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 Swap Counterparty, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.8 meeting the qualifications set forth in Section 8.6. 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 8.6 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 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 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 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 8.7 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.8 hereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Saxon Asset Securities Trust 2007-1), Pooling and Servicing Agreement (Sast 2007-2)
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 Swap CounterpartyServicer, the Cap Counterparty and the Servicer and 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 8.8, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.8 meeting the qualifications set forth in Section 8.6. 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 8.6 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 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 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 to the 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 8.7 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.8 hereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Aegis Asset Backed Securities Corp), Pooling and Servicing Agreement (Aegis Asset Backed Sec Corp Mort Pass THR Certs Ser 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, with a copy to the Rating Agencies and the Swap CounterpartyProvider. Upon receiving such notice of resignation, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by Depositor shall promptly appoint a successor trustee by written instrument, in accordance with Section 8.8 meeting triplicate, one copy of which instrument shall be delivered to each of the qualifications set forth in Section 8.6resigning 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 8.6 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 and one copy to the successor trustee. The Holders of Certificates entitled to at least 51evidencing more than 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 the Servicer, one complete set to Master 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 Successor TrusteeTrustee 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 8.7 10.08 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.8 hereof10.09 hereof and upon acceptance of appointment by a successor swap administrator under the Swap Administration Agreement.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-He6), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-He6)
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 Depositor, the Swap CounterpartyServicer, the Cap Counterparty and the Servicer and 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 8.8, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.8 meeting the qualifications set forth in Section 8.6. 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 8.6 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 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 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 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 Trusteesuccessor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.7 shall become effective upon acceptance of appointment by the successor trustee of appointment as provided in Section 8.8 hereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (AEGIS ASSET BACKED SECURITIES TRUST Mortgage Pass-Through Certificates, Series 2004-3), Pooling and Servicing Agreement (AEGIS ASSET BACKED SECURITIES TRUST Mortgage Pass-Through Certificates, Series 2004-4)
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 Swap CounterpartySellers, the Cap Counterparty Trust Administrator, the Modification Oversight Agent, the Master Servicer, the Special Servicer, any Group 1 Special Servicer and the Servicer Servicers 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 8.89.08, such resignation is to take effect, and (b) acceptance by a successor trustee in accordance with Section 8.8 9.08 meeting the qualifications set forth in Section 8.6. 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 trustee9.06. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.6 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 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 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 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 Successor TrusteeDepositor. 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 8.7 9.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.8 9.08 hereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (CSMC Mortgage Backed Trust Series 2007-1), Pooling and Servicing Agreement (CSMC Mortgage Backed Trust Series 2007-1)
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 Swap CounterpartySellers, the Cap Counterparty Trust Administrator, the Modification Oversight Agent, the Master Servicer, the Special Servicer, any Special Servicer and the Servicer Servicers 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 8.89.08, such resignation is to take effect, and (b) acceptance by a successor trustee in accordance with Section 8.8 9.08 meeting the qualifications set forth in Section 8.6. 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 trustee9.06. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.6 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 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 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 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 Successor TrusteeDepositor. 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 8.7 9.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.8 9.08 hereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (CSMC Mortgage-Backed Trust 2007-2), Pooling and Servicing Agreement (CSMC Mortgage-Backed Trust 2007-2)
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 Swap Counterparty, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.8 meeting by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.6resigning 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 8.6 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 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 Certificate 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 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 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 8.7 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.8 hereof6.07.
Appears in 1 contract
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 Swap Counterparty, the Cap Counterparty and the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by shall promptly appoint a successor trustee by written instrument, in accordance with Section 8.8 meeting duplicate, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.6resigning 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 8.6 hereof 8.06 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, 154
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 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-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 8.7 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.8 hereof.
Appears in 1 contract
Samples: 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 hereby created by giving written notice of resignation to the DepositorServicer, the Swap CounterpartyBorrowers and the Depositor. Such notice also shall be furnished to the Rating Agency and the Certificateholders. Upon receiving such notice of resignation of the Trustee, the Cap Counterparty and Borrowers shall, with the Servicer and each Rating Agency not less than 60 days before written consent of the date specified in such notice whenServicer, subject to Section 8.8, such resignation is to take effect, and acceptance by appoint a successor trustee by written instrument, in accordance with Section 8.8 meeting quadruplicate, one copy of which instrument shall be delivered to each of the qualifications set forth in Section 8.6resigning 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 trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.6 8.7 hereof and shall fail to resign after written request thereto for the Trustee's resignation, as the case may be, by the DepositorServicer or the Depositor or as required by Section 8.7 hereof, 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 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 trusteewithout cause, then the Depositor or the Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicatequadruplicate, one copy of which instrument shall be delivered to the Trustee, one copy of which shall be delivered to the Servicer Trustee so removed and one copy each to the successor trusteetrustee and the successor fiscal agent. The Holders of Certificates entitled to at least 51% evidencing not less than a majority by Certificate Balance of the Voting Rights 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 instrument or instruments shall be delivered by to each of the successor Trustee to Depositor and the 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 8.7 8.8 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.8 8.9 hereof.
Appears in 1 contract
Samples: Trust and Servicing Agreement (Kranzco Realty Trust)
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 Swap Counterparty, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by shall promptly appoint a successor trustee by written instrument, in accordance with Section 8.8 meeting duplicate, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.6resigning 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 92 of the Servicer. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.6 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 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 trusteewithout cause, then the Depositor or the 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 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 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 8.7 8.8 shall become effective only upon acceptance of appointment by the successor trustee as provided in Section 8.8 hereof8.9.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Abn Amro Mortgage Corp Mul Cl Mort Pass THR Cert Ser 2003-1)
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 Swap CounterpartySeller and the Master Servicer, with a copy to the Rating Agencies and the Certificate Insurer. Upon receiving such notice of resignation, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by Depositor shall promptly appoint a successor trustee by written instrument, in accordance with Section 8.8 meeting triplicate, one copy of which instrument shall be delivered to each of the qualifications set forth in Section 8.6resigning 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 8.6 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 (with the prior written consent of the Certificate Insurer, which consent shall not be unreasonably withheld) 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. 134 Notice of any removal of the Trustee shall be given to each Rating Agency and the Certificate Insurer by the Successor TrusteeTrustee 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 8.7 9.08 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.8 9.09 hereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2004-He9)
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 Swap Counterparty, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.8 meeting by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.6resigning 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 8.6 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 Servicer may 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 Certificate Principal Amount (or Aggregate 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 Trustee, one copy of which shall be delivered to the Servicer Depositor and one copy to the successor trustee. The Holders of Certificates entitled Trustee so removed; the Depositor shall thereupon use its best efforts to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a mutually acceptable 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 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. 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 8.7 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.8 hereof6.07.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corporation)
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 Swap Counterparty, the Cap Counterparty Guarantor and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.88.08, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.8 8.08 meeting the qualifications set forth in Section 8.68.06. 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 8.6 8.06 hereof and shall fail to resign after written request thereto by the DepositorDepositor or the Guarantor, 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 Servicer Servicer, with the consent of the Guarantor, 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 Servicer and one copy to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights with the prior written 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 the Guarantor 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 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 8.7 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.8 8.08 hereof. Notwithstanding anything to the contrary set forth herein, the Trustee may not be removed by the Depositor or the Certificateholders without the prior written consent of the Guarantor, which consent shall not be unreasonably withheld. If the Trustee resigns or is removed, the Guarantor may terminate any Paying Agent; provided, however, that any such termination of any Paying Agent shall not become effective until a successor trustee (or a successor Paying Agent on its behalf) shall have assumed in writing the duties of the terminated Paying Agent.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Equity One Abs Inc Equity One Mortgage Pass-THR Trust 2002-5)
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, with a copy to the Rating Agencies and the Swap CounterpartyProvider. Upon receiving such notice of resignation, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by Depositor shall promptly appoint a successor trustee by written instrument, in accordance with Section 8.8 meeting triplicate, one copy of which instrument shall be delivered to each of the qualifications set forth in Section 8.6resigning 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 8.6 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 Successor TrusteeTrustee 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 8.7 9.08 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.8 hereof9.09 hereof and upon acceptance of appointment by a successor Swap administrator under the Swap Administration Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-He5)
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 Swap Counterparty, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by shall promptly appoint a successor trustee by written instrument, in accordance with Section 8.8 meeting duplicate, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.6resigning 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 8.6 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 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 trusteewithout cause, then the Depositor or the 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 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 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. 117 Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.7 8.8 shall become effective only upon acceptance of appointment by the successor trustee as provided in Section 8.8 hereof8.9.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Abn Amro Mortgage Corp Series 1999-4)
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, the Swap Counterparty, the Cap Counterparty 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 8.88.08, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.8 8.08 meeting the qualifications set forth in Section 8.68.06. 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 8.6 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-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 8.7 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.8 8.08 hereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Incmastr Asset Sec Tr 2003 7)
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 Swap CounterpartyMaster Servicer and mailing a copy of such notice to all Holders of record. Upon receiving such notice of resignation, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.8 meeting by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.6resigning Trustee and 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 8.6 hereof 6.11 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 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 Certificate 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 Trustee, one copy of which shall be delivered to the Servicer Depositor and one copy to the successor trustee. The Holders of Certificates entitled Trustee so removed; the Depositor shall thereupon use its best efforts to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a mutually acceptable 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 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. 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 8.7 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.8 hereof6.13.
