) Any resignation or removal of the Trustee or the Securities Administrator Administrator, as applicable,and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall only become effective upon acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof6.07.
Appears in 1 contract
Resignation and Removal of Trustee and Securities Administrator. The (a) Each of the Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, the Seller, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) Depositor and the Master Servicer, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Depositor shall will promptly appoint a successor trustee or a successor securities administrator, as applicable, by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning Trustee and the resigning Securities Administrator, as applicable, one copy to the successor trustee or successor securities administrator, as applicable, one copy to the Certificate Insurer and one copy to the successor trustee or securities administrator, as applicableMaster Servicer. If no successor trustee or successor securities administrator shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or resigning Securities Administrator Administrator, as applicable, may petition any court of competent jurisdiction for the appointment of a successor trustee or a successor securities administrator. , as applicable.
(b) If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the Depositor, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its either of their property or affairs for the purpose of rehabilitation, conservation or liquidation, (iii) the Securities Administrator shall fail to observe or perform in any material respect any of the covenants or agreements of the Securities Administrator contained in this Agreement, (iii)(Aiv) a tax is imposed or threatened with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund held by the Trustee is located, or (Bv) the imposition continued use of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities AdministratorAdministrator would result in a downgrading of the rating by any Rating Agency of any Class of Certificates with a rating (in case of the Class 1-2A, as applicable fails Class 1-A4B, Class 1-A5A or Class 3-A5 Certificates, determined without regard to indemnify the Trust Fund against such taxCertificate Insurance Policy), then the Depositor or the Master Servicer may shall remove the Trustee or the Securities Administrator, as applicable, and the Depositor shall appoint a successor trustee or a successor securities administrator, as applicable, acceptable to the Master Servicer by written instrument, one copy of which instrument shall be delivered to the Trustee or the Securities Administrator so removed, one copy each to the successor trustee or the successor securities administrator, as applicable, one copy to the Certificate Insurer and one copy to the Master Servicer.
(c) The Holders of more than 50% of the Class Principal Amount (or Percentage Interest) of each Class of Certificates may at any time upon 30 days’ written notice to the Trustee or the Securities Administrator, as applicable, the Certificate Insurer and the Depositor remove the Trustee or the Securities Administrator, as applicable, by such written instrument, signed by such Holders or their attorney-in-fact duly authorized, one copy of which instrument shall be delivered to the Depositor, one copy to the Certificate Insurer, one copy to the Trustee or the Securities Administrator, as applicable, and one copy to the Master Servicer; the Depositor shall thereupon appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copies, a copy of which instrument shall be delivered accordance with this Section mutually acceptable to the Trustee, the Securities Administrator, each Master Servicer Depositor and the successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trustee. .
(d) Any resignation or removal of the Trustee or the Securities Administrator Administrator, as applicable, and appointment of a successor trustee or securities administrator pursuant to any of the provisions of this Section 10.08 shall become effective upon (i) the payment of all unpaid amounts owed to the Trustee or the Securities Administrator, as applicable, and (ii) the acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof6.07.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp Trust 2005-4xs)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust hereby created by giving written notice thereof to the Depositor, the Seller, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning trustee or securities administrator, as applicable, and the successor trustee or securities administrator, as applicable. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such \ notice of resignation, the resigning Trustee or Securities Administrator may petition any court of competent jurisdiction for the appointment of a successor trustee or securities administrator. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 9.06 hereof and shall fail to resign after written request thereto by the Depositor, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copies, a copy of which instrument shall be delivered to the Trustee, the Securities Administrator, each Master Servicer and the successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trustee. Any resignation or removal of the Trustee or Securities Administrator and appointment of a successor trustee or securities administrator pursuant to any of the provisions of this Section 10.08 shall become effective upon acceptance of appointment by the successor trustee or securities administrator as provided in Section 10.09 hereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, without limitation, and in the case of the Securities Administrator, in connection with upon the resignation or termination removal of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, Securities Administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning trustee Trustee or securities administratorSecurities Administrator, as applicable, and to the successor trustee or securities administratorsuccessor Securities Administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the Master Servicer by the Depositor. If no successor trustee or successor securities administrator Securities Administrator shall have been so appointed and have accepted appointment within 30 thirty (30) days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or securities administratorsuccessor Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.06 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administratorSecurities Administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administratorSecurities Administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicablethe Trustee, the Securities Administrator and the Master Servicer by the Depositor. The Holders evidencing of Certificates entitled to at least fifty-one percent (51% %) of the Voting Rights of each Class of Certificates may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or securities administrator successor Securities Administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Trustee or successor trusteeDepositor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or securities administrator successor Securities Administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or securities administrator successor Securities Administrator, as applicable, as provided in Section 10.09 hereof9.08. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 1 contract
