Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Servicer, the NIMS Insurer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee reasonably acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their property shall be appointed, or any public officer shall take charge or control of the Trustee or of their property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the NIMS Insurer may remove the Trustee. If the Depositor or the NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or the NIMS Insurer, as the case may be, shall promptly appoint a successor Trustee (reasonably acceptable to the NIMS Insurer if appointed by the Depositor) by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee. The Majority Certificateholders or the NIMS Insurer may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor, the NIMS Insurer and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor Trustee reasonably acceptable to the NIMS Insurer in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.
Appears in 9 contracts
Samples: Pooling and Servicing Agreement (ABFC Asset-Backed Certificates, Series 2005-Wmc1), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2005-Ff5), Pooling and Servicing Agreement (ABFC 2005-Aq1 Trust)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice thereof to the NIMS Insurer, the Depositor, the Servicer, Master Servicer and the NIMS Insurer and each Rating AgencyCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee reasonably acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor TrusteeTrustee acceptable to the NIMS Insurer 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 Certificateholders and the Master Servicer by the Depositor. If no successor Trustee shall have been so appointed and having have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer, or if at any time the Trustee shall be legally unable to actbecome incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the NIMS Insurer Insurer, may remove the Trustee. If Trustee and the Depositor or the NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or the NIMS Insurer, as the case may be, shall promptly appoint a successor Trustee (reasonably Trustee, acceptable to the NIMS Insurer if appointed by and to the Depositor) Holders of Certificates entitled to at least 51% of the Voting Rights, by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee. A copy of such instrument shall be delivered to the Certificateholders and the Master Servicer by the Depositor. The Majority Certificateholders or Holders of Certificates entitled to at least 51% of the Voting Rights, with the consent of the NIMS Insurer Insurer, may at any time remove the Trustee and appoint a successor Trustee by written instrument or instruments, in triplicate, signed by the NIMS Insurer or such Holders, as applicable, or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered to the Servicer, the Depositor, one complete set to the NIMS Insurer Trustee so removed and one complete set to the Trustee; the Depositor successor so appointed. A copy of such instrument shall thereupon use its best efforts to appoint a successor Trustee reasonably acceptable be delivered to the NIMS Insurer in accordance with this SectionInsurer, the Certificateholders and the Master Servicer by the Depositor. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.
Appears in 9 contracts
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-2), Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-Wl2), Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-Wl3)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the ServicerSeller, the NIMS Insurer Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor Seller shall promptly appoint a successor Trustee reasonably acceptable to (approved in writing by the NIMS Insurer Servicer, so long as such approval shall not unreasonably be withheld) by written instrument, in duplicate, one copy copies of which instrument shall be delivered to the resigning Trustee and one copy the Successor Trustee; provided, however, that any such successor Trustee shall be subject to the successor Trusteeprior written approval of the Servicer. If no successor Trustee shall have been so appointed and having accepted appointment within 30 thirty (30) days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 9.06 and shall fail to resign after written request therefor by the Depositor Seller or the NIMS Insurer, Depositor or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Seller, the Depositor or the NIMS Insurer Servicer may remove the Trustee. If the Seller, the Depositor or the NIMS Insurer Servicer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or the NIMS Insurer, as the case may be, Seller shall promptly appoint a successor Trustee (reasonably acceptable to the NIMS Insurer if appointed by the Depositor) by written instrument, in duplicate, one copy copies of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee. The Majority Certificateholders or the NIMS Insurer may Holders of Certificates evidencing Voting Rights aggregating over 50% of all Voting Rights may, at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the DepositorSeller, the NIMS Insurer Depositor and the Trustee; and the Depositor Seller shall thereupon use its best efforts to appoint a successor Trustee reasonably acceptable to the NIMS Insurer trustee in accordance with this SectionSection 9.07. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 9.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.089.08.