Appears in 1 contract
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 Swap Counterparty, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.8 meeting by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.6resigning Trustee, one copy to the successor trustee, one copy to the Certificate Insurer 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 8.6 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 (in the case of the Class 1-A6 Certificates, determined without regard to the Certificate Insurance Policy), 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 Servicer successor trustee, one copy to the Certificate Insurer 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, the Certificate Insurer 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 attorneys-in-attorney in fact duly authorized, one complete set copy of which instruments instrument shall be delivered by the successor Trustee to the ServicerDepositor, one complete set copy to the Certificate Insurer, one copy to the Trustee so removed and one complete set copy to the Master Servicer; the Depositor shall thereupon appoint a successor so appointed. Notice of any removal of trustee in accordance with this Section mutually acceptable to the Trustee shall be given to each Rating Agency by Depositor and 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 8.7 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 8.8 hereof6.07.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp Mort Pas THR Cert Se 04 4xs)
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 Swap Counterparty, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.8 meeting by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.6resigning Trustee, one copy to the successor trustee and one copy to the Master Servicer and one copy to the Class 2-A1 Certificate 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 8.6 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 in a downgrading of the rating by the Rating Agencies of any Class of Certificates with a rating (in the case of the Class 2-A1 Certificates, determined without regard to the Class 2-A1 Certificate Insurance Policy), then the Depositor or the 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, one copy to the Class 2-A1 Certificate Insurer and one copy to the Master Servicer.
(c) The Holders of more than 50% of the Class Principal Amount (or Class Notional Amount) of each Class of Certificates may at any time upon 30 days' written notice to the Trustee, the Depositor and the Class 2-A1 Certificate Insurer 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 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 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 8.7 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.8 hereof6.07.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2001-10a)
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 Swap CounterpartyMaster Servicer, the Cap Counterparty and the 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 8.8, 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 8.8 meeting duplicate, which instrument shall be delivered to the qualifications set forth in Section 8.6resigning 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 8.6 8.06 hereof and shall fail to resign after written request thereto by the NIM Insurer, 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 or Depositor, the Guarantor, the Master Servicer or, subject to the consent of the Guarantor (which consent may not be unreasonably withheld), the NIM Insurer, 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, 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 Servicer, 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 successor Trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.7 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.8 8.08 hereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Cwabs Inc Asset Backed 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 DepositorServicer. Such notice shall also be furnished to each Rating Agency. Upon receiving such notice of resignation, the Swap Counterparty, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by shall promptly appoint a successor trustee by written instrument, in accordance with Section 8.8 meeting duplicate, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.6resigning 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 Depositor. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.6 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 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 trusteewithout cause, then the Depositor or the 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 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 101 duly authorized, one complete set of which instrument or instruments shall be delivered by the successor Trustee to the 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 8.7 8.8 shall become effective only upon acceptance of appointment by the successor trustee as provided in Section 8.8 hereof8.9.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Abn Amro Mort Corp Multi Class Mort Pass THR Cert Ser 2003-3)
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 Swap Counterparty, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.8 meeting by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.6resigning Trustee, one copy to the successor trustee, one copy to the Certificate Insurer 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 8.6 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 (in case of the Guaranteed Certificates, determined without regard to the Certificate Insurance Policy), 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 Servicer successor trustee, one copy to the Certificate Insurer 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, 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 authorized, one complete set copy of which instruments instrument shall be delivered by the successor Trustee to the ServicerDepositor, one complete set copy to the Certificate Insurer, one copy to the Trustee so removed and one complete set copy to the Master Servicer; the Depositor shall thereupon appoint a successor so appointed. Notice of any removal of trustee in accordance with this Section mutually acceptable to the Trustee shall be given to each Rating Agency by Depositor and 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 8.7 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 8.8 hereof6.07.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp. Mortgage Loan Trust 2005-7xs)
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 Swap Counterparty, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in Master Servicer. Upon receiving such notice whenof resignation, subject to Section 8.8, such resignation is to take effect, and acceptance by the Depositor will promptly appoint a successor trustee in accordance with Section 8.8 meeting by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.6resigning 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 8.6 hereof 6.05 and shall fail to resign after written request thereto therefor by the DepositorDepositor , 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, (v) the Trustee shall fail to deliver the information or reports required pursuant to Sections 6.01(l) through (o) hereto or (vi) the Depositor desires to replace the Trustee with a successor trustee, then the Depositor or the 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 Servicer successor trustee and one copy to the Master Servicer; provided, however, that if the Trustee is removed for the failure to provide the accountant’s attestation pursuant to Section 6.01(m) of this Agreement, the Trustee shall reimburse the Depositor for reasonable out-of-pocket costs incurred by the Depositor in providing for a successor trustee. Trustee.
(c) The Holders of Certificates entitled to at least 51more than 50% of the Voting Rights Class Principal Amount or Class Notional 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 ServicerDepositor, one complete set copy to the Trustee so removed and one complete set copy to the Master Servicer; the Depositor shall thereupon appoint a successor so appointed. Notice of any removal of trustee in accordance with this Section mutually acceptable to the Trustee shall be given to each Rating Agency by Depositor and 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 8.7 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 8.8 hereof6.07.