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the DepositorCompany, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor Company shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Company. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.06 and shall fail to resign after written request thereto therefor by the DepositorCompany, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer Company may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicablethe Trustee, the Securities Administrator and the Master Servicer by the Company. The Holders evidencing of Certificates entitled to at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Company, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Trustee or successor trusteeCompany. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof9.08. Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Peoples Choice Home Loan Securities Trust Series 2004-2)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust hereby created by giving written notice thereof to the Depositor, the SellerSponsor, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the each Rating AgenciesAgency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, (and in the case of the Securities Administrator’s removal, the Trustee may appoint a successor securities administrator) by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning trustee or securities administrator, as applicable, and the successor trustee or securities administrator, as applicable. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator may petition any court of competent jurisdiction for the appointment of a successor trustee or securities administrator. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 9.06 hereof and shall fail to resign after written request thereto by the Depositor, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable applicable, fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities AdministratorAdministrator , as applicable, (and in the case of the Securities Administrator’s ineligibility, the Trustee may appoint a successor securities administrator) and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copies, a copy of which instrument shall be delivered to the Trustee, the Securities Administrator, each the Master Servicer and the successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trusteerelated successor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or securities administrator pursuant to any of the provisions of this Section 10.08 9.08 shall become effective upon acceptance of appointment by the successor trustee or securities administrator as provided in Section 10.09 hereof9.09 hereof and upon acceptance of appointment by a successor derivative administrator under the Derivative Administration Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Prime Mortgage Trust 2006-Cl1)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the Depositor, to the SellerMaster Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating AgenciesCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, administrator by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the successor trustee or securities administrator, as applicableMaster Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee or trustee, successor securities administrator, Trustee or Securities Administrator, as applicable. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 9.06 and shall fail to resign after written request thereto therefor by the Depositor, (ii) or if at any time the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, applicable and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copiesduplicate, a copy of which instrument shall be delivered to the Trustee, Trustee or the Securities Administrator, each Master Servicer Administrator so removed and to the successor trustee or successor securities administrator. A copy of such instrument shall be delivered to the Certificateholders, as applicablethe Trustee, the Securities Administrator and the Master Servicer by the Depositor. The Holders evidencing of Certificates entitled to at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or the Securities Administrator and appoint a successor trustee or successor securities administrator by written instrument or instruments, in multiple copiestriplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by to the successor trustee or successor securities administrator Depositor, one complete set to each of the Master Servicer, the Trustee or the Securities Administrator so removed and one complete set to the successor trustee or securities administrator so appointed. Notice A copy of any such instrument shall be delivered to the Certificateholders, the Trustee (in the case of the removal of the Trustee or Securities Administrator), the Securities Administrator shall be given to each Rating Agency (in the case of the removal of the Trustee) and the Master Servicer by the Trustee or successor trusteeDepositor. Any resignation or removal of the Trustee or the Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof8.08. 168 Notwithstanding anything to the contrary contained herein, the Master Servicer and the Securities Administrator shall at all times be the same Person.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (ACE Securities Corp Series 2004-He4)
Resignation and Removal of Trustee and Securities Administrator. The (a) Each of the Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the DepositorTrustee or the Securities Administrator, as applicable, the Seller, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) Depositor and the Master Servicer, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Depositor shall will promptly appoint a successor trustee or successor securities administratorSecurities Administrator, as applicable, by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning Trustee or resigning Securities Administrator, as applicable, one copy to the successor trustee or securities administratorsuccessor Securities Administrator, as applicable, and one copy to the successor trustee or securities administrator, as applicableMaster Servicer. If no successor trustee or successor securities administrator Securities Administrator, as applicable, shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or resigning Securities Administrator Administrator, as applicable, may petition any court of competent jurisdiction for the appointment of a successor trustee or securities administrator. trustee.
(b) If at any time (i) either the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the Depositor, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its either of their property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its either of their property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(Aiii) a tax is imposed or threatened with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund held by the Trustee is located, or (Biv) the imposition continued use of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify Administrator would result in a downgrading of the Trust Fund against such taxrating by the Rating Agencies of any Class of Certificates with a rating, then the Depositor or the Master Servicer may shall remove the Trustee or the Securities Administrator, as applicable, and appoint a successor trustee or successor securities administratorSecurities Administrator, as applicable, by written instrument, in multiple copies, a one copy of which instrument shall be delivered to the Trustee, the Trustee or Securities Administrator, each Master Servicer and as applicable, so removed, one copy to the successor trustee or the successor securities administratorSecurities Administrator, as applicable. , and one copy to the Master Servicer.
