Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation to the Depositor, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.08 meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof.
Appears in 130 contracts
Samples: Pooling and Servicing Agreement (Countrywide Home Loans 2005-J8), Pooling and Servicing Agreement (Alternative Loan Trust 2005-J10), Pooling and Servicing Agreement (Alternative Loan Trust 2005-J11)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation to the Depositor, Depositor and the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.088.8, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.08 8.8 meeting the qualifications set forth in Section 8.068.6. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 8.6 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trusteeSuccessor Trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 8.7 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 8.8 hereof.
Appears in 96 contracts
Samples: Pooling and Servicing Agreement (First Horizon Asset Securities Inc), Pooling and Servicing Agreement (First Horizon Asset Securities Inc), Pooling and Servicing Agreement (Saxon Asset Securities Trust 2002-1)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation to the Depositor, Depositor and the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.08 meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed by the Depositor and have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the TrusteeTrustee so removed, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee of appointment as provided in Section 8.08 hereof.
Appears in 50 contracts
Samples: Pooling and Servicing Agreement, Pooling and Servicing Agreement (MASTR Seasoned Securitization Trust 2004-1), Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2004-8)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by (a) giving written notice of resignation to the Depositor, DLJMC, the Trust Administrator, the Master Servicer, the Special Servicer and each the Servicers and by mailing notice of resignation by first class mail, postage prepaid, to the Certificateholders at their addresses appearing on the Certificate Register, and to the Rating Agency Agencies, not less than 60 days before the date specified in such notice when, subject to Section 8.089.08, such resignation is to take effect, and (b) acceptance by a successor trustee in accordance with Section 8.08 9.08 meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee9.06. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 9.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, liquidation or a tax is imposed with respect to the Trust Fund by any state in which if the Trustee breaches any of its obligations or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trusteerepresentations hereunder, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer Trustee and one copy to the successor trustee. The Trustee may also be removed at any time by the Holders of Certificates entitled to at least 51evidencing not less than 50% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered evidenced by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointedCertificates. Notice of any removal of the Trustee and acceptance of appointment by the successor trustee shall be given to each the Rating Agency Agencies by the Depositor. If no successor trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation or receipt of a notice of removal, the resigning Trustee may, at the Trust Fund’s expense, petition any court of competent jurisdiction for the appointment of a successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 9.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 9.08 hereof.
Appears in 35 contracts
Samples: Pooling and Servicing Agreement (CSFB Adjustable Rate Mortgage Trust 2005-6a), Pooling and Servicing Agreement (CSFB Adjustable Rate Mortgage Trust 2005-7), Pooling and Servicing Agreement (CSFB Adjustable Rate Mortgage Trust 2005-3)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice of resignation thereof to the Depositor, the Master Seller, the Servicer and each the Rating Agency not less than 60 days before the date specified in Agencies. Upon receiving such notice whenof resignation of the Trustee, subject to Section 8.08, such resignation is to take effect, and acceptance by the Depositor shall promptly appoint a successor trustee in accordance with Section 8.08 meeting Trustee that meets the qualifications set forth requirements in Section 8.06, by written instrument, in duplicate, one copy of which instrument shall be delivered to each of the resigning Trustee and one copy to the successor Trustee. If no successor trustee meeting such qualifications Trustee shall have been so appointed and have having accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trusteeTrustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time the Trustee shall become incapable of actingbe legally unable to act, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee. If the Depositor removes the Trustee and under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor trustee Trustee that meets the requirements of Section 8.06, by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer successor Trustee and one copy to the successor trusteeServicer. The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master ServicerDepositor, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice A copy of any removal of such instrument shall be delivered to the Certificateholders, the Trustee shall be given to each Rating Agency and the Servicer by the successor trusteeDepositor. Any resignation or removal of the Trustee and appointment of a successor trustee Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective upon until acceptance of appointment by the successor trustee Trustee, as provided in Section 8.08 hereof.
Appears in 35 contracts
Samples: Pooling and Servicing Agreement (Jpmac 2007-Ch2), Pooling and Servicing Agreement (Jpmac 2006-Ch2), Pooling and Servicing Agreement (J.P. Morgan Mortgage Acquisition Trust 2007-Ch5)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation to the DepositorServicer. Such notice shall also be furnished to each Rating Agency. Upon receiving such notice of resignation, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by shall promptly appoint a successor trustee by written instrument, in accordance with Section 8.08 meeting duplicate, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.06resigning Trustee and one copy to the successor trustee. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trusteetrustee at the expense of the Servicer. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof 8.7 and shall fail to resign after written request thereto for the Trustee's resignation by the DepositorServicer, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, with or a tax is imposed with respect to without cause, the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer Trustee so removed and one copy to the successor trustee. The Holders of Certificates entitled to at least having a Percentage Interest aggregating not less than 51% of the Voting Rights aggregate Denomination of all Certificates may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders holders or their attorneys-in-fact duly authorized, one complete set of which instrument or instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor trustee so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 8.8 shall become effective only upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof8.9.
Appears in 33 contracts
Samples: Pooling and Servicing Agreement (Abn Amro Mortgage Corp Series 2001-2), Pooling and Servicing Agreement (Abn Amro Mortgage Corp Muilti Cl Mort Ps THR CRTS Ser 2003-8), Pooling and Servicing Agreement (Abn Amro Mortgage Corp Series 2001-8)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by (a) giving written notice of resignation to the Depositor, the Sellers, the Trust Administrator, the Master Servicer, the Special Servicer and each the Servicers and by mailing notice of resignation by first class mail, postage prepaid, to the Certificateholders at their addresses appearing on the Certificate Register, and to the Rating Agency Agencies, not less than 60 days before the date specified in such notice when, subject to Section 8.089.08, such resignation is to take effect, and (b) acceptance by a successor trustee in accordance with Section 8.08 9.08 meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee9.06. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 9.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, liquidation or a tax is imposed with respect to the Trust Fund by any state in which if the Trustee breaches any of its obligations or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trusteerepresentations hereunder, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer Trustee and one copy to the successor trustee. The Trustee may also be removed at any time by the Holders of Certificates entitled to at least 51evidencing not less than 50% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered evidenced by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointedCertificates. Notice of any removal of the Trustee and acceptance of appointment by the successor trustee shall be given to each the Rating Agency Agencies by the Depositor. If no successor trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation or receipt of a notice of removal, the resigning Trustee may, at the Trust Fund’s expense, petition any court of competent jurisdiction for the appointment of a successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 9.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 9.08 hereof.
Appears in 32 contracts
Samples: Pooling and Servicing Agreement (CSFB Mortgage Backed Pass Thru Cert Series 2004-1), Pooling and Servicing Agreement (CSFB Mortgage-Backed Pass-Through Certificates, Series 2004-4), Pooling and Servicing Agreement (CSFB Mortgage-Backed Pass-Through Cert Series 2003-10)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation to the Depositor, Depositor and the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.08 meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trusteeSuccessor Trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof.
Appears in 28 contracts
Samples: Pooling and Servicing Agreement (Mellon Residential Funding Corp), Pooling and Servicing Agreement (CWMBS Inc), Pooling and Servicing Agreement (Mellon Residential Funding Corp Mor Pas THR Cer Ser 01 Tbc1)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation to the Depositor, Depositor and the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.08 meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee Trustee, and shall, within 30 days after such removal, appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof.
Appears in 26 contracts
Samples: Pooling and Servicing Agreement (Popular ABS Mortgage Pass-Through Trust 2006-D), Pooling and Servicing Agreement (Popular ABS Mortgage Pass-Through Trust 2007-A), Pooling and Servicing Agreement (Popular ABS Mortgage Pass-Through Trust 2006-E)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by (1) giving written notice of resignation to the Depositor, Depositor and the Master Servicer and by mailing notice of resignation by first class mail, postage prepaid, to the Certificateholders at their addresses appearing on the Certificate Register and each Rating Agency Agency, not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and (2) acceptance of appointment by a successor trustee in accordance with Section 8.08 and meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee 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 Trust Fund is located and located, (B) the imposition of such tax would be avoided by the appointment of a different trusteetrustee and (C) the Trustee fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy of which shall be delivered to the successor trustee. The Holders of Certificates entitled to evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, Servicer one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trusteeSuccessor Trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof.
Appears in 26 contracts
Samples: Pooling and Servicing Agreement (Cwabs Inc. Asset-Backed Certificates Trust 2005-Im2), Pooling and Servicing Agreement (Cwabs Asset-Backed Certificates Trust 2005-Im3), Pooling and Servicing Agreement (Bear Stearns Asset Backed Sec Inc Asset Back Cert Ser 2000-2)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation to the Depositor, Depositor and the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.088.8, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.08 8.8 meeting the qualifications set forth in Section 8.068.6. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. As a condition to the effectiveness of any such resignation, at least 15 calendar days prior to the effective date of such resignation, the Trustee shall provide (x) written notice to the Depositor of any successor pursuant to this Section and (y) in writing and in form and substance reasonably satisfactory to the Depositor, all information reasonably requested by the Depositor in order to comply with its reporting obligation under Item 6.02 of Form 8-K with respect to the resignation of the Trustee. If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 8.6 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee 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 Trust Fund is located and located, (B) the imposition of such tax would be avoided by the appointment of a different trusteetrustee and (C) the Trustee fails to indemnify the Trust Fund against such tax, or (iv) during the period that the Depositor is required to file Exchange Act Reports with respect to the Trust Fund, the Trustee fails to comply with its obligations under the last sentence of Section 7.1, Section 8.9 or Article X and such failure is not remedied within the lesser of ten (10) calendar days or such period in which the applicable Exchange Act Report can be filed timely (without taking into account any extensions), then, in the case of clauses (i) through (iii), then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trusteeSuccessor Trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 8.7 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 8.8 hereof.
Appears in 26 contracts
Samples: Pooling and Servicing Agreement (First Horizon Asset Sec Mort Pass THR Certs Ser 2007-6), Pooling and Servicing Agreement (First Horizon Asset Sec Mort Pass THR Certs Ser 2007-Fa1), Pooling and Servicing Agreement (First Horizon Asset Sec Mort Pass THR Certs Ser 2007-5)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation to the Depositor, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.08 meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof8.08.
Appears in 23 contracts
Samples: Pooling and Servicing Agreement (BellaVista Mortgage Trust 2004-1), Pooling and Servicing Agreement (BellaVista Mortgage Trust 2004-2), Pooling and Servicing Agreement (BellaVista Mortgage Trust 2005-1)
Resignation and Removal of Trustee. (a) The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice of resignation thereof to the DepositorDepositor and the Master Servicer. Upon receiving such notice of resignation, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.08 meeting by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.06resigning Trustee, one copy to the successor trustee and one copy to the Master Servicer. If no successor trustee meeting such qualifications shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. .
(b) If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its their property shall be appointed, or any public officer shall take charge or control of the Trustee or of its their property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii) a tax is imposed or threatened with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided held by the appointment Trustee is located, or (iv) the continued use of the Trustee would result in a different trusteedowngrading of the rating by the Rating Agencies of any Class of Certificates with a rating, then the Depositor or the Master Servicer may shall remove the Trustee and appoint a successor trustee by written instrument, in triplicateone copy of which instrument shall be delivered to the Trustee so removed, one copy to the successor trustee 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 and the Depositor remove the Trustee 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 TrusteeDepositor, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set copy to the Master Servicer; the Depositor shall thereupon use its best efforts to appoint a mutually acceptable successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. trustee in accordance with this Section.
(d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon payment of all unpaid amounts owed to the Trustee and acceptance of appointment by the successor trustee trustee, as provided in Section 8.08 hereof6.07.
Appears in 23 contracts
Samples: Trust Agreement (Structured Asset Securities Corp Trust 2005-3), Trust Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-20), Trust Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-7)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation to the Depositor, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.08 meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed by the Depositor and have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the TrusteeTrustee so removed, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee of appointment as provided in Section 8.08 hereof.
Appears in 20 contracts
Samples: Pooling and Servicing Agreement (STARM Mortgage Loan Trust 2007-S1), Pooling and Servicing Agreement (Starm Mortgage Loan Trust 2007-2), Pooling and Servicing Agreement (STARM Mortgage Loan Trust 2007-3)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by (1) giving written notice of resignation to the Depositor, the Master Servicer Servicer, the NIMs Insurer and by mailing notice of resignation by first Class mail, postage prepaid, to the Certificateholders at their addresses appearing on the Certificate Register and each Rating Agency Agency, not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and (2) acceptance of appointment by a successor trustee in accordance with Section 8.08 and meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto by the DepositorDepositor or the NIMs Insurer, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee 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 Trust Fund is located and located, (B) the imposition of such tax would be avoided by the appointment of a different trusteetrustee and (C) the Trustee fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy of which shall be delivered to the successor trustee. The Holders of Certificates entitled to evidencing at least 51% of the Voting Rights of all Classes of Certificates may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trusteeSuccessor Trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof.