Appears in 1 contract
Samples: Trust Agreement (Sasco 2006-S3)
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 Swap Counterparty, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by shall promptly appoint a successor trustee by written instrument, in accordance with Section 8.8 meeting duplicate, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.6resigning 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 Depositor. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.6 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 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 trusteewithout cause, then the Depositor or the 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 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 109 delivered by the successor Trustee to the 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 8.7 8.8 shall become effective only upon acceptance of appointment by the successor trustee as provided in Section 8.8 hereof8.9.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Abn Amro Mortgage Corp Series 2002-9)
Resignation and Removal of Trustee. (a) The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation thereof to the Depositor, the Swap CounterpartyMaster Servicer, the Cap Counterparty and the Special Servicer and each Rating Agency not less than 60 days before the date specified in to all Certificateholders. Upon receiving such notice whenof resignation from the Trustee, the Master Servicer, with the Directing Certificateholder's reasonable consent, subject to Section 8.84.16(b), such resignation is to take effect, and acceptance by shall promptly appoint a successor trustee trustee. The appointment of such successor must be acceptable to the Depositor and by written instrument, in accordance with Section 8.8 meeting duplicate, which instrument shall be delivered to the qualifications set forth in Section 8.6resigning Trustee and to the successor trustee. A copy of such instrument shall be delivered to the Trustee and the Certificateholders, the Depositor and the Special Servicer by the Master Servicer. 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. .
(b) If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.6 hereof 11.09 and shall fail to resign after written request thereto therefor by the DepositorDepositor or the Master 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 if at any time the Trustee fails duly to observe or perform in any material respect any other of the covenants or agreements on the part of the Trustee contained in this Agreement which failure shall continue unremedied for a tax is imposed with respect period of 30 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Trust Fund Trustee by the Depositor, the Master Servicer or by the Holders of Certificates entitled to at least 25% of the Voting Rights of any state in which Class affected thereby, any of the Trustee Depositor, the Master Servicer or the Trust Fund is located and Holders of Certificates entitled to at least 25% of the imposition Voting Rights of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Servicer any Class affected thereby may remove the Trustee and appoint a successor trustee acceptable to the Depositor by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to the Trustee, one Trustee so removed and to the successor trustee. A copy of which such instrument shall be delivered to the Trustee and the Certificateholders, the Depositor and the Special Servicer and one copy to by the successor trustee. Master Servicer.
(c) 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 A copy of any removal of such instrument shall be delivered to the remaining Certificateholders and the Special Servicer by the Master Servicer. If the termination pursuant to this Section 11.10(c) is without cause, the Certificateholders who voted to terminate the Trustee shall be given to each Rating Agency by pay the Successor Trusteeexpenses associated with such termination. 150
(d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.7 shall not become effective upon until acceptance of appointment by the successor trustee as provided in Section 8.8 hereof11.11.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Jp Morgan Chase Commercial 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, with a copy to the Rating Agencies and the Swap CounterpartyProvider. Upon receiving such notice of resignation, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by Depositor shall promptly appoint a successor trustee by written instrument, in accordance with Section 8.8 meeting triplicate, one copy of which instrument shall be delivered to each of the qualifications set forth in Section 8.6resigning 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 8.6 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 and one copy to the successor trustee. The Holders of Certificates entitled to at least 51evidencing more than 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 the Servicer, one complete set to Master 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 Successor TrusteeTrustee 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 8.7 10.08 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.8 hereof10.09 hereof and upon acceptance of appointment by a successor swap administrator under the Swap Administration Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-He7)
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 Swap Counterparty, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.8 meeting by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.6resigning Trustee, one copy to the successor trustee, one copy to the Master Servicer and one copy to the Certificate 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 8.6 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 (in the case of the Class A3 Certificates and Class A4 Certificates, determined without regard to the applicable Certificate Insurance Policy) of any Class of Certificates with a rating, then the Depositor or the 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, one copy to the Certificate Insurer and one copy to the Master Servicer.
(c) The Holders of more than 50% of the Class Principal Amount (or Class Notional Amount) of each Class of Certificates may at any time upon 30 days' written notice to the Trustee, the Depositor and the Certificate Insurer 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 Trustee so removed one copy to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled Certificate Insurer; the Depositor shall thereupon use its best efforts to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a mutually acceptable 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 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. 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 8.7 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.8 hereof6.07.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass Thro Cert Ser 1999 Als2)
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 Swap Counterparty, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.8 meeting by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.6resigning Trustee, one copy to the successor trustee, one copy to the Certificate Insurer 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 8.6 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 (in the case of the Class A5B Certificates, determined without regard to the Certificate Insurance Policy), 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 Servicer successor trustee, one copy to the Certificate Insurer 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, the Certificate Insurer 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 ServicerDepositor, one complete set copy to the Certificate Insurer, one copy to the Trustee so removed and one complete set copy to the Master Servicer; the Depositor shall thereupon appoint a successor so appointed. Notice of any removal of trustee in accordance with this Section mutually acceptable to the Trustee shall be given to each Rating Agency by Depositor and 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 8.7 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 8.8 hereof6.07.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2004 6xs)
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 Swap Counterparty, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.8 meeting or successor Trustee by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.6resigning 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 8.6 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 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 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 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 8.7 shall become effective upon acceptance of appointment by the successor trustee trustee, as provided in Section 8.8 hereof6.07.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Series 2003-1)
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 Swap CounterpartyClass 1-A-3 Insurer, the Cap Counterparty and the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.88.08, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.8 8.08 meeting the qualifications set forth in Section 8.68.06. 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 8.6 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 Trusteesuccessor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.7 8.07 shall become effective upon acceptance of appointment by the successor trustee of appointment as provided in Section 8.8 8.08 hereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (MASTR Asset Securitization 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. Such notice shall also be furnished to the Rating Agency. Upon receiving such notice of resignation, the Swap Counterparty, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by Depositor shall promptly appoint a successor trustee by written instrument, in accordance with Section 8.8 meeting duplicate, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.6resigning 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 Depositor. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.6 hereof 6.7 and shall fail to resign after written request thereto for the Trustee's resignation 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, then, with 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 trusteewithout cause, then the Depositor or the 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 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 ServicerDepositor, 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 8.7 6.8 shall become effective only upon acceptance of appointment by the successor trustee as provided in Section 8.8 hereof6.9.
Appears in 1 contract
Samples: Pooling Agreement (Abn Amro Mortgage Corp Series 1999-Rsi)
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 Swap Counterparty, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by shall promptly appoint a successor trustee by written instrument, in accordance with Section 8.8 meeting duplicate, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.6resigning 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 8.6 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 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 trusteewithout cause, then the Depositor or the 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 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 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 8.7 8.8 shall become effective only upon acceptance of appointment by the successor trustee as provided in Section 8.8 hereof.8.9. 107
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Abn Amro Mortgage Corp Series 2001-1a)
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 Swap Counterparty, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by shall promptly appoint a successor trustee by written instrument, in accordance with Section 8.8 meeting duplicate, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.6resigning 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 8.6 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 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 trusteewithout cause, then the Depositor or the 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 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 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 8.7 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.8 hereof.
Appears in 1 contract
Samples: 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 giving written notice of resignation to the Depositor, the Swap Counterparty, the Cap Counterparty and the Servicer and a Servicer. Such notice shall also be furnished to each Rating Agency not less than 60 days before the date specified in Agency. Upon receiving such notice whenof resignation, subject to Section 8.8, such resignation is to take effect, and acceptance by a Servicer shall promptly appoint a successor trustee by written instrument, in accordance with Section 8.8 meeting duplicate, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.6resigning 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 related Servicer. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.6 hereof 8.7 and shall fail to resign after written request thereto for the Trustee's resignation by the Depositora 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, then, with or without cause, 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 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 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 related 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 8.7 8.8 shall become effective only upon acceptance of appointment by the successor trustee as provided in Section 8.8 hereof8.9.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Abn Amro Mortgage Corp Multi Cl Mort Ps THR Certs Ser 2003-6)
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, the Swap CounterpartyRating Agencies, any NIMS Insurer, the Cap Swap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in Master Servicer. Upon receiving such notice whenof resignation, subject to Section 8.8, such resignation is to take effect, and acceptance by the Depositor will promptly a successor trustee in accordance with Section 8.8 meeting acceptable to any NIMS Insurer by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.6resigning Trustee, one copy to the successor trustee, one copy to each of the Rating Agencies and one copy to each of the Master Servicer, the Swap Counterparty and any 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 8.6 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 Trustee shall fail to provide the information required pursuant to Subsection 6.01 (l), (v) 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 or (vi) the Trustee shall fail to provide the information, reports or assessments or attestations required pursuant to Section 9.25 hereof, then the Depositor or the Servicer may any NIMS Insurer shall 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, one copy to each of the Rating Agencies and one copy to the Master Servicer, the Swap Counterparty and any NIMS Insurer.