(c) The Holders evidencing at least 51of more than 50% of the Voting Rights Class Principal Amount (or Class Notional Amount) of each Class of Certificates may at any time upon 30 days' written notice to the Trustee, the Securities Administrator and the Depositor remove the Trustee or the Securities Administrator and appoint a successor trustee or securities administrator by such written instrument or instruments, in multiple copiesinstrument, signed by such Holders or their attorneysattorney-in-fact duly authorized, one complete set copy of which instruments instrument shall be delivered by to the Depositor, one copy to the Trustee or Securities Administrator, as applicable, so removed, and one copy to the Master Servicer; the Depositor shall thereupon use its best efforts to appoint a mutually acceptable successor trustee or successor securities administrator to each of the Master ServicerSecurities Administrator, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trustee. as applicable, in accordance with this Section.
(d) Any resignation or removal of the Trustee or Securities Administrator and appointment of a successor trustee or securities administrator successor Securities Administrator pursuant to any of the provisions of this Section 10.08 shall not become effective upon until acceptance of appointment by the successor trustee or securities administrator the successor Securities Administrator, as applicable, as provided in Section 10.09 hereof6.07.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp Mort Pa Th Cert Ser 2001-8a)
Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust Fund hereby created by giving written notice thereof to the Depositor, the Seller, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and the Master Servicer, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning trustee or securities administrator, as applicable, and the successor trustee or securities administrator, as applicable. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator may petition any court of competent jurisdiction for the appointment of a successor trustee or securities administrator. If at any time (i) the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof and shall fail to resign after written request thereto by the Depositor, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund is located, (B) the imposition of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee or the Securities Administrator, as applicable, and appoint a successor trustee or successor securities administrator, as applicable, by written instrument, in multiple copies, a copy of which instrument shall be delivered to the Trustee, the Securities Administrator, each Master Servicer and the successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trustee. Any resignation or removal of the Trustee or Securities Administrator and appointment of a successor trustee or securities administrator pursuant to any of the provisions of this Section 10.08 shall become effective upon acceptance of appointment by the successor trustee or securities administrator as provided in Section 10.09 hereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Cl1)
Resignation and Removal of Trustee and Securities Administrator. The (a) Each of the Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the DepositorTrustee or the Securities Administrator, as applicable, the Seller, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) Depositor and the Master Servicer, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Depositor shall will promptly appoint a successor trustee or successor Securities Administrator, as applicable, by written instrument, one copy of which instrument shall be delivered to the resigning Trustee or resigning Securities Administrator, as applicable, one copy to the successor trustee or successor securities administrator, as applicable, by written instrument, in triplicate, and one copy of which instrument shall be delivered to each of the resigning trustee or securities administrator, as applicable, and the successor trustee or securities administrator, as applicableMaster Servicer. If no successor trustee or successor securities administrator Securities Administrator, as applicable, shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or resigning Securities Administrator Administrator, as applicable, may petition any court of competent jurisdiction for the appointment of a successor trustee or securities administrator. trustee.
(b) If at any time (i) either the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the Depositor, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its either of their property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its either of their property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(Aiii) a tax is imposed or threatened with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund held by the Trustee is located, or (Biv) the imposition continued use of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities Administrator, as applicable fails to indemnify Administrator would result in a downgrading of the Trust Fund against such taxrating by the Rating Agencies of any Class of Certificates with a rating, then the Depositor or the Master Servicer may shall remove the Trustee or the Securities Administrator, as applicable, and appoint a successor trustee or successor securities administratorSecurities Administrator, as applicable, by written instrument, in multiple copies, a one copy of which instrument shall be delivered to the Trustee or Securities Administrator, as applicable, so removed, one copy to the successor trustee or the successor Securities Administrator, as applicable, and one copy to the Master Servicer.
(c) The Holders of more than 50% of the Class Principal Amount (or Class Notional Amount) of each Class of Certificates may at any time upon 30 days’ written notice to the Trustee, the Securities Administrator and the Depositor remove the Trustee or the Securities Administrator by such written instrument, signed by such Holders or their attorney-in-fact duly authorized, one copy of which instrument shall be delivered to the Depositor, one copy to the Trustee or Securities Administrator, each as applicable, so removed, and one copy to the Master Servicer and Servicer; the Depositor shall thereupon use its best efforts to appoint a mutually acceptable successor trustee or successor securities administrator, as applicable. The Holders evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee or Securities Administrator and appoint a successor trustee or securities administrator by written instrument or instruments, in multiple copies, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor trustee or successor securities administrator to each of the Master Servicer, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trustee. accordance with this Section.