Appears in 18 contracts
Samples: Pooling and Servicing Agreement (Chase Funding Inc), Pooling and Servicing Agreement (Chase Funding Inc), Pooling and Servicing Agreement (Chase Funding Inc)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation to the Depositor, Depositor and the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.088.8, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.08 8.8 meeting the qualifications set forth in Section 8.068.6. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. As a condition to the effectiveness of any such resignation, at least 15 calendar days prior to the effective date of such resignation, the Trustee shall provide (x) written notice to the Depositor of any successor pursuant to this Section and (y) in writing and in form and substance reasonably satisfactory to the Depositor, all information reasonably requested by the Depositor in order to comply with its reporting obligation under Item 6.02 of Form 8-K with respect to the resignation of the Trustee. If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 8.6 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee 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 Trust Fund is located and located, (B) the imposition of such tax would be avoided by the appointment of a different trusteetrustee and (C) the Trustee fails to indemnify the Trust Fund against such tax, then or (iv) during the period that the Depositor is required to file Exchange Act Reports with respect to the Trust Fund, the Trustee fails to comply with its obligations under the last sentence of Section 7.1, Section 8.9 or Article X and such failure is not remedied within the lesser of ten (10) calendar days or such period in which the applicable Exchange Act Report can be filed timely (without taking into account any extensions), then, in the case of clauses (i) through (iii), the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trusteeSuccessor Trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 8.7 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 8.8 hereof.
Appears in 15 contracts
Samples: Pooling and Servicing Agreement (First Horizon Asset Sec Mort Pass THR Certs Ser 2007-Aa1), Pooling and Servicing Agreement (First Horizon Asset Sec Mort Pass THR Certs Ser 2006-Aa8), Pooling and Servicing Agreement (First Horizon Asset Sec Mort Pass THR Certs Ser 2006-Ar2)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts Trust hereby created by giving written notice of resignation thereof to the Depositor, the Seller and the Master Servicer and each Servicer, with a copy to the Rating Agency not less than 60 days before the date specified in Agencies. Upon receiving such notice whenof resignation, subject to Section 8.08, such resignation is to take effect, and acceptance by the Depositor shall promptly appoint a successor trustee by written instrument, in accordance with Section 8.08 meeting triplicate, one copy of which instrument shall be delivered to each of the qualifications set forth in Section 8.06resigning Trustee and the successor trustee. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 9.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee 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 Trust Fund is located and located, (B) the imposition of such tax would be avoided by the appointment of a different trusteetrustee and (C) the Trustee fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicatemultiple copies, one a copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicatemultiple 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 trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor trustee so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the Trustee or successor trustee. Any resignation or removal of LaSalle Bank National Association as Trustee shall also result in the resignation or removal, as applicable, of LaSalle Bank National Association as Swap Administrator. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 9.08 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof9.09 hereof and upon acceptance of appointment by a successor swap administrator under the Swap Administration Agreement.
Appears in 14 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Tc2), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-He8), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Tc1)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation to the Depositor, the NIMS Insurer and the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by a successor trustee acceptable to the NIMS Insurer and in accordance with Section 8.08 meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed by the Depositor and have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto by the NIMS Insurer or the Depositor, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the NIMS Insurer, the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee acceptable to the NIMS Insurer, by written instrument, in triplicate, one copy of which instrument shall be delivered to the TrusteeTrustee so removed, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights or the NIMS Insurer may at any time remove the Trustee and appoint a successor trustee acceptable to the NIMS Insurer, by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee of appointment as provided in Section 8.08 hereof.
Appears in 14 contracts
Samples: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2007-Hf2), Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2006-Oa1), Pooling and Servicing Agreement (MASTR Asset Backed Securities Trust 2006-Ab1)
Resignation and Removal of Trustee. (a) The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice of resignation thereof to the DepositorDepositor and the Servicer. Upon receiving such notice of resignation, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.08 meeting by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.06resigning Trustee, one copy to the successor trustee and one copy to the Servicer. If no successor trustee meeting such qualifications shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. .
(b) If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its either of their property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii) a tax is imposed or threatened with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided held by the appointment Trustee is located, or (iv) the continued use of the Trustee would result in a different trusteedowngrading of the rating by any Rating Agency of any Class of Certificates with a rating, then the Depositor or the Master Servicer may shall remove the Trustee and the Depositor shall appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the TrusteeTrustee so removed, one copy of which shall be delivered each to the Master Servicer successor trustee and one copy to the successor trustee. Servicer.
(c) The Holders of Certificates entitled to at least 51more 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 and to the Depositor remove the Trustee and appoint a successor trustee by such written instrument or instruments, in triplicateinstrument, signed by such Holders or their attorneysattorney-in-fact duly authorized, one complete set copy of which instruments instrument shall be delivered by the successor Trustee to the Master Servicer, Depositor and one complete set copy to the Trustee so removed and one complete set to Trustee; the Depositor shall thereupon appoint a successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. trustee in accordance with this Section.
(d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee of appointment, as provided in Section 8.08 hereof6.07.
Appears in 14 contracts
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series MLCC 2004-G), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series MLCC 2004-F), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust MLCC Series 2004-1)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation to the Depositor, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.08 meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. As a condition to the effectiveness of any such resignation, at least 15 calendar days prior to the effective date of such resignation, the Trustee shall provide (x) written notice to the Depositor of any successor pursuant to this Section and (y) in writing and in form and substance reasonably satisfactory to the Depositor, all information reasonably requested by the Depositor in order to comply with its reporting obligation under Item 6.02 of Form 8-K with respect to the resignation of the Trustee. If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or liquidation,(iii) (A) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and located, (B) the imposition of such tax would be avoided by the appointment of a different trusteetrustee and (C) the Trustee fails to indemnify the Trust Fund against such tax or (iv) during the period that the Depositor is required to file Exchange Act Reports with respect to the Trust Fund, then the Trustee fails to comply with its obligations under the last sentence of Section 7.01, the preceding paragraph, Section 8.09 or Article XI and such failure is not remedied within the lesser of 10 calendar days or such period in which the applicable Exchange Act Report can be filed timely (without taking into account any extensions), then, in the case of clauses (i) through (iii), the Depositor or the Master Servicer Servicer, or in the case of clause (iv), the Depositor, may remove the Trustee and appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy of which shall be delivered to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and removed, one complete set to the successor so appointedappointed and one complete set to the Depositor, together with a written description of the basis of such removal. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof.
Appears in 13 contracts
Samples: Pooling and Servicing Agreement (Alternative Loan Trust 2006-7cb), Pooling and Servicing Agreement (Alternative Loan Trust 2006-29t1), Pooling and Servicing Agreement (Alternative Loan Trust 2006-45t1)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by (a) giving written notice of resignation to the Depositor, the Seller, the Trust Administrator, the Master Servicer, the Special Servicer and each the Servicers and by mailing notice of resignation by first class mail, postage prepaid, to the Certificateholders at their addresses appearing on the Certificate Register, and to the Rating Agency Agencies, not less than 60 days before the date specified in such notice when, subject to Section 8.089.08, such resignation is to take effect, and (b) acceptance by a successor trustee in accordance with Section 8.08 9.08 meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee9.06. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 9.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, liquidation or a tax is imposed with respect to the Trust Fund by any state in which if the Trustee breaches any of its obligations or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trusteerepresentations hereunder, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer Trustee and one copy to the successor trustee. The Trustee may also be removed at any time by the Holders of Certificates entitled to at least 51evidencing not less than 50% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered evidenced by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointedCertificates. Notice of any removal of the Trustee and acceptance of appointment by the successor trustee shall be given to each the Rating Agency Agencies by the Depositor. If no successor trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation or receipt of a notice of removal, the resigning Trustee may, at the Trust Fund’s expense, petition any court of competent jurisdiction for the appointment of a successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 9.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 9.08 hereof.
Appears in 13 contracts
Samples: Pooling and Servicing Agreement (CSMC 2006-8), Pooling and Servicing Agreement (CSMC Mortgage-Backed Trust Series 2006-5), Pooling and Servicing Agreement (Csab Mortgage-Backed Trust 2006-1)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by (1) giving written notice of resignation to the DepositorDepositor by mailing notice of resignation by first class mail, postage prepaid, to the Master Servicer Certificateholders at their addresses appearing on the Certificate Register and each Rating Agency Agency, not less than 60 days before the date specified in such notice when, subject to Section 8.088.09, such resignation is to take effect, and (2) acceptance of appointment by a successor trustee acceptable to the NIMs Insurer in accordance with Section 8.08 8.09 and meeting the qualifications set forth in Section 8.068.07. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 8.07 hereof and shall fail to resign after written request thereto by the Depositor, Depositor or if at any time the NIMs Insurer or (ii) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee and shall promptly appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, Trustee and one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to evidencing at least 51% of the Voting Rights of all Classes of 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 and the Depositor shall appoint a successor trustee by written instrument or instruments, in triplicate, 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 trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to the NIMs Insurer and each Rating Agency by the successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 8.08 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 8.09 hereof.
Appears in 12 contracts
Samples: Pooling and Servicing Agreement (Mortgage Loan Asset-Backed Certificates, Series 2006-Rm3), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2006-Rm2), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-Mln1)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation to the Depositor, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.08 meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. As a condition to the effectiveness of any such resignation, at least 15 calendar days prior to the effective date of such resignation, the Trustee shall provide (x) written notice to the Depositor of any successor pursuant to this Section and (y) in writing and in form and substance reasonably satisfactory to the Depositor, all information reasonably requested by the Depositor in order to comply with its reporting obligation under Item 6.02 of Form 8-K with respect to the resignation of the Trustee. If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trusteetrustee or (iv) during the period that the Depositor is required to file Exchange Act Reports with respect to the Trust Fund, then the Trustee fails to comply with its obligations under the last sentence of Section 7.01, the preceding paragraph, Section 8.09 or Article XI and such failure is not remedied within the lesser of 10 calendar days or such period in which the applicable Exchange Act Report can be filed timely (without taking into account any extensions), then, in the case of clauses (i) through (iii), the Depositor or the Master Servicer Servicer, or in the case of clause (iv), the Depositor, may remove the Trustee and appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy of which shall be delivered to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and removed, one complete set to the successor so appointedappointed and one complete set to the Depositor, together with a written description of the basis of such removal. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof.
Appears in 11 contracts
Samples: Pooling and Servicing Agreement (Alternative Loan Trust 2007-23cb), Pooling and Servicing Agreement (Alternative Loan Trust 2007-7t2), Pooling and Servicing Agreement (Alternative Loan Trust 2006-24cb)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts Trust hereby created by giving written notice of resignation thereof to the DepositorDepositor and the Seller, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by Depositor shall promptly appoint a successor trustee by written instrument, in accordance with Section 8.08 meeting triplicate, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.06resigning trustee and the successor trustee. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation or resignationremoval, the resigning or removed Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 9.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee 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 Trust Fund is located and located, (B) the imposition of such tax would be avoided by the appointment of a different trusteetrustee and (C) the Trustee fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicatemultiple copies, one a copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer Trustee and one copy to the successor trustee. The Holders of Certificates entitled to evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicatemultiple 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 to the Master Servicer, one complete set trustee to the Trustee so removed and one complete set to the successor trustee so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the Trustee or successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 9.08 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 10.09 hereof.
Appears in 11 contracts
Samples: Pooling and Servicing Agreement (NAAC Alternative Loan Trust, Series 2004 - AP3), Pooling and Servicing Agreement (NAAC Alternative Loan Trust, Series 2005 - AP1), Pooling and Servicing Agreement (NAAC Alternative Loan Trust, Series 2004 - AP3)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation to the Depositor, Depositor and the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.08 meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed by the Depositor and have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the TrusteeTrustee so removed, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-attorneys in fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee of appointment as provided in Section 8.08 hereof.
Appears in 11 contracts
Samples: Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2007-Hf1), Pooling and Servicing Agreement (Mortgage Asset Sec Trans Mort Pass THR Certs Ser 2003-12), Pooling and Servicing Agreement (Mastr Asset Securitization Trust 2003-10)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation to the Depositor, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.08 meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. As a condition to the effectiveness of any such resignation, at least 15 calendar days prior to the effective date of such resignation, the Trustee shall provide (x) written notice to the Depositor of any successor pursuant to this Section and (y) in writing and in form and substance reasonably satisfactory to the Depositor, all information reasonably requested by the Depositor in order to comply with its reporting obligation under Item 6.02 of Form 8-K with respect to the resignation of the Trustee. If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto by the NIM Insurer or the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then or (iv) during the period that the Depositor is required to file Exchange Act Reports with respect to the Trust Fund, the Trustee fails to comply with its obligations under the last sentence of Section 7.01, in the preceding paragraph, Section 8.09 or Article XI and such failure is not remedied within the lesser of 10 calendar days or such period in which the applicable Exchange Act Report can be filed timely (without taking into account any extensions), then, in the case of clauses (i) through (iii), the Depositor, the NIM Insurer or the Master Servicer Servicer, and in the case of clause (iv), the Depositor, may remove the Trustee and appoint a successor trustee trustee, reasonably acceptable to the NIM Insurer, by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer Servicer, one copy of which shall be delivered to the NIM Insurer and one copy of which shall be delivered to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, instruments signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed removed, one complete set to the NIM Insurer and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof8.08.
