Common use of RESIGNATION AND REMOVAL OF TRUSTEE OR FISCAL AGENT Clause in Contracts

RESIGNATION AND REMOVAL OF TRUSTEE OR FISCAL AGENT. (a) The Trustee or the Fiscal Agent may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Master Servicer and the Rating Agencies; provided that such resignation shall not be effective until its successor shall have accepted the appointment and Rating Agency Confirmation shall have been obtained with respect to such appointment. Upon receiving such notice of resignation, the Depositor will promptly appoint a successor trustee or fiscal agent, as the case may be, except in the case of the initial Trustee or Fiscal Agent, in which case both shall be so replaced concurrently, by written instrument, one copy of which instrument shall be delivered to the resigning Trustee or the Fiscal Agent, one copy to the successor trustee and one copy to each of the Master Servicer and the Rating Agencies. If no successor trustee or fiscal agent 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 the Fiscal Agent may petition any court of competent jurisdiction for the appointment of a successor trustee or fiscal agent.

RESIGNATION AND REMOVAL OF TRUSTEE OR FISCAL AGENT. (a) The Trustee or the Fiscal Agent may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Master Servicer and the Rating Agencies; provided that such resignation shall not be effective until its successor shall have accepted the appointment and Rating Agency Confirmation shall have been obtained with respect to such appointment. Upon receiving such notice of resignation, the Depositor will promptly appoint a successor trustee or fiscal agent, as the case may be, except in the case of the initial Trustee or Fiscal Agent, in which case both shall be so replaced concurrentlybut may be replaced under this paragraph sequentially, by written instrument, one copy of which instrument shall be delivered to the resigning Trustee or the Fiscal Agent, one copy to the successor trustee and one copy to each of the Master Servicer and the Rating Agencies. If no successor trustee or fiscal agent 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 the Fiscal Agent may petition any court of competent jurisdiction for the appointment of a successor trustee or fiscal agent. It shall be a condition to the appointment of a successor trustee or fiscal agent that the Rating Agencies shall have confirmed in writing that such appointment shall not result in a downgrading, qualification or withdrawal of the ratings of each Class of Certificates then rated.