(d) Any resignation or removal of the Trustee or Securities Administrator and appointment of a successor trustee or successor securities administrator pursuant to any of the provisions of this Section 10.08 shall become effective upon acceptance of appointment by the successor trustee or the successor securities administrator administrator, as applicable, as provided in Section 10.09 hereof6.07.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-26)
Resignation and Removal of Trustee and Securities Administrator. The (a) Each of the Trustee and the Securities Administrator may at any time resign (including, in the case of the Securities Administrator, in connection with the resignation or termination of the Master Servicer) and be discharged from the Trust trust hereby created by giving written notice thereof to the DepositorTrustee or the Securities Administrator, as applicable, the Seller, the Securities Administrator (or the Trustee, if the Securities Administrator resigns) Depositor and the Master Servicer, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Depositor shall will promptly appoint a successor trustee or successor securities administratorSecurities Administrator, as applicable, by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the resigning trustee Trustee or securities administratorresigning Securities Administrator, as applicable, and one copy to the successor trustee or securities administratorsuccessor Securities Administrator, as applicable, one copy to the Master Servicer and one copy to the Class 2-A5 Certificate Insurer. If no successor trustee or successor securities administrator Securities Administrator, as applicable, shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or resigning Securities Administrator Administrator, as applicable, may petition any court of competent jurisdiction for the appointment of a successor trustee or securities administrator. trustee.
(b) If at any time (i) either the Trustee or the Securities Administrator shall cease to be eligible in accordance with the provisions of Section 10.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the Depositor, (ii) the Trustee or the Securities Administrator shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or the Securities Administrator or of its either of their property shall be appointed, or any public officer shall take charge or control of the Trustee or the Securities Administrator or of its either of their property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii)(Aiii) a tax is imposed or threatened with respect to the Trust Fund by any state in which the Trustee or the Securities Administrator or the Trust Fund held by the Trustee is located, or (Biv) the imposition continued use of such tax would be avoided by the appointment of a different trustee or securities administrator and (C) the Trustee or the Securities AdministratorAdministrator would result in a downgrading of the rating by the Rating Agencies of any Class of Certificates with a rating (in the case of the Class 2-A5 Certificates, as applicable fails determined without regard to indemnify the Trust Fund against such taxClass 2-A5 Certificate Insurance Policy), then the Depositor or the Master Servicer may shall remove the Trustee or the Securities Administrator, as applicable, and appoint a successor trustee or successor securities administratorSecurities Administrator, as applicable, by written instrument, in multiple copies, a one copy of which instrument shall be delivered to the Trustee, the Trustee or Securities Administrator, each Master Servicer and as applicable, so removed, one copy to the successor trustee or the successor securities administratorSecurities Administrator, as applicable. , one copy to the Class 2-A5 Certificate Insurer and one copy to the Master Servicer.
(c) The Holders evidencing at least 51of more than 50% of the Voting Rights Class Principal Amount (or Class Notional Amount) of each Class of Certificates may at any time upon 30 days' written notice to the Trustee, the Securities Administrator, the Depositor and the Class 2-A5 Certificate Insurer remove the Trustee or the Securities Administrator and appoint a successor trustee or securities administrator by such written instrument or instruments, in multiple copiesinstrument, signed by such Holders or their attorneysattorney-in-fact duly authorized, one complete set copy of which instruments instrument shall be delivered by to the Depositor, one copy to the Trustee or Securities Administrator, as applicable, so removed, one copy to the Class 2-A5 Certificate Insurer and one copy to the Master Servicer; the Depositor shall thereupon use its best efforts to appoint a mutually acceptable successor trustee or successor securities administrator to each of the Master ServicerSecurities Administrator, the Trustee or Securities Administrator so removed and the successor trustee or securities administrator so appointed. Notice of any removal of the Trustee or Securities Administrator shall be given to each Rating Agency by the Trustee or successor trustee. as applicable, in accordance with this Section.
(d) Any resignation or removal of the Trustee or Securities Administrator and appointment of a successor trustee or securities administrator successor Securities Administrator pursuant to any of the provisions of this Section 10.08 shall become effective upon acceptance of appointment by the successor trustee or securities administrator the successor Securities Administrator, as applicable, as provided in Section 10.09 hereof6.07.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp Mort Pas THR Cert Se 2000 3)