Appears in 9 contracts
Samples: Pooling and Servicing Agreement (Alternative Loan Trust 2007-Hy6), Pooling and Servicing Agreement (Alternative Loan Trust 2007-Hy7c), Pooling and Servicing Agreement (Alternative Loan Trust 2007-Hy3)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by (a) giving written notice of resignation to the Depositor, DLJMC, the Trust Administrator, the Master Servicer, the Special Servicer and each the Servicers and by mailing notice of resignation by first class mail, postage prepaid, to the Certificateholders at their addresses appearing on the Certificate Register, and to the Rating Agency Agencies, not less than 60 days before the date specified in such notice when, subject to Section 8.089.08, such resignation is to take effect, and (b) acceptance by a successor trustee in accordance with Section 8.08 9.08 meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee9.06. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 9.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, liquidation or a tax is imposed with respect to the Trust Fund by any state in which if the Trustee breaches any of its obligations or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trusteerepresentations hereunder, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer Trustee and one copy to the successor trustee. The Trustee may also be removed at any time by the Holders of Certificates entitled to at least 51evidencing not less than 50% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered evidenced by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointedCertificates. Notice of any removal of the Trustee and acceptance of appointment by the successor trustee shall be given to each the Rating Agency Agencies by the Depositor. If no successor trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation or receipt of a notice of removal, the resigning Trustee may, at the Trust Fund's expense, petition any court of competent jurisdiction for the appointment of a successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 9.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 9.08 hereof.
Appears in 9 contracts
Samples: Pooling and Servicing Agreement (Adjustable Rate Mortgage Trust 2006-3), Pooling and Servicing Agreement (CSFB Adjustable Rate Mortgage Trust 2005-10), Pooling and Servicing Agreement (CSFB Adjustable Rate Mortgage Trust 2004-4)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation to the Depositor, Depositor and the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.08 meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Depositor may also terminate the Trustee pursuant to Section 8.12(d). The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trusteeSuccessor Trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof.
Appears in 9 contracts
Samples: Pooling and Servicing Agreement (Mastr Seasoned Securitization Trust 2003-1), Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pass THR Cert Ser 2002-8), Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc MRT Ps THR Certs Ser 2003-3)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation to the Depositor, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.08 meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. As a condition to the effectiveness of any such resignation, at least 15 calendar days prior to the effective date of such resignation, the Trustee shall provide (x) written notice to the Depositor of any successor pursuant to this Section and (y) in writing and in form and substance reasonably satisfactory to the Depositor, all information reasonably requested by the Depositor in order to comply with its reporting obligation under Item 6.02 of Form 8-K with respect to the resignation of the Trustee. If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or liquidation,(iii) a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trusteetrustee or (iv) during the period that the Depositor is required to file Exchange Act Reports with respect to the Trust Fund, then the Trustee fails to comply with its obligations under the last sentence of Section 7.01, the preceding paragraph, Section 8.09 or Article XI and such failure is not remedied within the lesser of 10 calendar days or such period in which the applicable Exchange Act Report can be filed timely (without taking into account any extensions), then, in the case of clauses (i) through (iii), the Depositor or the Master Servicer Servicer, or in the case of clause (iv), the Depositor, may remove the Trustee and appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy of which shall be delivered to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and removed, one complete set to the successor so appointedappointed and one complete set to the Depositor, together with a written description of the basis of such removal. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof.
Appears in 9 contracts
Samples: Pooling and Servicing Agreement (Cwalt Inc), Pooling and Servicing Agreement (Alternative Loan Trust 2007-4cb), Pooling and Servicing Agreement (Cwalt Inc)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts Trust hereby created by giving written notice of resignation thereof to the Depositor, the Seller and the Master Servicer and each Servicer, with a copy to the Rating Agency not less than 60 days before the date specified in Agencies. Upon receiving such notice whenof resignation, subject to Section 8.08, such resignation is to take effect, and acceptance by the Depositor shall promptly appoint a successor trustee by written instrument, in accordance with Section 8.08 meeting triplicate, one copy of which instrument shall be delivered to each of the qualifications set forth in Section 8.06resigning Trustee and the successor trustee. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 9.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee 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 Trust Fund is located and located, (B) the imposition of such tax would be avoided by the appointment of a different trusteetrustee and (C) the Trustee fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicatemultiple copies, one a copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicatemultiple 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 trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor trustee so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the Trustee or successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 9.08 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 9.09 hereof.
Appears in 9 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2004-Fr1), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2004-He10), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2004-He8)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation to the Depositor, Depositor and the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.08 meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trusteeSuccessor Trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof.
Appears in 9 contracts
Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mor Pass THR Cer Ser 2002-2), Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pass THR Cer Ser 2002-1), Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pas THR Certs Ser 2002 2)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by (1) giving written notice of resignation to the DepositorDepositor by mailing notice of resignation by first class mail, postage prepaid, to the Master Servicer Certificateholders at their addresses appearing on the Certificate Register and each Rating Agency Agency, not less than 60 sixty (60) days before the date specified in such notice when, subject to Section 8.088.09, such resignation is to take effect, and (2) acceptance of appointment by a successor trustee in accordance with Section 8.08 8.09 and meeting the qualifications set forth in Section 8.068.07. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 thirty (30) days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 8.07 hereof and shall fail to resign after written request thereto by the Depositor, Depositor or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee and shall promptly appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, Trustee and one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to evidencing at least 51% of the Voting Rights of all Classes of Certificates may at any time remove the Trustee and the Depositor shall appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 8.08 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 8.09 hereof.
Appears in 8 contracts
Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust, Series 2007-Ff1), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust, Series 2007-Ff2), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2006-Rm5)
Resignation and Removal of Trustee. (a) The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice of resignation thereof to the DepositorDepositor and the Servicer. Upon receiving such notice of resignation, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.08 meeting by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.06resigning Trustee, one copy to the successor trustee and one copy to the Servicer. If no successor trustee meeting such qualifications shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. .
(b) If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its either of their property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii) a tax is imposed or threatened with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided held by the appointment Trustee is located, or (iv) the continued use of the Trustee would result in a different trusteedowngrading of the rating by any Rating Agency of any Class of Certificates with a rating, then the Depositor or the Master Servicer may shall remove the Trustee and the Depositor shall appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the TrusteeTrustee so removed, one copy of which shall be delivered each to the Master Servicer successor trustee and one copy to the successor trustee. Servicer.
(c) The Holders of Certificates entitled to at least 51more 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 and to the Depositor remove the Trustee and appoint a successor trustee by such written instrument or instruments, in triplicateinstrument, signed by such Holders or their attorneysattorney-in-fact duly authorized, one complete set copy of which instruments instrument shall be delivered by the successor Trustee to the Master Servicer, Depositor and one complete set copy to the Trustee so removed and one complete set to Trustee; the Depositor shall thereupon appoint a successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. trustee in accordance with this Section.
(d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee trustee, as provided in Section 8.08 hereof6.07.
Appears in 8 contracts
Samples: Trust Agreement (Sequoia Residential Funding Inc), Trust Agreement (Merrill Lynch Mort Investors Inc Trust Series MLCC 2003-D), Trust Agreement (Merrill Lynch Mort Inv Inc Mo Pass THR Ce Se MLCC 2003f)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by (1) giving written notice of resignation to the DepositorDepositor and by mailing notice of resignation by first class mail, postage prepaid, to the Master Servicer Certificateholders at their addresses appearing on the Certificate Register and each Rating Agency Agency, not less than 60 sixty (60) days before the date specified in such notice when, subject to Section 8.088.09, such resignation is to take effect, and (2) acceptance of appointment by a successor trustee in accordance with Section 8.08 8.09 and meeting the qualifications set forth in Section 8.068.07. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 thirty (30) days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 8.07 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee 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 Issuing Entity by any state in which the Trustee or the Trust Fund Issuing Entity is located and located, (B) the imposition of such tax would be avoided by the appointment of a different trusteetrustee and (C) the Trustee fails to indemnify the Issuing Entity against such tax, then the Depositor or the Master Servicer may remove the Trustee and shall promptly appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy of which shall be delivered to the successor trustee. The Holders of Certificates entitled to evidencing at least 51% of the Voting Rights of all Classes of Certificates upon failure of the Trustee to perform its obligations hereunder may at any time remove the Trustee and the Depositor shall appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trusteeSuccessor Trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 8.08 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 8.09 hereof.
Appears in 7 contracts
Samples: Pooling and Servicing Agreement (Specialty Underwriting & Residential Finance Trust Series 2006-Bc4), Pooling and Servicing Agreement (Specialty Underwriting & Residential Finance Trust, Series 2006-Bc5), Pooling and Servicing Agreement (SURF Mortgage Loan Asset-Backed Certificates, Series 2007-Bc1)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation to the Depositor, the Master Insurer and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.08 meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee Trustee, and shall, within 30 days after such removal, appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Insurer or the Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by the Insurer or such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof.
Appears in 7 contracts
Samples: Pooling and Servicing Agreement (Equity One Abs Inc), Pooling and Servicing Agreement (Equity One Abs Inc), Pooling and Servicing Agreement (Equity One Abs Inc)
Resignation and Removal of Trustee. (a) The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice of resignation thereof to the DepositorDepositor and the Master Servicer. Upon receiving such notice of resignation, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.08 meeting by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.06resigning Trustee, one copy to the successor trustee and one copy to the Master Servicer. If no successor trustee meeting such qualifications shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. .
(b) If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii) a tax is imposed or threatened with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided held by the appointment Trustee is located, or (iv) the continued use of the Trustee would result in a different trusteedowngrading of the rating by the Rating Agencies of any Class of Certificates with a rating, then the Depositor or the Master Servicer may shall remove the Trustee and appoint a successor trustee by written instrument, in triplicateone copy of which instrument shall be delivered to the Trustee so removed, one copy to the successor trustee 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 and the Depositor remove the Trustee 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 TrusteeDepositor, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set copy to the Master Servicer; the Depositor shall thereupon use its best efforts to appoint a mutually acceptable successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. trustee in accordance with this Section.
(d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon (i) payment of all unpaid amounts owed to the Trustee and (ii) acceptance of appointment by the successor trustee as provided in Section 8.08 hereof6.07.
Appears in 7 contracts
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003 24a), Trust Agreement (Structured Asset Sec Corp Mort Passthr Certs Ser 2003 40a), Trust Agreement (Structured Asset Secs Corp Mort Pass-Thru Cert Sers 2004-2ac)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation thereof to the DepositorMaster Servicer. Upon receiving such notice of resignation, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by shall promptly appoint a successor trustee by written instrument, in accordance with Section 8.08 meeting duplicate, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.06resigning Trustee and one copy to the successor trustee. If no successor trustee meeting such qualifications shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto therefor by the DepositorMaster Servicer, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to the TrusteeTrustee so removed, one copy of which shall be delivered to the Master Servicer and one copy to the successor trusteesuccessor. The Holders of Certificates entitled to at least 51evidencing Percentage Interests aggregating more than 50% of the Voting Rights REMIC II Trust Fund may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-attorneys in- fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof.
Appears in 7 contracts
Samples: Pooling and Servicing Agreement (PNC Mortgage Sec Corp Mort Pass THR Cert Ser 2001-2), Pooling and Servicing Agreement (PNC Mortgage Securities Corp Mort Pass Thro Cert Ser 2000-9), Pooling and Servicing Agreement (PNC Mortgage Securities Corp Mort Pass Throu Cert Ser 2000 6)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by (1) giving written notice of resignation to the DepositorDepositor by mailing notice of resignation by first class mail, postage prepaid, to the Master Servicer Certificateholders at their addresses appearing on the Certificate Register and each Rating Agency Agency, not less than 60 sixty (60) days before the date specified in such notice when, subject to Section 8.088.09, such resignation is to take effect, and (2) acceptance of appointment by a successor trustee acceptable to the NIMs Insurer in accordance with Section 8.08 8.09 and meeting the qualifications set forth in Section 8.068.07. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 thirty (30) days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 8.07 hereof and shall fail to resign after written request thereto by the Depositor, Depositor or if at any time the NIMs Insurer or (ii) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee and shall promptly appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, Trustee and one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to evidencing at least 51% of the Voting Rights of all Classes of Certificates, with the consent of the NIMs Insurer, may at any time remove the Trustee and the Depositor shall appoint a successor trustee by written instrument or instruments, in triplicate, 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 trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to the NIMs Insurer and to each Rating Agency by the successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 8.08 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 8.09 hereof.
Appears in 7 contracts
Samples: Pooling and Servicing Agreement (Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-2), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2007-Sd1), Pooling and Servicing Agreement (Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-4)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by (1) giving written notice of resignation to the DepositorDepositor and the Subservicer and by mailing notice of resignation by first Class mail, postage prepaid, to the Master Servicer Certificateholders at their addresses appearing on the Certificate Register and each Rating Agency Agency, not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and (2) acceptance of appointment by a successor trustee in accordance with Section 8.08 and meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee 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 Trust Fund is located and located, (B) the imposition of such tax would be avoided by the appointment of a different trusteetrustee and (C) the Trustee fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer Subservicer and one copy of which shall be delivered to the successor trustee. The Holders of Certificates entitled to evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master ServicerSubservicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trusteeSuccessor Trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof.