(c) The Holders of more than 50% of the Class Principal Amount (or Class Notional Amount) of each Class of Certificates (or any NIMS Insurer in triplicatethe event of failure of the Trustee to perform its obligations hereunder) 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 (or by any NIMS Insurer), one copy of which instrument shall be delivered to the TrusteeDepositor, one copy of which shall be delivered to the Servicer Trustee and one copy to the successor trustee. The Holders of Certificates entitled to at least 51% of Master Servicer, the Voting Rights may at Swap Counterparty and any time remove NIMS Insurer; the Trustee and Depositor shall thereupon 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 accordance with this Section mutually acceptable to the Servicer, one complete set to Depositor and the Trustee so removed 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 8.7 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.8 hereof6.07.
Appears in 1 contract
Samples: Trust Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2007-3)
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 Swap Counterparty, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.8 meeting by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.6resigning Trustee, one copy to the successor trustee and one copy to the Master Servicer and one copy to the Class 1-A1 Certificate 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 8.6 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 in a downgrading of the rating by the Rating Agencies of any Class of Certificates with a rating (in the case of the Class 1-A1 Certificates, determined without regard to the Class 1-A1 Certificate Insurance Policy), then the Depositor or the 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, one copy to the Class 1-A1 Certificate Insurer and one copy to the Master Servicer.
(c) The Holders of more than 50% of the Class Principal Amount (or Class Notional Amount) of each Class of Certificates may at any time upon 30 days' written notice to the Trustee, the Depositor and the Class 1-A1 Certificate Insurer 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 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 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 8.7 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.8 hereof6.07.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass-THR Cert Ser 2001-14a)
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 Swap Counterparty, the Cap Counterparty and the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.8 meeting the qualifications set forth in Section 8.6. 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 8.6 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 Trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.7 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.8 hereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Saxon Asset Securities Trust 2006-2)
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 Swap CounterpartyClass I-A-5 Insurer, the Cap Counterparty Sellers, the Trust Administrator, the Master Servicer, the Special Servicer and the Servicer Servicers 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 8.89.08, such resignation is to take effect, and (b) acceptance by a successor trustee in accordance with Section 8.8 9.08 meeting the qualifications set forth in Section 8.6. 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 trustee9.06. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.6 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 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 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 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 Successor TrusteeDepositor. 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 8.7 9.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.8 9.08 hereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-7)
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 Swap CounterpartySeller, the Cap Counterparty and Servicer, the Backup Servicer, 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 8.8, such resignation is to take effect, and acceptance by the Depositor shall promptly appoint a successor trustee in accordance with Section 8.8 meeting Trustee that meets the qualifications set forth requirements in Section 8.68.06, 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 8.6 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 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 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 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 8.7 8.07 shall not become effective upon until acceptance of appointment by the successor trustee Trustee, as provided in Section 8.8 8.08 hereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (J.P. Morgan Mortgage Acquisition Corp. 2005-Fld1)
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 Swap Counterparty, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.8 meeting by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.6resigning Trustee, one copy to the successor trustee, one copy to the Certificate Insurer 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 8.6 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 (in case of the Class 1-A2B, Class 1-A3B, Class 1-A5 and Class 1-A6 Certificates, determined without regard to the Certificate Insurance Policy), 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 Servicer successor trustee, one copy to the Certificate Insurer 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, 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 attorneys-in-attorney in fact duly authorized, one complete set copy of which instruments instrument shall be delivered by the successor Trustee to the ServicerDepositor, one complete set copy to the Certificate Insurer, one copy to the Trustee so removed and one complete set copy to the Master Servicer; the Depositor shall thereupon appoint a successor so appointed. Notice of any removal of trustee in accordance with this Section mutually acceptable to the Trustee shall be given to each Rating Agency by Depositor and 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 8.7 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 8.8 hereof6.07.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates 2004-9xs)
Resignation and Removal of Trustee. (a) The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation thereof to the Depositor, the Swap CounterpartyMaster Servicer, the Cap Special Servicer, the Swap Counterparty and to all Certificateholders at their respective addresses set forth in the Certificate Register. Upon receiving such notice of resignation, the Master Servicer shall promptly appoint a successor trustee meeting the requirements in Section 8.06 and acceptable to the Depositor and the Rating Agencies by written instrument, in duplicate, which instrument shall be delivered to the resigning Trustee and to the successor trustee. A copy of such instrument shall be delivered to the Depositor, the Special Servicer, the Swap Counterparty and the Servicer and each Rating Agency not less than 60 days before Certificateholders by the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.8 meeting the qualifications set forth in Section 8.6Master Servicer. 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. .
(b) If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.6 hereof 8.06 and shall fail to resign after written request thereto therefor by the DepositorDepositor or the Master 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 if the Trustee or Paying Agent (if different than the Trust Fund is located and Trustee) shall fail (other than by reason of the imposition failure of such tax would either the Master Servicer or the Special Servicer to timely perform its obligations hereunder or as a result of other circumstances beyond the Trustee's reasonable control), to timely deliver any report to be avoided delivered by the appointment Trustee pursuant to Section 4.02 and such failure shall continue unremedied for a period of a five days, or if the Trustee or Paying Agent (if different trusteefrom the Trustee) fails to make distributions required pursuant to Section 3.05(b), 4.01 or 9.01, then the Depositor or the Servicer may remove the Trustee and appoint a successor trustee trustee, if necessary, acceptable to the Master Servicer and the Rating Agencies (as evidenced by written confirmation therefrom to the effect that the appointment of such institution would not cause the qualification, downgrading or withdrawal of the then current rating on any Class of Certificates) by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to the Trustee, one Trustee so removed and to the successor trustee. A copy of which such instrument shall be delivered to the Master Servicer, the Special Servicer and one copy to the successor trustee. Certificateholders by the Depositor.
(c) 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 trustee, if necessary, 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 trustee so appointed. Notice A copy of any removal of such instrument shall be delivered to the Depositor, the Special Servicer and the remaining Certificateholders by the successor so appointed. In the event that the Trustee is terminated or removed pursuant to this Section 8.07, all of its rights and obligations under this Agreement and in and to the Mortgage Loans shall be given terminated, other than any rights or obligations that accrued prior to each Rating Agency by the Successor date of such termination or removal (including the right to receive all fees, expenses and other amounts (including, without limitation, P&I Advances and accrued interest thereon) accrued or owing to it under this Agreement, with respect to periods prior to the date of such termination or removal and no termination without cause shall be effective until the payment of such amounts to the Trustee. ).
