Common use of Resignation of Custodian Clause in Contracts

Resignation of Custodian. (a) The Custodian may at any time resign and terminate its obligations under this Agreement upon at least 90 days' prior written notice to the Servicer and the Trustee. The Custodian may be removed at any time at the written request of the Trustee or the Servicer. In the event of such resignation or removal, the Servicer shall promptly appoint a successor custodian acceptable to the Trustee and the Certificate Insurer (which approvals shall not be unreasonably withheld). If the Servicer fails to appoint a successor custodian within 30 days, the Trustee shall appoint a successor custodian. In no event shall the resignation of the Custodian be effective until a successor custodian is duly appointed hereunder. If a successor Custodian has not been appointed and/or has not accepted appointment within 90 days after giving notice of such resignation, the resigning Custodian may petition any court of competent jurisdiction for the appointment of a successor custodian. One original counterpart of such instrument of appointment shall be delivered to each of the Servicer, the Custodian and the successor custodian. The Servicer shall notify S&P and Xxxxx'x of any such resignation or removal and the appointment of a successor custodian.

Resignation of Custodian. (a) The Custodian may at any time resign and terminate its obligations under this Agreement upon at least 90 days' prior written notice to the Servicer and the Trustee. The Custodian may be removed at any time at the written request of the Trustee or the Servicer. In the event of such resignation or removal, the Servicer shall promptly appoint a successor custodian acceptable to the Trustee and the Certificate Insurer (which approvals shall not be unreasonably withheld). If the Servicer fails to appoint a successor custodian within 30 days, the Trustee shall appoint a successor custodian. In no event shall the resignation of the Custodian be effective until a successor custodian is duly appointed hereunder. If a successor Custodian has not been appointed and/or has not accepted appointment within 90 days after giving notice of such resignation, the resigning Custodian may petition any court of competent jurisdiction for the appointment of a successor custodian. One original counterpart of such instrument of appointment shall be delivered to each of the Servicer, the Custodian and the successor custodian. The Servicer shall notify S&P and Xxxxx'x Moody's of any such resignation or removal and the appointment of a successor xx x xxccessor custodian.

Resignation of Custodian. (a) The Custodian may at any time resign and terminate its obligations under this Agreement upon at least 90 days' prior written notice to the Servicer and the Trustee. The Custodian may be removed at any time at the written request of the Trustee or the Servicer. In the event of such resignation or removal, the Servicer shall promptly appoint a successor custodian acceptable to the Trustee and the Certificate Insurer (which approvals shall not be unreasonably withheld). If the Servicer fails to appoint a successor custodian within 30 days, the Trustee shall appoint a successor custodian. In no event shall the resignation of the Custodian be effective until a successor custodian is duly appointed hereunder. If a successor Custodian has not been appointed and/or has not accepted appointment within 90 days after giving notice of such resignation, the resigning Custodian may petition any court of competent jurisdiction for the appointment of a successor custodian. One original counterpart of such instrument of appointment shall be delivered to each of the Servicer, the Custodian and the successor custodian. The Servicer shall notify S&P [Rating Agency] and Xxxxx'x [Rating Agency] of any such resignation or removal and the appointment of a successor custodian.

Resignation of Custodian. (a) The Custodian may at any time resign and terminate its obligations under this Agreement upon at least 90 days' prior written notice to the Servicer and the Trustee. The Custodian may be removed at any time at the written request of the Trustee or the Servicer. In the event of such resignation or removal, the Servicer shall promptly appoint a successor custodian acceptable to the Trustee and the Certificate Insurer (which approvals shall not be unreasonably withheld). If the Servicer fails to appoint a successor custodian within 30 days, the Trustee shall appoint a successor custodian. In no event shall the resignation of the Custodian be effective until a successor custodian is duly appointed hereunder. If a successor Custodian has not been appointed and/or has not accepted appointment within 90 days after giving notice of such resignation, the resigning Custodian may petition any court of competent jurisdiction for the appointment of a successor custodian. One original counterpart of such instrument of appointment shall be delivered to each of the Servicer, the Custodian and the successor custodian. The Servicer shall notify S&P and Xxxxx'x Moody's of any such resignation or removal and the appointment of appointmexx xx a successor custodian.

Resignation of Custodian. (a) The Custodian may at any time resign and terminate its obligations under this Agreement upon at least 90 days' prior written notice to the Servicer and the Trustee. The Custodian may be removed at any time at the written request of the Trustee or the Servicer. In the event of such resignation or removal, the Servicer shall promptly appoint a successor custodian acceptable to the Trustee and the Certificate Insurer (which approvals shall not be unreasonably withheld). If the Servicer fails to appoint a successor custodian within 30 days, the Trustee shall appoint a successor custodian. In no event shall the resignation of the Custodian be effective until a successor custodian is duly appointed hereunder. If a successor Custodian has not been appointed and/or has not accepted appointment within 90 days after giving notice of such resignation, the resigning Custodian may petition any court of competent jurisdiction for the appointment of a successor custodian. One original counterpart of such instrument of appointment shall be delivered to each of the Servicer, the Custodian and the successor custodian. The Servicer shall notify S&P and Xxxxx'x Moody's of any such resignation or removal and the appointment of a appointmenx xx x successor custodian.

Resignation of Custodian. (a) The Custodian may at any time resign and terminate its obligations under this Agreement upon at least 90 days' prior written notice to the Servicer and the Trustee. The Custodian may be removed at any time at the written request of the Trustee or the Servicer. In the event of such resignation or removal, the Servicer shall promptly appoint a successor custodian acceptable to the Trustee and the Certificate Insurer (which approvals shall not be unreasonably withheld). If the Servicer fails to appoint a successor custodian within 30 days, the Trustee shall appoint a successor custodian. In no event shall the resignation of the Custodian be effective until a successor custodian is duly appointed hereunder. If a successor Custodian has not been appointed and/or has not accepted appointment within 90 days after giving notice of such resignation, the resigning Custodian may petition any court of competent jurisdiction for the appointment of a successor custodian. One original counterpart of such instrument of appointment shall be delivered to each of the Servicer, the Custodian and the successor custodian. The Servicer shall notify S&P and Xxxxx'x Moody's of any such resignation or removal and the appointment of a successor xxxxxxsor custodian.