Appears in 7 contracts
Samples: Pooling and Servicing Agreement (Chase Funding Inc), Pooling and Servicing Agreement (Chase Funding Inc), Pooling and Servicing Agreement (Chase Funding Inc)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by (1) giving written notice of resignation to the DepositorDepositor and the NIM Insurer and by mailing notice of resignation by first class mail, postage prepaid, to the Master Servicer Certificateholders at their addresses appearing on the Certificate Register and each Rating Agency Agency, not less than 60 days before the date specified in such notice when, subject to Section 8.088.09, such resignation is to take effect, and (2) acceptance of appointment by a successor trustee acceptable to the NIM Insurer in accordance with Section 8.08 8.09 and meeting the qualifications set forth in Section 8.068.07. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 8.07 hereof and shall fail to resign after written request thereto by the DepositorDepositor or the NIM Insurer, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee 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 Trust Fund is located and located, (B) the imposition of such tax would be avoided by the appointment of a different trusteetrustee and (C) the Trustee fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer NIM Insurer may remove the Trustee and the Depositor with the consent of the NIM Insurer shall promptly appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy of which shall be delivered to the successor trustee. The Holders of Certificates entitled to evidencing at least 51% of the Voting Rights of all Classes of Certificates, with the consent of the NIM Insurer, or the NIM Insurer upon failure of the Trustee to perform its obligations hereunder may at any time remove the Trustee and the Depositor shall appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorizedauthorized (or by the NIM Insurer), one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to the NIM Insurer and each Rating Agency by the successor trusteeSuccessor Trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 8.08 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 8.09 hereof.
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (Specialty Underwriting & Residential Finance Trust, Series 2005-Bc2), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors, Inc. Series 2005-Bc1), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors, Inc. Surf Asset-Backed Certificates Series 2005-Ab1)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by (1) giving written notice of resignation to the Depositor, Depositor and the Master Servicer and by mailing notice of resignation by first class mail, postage prepaid, to the Certificateholders at their addresses appearing on the Certificate Register and each Rating Agency Agency, not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and (2) acceptance of appointment by a successor trustee in accordance with Section 8.08 and meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto by the NIM Insurer or the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee 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 Trust Fund is located and located, (B) the imposition of such tax would be avoided by the appointment of a different trusteetrustee and (C) the Trustee fails to indemnify the Trust Fund against such tax, then the Depositor Depositor, the NIM Insurer or the Master Servicer may remove the Trustee and appoint a successor trustee trustee, reasonably acceptable to the NIM Insurer, by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy of which shall be delivered to the successor trustee. The Holders of Certificates entitled to evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, Servicer one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trusteeTrustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof.
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certificates Series 2005-Ab3), Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certificates Series 2005-Ab1), Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certificates Series 2004-Ab2)
Resignation and Removal of Trustee. (a) The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice of resignation thereof to the DepositorDepositor and the Master Servicer. Upon receiving such notice of resignation, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.08 meeting by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.06resigning Trustee, one copy to the successor trustee and one copy to the Master Servicer. If no successor trustee meeting such qualifications shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. .
(b) If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii) a tax is imposed or threatened with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided held by the appointment Trustee is located, or (iv) the continued use of the Trustee would result in a different trusteedowngrading of the rating by the Rating Agencies of any Class of Certificates with a rating, then the Depositor or the Master Servicer may shall remove the Trustee and appoint a successor trustee by written instrument, in triplicateone copy of which instrument shall be delivered to the Trustee so removed, one copy to the successor trustee 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 and to the Depositor remove the Trustee 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 TrusteeDepositor, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set copy to the Master Servicer; the Depositor shall thereupon use its best efforts to appoint a mutually acceptable successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. trustee in accordance with this Section.
(d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof6.07.
Appears in 6 contracts
Samples: Trust Agreement (Structured Asset Securities Corp), Trust Agreement (Structured Securities Asset Corp Mort Pas THR Cert Ser 01 4a), Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2000-2)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation to the Depositor, Depositor and the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.08 meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed by the Depositor or the Master Servicer and have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trusteeSuccessor Trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Mastr Pass Thru Ser 2003-5), Pooling and Servicing Agreement (Mortgage Asset Sec Trans Incmastr Asset Sec Tr 2003 7), Pooling and Servicing Agreement (Mort Asset Sec Trans Mort Ps THR Certs Ser 2003-3)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by (1) giving written notice of resignation to the DepositorDepositor by mailing notice of resignation by first class mail, postage prepaid, to the Master Servicer Certificateholders at their addresses appearing on the Certificate Register and each Rating Agency Agency, not less than 60 days before the date specified in such notice when, subject to Section 8.088.09, such resignation is to take effect, and (2) acceptance of appointment by a successor trustee in accordance with Section 8.08 8.09 and meeting the qualifications set forth in Section 8.068.07. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 8.07 hereof and shall fail to resign after written request thereto by the Depositor, Depositor or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee and shall promptly appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy of which shall be delivered to the successor trustee. The Holders of Certificates entitled to evidencing at least 51% of the Voting Rights of all Classes of Certificates, upon failure of the Trustee to perform its obligations hereunder, may at any time remove the Trustee and the Depositor shall appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set trustee to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 8.08 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 8.09 hereof.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2005-Ar1), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2005-Fm1), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2005-He2)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation to the Depositor, Depositor and the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.088.8, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.08 8.8 meeting the qualifications set forth in Section 8.068.6. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 8.6 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency and MBIA by the successor trusteeSuccessor Trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 8.7 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 8.8 hereof.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (First Horizon Asset Securities Inc), Pooling and Servicing Agreement (First Horizon Asset Securities Inc), Pooling and Servicing Agreement (First Horizon Asset Securities Inc)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation thereof to the DepositorMaster Servicer. Upon receiving such notice of resignation, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by shall promptly appoint a successor trustee by written instrument, in accordance with Section 8.08 meeting duplicate, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.06resigning Trustee and one copy to the successor trustee. If no successor trustee meeting such qualifications shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto therefor by the DepositorMaster Servicer, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to the TrusteeTrustee so removed, one copy of which shall be delivered to the Master Servicer and one copy to the successor trusteesuccessor. The Holders of Certificates entitled to at least 51evidencing Percentage Interests aggregating more than 50% of the Voting Rights REMIC II Trust Fund may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-attorneys in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof8.08. Any expenses associated with the resignation of the Trustee shall be borne by the Trustee, and any expenses associated with the removal of the Trustee shall be borne by the Master Servicer.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (PNC Mortgage Sec Corp Mort Pass THR Cert Ser 2000-3), Pooling and Servicing Agreement (Washington Mutual Mor Sec Corp Mor Pass Thru Cert Ser 2001-3), Pooling and Servicing Agreement (PNC Mortgage Securities Corp)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts Trust hereby created by giving written notice of resignation thereof to the Depositor, the Seller and the Master Servicer and each Servicer, with a copy to the Rating Agency not less than 60 days before the date specified in Agencies. Upon receiving such notice whenof resignation, subject to Section 8.08, such resignation is to take effect, and acceptance by the Depositor shall promptly appoint a successor trustee by written instrument, in accordance with Section 8.08 meeting triplicate, one copy of which instrument shall be delivered to each of the qualifications set forth in Section 8.06resigning Trustee and the successor trustee. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 9.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee 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 Trust Fund is located and located, (B) the imposition of such tax would be avoided by the appointment of a different trusteetrustee and (C) the Trustee fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicatemultiple copies, one a copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicatemultiple 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 trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor trustee so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the Trustee or successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (Saco I Trust, 2005-Wm1), Pooling and Servicing Agreement (Saco I Trust, 2005-Wm2), Pooling and Servicing Agreement (Saco I Trust 2005-9)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts Trust hereby created by giving written notice of resignation thereof to the Depositor, the Seller and the Master Servicer and each Servicer, with a copy to the Rating Agency not less than 60 days before the date specified in Agencies. Upon receiving such notice whenof resignation, subject to Section 8.08, such resignation is to take effect, and acceptance by the Depositor shall promptly appoint a successor trustee by written instrument, in accordance with Section 8.08 meeting triplicate, one copy of which instrument shall be delivered to each of the qualifications set forth in Section 8.06resigning trustee and the successor trustee. If no successor trustee meeting such qualifications or shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 10.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee 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 Trust Fund is located and located, (B) the imposition of such tax would be avoided by the appointment of a different trusteetrustee and (C) the Trustee fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicatemultiple copies, one a copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the each Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to at least 51over 50% of the Voting Rights of each Class of Certificates may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicatemultiple 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 trustee to each of the Master Servicer, one complete set to Servicer or the Trustee so removed and one complete set to the successor trustee so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the Trustee or successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 10.08 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 10.09 hereof.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Ac5), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Ac6), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Ac3)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation thereof to the DepositorMaster Servicer. Upon receiving such notice of resignation, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by shall promptly appoint a successor trustee by written instrument, in accordance with Section 8.08 meeting duplicate, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.06resigning Trustee and one copy to the successor trustee. If no successor trustee meeting such qualifications shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto therefor by the DepositorMaster Servicer, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to the TrusteeTrustee so removed, one copy of which shall be delivered to the Master Servicer and one copy to the successor trusteesuccessor. The Holders of Certificates entitled to at least 51evidencing Percentage Interests aggregating more than 50% of the Voting Rights REMIC II Trust Fund may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-attorneys in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (PNC Mortgage Sec Corp Mort Pass THR Cert Ser 1999-7), Pooling and Servicing Agreement (PNC Mortgage Securities Corp), Pooling and Servicing Agreement (PNC Mortgage Securities Corp)
Resignation and Removal of Trustee. (a) The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice of resignation thereof to the Depositor. Upon receiving such notice of resignation, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee, by written instrument, one copy of which instrument shall be delivered to the resigning Trustee, one copy to the successor trustee in accordance with Section 8.08 meeting and one copy to the qualifications set forth in Section 8.06Servicer. If no successor trustee meeting such qualifications shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. .
(b) If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its either of their property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii) a tax is imposed or threatened with respect to the Trust Fund by any state in which the Trustee or the Trust Fund held by the Trustee is located and due to the imposition location of such tax the Trustee, or (iv) the continued use of the Trustee would be avoided result in a downgrading of the rating by the appointment any Rating Agency of any Class of Certificates with a different trusteerating, then the Depositor or the Master Servicer may shall remove the Trustee and the Depositor shall appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the TrusteeTrustee so removed, one copy of which shall be delivered to the Master Servicer successor trustee and one copy to the successor trustee. Servicer.
(c) The Holders of Certificates entitled to at least 51more than 50% of the Voting Rights Class Principal Balance (or Percentage Interest) of each Class of Certificates may at any time upon 30 days’ written notice to the Trustee and to the Depositor remove the Trustee and appoint a successor trustee by such written instrument or instruments, in triplicateinstrument, signed by such Holders or their attorneysattorney-in-fact duly authorized, one complete set copy of which instruments instrument shall be delivered by the successor Trustee to the Master ServicerDepositor, one complete set copy to the Trustee so removed and one complete set copy to the Servicer; the Depositor shall thereupon appoint a successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. trustee in accordance with this Section 6.06.
(d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee trustee, as provided in Section 8.08 hereof6.07. If no successor trustee shall have been so appointed and shall have accepted appointment within 30 days after such notice of dismissal, the Trustee who received such notice of dismissal may petition any court of competent jurisdiction for the appointment of a successor trustee.
Appears in 5 contracts
Samples: Trust Agreement (Morgan Stanley Mortgage Loan Trust 2006-10sl), Trust Agreement (Morgan Stanley Mortgage Loan Trust 2006-14sl), Trust Agreement (Morgan Stanley Mortgage Loan Trust 2007-4sl)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation to the Depositor, the NIMS Insurer, the Group I Certificate Insurer and the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.089.08, such resignation is to take effect, and acceptance by a successor trustee acceptable to the NIMS Insurer and the Group I Certificate Insurer and in accordance with Section 8.08 9.08 meeting the qualifications set forth in Section 8.069.06. If no successor trustee meeting such qualifications shall have been so appointed by the Depositor and have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 9.06 hereof and shall fail to resign after written request thereto by the NIMS Insurer or the Depositor, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the NIMS Insurer, the Group I Certificate Insurer, the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee acceptable to the NIMS Insurer and the Group I Certificate Insurer, by written instrument, in triplicate, one copy of which instrument shall be delivered to the TrusteeTrustee so removed, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights or the NIMS Insurer may at any time remove the Trustee and appoint a successor trustee acceptable to the NIMS Insurer and the Group I Certificate Insurer, by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 9.07 shall become effective upon acceptance of appointment by the successor trustee of appointment as provided in Section 8.08 9.08 hereof.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2007-1), Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2007-1), Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2007-1)
Resignation and Removal of Trustee. (a) The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice of resignation thereof to the Trustee, the Depositor, any NIMS Insurer and the Master Servicer. Upon receiving such notice of resignation, the Depositor will promptly appoint a successor trustee acceptable to any NIMS Insurer by written instrument, one copy of which instrument shall be delivered to the resigning Trustee, one copy to the successor trustee, and one copy to each of the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.08 meeting the qualifications set forth in Section 8.06any NIMS Insurer. If no successor trustee meeting such qualifications shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. .
(b) If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the DepositorDepositor or any NIMS Insurer, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii) a tax is imposed or threatened with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided held by the appointment Trustee is located, (iv) the continued use of the Trustee would result in a different downgrading of the rating by any Rating Agency of any Class of Certificates with a rating or (v) the Depositor desires to replace the Trustee with a successor trustee, which successor is willing to sign the Form 10-K Certification, then the Depositor or the Master Servicer may any NIMS Insurer shall remove the Trustee and the Depositor shall appoint a successor trustee acceptable to any NIMS Insurer and the Master Servicer by written instrument, in triplicate, one copy of which instrument shall be delivered to the TrusteeTrustee so removed, one copy of which shall be delivered each to the successor trustee and one copy to the Master Servicer and one copy to the successor trustee. any NIMS Insurer.