(d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.7 8.07 shall not become effective upon until acceptance of appointment by the successor trustee as provided in Section 8.8 hereof8.08.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Union Com Mor Sec Inc Com Mor Pass THR Cer Ser 2001-C1)
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 Swap Counterparty, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.8 meeting by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.6resigning Trustee, one copy to the successor trustee, one copy to the Certificate Insurer 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 8.6 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 (in the case of the Class A5 Certificates, determined without regard to the Class A5 Certificate Insurance Policy), 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 Servicer successor trustee, one copy to the Certificate Insurer 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, the Certificate Insurer 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 attorneys-in-attorney in fact duly authorized, one complete set copy of which instruments instrument shall be delivered by the successor Trustee to the ServicerDepositor, one complete set copy to the Certificate Insurer, one copy to the Trustee so removed and one complete set copy to the Master Servicer; the Depositor shall thereupon appoint a successor so appointed. Notice of any removal of trustee in accordance with this Section mutually acceptable to the Trustee shall be given to each Rating Agency by Depositor and 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 8.7 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 8.8 hereof6.07.
Appears in 1 contract
Samples: Trust Agreement (Mortgage Pass-Through Certificates Ser 2003-18xs)
Resignation and Removal of Trustee. (a) The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation thereof to the Depositor, the Swap CounterpartyControlling Class Representative, the Cap Counterparty and Master Servicer, the Special Servicer and each Rating Agency not less than 60 days before all the date specified in Certificateholders. Upon receiving such notice whenof resignation, subject to Section 8.8, such resignation is to take effect, and acceptance by the Depositor shall promptly appoint a successor trustee in accordance with Section 8.8 reasonably acceptable to the Controlling Class Representative meeting the qualifications set forth eligibility requirements of Section 8.06, by written instrument, in Section 8.6duplicate, which instrument shall be delivered to the resigning Trustee and to the successor trustee. A copy of such instrument shall be delivered to other parties hereto and to the Certificateholders by the Depositor. 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. .
(b) If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.6 hereof 8.06 and shall fail to resign after written request thereto therefor by the Depositor, Depositor or the Master 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 if the Trustee's continuing to act in such capacity would (as confirmed in writing to any party hereto by either Rating Agency) result in an Adverse Rating Event with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition Class of such tax would be avoided by the appointment of a different trusteeRated Certificates, then the Depositor or may (and, if it fails to do so within ten Business Days, the Master Servicer may shall as soon as practicable) 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 Trustee so removed and to the successor trustee. A copy of which such instrument shall be delivered to the Servicer other parties hereto and one copy to the successor trustee. Certificateholders by the Depositor (or the Master Servicer, as the case may be).
(c) The Holders of Certificates entitled to at least not less than 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 Depositor (with copies to the Master Servicer and the Special Servicer), one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice All expenses incurred by the Trustee in connection with its transfer of any the Mortgages Files to a successor trustee following the removal of the Trustee without cause pursuant to this Section 8.07(c), shall be given reimbursed to each Rating Agency the removed Trustee within 30 days of demand therefor, such reimbursement to be made by the Successor Certificateholders that terminated the Trustee. A copy of such instrument shall be delivered to the other parties hereto and to the remaining Certificateholders by the successor so appointed.
(d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.7 8.07 shall not become effective upon until (i) acceptance of appointment by the successor trustee as provided in Section 8.8 hereof8.08 and (ii) if neither the successor trustee nor any Fiscal Agent appointed by it has a long-term unsecured debt rating of at least "___" from [Rating Agency No. 1] and "___" from [Rating Agency No. 2], the Trustee and the Depositor have received written confirmation from each Rating Agency that has not so assigned such a rating, to the effect that the appointment of such successor trustee shall not result in an Adverse Rating Event with respect to any Class of Rated Certificates.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Citigroup Commercial Mortgage 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 to the Depositor, the Swap Counterparty, the Cap Counterparty 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 8.88.08, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.8 8.08 meeting the qualifications set forth in Section 8.68.06. 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 8.6 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 approved in writing by the Certificate 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 to the successor trustee. The Certificate Insurer or the Holders of Certificates entitled to at least 51% of the Voting Rights Rights, with the prior written consent of the Certificate Insurer, 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 8.7 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.8 8.08 hereof.
Appears in 1 contract
Samples: 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 Depositor, the Swap CounterpartyNIMS Insurer and the Master Servicer. Upon receiving such notice of resignation, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.8 meeting acceptable to the qualifications set forth in Section 8.6NIMS 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 the 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 8.6 hereof 6.05 and shall fail to resign after written request thereto therefor 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 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 Depositor, the Master Servicer or the Servicer may NIMS Insurer shall remove the Trustee and the Depositor shall appoint a successor trustee acceptable to the 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 Servicer successor trustee, and one copy to the successor trustee. Master Servicer and the 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 the 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 the NIMS Insurer), one complete set copy of which instruments instrument shall be delivered by the successor Trustee to the ServicerDepositor, one complete set copy to the Trustee so removed and Trustee, one complete set copy each to the Master Servicer and the NIMS Insurer; the Depositor shall thereupon appoint a successor so appointed. Notice of any removal of trustee in accordance with this Section mutually acceptable to the Trustee shall be given to each Rating Agency by Depositor, the Successor Trustee. Master Servicer and the 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 8.7 shall become effective upon acceptance of appointment by the successor trustee trustee, as provided in Section 8.8 hereof6.07.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002 Hf1)
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 Swap Counterparty, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.8 meeting by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.6resigning Trustee, one copy to the successor trustee, one copy to the Master Servicer and one copy to the Class 2-A3 Certificate 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 8.6 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 (in the case of the Class 2-A3 Certificates, determined without regard to the Class 2-A3 Certificate Insurance Policy), then the Depositor or the 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, one copy to the Class 2-A3 Certificate Insurer and one copy to the Master Servicer.
(c) The Holders of more than 50% of the Class Principal Amount (or Class Notional Amount) of each Class of Certificates may at any time upon 30 days' written notice to the Trustee, the Depositor and the Class 2-A3 Certificate Insurer 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 Servicer Trustee so removed, one copy to the Class 2-A3 Certificate Insurer and one copy to the successor trustee. The Holders of Certificates entitled Master Servicer; the Depositor shall thereupon use its best efforts to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a mutually acceptable 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 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. 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 8.7 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.8 hereof6.07.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Pass THR Cert Ser 2000-1)
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 Swap CounterpartySeller, the Cap Counterparty Trust Administrator, the Modification Oversight Agent, the Master Servicer, the Certificate Insurer, any Special Servicer and the Servicer Servicers 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 8.89.08, such resignation is to take effect, and (b) acceptance by a successor trustee in accordance with Section 8.8 9.08 meeting the qualifications set forth in Section 8.6. 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 trustee9.06. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.6 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 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 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 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 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 Successor TrusteeDepositor. 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 8.7 9.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.8 9.08 hereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSAB Mortgage-Backed Trust 2006-4)
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 Swap Counterparty, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.8 meeting by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.6resigning Trustee, one copy to the successor trustee, one copy to the Certificate Insurer 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 8.6 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 (in case of the Guaranteed Certificates, determined without regard to the Certificate Insurance Policy), 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 Servicer successor trustee, one copy to the Certificate Insurer 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, 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 authorized, one complete set copy of which instruments instrument shall be delivered by the successor Trustee to the ServicerDepositor, one complete set copy to the Trustee so removed Trustee, one copy to the Certificate Insurer and one complete set copy to the Master Servicer; the Depositor shall thereupon appoint a successor so appointed. Notice of any removal of trustee in accordance with this Section mutually acceptable to the Trustee shall be given to each Rating Agency by Depositor and 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 8.7 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 8.8 hereof6.07.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp. 2005-9xs)
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 Swap Counterparty, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by shall promptly appoint a successor trustee by written instrument, in accordance with Section 8.8 meeting duplicate, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.6resigning 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 8.6 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 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 trusteewithout cause, then the Depositor or the 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 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 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 8.7 8.8 shall become effective only upon acceptance of appointment by the successor trustee as provided in Section 8.8 hereof.8.9. 103
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Abn Amro Mortgage Corp)
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 Swap Counterparty, the Cap Counterparty and the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.88.08, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.8 8.08 meeting the qualifications set forth in Section 8.68.06. 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 may, at the expense of the Seller, 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 8.6 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 8.7 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.8 8.08 hereof.