(c) The Holders of Certificates entitled to at least 51more than 50% of the Voting Rights Class Principal Amount (or Percentage Interest) of each Class of Certificates (or any NIMS Insurer in the event of failure of the Trustee to perform its obligations hereunder) may at any time upon 30 days’ written notice to the Trustee and to the Depositor remove the Trustee and appoint a successor trustee by such written instrument or instruments, in triplicateinstrument, signed by such Holders or their attorneysattorney-in-fact duly authorizedauthorized (or by any NIMS Insurer), one complete set copy of which instruments instrument shall be delivered by to the successor Trustee Depositor, one copy to the Trustee, one copy each to the Master Servicer, one complete set Servicer and any NIMS Insurer; the Depositor shall thereupon appoint a successor trustee in accordance with this Section mutually acceptable to the Trustee so removed Depositor, the Master Servicer and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. NIMS Insurer.
(d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof6.07.
Appears in 4 contracts
Samples: Trust Agreement (First Franklin Mortgage Loan Trust 2005-Ff3), Trust Agreement (Structured Asset Securities Corporation, 2005 OPT-1), Trust Agreement (First Franklin Mortgage Loan Trust 2005-Ff9)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation to the Depositor, the Master Servicer Underlying Certificate Seller and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.085.09, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.08 5.09 meeting the qualifications set forth in Section 8.065.07. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 5.07 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer Depositor and one copy to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master ServicerDepositor, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency and the Underlying Certificate Seller by the successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 5.08 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 5.09 hereof.
Appears in 4 contracts
Samples: Trust Agreement (CWMBS Inc), Trust Agreement (Cwalt Inc), Trust Agreement (Cwalt Inc)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation to the Depositor, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.08 meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed by the Depositor and have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the TrusteeTrustee so removed, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective only upon acceptance of appointment by the successor trustee of appointment as provided in Section 8.08 hereof.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2006-2), Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2006-2), Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2006-2)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by (1) giving written notice of resignation to the DepositorDepositor and the Servicer and by mailing notice of resignation by first Class mail, postage prepaid, to the Master Servicer Certificateholders at their addresses appearing on the Certificate Register and each Rating Agency Agency, not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and (2) acceptance of appointment by a successor trustee in accordance with Section 8.08 and meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee 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 Trust Fund is located and located, (B) the imposition of such tax would be avoided by the appointment of a different trusteetrustee and (C) the Trustee fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy of which shall be delivered to the successor trustee. The Holders of Certificates entitled to evidencing at least 51% of the Voting Rights of all Classes of Certificates may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trusteeSuccessor Trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Chase Manhattan Acceptance Corp /De/), Pooling and Servicing Agreement (Chase Funding Inc), Pooling and Servicing Agreement (Chase Funding Inc)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation thereof to the DepositorMaster Servicer. Upon receiving such notice of resignation, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by shall promptly appoint a successor trustee by written instrument, in accordance with Section 8.08 meeting duplicate, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.06resigning Trustee and one copy to the successor trustee. If no successor trustee meeting such qualifications shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto therefor by the DepositorMaster Servicer, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to the TrusteeTrustee so removed, one copy of which shall be delivered to the Master Servicer and one copy to the successor trusteesuccessor. The Holders of Certificates entitled to at least 51evidencing Percentage Interests aggregating more than 50% of the Voting Rights REMIC III Trust Fund may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-attorneys in- fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (PNC Mortgage Sec Corp Mort Pass THR Cert Ser 2000-8), Pooling and Servicing Agreement (PNC Mortgage Securities Corp Mort Pass Thro Cert Ser 1999-5), Pooling and Servicing Agreement (PNC Mortgage Securities Corp 1999-3)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts Trust hereby created by giving written notice of resignation thereof to the DepositorDepositor and the Seller, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by Depositor shall promptly appoint a successor trustee by written instrument, in accordance with Section 8.08 meeting triplicate, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.06resigning trustee and the successor trustee. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation or resignationremoval, the resigning or removed Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 10.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee 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 Trust Fund is located and located, (B) the imposition of such tax would be avoided by the appointment of a different trusteetrustee and (C) the Trustee fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicatemultiple copies, one a copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer Trustee and one copy to the successor trustee. The Holders of Certificates entitled to evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicatemultiple 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 to the Master Servicer, one complete set trustee to the Trustee so removed and one complete set to the successor trustee so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the Trustee or successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 9.08 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 10.09 hereof.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Nomura Asset Acc Corp Alter Ln Tr Ser 2003-A3), Pooling and Servicing Agreement (Mortgage Pass-Through Certificates Series 2004-Ap1), Pooling and Servicing Agreement (Nomura Asset Acceptance Corp)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by (a) giving written notice of resignation to the Depositor, the Sellers, the Trust Administrator, the Master Servicer, the Special Servicer and each the Servicers and by mailing notice of resignation by first class mail, postage prepaid, to the Certificateholders at their addresses appearing on the Certificate Register, and to the Rating Agency Agencies, not less than 60 days before the date specified in such notice when, subject to Section 8.089.08, such resignation is to take effect, and (b) acceptance by a successor trustee in accordance with Section 8.08 9.08 meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee9.06. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 9.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, liquidation or a tax is imposed with respect to the Trust Fund by any state in which if the Trustee breaches any of its obligations or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trusteerepresentations hereunder, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer Trustee and one copy to the successor trustee. The Trustee may also be removed at any time by the Holders of Certificates entitled to at least 51evidencing not less than 50% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered evidenced by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointedCertificates. Notice of any removal of the Trustee and acceptance of appointment by the successor trustee shall be given to each the Rating Agency Agencies by the Depositor. If no successor trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation or receipt of a notice of removal, the resigning Trustee may, at the Trust Fund's expense, petition any court of competent jurisdiction for the appointment of a successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 9.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 9.08 hereof.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp), Pooling and Servicing Agreement (CSFB Mortgage Backed Pass Through Cert Series 2002-Ar8), Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by (a) giving written notice of resignation to the Depositor, the Seller, the Trust Administrator, the Modification Oversight Agent, the Master Servicer, the Certificate Insurer, the Special Servicer, any Group 1 Special Servicer and each the Servicers and by mailing notice of resignation by first class mail, postage prepaid, to the Certificateholders at their addresses appearing on the Certificate Register, and to the Rating Agency Agencies, not less than 60 days before the date specified in such notice when, subject to Section 8.089.08, such resignation is to take effect, and (b) acceptance by a successor trustee in accordance with Section 8.08 9.08 meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee9.06. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 9.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, liquidation or a tax is imposed with respect to the Trust Fund by any state in which if the Trustee breaches any of its obligations or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trusteerepresentations hereunder, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer Trustee and one copy to the successor trustee. The Trustee may also be removed at any time by the Holders of Certificates entitled to at least 51evidencing not less than 50% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered evidenced by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointedCertificates. Notice of any removal of the Trustee and acceptance of appointment by the successor trustee shall be given to each the Rating Agency Agencies by the Depositor. If no successor trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation or receipt of a notice of removal, the resigning Trustee may, at the Trust Fund’s expense, petition any court of competent jurisdiction for the appointment of a successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 9.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 9.08 hereof.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (CSMC Mortgage-Backed Trust 2007-3), Pooling and Servicing Agreement (CSAB Mortgage-Backed Trust 2007-1), Pooling and Servicing Agreement (CSMC Mortgage-Backed Trust 2007-3)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation to the Depositor, Depositor and the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.08 meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trusteeSuccessor Trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Equity One Abs Inc), Pooling and Servicing Agreement (Painewebber Mortgage Acceptance Corp Iv Series 2000-1), Pooling and Servicing Agreement (Mortgage Pass THR Certs Ser 1998-1)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation to the Depositor, the NIMS Insurer, the Certificate Insurer and the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by a successor trustee acceptable to the NIMS Insurer and the Certificate Insurer and in accordance with Section 8.08 meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed by the Depositor and have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto by the NIMS Insurer or the Depositor, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the NIMS Insurer, the Certificate Insurer, the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee acceptable to the NIMS Insurer and the Certificate Insurer, by written instrument, in triplicate, one copy of which instrument shall be delivered to the TrusteeTrustee so removed, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights or the NIMS Insurer may at any time remove the Trustee and appoint a successor trustee acceptable to the NIMS Insurer and the Certificate Insurer, by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee of appointment as provided in Section 8.08 hereof.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2006-Oa2), Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2007-3), Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2006-Oa2)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation thereof to the DepositorMaster Servicer. Upon receiving such notice of resignation, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by shall promptly appoint a successor trustee by written instrument, in accordance with Section 8.08 meeting duplicate, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.06resigning Trustee and one copy to the successor trustee. If no successor trustee meeting such qualifications shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto therefor by the DepositorMaster Servicer, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer Trustee so removed and one copy to the successor trusteesuccessor. The Holders of Certificates entitled to at least 51evidencing Percentage Interests aggregating more than 50% of the Voting Rights REMIC II Trust Fund may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-attorneys in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Washington Mutual Mortgage Sec Corp Mor Pas Thru Cert 2001-7), Pooling and Servicing Agreement (Wamu Mortgage Pass Through Certificates Series 2001-Ar2), Pooling and Servicing Agreement (Wamu Mortgage Pass Through Certificates Series 2001-Ar3)
Resignation and Removal of Trustee. (a) The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice of resignation thereof to the DepositorDepositor and the Master Servicer. Upon receiving such notice of resignation, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.08 meeting by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.06resigning Trustee, one copy to the successor trustee, and one copy to the Master Servicer. If no successor trustee meeting such qualifications shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. .
(b) If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii) a tax is imposed or threatened with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided held by the appointment Trustee is located, (iv) the continued use of the Trustee would result in a different trusteedowngrading of the rating by any Rating Agency of any Class of Certificates with a rating or (v) the Depositor desires to replace the Trustee with a successor Trustee, which successor is willing to sign the Form 10-K Certification, then the Depositor or the Master Servicer may shall remove the Trustee and the Depositor shall appoint a successor trustee acceptable to the Master Servicer by written instrument, in triplicate, one copy of which instrument shall be delivered to the TrusteeTrustee so removed, one copy of which shall be delivered each to the Master Servicer successor trustee and one copy to the successor trustee. Master Servicer.
(c) The Holders of Certificates entitled to at least 51more 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 and to the Depositor remove the Trustee and appoint a successor trustee by such written instrument or instruments, in triplicateinstrument, 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 Depositor, one copy to the Trustee and one copy to the Master Servicer, one complete set ; the Depositor shall thereupon appoint a successor trustee in accordance with this Section mutually acceptable to the Trustee so removed Depositor and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. Master Servicer.
(d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof6.07.
Appears in 3 contracts
Samples: Trust Agreement (SASCO Mortgage Loan Trust Series 2005-Gel3), Trust Agreement (Structured Asset Securities Corporation, 2005-Gel4), Trust Agreement (SASCO Mortgage Loan Trust Series 2005-Gel2)
Resignation and Removal of Trustee. (a) The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice of resignation thereof to the DepositorDepositor and the Master Servicer. Upon receiving such notice of resignation, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.08 meeting by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.06resigning Trustee one copy to the successor trustee and one copy to the Master Servicer. If no successor trustee meeting such qualifications shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. .
(b) If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii) a tax is imposed or threatened with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided held by the appointment Trustee is located, or (iv) the continued use of the Trustee would result in a different trusteedowngrading of the rating by the Rating Agencies of any Class of Certificates with a rating, then the Depositor or the Master Servicer may shall remove the Trustee and appoint a successor trustee by written instrument, in triplicateone copy of which instrument shall be delivered to the Trustee so removed, one copy to the successor trustee, 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 and to the Depositor remove the Trustee 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 TrusteeDepositor, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set copy to the Master Servicer; the Depositor shall thereupon use its best efforts to appoint a mutually acceptable successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. trustee in accordance with this Section.
(d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof6.07.
Appears in 3 contracts
Samples: Trust Agreement (Structured Asset Securities Corp Mort Pas THR Cer Se 2002-2), Trust Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 2002 4h), Trust Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 2002 4h)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation to the Depositor, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.08 meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. As a condition to the effectiveness of any such resignation, at least 15 calendar days prior to the effective date of such resignation, the Trustee shall provide (x) written notice to the Depositor of any successor pursuant to this Section and (y) in writing and in form and substance reasonably satisfactory to the Depositor, all information reasonably requested by the Depositor in order to comply with its reporting obligation under Item 6.02 of Form 8-K with respect to the resignation of the Trustee. If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto by the NIM Insurer or the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee 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 Trust Fund is located and (B) the imposition of such tax would be avoided by the appointment of a different trustee, then or (iv) during the period that the Depositor is required to file Exchange Act Reports with respect to the Trust Fund, the Trustee fails to comply with its obligations under the last sentence of Section 7.01, in the preceding paragraph, Section 8.09 or Article XI and such failure is not remedied within the lesser of 10 calendar days or such period in which the applicable Exchange Act Report can be filed timely (without taking into account any extensions), then, in the case of clauses (i) through (iii), the Depositor, the NIM Insurer or the Master Servicer Servicer, and in the case of clause (iv), the Depositor, may remove the Trustee and appoint a successor trustee trustee, reasonably acceptable to the NIM Insurer, by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer Servicer, one copy of which shall be delivered to the NIM Insurer and one copy of which shall be delivered to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, instruments signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed removed, one complete set to the NIM Insurer and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof8.08.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Alternative Loan Trust 2007-Oh3), Pooling and Servicing Agreement (Alternative Loan Trust 2007-Oa7), Pooling and Servicing Agreement (Alternative Loan Trust 2007-Oh2)
Resignation and Removal of Trustee. (a) The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice of resignation thereof to the DepositorDepositor and the Master Servicer. Upon receiving such notice of resignation, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.08 meeting by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.06resigning Trustee, one copy to the successor trustee and one copy to the Master Servicer. If no successor trustee meeting such qualifications shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. .
(b) If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii) a tax is imposed or threatened with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided held by the appointment Trustee is located, or (iv) the continued use of the Trustee would result in a different trusteedowngrading of the rating by the Rating Agencies of any Class of Certificates with a rating, then the Depositor or the Master Servicer may shall remove the Trustee and appoint a successor trustee by written instrument, in triplicateone copy of which instrument shall be delivered to the Trustee so removed, one copy to the successor trustee and one copy to the Master Servicer.
(c) The Holders of more than 50% of the Class Principal Amount of each Class of Certificates may at any time upon 30 days' written notice to the Trustee and the Depositor remove the Trustee 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 TrusteeDepositor, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set copy to the Master Servicer; the Depositor shall thereupon use its best efforts to appoint a mutually acceptable successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. trustee in accordance with this Section.
(d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon (i) payment of all unpaid amounts owed to the Trustee and (ii) acceptance of appointment by the successor trustee as provided in Section 8.08 hereof6.07.
Appears in 3 contracts
Samples: Trust Agreement (Structured Adjustable Rate Mortgage Loan Rate), Trust Agreement (Structured Adjustable Rate Mortgage Loan Trust), Trust Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2005-2)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by (1) giving written notice of resignation to the Depositor, Depositor and the Master Servicer and by mailing notice of resignation by first class mail, postage prepaid, to the Certificateholders at their addresses appearing on the Certificate Register and each Rating Agency Agency, not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and (2) acceptance of appointment by a successor trustee in accordance with Section 8.08 and meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. As a condition to the effectiveness of any such resignation, at least 15 calendar days prior to the effective date of such resignation, the Trustee shall provide (x) written notice to the Depositor of any successor pursuant to this Section and (y) in writing and in form and substance reasonably satisfactory to the Depositor, all information reasonably requested by the Depositor in order to comply with its reporting obligation under Item 6.02 of Form 8-K with respect to the resignation of the Trustee. If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto by the NIM Insurer or the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee 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 Trust Fund is located and located, (B) the imposition of such tax would be avoided by the appointment of a different trusteetrustee and (C) the Trustee fails to indemnify the Trust Fund against such tax, then or (iv) during the period which the Depositor is required to file Exchange Act Reports with respect to the Trust Fund, the Trustee fails to comply with its obligations under the last sentence of Section 7.01, the preceding paragraph, Section 8.09 or Article XI and such failure is not remedied within the lesser of 10 calendar days or such period in which the applicable Exchange Act Report can be filed timely (without taking into account any extensions), then, in the case of clauses (i) through (iii), the Depositor, the NIM Insurer or the Master Servicer Servicer, or in the case of clause (iv), the Depositor, may remove the Trustee and appoint a successor trustee trustee, reasonably acceptable to the NIM Insurer, by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy of which shall be delivered to the successor trustee. The Holders of Certificates entitled to evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, Servicer one complete set to the Trustee so removed and removed, one complete set to the successor so appointedappointed and one complete set to the Depositor, together with a written description of the basis for such removal. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trusteeTrustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (CWABS Asset-Backed Certificates Trust 2007-5), Pooling and Servicing Agreement (CWABS Asset-Backed Certificates Trust 2007-6), Pooling and Servicing Agreement (CWABS Asset-Backed Certificates Trust 2006-3)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts Trust hereby created by giving written notice of resignation thereof to the Depositor, the Seller and the Master Servicer and each Servicer, with a copy to the Rating Agency not less than 60 days before the date specified in Agencies. Upon receiving such notice whenof resignation, subject to Section 8.08, such resignation is to take effect, and acceptance by the Depositor shall promptly appoint a successor trustee, by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning trustee in accordance with Section 8.08 meeting and the qualifications set forth in Section 8.06successor trustee. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 9.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee 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 Trust Fund is located and located, (B) the imposition of such tax would be avoided by the appointment of a different trusteetrustee and (C) the Trustee fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicatemultiple copies, one a copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicatemultiple 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 trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor trustee so appointed. Notice of any removal of the Trustee 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 and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 9.08 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 9.09 hereof.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Bsabs 2005-1), Pooling and Servicing Agreement (Bsabs 2005-1), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Trust 2005-2)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation to the Depositor, the Master Servicer and Servicer, each Rating Agency and the NIMS Insurer, if any, not less than 60 days before the date specified in such notice when, subject to Section 8.088.8, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.08 8.8 meeting the qualifications set forth in Section 8.068.6. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 8.6 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to each of the Trustee, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The NIMS Insurer, if any, and the Holders of Certificates entitled to at least 51% of the Voting Rights each may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by the NIMS Insurer, if any, or such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency and the NIMS Insurer, if any, by the successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 8.7 shall become effective upon acceptance of appointment by the successor trustee of appointment as provided in Section 8.08 8.8 hereof.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Aegis Asset Backed Sec Tr Mort Pass THR Cert Ser 2004 1), Pooling and Servicing Agreement (Aegis Asset Backed Sec Corp Mort Pas THR Certs Series 2003 3), Pooling and Servicing Agreement (Aegis Asset Backed Sec Corp Mort Pas THR Certs Series 2003 3)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation to the Depositor, Depositor and the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.08 meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof.so
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Mellon Residential Funding Cor Mor Pas THR Tr Ser 1999-Tbc3), Pooling and Servicing Agreement (Mellon Residential Funding Corp), Pooling and Servicing Agreement (Mellon Residential Funding Cor Mor Pas THR Cer Ser 2000-Tbc1)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation to the Depositor, Depositor and the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.08 meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereofSuccessor Trustee.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Mellon Residential Funding Corp), Pooling and Servicing Agreement (Mellon Residential Funding Corp Home Eq Instal Loan Tru 99-1), Pooling and Servicing Agreement (Mellon Residential Funding Corp)
Resignation and Removal of Trustee. (a) The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice of resignation thereof to the DepositorDepositor and the Master Servicer. Upon receiving such notice of resignation, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.08 meeting by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.06resigning Trustee, one copy to the successor trustee and one copy to the Master Servicer. If no successor trustee meeting such qualifications shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. .
(b) If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its their property shall be appointed, or any public officer shall take charge or control of the Trustee or of its their property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii) a tax is imposed or threatened with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided held by the appointment Trustee is located, or (iv) the continued use of the Trustee would result in a different trusteedowngrading of the rating by the Rating Agencies of any Class of Certificates with a rating, then the Depositor or the Master Servicer may shall remove the Trustee and appoint a successor trustee by written instrument, in triplicateone copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee.
(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 and to the Depositor remove the Trustee 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 TrusteeDepositor, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set copy to the Master Servicer; the Depositor shall thereupon use its best efforts to appoint a mutually acceptable successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. trustee in accordance with this Section.
(d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon (i) payment of all unpaid amounts owed to the Trustee and (ii) acceptance of appointment by the successor trustee as provided in Section 8.08 hereof6.07.
Appears in 3 contracts
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003 10), Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-24), Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 03 4)
Resignation and Removal of Trustee. (a) The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice of resignation thereof to the DepositorDepositor and the Master Servicer. Upon receiving such notice of resignation, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.08 meeting by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.06resigning Trustee, one copy to the successor trustee and one copy to the Master Servicer. If no successor trustee meeting such qualifications shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. .
(b) If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its their property shall be appointed, or any public officer shall take charge or control of the Trustee or of its their property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii) a tax is imposed or threatened with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided held by the appointment Trustee is located, or (iv) the continued use of the Trustee would result in a different trusteedowngrading of the rating by the Rating Agencies of any Class of Certificates with a rating, then the Depositor or the Master Servicer may shall remove the Trustee and appoint a successor trustee by written instrument, in triplicateone copy of which instrument shall be delivered to the Trustee so removed, one copy to the successor trustee and one copy to the Master Servicer.
(c) The Holders of more than 50% of the Class Principal Amount of each Class of Certificates may at any time upon 30 days’ written notice to the Trustee and the Depositor remove the Trustee 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 TrusteeDepositor, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set copy to the Master Servicer; the Depositor shall thereupon use its best efforts to appoint a mutually acceptable successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. trustee in accordance with this Section.
(d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon payment of all unpaid amounts owed to the Trustee and acceptance of appointment by the successor trustee trustee, as provided in Section 8.08 hereof6.07.
Appears in 2 contracts
Samples: Trust Agreement (Structured Asset Securities CORP Mortgage Pass-Through Certificates, Series 2004-13), Trust Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-10)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by (1) giving written notice of resignation to the DepositorDepositor by mailing notice of resignation by first class mail, postage prepaid, to the Master Servicer Certificateholders at their addresses appearing on the Certificate Register and each Rating Agency Agency, not less than 60 days before the date specified in such notice when, subject to Section 8.088.09, such resignation is to take effect, and (2) acceptance of appointment by a successor trustee in accordance with Section 8.08 8.09 and meeting the qualifications set forth in Section 8.068.07. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 8.07 hereof and shall fail to resign after written request thereto by the Depositor, Depositor or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee and shall promptly appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, Trustee and one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to evidencing at least 51% of the Voting Rights of all Classes of Certificates may at any time remove the Trustee and the Depositor shall appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set trustee to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 8.08 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 8.09 hereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-Sl1), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by (1) giving written notice of resignation to the Depositor, Depositor and the Master Servicer and by mailing notice of resignation by first class mail, postage prepaid, to the Certificateholders at their addresses appearing on the Certificate Register and each Rating Agency Agency, not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and (2) acceptance of appointment by a successor trustee in accordance with Section 8.08 and meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or 126 resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee 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 Trust Fund is located and located, (B) the imposition of such tax would be avoided by the appointment of a different trusteetrustee and (C) the Trustee fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy of which shall be delivered to the successor trustee. The Holders of Certificates entitled to evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, Servicer one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trusteeSuccessor Trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (CWABS Asset Backed Certificates Trust 2004-Bc3), Pooling and Servicing Agreement (CWABS Asset Backed Certificates Trust 2004-Bc3)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation to the Depositor, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.08 meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof8.08.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (CWMBS Inc), Pooling and Servicing Agreement (CWMBS Inc)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation to the Depositor, Depositor and the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.08 meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed by the Depositor and have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trusteeSuccessor Trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Mortgage Asset Seczt Trans Inc Mort Pass Thru Certs 2003-8), Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pas THR Certs Ser 2003 4)
Resignation and Removal of Trustee. (a) The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice of resignation thereof to the DepositorDepositor and the Master Servicer. Upon receiving such notice of resignation, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.08 meeting by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.06resigning Trustee, one copy to the successor trustee and one copy to the Master Servicer. If no successor trustee meeting such qualifications shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. .
(b) If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii) a tax is imposed or threatened with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided held by the appointment Trustee is located, or (iv) the continued use of the Trustee would result in a different trusteedowngrading of the rating by any Rating Agency of any Class of Certificates with a rating, then the Depositor or the Master Servicer may shall remove the Trustee and the Depositor shall appoint a successor trustee acceptable to the Master Servicer by written instrument, in triplicate, one copy of which instrument shall be delivered to the TrusteeTrustee so removed, one copy of which shall be delivered each to the Master Servicer successor trustee and one copy to the successor trustee. Master Servicer.
(c) The Holders of Certificates entitled to at least 51more 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 and the Depositor remove the Trustee and appoint a successor trustee by such written instrument or instruments, in triplicateinstrument, 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 Depositor, one copy to the Trustee and one copy to the Master Servicer, one complete set ; the Depositor shall thereupon appoint a successor trustee in accordance with this Section mutually acceptable to the Trustee so removed Depositor and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. Master Servicer.
(d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon (i) the payment of all unpaid amounts owed to the Trustee and (ii) the acceptance of appointment by the successor trustee as provided in Section 8.08 hereof6.07.
(e) Upon the resignation or removal of the Trustee pursuant to this Section 6.06, the Trustee shall deliver the amounts held in its possession for the benefit of the Certificateholders to the successor trustee upon the appointment of the successor trustee.