Appears in 1 contract
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 Swap CounterpartyClass 2-A-2 Insurer, the Cap Counterparty and the Master Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.88.08, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.8 8.08 meeting the qualifications set forth in Section 8.68.06. 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 8.6 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 Trusteesuccessor trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.7 8.07 shall become effective upon acceptance of appointment by the successor trustee of appointment as provided in Section 8.8 8.08 hereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2005-1)
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 Swap CounterpartyDLJMC, the Cap Counterparty Trust Administrator, the Master Servicer, the Special Servicer, the Modification Oversight Agent and the Servicer Servicers 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 8.89.08, such resignation is to take effect, and (b) acceptance by a successor trustee in accordance with Section 8.8 9.08 meeting the qualifications set forth in Section 8.6. 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 trustee9.06. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.6 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 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 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 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 Successor TrusteeDepositor. 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 8.7 9.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.8 9.08 hereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSMC Mortgage-Backed Trust 2007-6)
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 Swap CounterpartySeller, the Cap Counterparty and Master Servicer, the Backup Servicer, the Servicer and each the Rating Agency not less than 60 days before the date specified in Agency. Upon receiving such notice whenof resignation of the Trustee, subject to Section 8.8, such resignation is to take effect, and acceptance by the Depositor shall promptly appoint a successor trustee in accordance with Section 8.8 meeting Trustee that meets the qualifications set forth requirements in Section 8.69.06, 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 8.6 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 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 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 9.06, 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 Servicer successor Trustee and one copy to each of the successor trusteeMaster Servicer, the Backup Servicer and the Servicer. 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 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 Master Servicer, the Backup Servicer 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 8.7 9.07 shall not become effective upon until acceptance of appointment by the successor trustee Trustee, as provided in Section 8.8 9.08 hereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I LLC)
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 Swap Counterparty, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.8 meeting or successor Trustee by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.6resigning 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 8.6 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 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 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 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 8.7 shall become effective upon (i) payment of unpaid amounts owing to the Trustee and (ii) acceptance of appointment by the successor trustee trustee, as provided in Section 8.8 hereof6.07.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp Mort Pas THR Ce Se 2002 17)
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 Swap CounterpartySeller and the Master Servicer, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by Depositor shall promptly appoint a successor trustee by written instrument, in accordance with Section 8.8 meeting triplicate, one copy of which instrument shall be delivered to each of the qualifications set forth in Section 8.6resigning 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 8.6 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 each of 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 TrusteeTrustee 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 8.7 9.08 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.8 9.09 hereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)
Resignation and Removal of Trustee. (a) The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation thereof to the Depositor, the Swap CounterpartyMaster Servicer, the Cap Counterparty and the Special Servicer and each Rating Agency not less than 60 days before to all Certificateholders at their respective addresses set forth in the date specified in Certificate Register. Upon receiving such notice whenof resignation, subject to Section 8.8, such resignation is to take effect, and acceptance by the Depositor shall promptly appoint a successor trustee in accordance with Section 8.8 meeting the qualifications set forth requirements in Section 8.68.06 and acceptable to the Rating Agencies by written instrument, in duplicate, which instrument shall be delivered to the resigning Trustee, and to the successor trustee. A copy of such instrument shall be delivered to the Master Servicer, the Special Servicer and the Certificateholders. 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. .
(b) If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.6 hereof 8.06 and shall fail to resign after written request thereto therefor by the DepositorDepositor or the Master 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 257 purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which if the Trustee shall fail (other than by reason of the failure of either the Master Servicer or the Trust Fund is located and Special Servicer to timely perform its obligations hereunder or as a result of other circumstances beyond the imposition of such tax would Trustee's reasonable control), to timely deliver any report to be avoided delivered by the appointment Trustee pursuant to Section 4.02 and such failure shall continue unremedied for a period of a different trusteefive days, or if the Trustee fails to make distributions required pursuant to Section 3.05(b), 4.01 or 9.01, then the Depositor or the Servicer may remove the Trustee and appoint a successor trustee trustee, if necessary, acceptable to the Master Servicer and the Rating Agencies (as evidenced by written confirmation therefrom to the effect that the appointment of such institution would not cause the qualification, downgrading or withdrawal of the then current rating on any Class of Certificates) by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered to the Trustee so removed and to the successor Trustee, one . A copy of which such instrument shall be delivered to the Master Servicer, the Special Servicer and one copy to the successor trustee. Certificateholders by the Depositor.
(c) 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 trustee, if necessary, 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 trustee so appointed. Notice A copy of any removal of such instrument shall be delivered to the Depositor, the Special Servicer and the remaining Certificateholders by the successor so appointed. In the event that the Trustee is terminated or removed pursuant to this Section 8.07, all of its rights and obligations under this Agreement and in and to the Mortgage Loans shall be given terminated, other than any rights or obligations that accrued prior to each Rating Agency by the Successor date of such termination or removal (including the right to receive all fees, expenses and other amounts (including, without limitation, P&I Advances and accrued interest thereon) accrued or owing to it under this Agreement, with respect to periods prior to the date of such termination or removal and no termination without cause shall be effective until the payment of such amounts to the Trustee. ).
(d) Any resignation or removal of the Trustee and appointment of a successor trustee trustee, pursuant to any of the provisions of this Section 8.7 8.07 shall not become effective upon until acceptance of appointment by the successor trustee trustee, as provided in Section 8.8 hereof8.08.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Comm Mort Ps THR Certs Ser 2003-Key1)
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 DepositorSecurityholders. Upon receiving such notice of resignation, the Swap Counterparty, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by Majority Securityholders will promptly appoint a successor trustee in accordance with Section 8.8 meeting by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.6resigning 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 8.6 hereof 6.05 and shall fail to resign after written request thereto therefor by the DepositorMajority Securityholders, 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 Servicer may Majority Securityholders shall 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 Servicer Trustee so removed 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.
(c) [Reserved] 126031 Bayview 2005-in-fact duly authorized, one complete set of which instruments shall be delivered by the successor Trustee to the 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. 1 Trust Agreement
(d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.7 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.8 hereof6.07.
Appears in 1 contract
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, with a copy to the Rating Agencies and the Swap CounterpartyProvider. Upon receiving such notice of resignation, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by Depositor shall promptly appoint a successor trustee by written instrument, in accordance with Section 8.8 meeting triplicate, one copy of which instrument shall be delivered to each of the qualifications set forth in Section 8.6resigning 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 8.6 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 Successor TrusteeTrustee 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 8.7 9.08 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.8 hereof9.09 hereof and upon acceptance of appointment by a successor swap administrator under the Swap Administration Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-He10)
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 Swap Counterparty, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.8 meeting by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.6resigning 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 8.6 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 (in the case of the Class 1-A3 Certificates, determined without regard to the Class 1-A3 Policy), then the Depositor or the Servicer may 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 Certificate Principal Amount (or Aggregate 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 Trustee, one copy of which shall be delivered to the Servicer Depositor and one copy to the successor trustee. The Holders of Certificates entitled Trustee so removed; the Depositor shall thereupon use its best efforts to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a mutually acceptable 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 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. 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 8.7 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.8 hereof6.07.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corporation)
Resignation and Removal of Trustee. Appointment of -------------------------------------------------- Successor.