Appears in 2 contracts
Samples: Trust Agreement (Structured Asset Securities Corp 2005-S5), Trust Agreement (Structured Asset Securities Corp 2005-S2)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by (1) giving written notice of resignation to the DepositorDepositor and the Securities Administrator by mailing notice of resignation by first class mail, postage prepaid, to the Master Servicer Certificateholders at their addresses appearing on the Certificate Register and each Rating Agency Agency, not less than 60 days before the date specified in such notice when, subject to Section 8.088.09, such resignation is to take effect, and (2) acceptance of appointment by a successor trustee in accordance with Section 8.08 8.09 and meeting the qualifications set forth in Section 8.068.07. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 8.07 hereof and shall fail to resign after written request thereto by the Depositor, Depositor or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee and shall promptly appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer Securities Administrator and one copy of which shall be delivered to the successor trustee. The Holders of Certificates entitled to evidencing at least 51% of the Voting Rights of all Classes of Certificates may at any time remove the Trustee and the Depositor shall appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set trustee to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 8.08 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 8.09 hereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2005-Sl2), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2005-Sl1)
Resignation and Removal of Trustee. (a) The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice of resignation thereof to the DepositorDepositor and the Master Servicer. Upon receiving such notice of resignation, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.08 meeting by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.06resigning Trustee, one copy to the successor trustee and one copy to the Master Servicer. If no successor trustee meeting such qualifications shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. .
(b) If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii) a tax is imposed or threatened with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided held by the appointment Trustee is located, or (iv) the continued use of the Trustee would result in a different trusteedowngrading of the rating by the Rating Agencies of any Class of Certificates with a rating, then the Depositor or the Master Servicer may shall remove the Trustee and appoint a successor trustee by written instrument, in triplicateone copy of which instrument shall be delivered to the Trustee so removed, one copy to the successor trustee 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 and to the Depositor remove the Trustee 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 TrusteeDepositor, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set copy to the Master Servicer; the Depositor shall thereupon use its best efforts to appoint a mutually acceptable successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. trustee in accordance with this Section.
(d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof6.07.
Appears in 2 contracts
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cer Se 1999-Bc2), Trust Agreement (Structured Asset Securities Corp Mo Pa Th Ce Se 2000-Bc1)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by (1) giving written notice of resignation to the DepositorDepositor and by mailing notice of resignation by first class mail, postage prepaid, to the Master Servicer Certificateholders at their addresses appearing on the Certificate Register and each Rating Agency Agency, not less than 60 sixty (60) days before the date specified in such notice when, subject to Section 8.088.09, such resignation is to take effect, and (2) acceptance of appointment by a successor trustee in accordance with Section 8.08 8.09 and meeting the qualifications set forth in Section 8.068.07. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 thirty (30) days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. 144 If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 8.07 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee 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 Issuing Entity by any state in which the Trustee or the Trust Fund Issuing Entity is located and located, (B) the imposition of such tax would be avoided by the appointment of a different trusteetrustee and (C) the Trustee fails to indemnify the Issuing Entity against such tax, then the Depositor or the Master Servicer may remove the Trustee and shall promptly appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy of which shall be delivered to the successor trustee. The Holders of Certificates entitled to evidencing at least 51% of the Voting Rights of all Classes of Certificates upon failure of the Trustee to perform its obligations hereunder may at any time remove the Trustee and the Depositor shall appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trusteeSuccessor Trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 8.08 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 8.09 hereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Specialty Underwriting & Residential Finance Trust Series 2006-Ab3), Pooling and Servicing Agreement (Specialty Underwriting & Residential Finance Trust Series 2006-Ab3)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by (a) giving written notice of resignation to the Depositor, the Master Sellers and the Servicer and each by mailing notice of resignation by first class mail, postage prepaid, to the Certificateholders at their addresses appearing on the Certificate Register, and to the Rating Agency Agencies, not less than 60 days before the date specified in such notice when, subject to Section 8.089.08, such resignation is to take effect, and (b) acceptance by a successor trustee in accordance with Section 8.08 9.08 meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee9.06. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 9.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, liquidation or a tax is imposed with respect to the Trust Fund by any state in which if the Trustee breaches any of its obligations or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trusteerepresentations hereunder, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer Trustee and one copy to the successor trustee. The Trustee may also be removed at any time by the Holders of Certificates entitled to at least 51evidencing not less than 50% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered evidenced by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointedCertificates. Notice of any removal of the Trustee and acceptance of appointment by the successor trustee shall be given to each the Rating Agency Agencies by the Servicer. If no successor trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation or receipt of a notice of removal, the resigning Trustee may, at the Trust Fund's expense, petition any court of competent jurisdiction for the appointment of a successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 9.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 9.08 hereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mort Sec Corp M B P T C Se 00 Wm2), Pooling and Servicing Agreement (Credit Suisse First Boston Mor Pass THR Cert Ser 2000-9)
Resignation and Removal of Trustee. (a) The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice of resignation thereof to the DepositorDepositor and the Master Servicer. Upon receiving such notice of resignation, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.08 meeting by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.06resigning Trustee, one copy to the successor trustee and one copy to the Master Servicer. If no successor trustee meeting such qualifications shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. .
(b) If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii) a tax is imposed or threatened with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided held by the appointment Trustee is located, or (iv) the continued use of the Trustee would result in a different trusteedowngrading of the rating by any Rating Agency of any Class of Certificates with a rating, then the Depositor or the Master Servicer may shall remove the Trustee and the Depositor shall appoint a successor trustee acceptable to the Master Servicer by written instrument, in triplicate, one copy of which instrument shall be delivered to the TrusteeTrustee so removed, one copy of which shall be delivered each to the Master Servicer successor trustee and one copy to the successor trustee. Master Servicer.
(c) The Holders of Certificates entitled to at least 51more 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 and the Depositor remove the Trustee and appoint a successor trustee by such written instrument or instruments, in triplicateinstrument, 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 Depositor, one copy to the Trustee and one copy to the Master Servicer, one complete set ; the Depositor shall thereupon appoint a successor trustee in accordance with this Section mutually acceptable to the Trustee so removed Depositor and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. Master Servicer.
(d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon (i) the payment of all unpaid amounts owed to the Trustee and (ii) the acceptance of appointment by the successor trustee as provided in Section 8.08 hereof6.07.
Appears in 2 contracts
Samples: Trust Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-23xs), Trust Agreement (Structured Adjustable Rate Mortgage Loan Trust 2005-3xs)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by (1) giving written notice of resignation to the Depositor, Depositor and the Master Servicer and by mailing notice of resignation by first class mail, postage prepaid, to the Certificateholders at their addresses appearing on the Certificate Register and each Rating Agency Agency, not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and (2) acceptance by a successor trustee in accordance with Section 8.08 and meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee 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 Trust Fund is located and located, (B) the imposition of such tax would be avoided by the appointment of a different trusteetrustee and (C) the Trustee fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trusteeSuccessor Trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc), Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice of resignation to the Guarantor, the Depositor, the Master Servicer Servicer, Certificateholders and each Rating Agency not less than 60 days before the date specified in Agency. Upon receiving such notice whenof resignation, subject to Section 8.08, such resignation is to take effect, and acceptance by the Guarantor shall promptly appoint a successor trustee (reasonably acceptable to the Depositor and the Master Servicer) by written instrument, in accordance with Section 8.08 meeting duplicate, which instrument shall be delivered to the qualifications set forth in Section 8.06resigning Trustee and to the successor Trustee and to the Holders of Certificates entitled to at least 51% of the Voting Rights. A copy of such instrument shall be delivered to the Depositor, the Certificateholders, the Trustee and the Master Servicer by the Guarantor. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto by the Guarantor or the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee 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 Trust Fund is located and located, (B) the imposition of such tax would be avoided by the appointment of a different trusteetrustee and (C) the Trustee fails to indemnify the Trust Fund against such tax, then the Depositor Depositor, the Guarantor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy of which shall be delivered to the successor trustee. The Holders of Certificates entitled to evidencing at least 51% of the Voting Rights of each Class of Certificates, with the consent of the Guarantor, may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, Servicer one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trusteeSuccessor Trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certs Series 2003-1), Pooling and Servicing Agreement (Asset-Backed Certificate Series 2003-2)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts Trust hereby created by giving written notice of resignation thereof to the Depositor, the Seller and the Master Servicer and each Servicer, with a copy to the Rating Agency not less than 60 days before the date specified in Agencies. Upon receiving such notice whenof resignation, subject to Section 8.08, such resignation is to take effect, and acceptance by the Depositor shall promptly appoint a successor trustee, by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning trustee in accordance with Section 8.08 meeting and the qualifications set forth in Section 8.06successor trustee. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 9.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee 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 Trust Fund is located and located, (B) the imposition of such tax would be avoided by the appointment of a different trusteetrustee and (C) the Trustee fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicatemultiple copies, one a copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicatemultiple 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 trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor trustee so appointed. Notice of any removal of the Trustee 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 and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 9.08 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 9.09 hereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Sec Inc Series 2004 1), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Trust 2004-2)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation to the Depositor, the Master Servicer Underlying Certificate Seller and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.085.09, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.08 5.09 meeting the qualifications set forth in Section 8.065.07. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 5.07 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer Depositor and one copy to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master ServicerDepositor, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency and the Underlying Certificate Seller by the successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 5.08 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 5.09 hereof.
Appears in 2 contracts
Samples: Trust Agreement (IndyMac RAST 2004-R2), Trust Agreement (Indymac MBS Inc Residential Asset Sec Trust 2004 R1)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by (1) giving written notice of resignation to the DepositorDepositor by mailing notice of resignation by first class mail, postage prepaid, to the Master Servicer Certificateholders at their addresses appearing on the Certificate Register and each Rating Agency Agency, not less than 60 days before the date specified in such notice when, subject to Section 8.088.09, such resignation is to take effect, and (2) acceptance of appointment by a successor trustee in accordance with Section 8.08 8.09 and meeting the qualifications set forth in Section 8.068.07. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 8.07 hereof and shall fail to resign after written request thereto by the Depositor, Depositor or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee and shall promptly appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy of which shall be delivered to the successor trustee. The Holders of Certificates entitled to evidencing at least 51% of the Voting Rights of all Classes of Certificates may at any time remove the Trustee and the Depositor shall appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set trustee to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 8.08 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 8.09 hereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2004-Sl1)
Resignation and Removal of Trustee. (a) The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice of resignation thereof to the DepositorDepositor and the Servicer. Upon receiving such notice of resignation, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.08 meeting by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.06resigning Trustee, one copy to the successor trustee and one copy to the Servicer. If no successor trustee meeting such qualifications shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. .
(b) If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its either of their property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii) a tax is imposed or threatened with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided held by the appointment Trustee is located, or (iv) the continued use of the Trustee would result in a different trusteedowngrading of the rating by any Rating Agency of any Class of Certificates with a rating, then the Depositor or the Master Servicer may shall remove the Trustee and the Depositor shall appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the TrusteeTrustee so removed, one copy of which shall be delivered each to the Master Servicer successor trustee and one copy to the successor trustee. Servicer.
(c) The Holders of Certificates entitled to at least 51more 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 and to the Depositor remove the Trustee and appoint a successor trustee by such written instrument or instruments, in triplicateinstrument, signed by such Holders or their attorneysattorney-in-fact duly authorized, one complete set copy of which instruments instrument shall be delivered by the successor Trustee to the Master Servicer, Depositor and one complete set copy to the Trustee so removed and one complete set to Trustee; the Depositor shall thereupon appoint a successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. trustee in accordance with this Section.
(d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee of appointment as provided in Section 8.08 hereof6.07.
Appears in 2 contracts
Samples: Trust Agreement (Merrill Lynch Mortgage Investors Inc), Trust Agreement (Merrill Lynch Mortgage Investors Trust Series MLCC 2003-G)
Resignation and Removal of Trustee. (a) The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice of resignation thereof to the Depositor, any NIMS Insurer and the Master Servicer. Upon receiving such notice of resignation, the Depositor will promptly appoint a successor trustee acceptable to any NIMS Insurer by written instrument, one copy of which instrument shall be delivered to the resigning Trustee, one copy to the successor trustee, one copy to the Certificate Insurer and one copy to each of the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.08 meeting the qualifications set forth in Section 8.06any NIMS Insurer. If no successor trustee meeting such qualifications shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. .
(b) If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the DepositorDepositor or any NIMS Insurer, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii) a tax is imposed or threatened with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided held by the appointment Trustee is located, or (iv) the continued use of the Trustee would result in a different trusteedowngrading of the rating by any Rating Agency of any Class of Certificates with a rating, then the Depositor Depositor, any NIMS Insurer or the Master Servicer may shall remove the Trustee and the Depositor shall appoint a successor trustee acceptable to any NIMS Insurer and the Master Servicer by written instrument, in triplicate, one copy of which instrument shall be delivered to the TrusteeTrustee so removed, one copy of which shall be delivered each to the successor trustee, one copy to the Certificate Insurer and one copy to the Master Servicer and one copy to the successor trustee. any NIMS Insurer.
(c) The Holders of Certificates entitled to at least 51more than 50% of the Voting Rights Class Principal Amount (or Percentage Interest) of each Class of Certificates (or any NIMS Insurer in the event of failure of the Trustee to perform its obligations hereunder) may at any time upon 30 days’ written notice to the Trustee, the Certificate Insurer and the Depositor remove the Trustee and appoint a successor trustee by such written instrument or instruments, in triplicateinstrument, signed by such Holders or their attorneysattorney-in-fact duly authorizedauthorized (or by any NIMS Insurer), one complete set copy of which instruments instrument shall be delivered by to the successor Trustee Depositor, one copy to the Trustee, one copy to the Certificate Insurer and one copy to the Master Servicer, one complete set Servicer and any NIMS Insurer; the Depositor shall thereupon appoint a successor trustee in accordance with this Section mutually acceptable to the Trustee so removed Depositor and one complete set to the successor so appointed. Notice of Master Servicer and any removal of the Trustee shall be given to each Rating Agency by the successor trustee. NIMS Insurer.