(a) The Trustee Trustee, or any trustee or trustees hereafter appointed, may --------- at any time resign and be discharged from the trusts hereby created with respect to any one or more or all series of Bonds by giving written notice to the Issuer and by giving notice of such resignation to the Depositor, Holders of Bonds in the Swap Counterparty, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.8 meeting the qualifications set forth manner provided in Section 8.6. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after 1.5, provided, that if ----------- -------- the giving of such notice or resignationTrustee is also the Inercreditor Agent, Collateral Agent and/or the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Administrative Agent, it must also forfeit these roles, as applicable, if it resigns as trustee. If .
(b) In case at any time any of the following shall occur with respect to any series of Bonds:
(i) the Trustee shall cease to be eligible in accordance with the provisions of under Section 8.6 hereof 9.7 ----------- and shall fail to resign immediately in accordance with Section 9.7 after ----------- written request thereto therefor by the DepositorIssuer or by any Holder of such series, or if at any time 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 112 then, in any such case, (A) the Issuer may remove the Trustee with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition applicable series of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Servicer may remove the Trustee Bonds and appoint a successor trustee by written instrument, in triplicateduplicate, one copy of which instrument shall be delivered or (B) subject to the Trusteerequirements of Section 8.9, one copy any ----------- Holder who has been a bona fide Holder of which shall be delivered a Bond or Bonds of any such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee with respect to such series of Bonds. Such court may thereupon after such notice, if any, as it may deem proper and prescribe, remove the Servicer Trustee and one copy appoint a successor Trustee with respect to the successor trustee. such series of Bonds.
(c) The Holders of Certificates entitled to at least 51% a majority in aggregate principal amount of the Voting Rights Bonds at the time Outstanding may at any time remove the Trustee and appoint a successor trustee Trustee by delivering to the Trustee so removed, to the successor Trustee so appointed and to the Issuer, the evidence provided for in Section ------- 10.1 of the action taken by the Holders. ----
(d) If the Trustee shall resign, be removed or become incapable of acting or if a vacancy shall occur in the office of Trustee with respect to Bonds of any series for any cause, the Issuer may promptly appoint a successor Trustee or Trustees with respect to the applicable series of Bonds by written instrument or instrumentsinstrument, in triplicateduplicate, signed executed by such Holders or their attorneys-in-fact duly authorizedresolution of the Management Committee of the Issuer, one complete set copy each of which instruments shall be delivered by the successor Trustee to the Servicer, one complete set to the former Trustee so removed and one complete set copy to the successor Trustee. If no successor Trustee shall have been so appointed. Notice appointed with respect to a particular series and have accepted such appointment pursuant to Section 9.9 within 30 days after the mailing of ----------- such notice of resignation or removal, the former Trustee may petition any removal court of competent jurisdiction for the appointment of a successor Trustee at the sole cost and expense of the Trustee shall be given to each Rating Agency by Issuer, or any Holder who has been a bona fide Holder of a Bond or Bonds of the Successor applicable series for at least six months may, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trustee. Such court may thereupon after such notice, if any, as it may deem proper and prescribe, appoint a successor Trustee.
(e) Any resignation or removal of the Trustee and any appointment of a successor trustee Trustee pursuant to any of the provisions of this Section 8.7 9.8 shall become effective only ----------- upon acceptance of appointment by the successor trustee Trustee as provided in Section 8.8 hereof.------- 9.9. ---
Appears in 1 contract
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 Swap Counterparty, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.8 meeting or successor Trustee by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.6resigning 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 8.6 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 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 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 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 8.7 shall become effective upon acceptance of appointment by the successor trustee trustee, as provided in Section 8.8 hereof6.07.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp Mort Pass THR Cert Ser 2002)
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 Swap CounterpartySeller and the Master Servicer, with a copy to the Rating Agencies and the Certificate Insurer. Upon receiving such notice of resignation, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by Depositor shall promptly appoint a successor trustee by written instrument, in accordance with Section 8.8 meeting triplicate, one copy of which instrument shall be delivered to each of the qualifications set forth in Section 8.6resigning 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 8.6 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 and the Certificate Insurer by the Successor TrusteeTrustee 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 8.7 9.08 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.8 9.09 hereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asst Asset Backed Certs Ser 2003 He1)
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 Swap Counterparty, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by shall promptly appoint a successor trustee by written instrument, in accordance with Section 8.8 meeting duplicate, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.6resigning 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 8.6 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 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 trusteewithout cause, then the Depositor or the 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 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 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 8.7 8.8 shall become effective only upon acceptance of appointment by the successor trustee as provided in Section 8.8 hereof.8.9. 113
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Abn Amro Mortgage Corp Series 2002-1a)
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 Swap CounterpartyCertificate Insurer and the Master Servicer. Upon receiving such notice of resignation, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.8 meeting by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.6resigning Trustee, one copy to the successor trustee and one copy to the Certificate Insurer and 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 8.6 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 (in the case of the Class 2-A5 Certificates, determined without regard to the Certificate Insurance Policy), then the Depositor or the Servicer may shall remove the Trustee and appoint a successor trustee by written instrument, in triplicateone copy of which instrument shall be delivered to each of the Trustee so removed, the successor trustee, the Certificate Insurer and the Master Servicer.
(c) The Holders of more than 50% of the Class Principal Amount (or Class Notional Amount) of each Class of Certificates may at any time upon 30 days’ written notice to the Trustee, the Certificate Insurer 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 Servicer Trustee so removed, one copy to the Certificate Insurer and one copy to the successor trustee. The Holders of Certificates entitled Master Servicer; the Depositor shall thereupon use its best efforts to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a mutually acceptable 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 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. 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 8.7 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 8.8 hereof6.07.
Appears in 1 contract
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 Servicers. Upon receiving such notice of resignation, the Swap Counterparty, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.8 meeting by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.6resigning Trustee, one copy to the successor trustee and one copy to each of the Servicers. 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 8.6 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 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 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 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 8.7 shall become effective upon acceptance of appointment by the successor trustee trustee, as provided in Section 8.8 hereof6.07.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Sequoia Residential Funding Inc)
Resignation and Removal of Trustee. (a) The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation thereof to the Depositor, the Swap CounterpartyControlling Class Representative, the Cap Counterparty Master Servicers, the Special Servicers and all the Servicer and each Rating Agency not less than 60 days before the date specified in Certificateholders. Upon receiving such notice whenof resignation, subject to Section 8.8, such resignation is to take effect, and acceptance by the Depositor shall promptly appoint a successor trustee in accordance with Section 8.8 reasonably acceptable to the -231- Controlling Class Representative meeting the qualifications set forth eligibility requirements of SECTION 8.06, by written instrument, in Section 8.6duplicate, which instrument shall be delivered to the resigning Trustee and to the successor trustee. A copy of such instrument shall be delivered to other parties hereto and to the Certificateholders by the Depositor. 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. .
(b) If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.6 hereof SECTION 8.06 and shall fail to resign after written request thereto therefor by the Depositor, Depositor or a Master 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 if the Trustee's continuing to act in such capacity would (as confirmed in writing to any party hereto by either Rating Agency) result in an Adverse Rating Event with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition Class of such tax would be avoided by the appointment of a different trusteeRated Certificates, then the Depositor or may (and, if it fails to do so within ten Business Days, the General Master Servicer may shall as soon as practicable) 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 Trustee so removed and to the successor trustee. A copy of which such instrument shall be delivered to the Servicer other parties hereto and one copy to the successor trustee. Certificateholders by the Depositor (or the General Master Servicer, as the case may be).
(c) The Holders of Certificates entitled to at least not less than 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 Depositor (with copies to each Master Servicer and Special Servicer), one complete set to the Trustee so removed and one complete set to the successor so appointed. Notice All expenses incurred by the Trustee in connection with its transfer of any the Mortgages Files to a successor trustee following the removal of the Trustee without cause pursuant to this SECTION 8.07(c), shall be given reimbursed to each Rating Agency the removed Trustee within 30 days of demand therefor, such reimbursement to be made by the Successor Certificateholders that terminated the Trustee. A copy of such instrument shall be delivered to the other parties hereto and to the remaining Certificateholders by the successor so appointed.
(d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.7 SECTION 8.07 shall not become effective upon until (i) acceptance of appointment by the successor trustee as provided in Section 8.8 hereofSECTION 8.08 and (ii) if neither the successor trustee nor any Fiscal Agent appointed by it has a long-term unsecured debt rating of at least "Aa3" from Xxxxx'x and "AA" from S&P, the Trustee and the Depositor have received written confirmation from each Rating Agency that has not so assigned such a rating, to the effect that the appointment of such successor trustee shall not result in an Adverse Rating Event with respect to any Class of Rated Certificates.
Appears in 1 contract
Samples: 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 DepositorDepositor and the Master Servicer. Upon receiving such notice of resignation, the Swap Counterparty, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.8 meeting by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.6resigning Trustee, one copy to the successor trustee, one copy to the Certificate Insurer 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 8.6 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 (in case of the Class 1-A3A, Class 1-A5B and Class 1-A6 Certificates, determined without regard to the Certificate Insurance Policy), 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 Servicer successor trustee, one copy to the Certificate Insurer 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, 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 attorneys-in-attorney in fact duly authorized, one complete set copy of which instruments instrument shall be delivered by the successor Trustee to the ServicerDepositor, one complete set copy to the Certificate Insurer, one copy to the Trustee so removed and one complete set copy to the Master Servicer; the Depositor shall thereupon appoint a successor so appointed. Notice of any removal of trustee in accordance with this Section mutually acceptable to the Trustee shall be given to each Rating Agency by Depositor and 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 8.7 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 8.8 hereof6.07.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates 2004-11xs)
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 Swap CounterpartyNIMS Insurer and the Master Servicer. Upon receiving such notice of resignation, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.8 meeting acceptable to the qualifications set forth in Section 8.6NIMS 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 the 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 8.6 hereof 6.05 and shall fail to resign after written request thereto therefor 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 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 Depositor, the Master Servicer or the Servicer may NIMS Insurer shall remove the Trustee and the Depositor shall appoint a successor trustee acceptable to the 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 Servicer successor trustee, and one copy to the successor trustee. Master Servicer and the 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 the 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 the NIMS Insurer), one complete set copy of which instruments instrument shall be delivered by the successor Trustee to the ServicerDepositor, one complete set copy to the Trustee so removed and Trustee, one complete set copy each to the Master Servicer and the NIMS Insurer; the Depositor shall thereupon appoint a successor so appointed. Notice of any removal of trustee in accordance with this Section mutually acceptable to the Trustee shall be given to each Rating Agency by Depositor, the Successor Trustee. Master Servicer and the 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 8.7 shall become effective upon (i) payment of all unpaid amounts owed to the Trustee and (ii) acceptance of appointment by the successor trustee trustee, as provided in Section 8.8 hereof6.07.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pas THR Certs Series 2003 Bc3)
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 Swap Counterparty, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.8 meeting by written instrument, one copy of which instrument shall be delivered to the qualifications set forth in Section 8.6resigning Trustee, one copy to the successor trustee, one copy to the Certificate Insurer 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 8.6 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 (in case of the Class A3A or Class A4A Certificates, determined without regard to the Certificate Insurance Policy), 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 Servicer successor trustee, one copy to the Certificate Insurer 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, 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 authorized, one complete set copy of which instruments instrument shall be delivered by the successor Trustee to the ServicerDepositor, one complete set copy to the Certificate Insurer, one copy to the Trustee so removed and one complete set copy to the Master Servicer; the Depositor shall thereupon appoint a successor so appointed. Notice of any removal of trustee in accordance with this Section mutually acceptable to the Trustee shall be given to each Rating Agency by Depositor and 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 8.7 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 8.8 hereof6.07.
Appears in 1 contract
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 thereof to the Depositor and the Guarantor. Upon receiving such notice of resignation to resignation, the Depositor, with the Swap Counterpartyconsent of the Guarantor, will promptly appoint a successor trustee by written instrument, one copy of which instrument shall be delivered to the Cap Counterparty and resigning Trustee, one copy to the successor trustee, one copy to the Servicer and each Rating Agency not less than 60 days before one copy to the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.8 meeting the qualifications set forth in Section 8.6Guarantor. 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 8.6 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 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 and one copy to the successor trustee.
(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 Servicer successor trustee and one copy to the successor trustee. Guarantor.
(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 the successor Trustee to the ServicerDepositor, one complete set copy to the Trustee so removed removed, and one complete set copy to the Guarantor; the Guarantor 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.
(e) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.7 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.8 hereof6.07.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp Mor Pas THR Cer Sr 2001-Bc4)
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 Swap CounterpartyMaster Servicer and any NIMS Insurer. Upon receiving such notice of resignation, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by Depositor will promptly appoint a successor trustee in accordance with Section 8.8 meeting acceptable to the qualifications set forth in Section 8.6NIMS Insurer by written instrument, one copy of which instrument shall be delivered to the resigning 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 8.6 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 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 or (iv) the imposition continued use of such tax the Trustee would be avoided result in a downgrading of the rating by any Rating Agency of any Class of Certificates with a rating or the appointment of a different trusteeNIM Securities, then the Depositor Depositor, the NIMS Insurer or the Master Servicer may shall remove the Trustee and the Depositor shall appoint a successor trustee trustee, acceptable to the Master Servicer and 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 each to the Servicer successor trustee and one copy to the successor trustee. Master Servicer and 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 attorneys-in-attorney in fact duly authorizedauthorized (or by any NIMS Insurer), one complete set copy of which instruments instrument shall be delivered by the successor Trustee to the ServicerDepositor, one complete set copy to the Trustee so removed and Trustee, one complete set copy to the Master Servicer and any NIMS Insurer; the Depositor shall thereupon appoint a successor so appointed. Notice of trustee in accordance with this Section mutually acceptable to the Depositor, the 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 8.7 shall become effective upon acceptance of appointment by the successor trustee trustee, as provided in Section 8.8 hereof6.07.
(e) Upon the resignation or removal of the Trustee pursuant to this Section 6.06, the Trustee shall deliver the Pool Insurance Policies and the amounts held in its possession for the benefit of the Certificateholders to the successor trustee upon the appointment of the successor trustee. The Trustee shall surrender the Pool Insurance Policies to the Pool Insurer for cancellation upon the termination of the Trust Fund. Upon request, the Trustee shall deliver a copy of the Pool Insurance Policies to any Certificateholder.
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Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-S2)
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 Swap CounterpartySeller and the Master Servicer, with a copy to the Rating Agencies. Upon receiving such notice of resignation, the Cap Counterparty and the Servicer and each Rating Agency not less than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and acceptance by Depositor shall promptly appoint a successor trustee by written instrument, in accordance with Section 8.8 meeting triplicate, one copy of which instrument shall be delivered to each of the qualifications set forth in Section 8.6resigning 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 8.6 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 Successor TrusteeTrustee or successor trustee. 119 Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.7 9.08 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.8 9.09 hereof.
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Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2004-He11)