(d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon (i) the payment of all unpaid amounts owed to the Trustee and (ii) the acceptance of appointment by the successor trustee as provided in Section 8.08 hereof6.07.
Appears in 2 contracts
Samples: Trust Agreement (Structured Asset Securities Corp), Trust Agreement (Lehman XS Trust, Series 2005-8)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation thereof to the DepositorMaster Servicer. Upon receiving such notice of resignation, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by shall promptly appoint a successor trustee by written instrument, in accordance with Section 8.08 meeting duplicate, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.06resigning Trustee and one copy to the successor trustee. If no successor trustee meeting such qualifications shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto therefor by the DepositorMaster Servicer, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer Trustee so removed and one copy to the successor trusteesuccessor. The Holders of Certificates entitled to at least 51evidencing Percentage Interests aggregating more than 50% of the Voting Rights REMIC III Trust Fund may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-attorneys in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Washington Mutual Mor Sec Corp Mor Pass Thru Cert Ser 2001-4), Pooling and Servicing Agreement (Washington Mutual MSC Mort Pass-Through Cert Ser 2001-Ms12)
Resignation and Removal of Trustee. (a) The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice of resignation thereof to the DepositorDepositor and the Master Servicer. Upon receiving such notice of resignation, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee, by written instrument, one copy of which instrument shall be delivered to the resigning Trustee, one copy to the successor trustee in accordance with Section 8.08 meeting and one copy to the qualifications set forth in Section 8.06Master Servicer. If no successor trustee meeting such qualifications shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. .
(b) If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii) a tax is imposed or threatened with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided held by the appointment Trustee is located, or (iv) the continued use of the Trustee would result in a different trusteedowngrading of the rating by the Rating Agencies of any Class of Certificates with a rating, then the Depositor or the Master Servicer may shall remove the Trustee and appoint a successor trustee by written instrument, in triplicateone copy of which instrument shall be delivered to the Trustee so removed, one copy to the successor trustee 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 and the Depositor, remove the Trustee 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 TrusteeDepositor, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set copy to the Master Servicer; the Depositor shall thereupon use its best efforts to appoint a mutually acceptable successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. trustee in accordance with this Section.
(d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon (i) payment of all unpaid amounts owed to the Trustee and (ii) acceptance of appointment by the successor trustee as provided in Section 8.08 hereof6.07.
Appears in 2 contracts
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-9a), Trust Agreement (Structured Asset Securities Corp Mort Pas THR Cert Se 03 2a)
Resignation and Removal of Trustee. (a) The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice of resignation thereof to the DepositorDepositor and the Master Servicer. Upon receiving such notice of resignation, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.08 meeting by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.06resigning Trustee, one copy to the successor trustee and one copy to the Master Servicer. If no successor trustee meeting such qualifications shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. .
(b) If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii) a tax is imposed or threatened with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided held by the appointment Trustee is located, or (iv) the continued use of the Trustee would result in a different trusteedowngrading of the rating by any Rating Agency of any Class of Certificates with a rating, then the Depositor or the Master Servicer may shall remove the Trustee and the Depositor shall appoint a successor trustee acceptable to the Master Servicer by written instrument, in triplicate, one copy of which instrument shall be delivered to the TrusteeTrustee so removed, one copy of which shall be delivered each to the Master Servicer successor trustee and one copy to the successor trustee. Master Servicer.
(c) The Holders of Certificates entitled to at least 51more 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 and the Depositor remove the Trustee and appoint a successor trustee by such written instrument or instruments, in triplicateinstrument, signed by such Holders or their attorneys-in-attorney in fact duly authorized, one complete set copy of which instruments instrument shall be delivered by to the successor Depositor, one copy to the Trustee and one copy to the Master Servicer, one complete set ; the Depositor shall thereupon appoint a successor trustee in accordance with this Section mutually acceptable to the Trustee so removed Depositor and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. Master Servicer.
(d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon (i) the payment of all unpaid amounts owed to the Trustee and (ii) the acceptance of appointment by the successor trustee as provided in Section 8.08 hereof6.07.
Appears in 2 contracts
Samples: Trust Agreement (Structured Asset Securities Corp), Trust Agreement (Lehman Abs Corp Mortgage Pass-Through Certs Series 2004-1)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by (1) giving written notice of resignation to the Depositor, the Master Servicer and the NIMs Insurer and by mailing notice of resignation by first Class mail, postage prepaid, to the Certificateholders at their addresses appearing on the Certificate Register and each Rating Agency Agency, not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and (2) acceptance of appointment by a successor trustee in accordance with Section 8.08 and meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto by the DepositorDepositor or the NIMs Insurer, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee 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 Trust Fund is located and located, (B) the imposition of such tax would be avoided by the appointment of a different trusteetrustee and (C) the Trustee fails to indemnify the Trust Fund against such tax, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy of which shall be delivered to the successor trustee. The Holders of Certificates entitled to evidencing at least 51% of the Voting Rights of all Classes of Certificates may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trusteeSuccessor Trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Chase Funding Inc), Pooling and Servicing Agreement (Chase Funding Inc)
Resignation and Removal of Trustee. (a) The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice of resignation thereof to the DepositorDepositor and the Master Servicer. Upon receiving such notice of resignation, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.08 meeting by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.06resigning Trustee and one copy to the Master Servicer. If no successor trustee meeting such qualifications shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. .
(b) If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its either of their property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii) a tax is imposed or threatened with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided held by the appointment Trustee is located, or (iv) the continued use of the Trustee would result in a different trusteedowngrading of the rating by any Rating Agency of any Class of Certificates with a rating or the NIM Securities, then the Depositor or the Master Servicer may shall remove the Trustee and the Depositor shall appoint a successor trustee trustee, acceptable to the Master Servicer by written instrument, in triplicate, one copy of which instrument shall be delivered to the TrusteeTrustee so removed, one copy of which shall be delivered each to the Master Servicer successor trustee and one copy to the successor trustee. Master Servicer.
(c) The Holders of Certificates entitled to at least 51more 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 and to the Depositor remove the Trustee and appoint a successor trustee by such written instrument or instruments, in triplicateinstrument, 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 Depositor, one copy to the Trustee, one copy to the Master Servicer, one complete set ; the Depositor shall thereupon appoint a successor trustee in accordance with this Section mutually acceptable to the Trustee so removed Depositor and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. Master Servicer.
(d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee trustee, as provided in Section 8.08 hereof6.07.
Appears in 2 contracts
Samples: Trust Agreement (Amoritizing Residential Col Tr Mor Pas Thru Cer Ser 2002-Bc6), Trust Agreement (Structured Asset Securities Corp)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by (1) giving written notice of resignation to the Depositor, Depositor and the Master Servicer and by mailing notice of resignation by first class mail, postage prepaid, to the Certificateholders at their addresses appearing on the Certificate Register and each Rating Agency Agency, not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and (2) acceptance of appointment by a successor trustee in accordance with Section 8.08 and meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof and shall fail to resign after written request thereto by the NIM Insurer or the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee 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 Trust Fund is located and located, (B) the imposition of such tax would be avoided by the appointment of a different trusteetrustee and (C) the Trustee fails to indemnify the Trust Fund against such tax, then the Depositor Depositor, the NIM Insurer or the Master Servicer may remove the Trustee and appoint a successor trustee trustee, reasonably acceptable to the NIM Insurer, by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy of which shall be delivered to the successor trustee. The Holders of Certificates entitled to evidencing at least 51% of the Voting Rights of each Class of Certificates may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, Servicer one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trusteeSuccessor Trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Cwabs Inc Asset-Backed Certificates Series 2004-3), Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certificates Series 2004-1)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by (a) giving written notice of resignation to the Depositor, the Master Servicer Sellers and each the Servicers and by mailing notice of resignation by first class mail, postage prepaid, to the Certificateholders at their addresses appearing on the Certificate Register, and to the Rating Agency Agencies, not less than 60 days before the date specified in such notice when, subject to Section 8.089.08, such resignation is to take effect, and (b) acceptance by a successor trustee in accordance with Section 8.08 9.08 meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee9.06. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 9.06 hereof and shall fail to resign after written request thereto by the Depositor, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, liquidation or a tax is imposed with respect to the Trust Fund by any state in which if the Trustee breaches any of its obligations or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trusteerepresentations hereunder, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer Trustee and one copy to the successor trustee. The Trustee may also be removed at any time by the Holders of Certificates entitled to at least 51evidencing not less than 50% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered evidenced by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointedCertificates. Notice of any removal of the Trustee and acceptance of appointment by the successor trustee shall be given to each the Rating Agency Agencies by the Depositor. If no successor trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation or receipt of a notice of removal, the resigning Trustee may, at the Trust Fund's expense, petition any court of competent jurisdiction for the appointment of a successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 9.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 9.08 hereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp), Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Resignation and Removal of Trustee. (a) The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice of resignation thereof to the Depositor. Upon receiving such notice of resignation, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.08 meeting trustee, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.06resigning Trustee and one copy to the successor trustee. If no successor trustee meeting such qualifications shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. .
(b) If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the Depositor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, (iii) the Trustee shall fail to observe or perform in any material respect any of the covenants or agreements of the Trustee contained in this Agreement, including any failure to provide the information, reports, assessments or attestations required pursuant to Subsection 6.16 (a) or 6.16 (b) hereof, (iv) a tax is imposed or threatened with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided held by the appointment Trustee is located, (v) the continued use of the Trustee would result in a different trusteedowngrading 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 Sections 3.08, 6.16 (a) and 6.16 (b) hereof or (vii) the Depositor desires to replace the Trustee with a successor Trustee, then the Depositor or the Master Servicer may shall remove the Trustee or the Paying Agent, as applicable, and the Depositor shall appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer Trustee so removed and one copy each to the successor trustee. .
(c) The Holders of Certificates entitled to at least 51more 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 and to the Depositor remove the Trustee and appoint a successor trustee by such written instrument or instruments, in triplicateinstrument, signed by such Holders or their attorneysattorney-in-fact duly authorized, one complete set copy of which instruments instrument shall be delivered by the successor Trustee to the Master Servicer, Depositor and one complete set copy to the Trustee so removed and one complete set Trustee; the Depositor shall thereupon appoint a successor trustee in accordance with this Section acceptable to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. Depositor.
(d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof6.07.
Appears in 2 contracts
Samples: Trust Agreement (Lehman Mortgage Trust 2008-4), Trust Agreement (Lehman Mortgage Trust 2008-3)
Resignation and Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation to the Depositor, the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.08 meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof of this Agreement and shall fail to resign after written request thereto by the Depositor, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereofof this Agreement.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Cwalt Inc), Pooling and Servicing Agreement (Alternative Loan Trust 2005-43)
Resignation and Removal of Trustee. (a) The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice of resignation thereof to the Depositor, the Guarantor and the Master Servicer. Upon receiving such notice of resignation, the Depositor, with the consent of the Guarantor, will promptly appoint a successor trustee by written instrument, one copy of which instrument shall be delivered to the resigning Trustee, one copy to the successor trustee, one copy to the Master Servicer and each Rating Agency not less than 60 days before one copy to the date specified in such notice when, subject to Section 8.08, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.08 meeting the qualifications set forth in Section 8.06Guarantor. If no successor trustee meeting such qualifications shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice or of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. .
(b) If at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 hereof 6.05 and shall fail to resign after written request thereto therefor by the DepositorDepositor or Guarantor, or if at any time (ii) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (iii) a tax is imposed or threatened with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided held by the appointment of a different trusteeTrustee is located, then the Depositor or the Master Servicer Guarantor may remove the Trustee and appoint a successor trustee by written instrument, one copy of which instrument shall be delivered to the Trustee so removed, one copy to the successor trustee and one copy to the Master Servicer.
(c) If at any time the continued use of the Trustee would result in triplicatea downgrading of the rating by the Rating Agencies of any Class of Certificates with a rating, then the Depositor shall remove the Trustee and appoint a successor trustee by written instrument, one copy of which instrument shall be delivered to the TrusteeTrustee so removed, one copy of which shall be delivered to the Master Servicer and one copy to the successor trustee. , one copy to the Guarantor and one copy to the Master Servicer.
(d) The Holders of Certificates entitled to at least more than 51% of the Aggregate Voting Rights Interests of the Certificates may at any time upon 30 days' written notice (sent by mail or facsimile) to the Trustee and to the Depositor remove the Trustee and appoint a successor trustee by such written instrument or instruments, in triplicateinstrument, 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 Depositor, one copy to the Trustee so removed, one copy to the Master Servicer, and one complete set copy to the Trustee so removed and one complete set Guarantor; the Guarantor shall thereupon use its best efforts to the appoint a mutually acceptable successor so appointed. Notice of any removal of the Trustee shall be given to each Rating Agency by the successor trustee. trustee in accordance with this Section.
(e) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08 hereof6.07.
Appears in 2 contracts
Samples: Trust Agreement (Amortizing Resi Collateral Tr Mor Pas Thru Cert Ser 2000-Bc3), Trust Agreement (Structured Asset Securities Corp Mo Pa Th Ce Se 2000-Bc2)