Appears in 8 contracts
Samples: Pooling and Servicing Agreement (Home Equity Loan Asset-Backed Certificates Series 2003-2), Pooling and Servicing Agreement (Home Equity Loan Asset-Backed Certificates Series 2003-2), Pooling and Servicing Agreement (Renaissance Home Equity Loan Tr Asset BKD Cer Series 2002-3)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice thereof to the NIMS Insurer, the Depositor, the Servicer, Master Servicer and the NIMS Insurer and each Rating AgencyCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee reasonably acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor TrusteeTrustee acceptable to the NIMS Insurer 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 Certificateholders and the Master Servicer by the Depositor. If no successor Trustee shall have been so appointed and having have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor TrusteeXxxxxxx. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer, or if at any time the Trustee shall be legally unable to actbecome incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the NIMS Insurer Insurer, may remove the Trustee. If Trustee and the Depositor or the NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or the NIMS Insurer, as the case may be, shall promptly appoint a successor Trustee (reasonably Trustee, acceptable to the NIMS Insurer if appointed by and to the Depositor) Holders of Certificates entitled to at least 51% of the Voting Rights, by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee. A copy of such instrument shall be delivered to the Certificateholders and the Master Servicer by the Depositor. The Majority Certificateholders or Holders of Certificates entitled to at least 51% of the Voting Rights, with the consent of the NIMS Insurer Insurer, may at any time remove the Trustee and appoint a successor Trustee by written instrument or instruments, in triplicate, signed by the NIMS Insurer or such Holders, as applicable, or their attorneys‑in‑fact duly authorized, one complete set of which instruments shall be delivered to the Servicer, the Depositor, one complete set to the NIMS Insurer Trustee so removed and one complete set to the Trustee; the Depositor successor so appointed. A copy of such instrument shall thereupon use its best efforts to appoint a successor Trustee reasonably acceptable be delivered to the NIMS Insurer in accordance with this SectionInsurer, the Certificateholders and the Master Servicer by the Depositor. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2005-3 Asset-Backed Certificates, Series 2005-3), Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2005-1, Asset-Backed Certs., Series 2005-1), Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2004-6, Asset-Backed Certs., Series 2004-6)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the DepositorSeller, the Servicer, the NIMS Insurer Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor Seller shall promptly appoint a successor Trustee reasonably acceptable to (approved in writing by the NIMS Insurer Servicer, so long as such approval shall not unreasonably be withheld) by written instrument, in duplicate, one copy copies of which instrument shall be delivered to the resigning Trustee and one copy the Successor Trustee; provided, however, that any such successor Trustee shall be subject to the successor Trusteeprior written approval of the Servicer. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 9.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer, Seller or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor Seller or the NIMS Insurer Servicer may remove the Trustee. If the Depositor Seller or the NIMS Insurer Servicer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or the NIMS Insurer, as the case may be, Seller shall promptly appoint a successor Trustee (reasonably acceptable to the NIMS Insurer if appointed by the Depositor) by written instrument, in duplicate, one copy copies of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee. The Majority Certificateholders or the NIMS Insurer may Holders of Certificates evidencing Voting Rights aggregating over 50% of all Voting Rights may, at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor, the NIMS Insurer Seller and the Trustee; and the Depositor Seller shall thereupon use its best efforts to appoint a successor Trustee reasonably acceptable to the NIMS Insurer trustee in accordance with this SectionSection 9.07. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 9.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.089.08.
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (Delta Funding Corp /De/), Pooling and Servicing Agreement (Delta Funding Corp /De/), Pooling and Servicing Agreement (Delta Fund Hm Equ Ln 2000-2 Hm Equ Ln Ass BKD CRT Ser 2000-2)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the ServicerSeller, the NIMS Insurer Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor Seller shall promptly appoint a successor Trustee reasonably acceptable to (approved in writing by the NIMS Insurer Servicer, so long as such approval shall not unreasonably be withheld) by written instrument, in duplicate, one copy copies of which instrument shall be delivered to the resigning Trustee and one copy the Successor Trustee; provided, however, that any such successor Trustee shall be subject to the successor Trusteeprior written approval of the Servicer. If no successor Trustee shall have been so appointed and having have accepted appointment within 30 thirty (30) days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 9.06 and shall fail to resign after written request therefor by the Depositor Seller or the NIMS Insurer, Depositor or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Seller, the Depositor or the NIMS Insurer Servicer may remove the Trustee. If the Seller, the Depositor or the NIMS Insurer Servicer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or the NIMS Insurer, as the case may be, Seller shall promptly appoint a successor Trustee (reasonably acceptable to the NIMS Insurer if appointed by the Depositor) by written instrument, in duplicate, one copy copies of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee. The Majority Certificateholders or the NIMS Insurer Holders of Certificates evidencing Voting Rights aggregating over 50% of all Voting Rights may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the DepositorSeller, the NIMS Insurer Depositor and the Trustee; and the Depositor Seller shall thereupon use its best efforts to appoint a successor Trustee reasonably acceptable to the NIMS Insurer trustee in accordance with this SectionSection 9.07. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 9.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.089.08.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (Renaissance Mort Acc Corp Renaissance Home Eq Ln Tr 2004 1), Pooling and Servicing Agreement (Renaissance Mort Accept Corp Home Equity Ln as Bk Ce Se 03-3), Pooling and Servicing Agreement (Renaissance Mort Accept Corp Home Equity Ln as Bk Ce Se 03-3)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the ServicerSeller, the NIMS Insurer Servicer and each the Rating AgencyAgencies. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee reasonably acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer, hereof or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the NIMS Insurer Servicer may remove the Trustee. If the Depositor or the NIMS Insurer Servicer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or the NIMS Insurer, as the case may be, Servicer shall promptly appoint a successor Trustee (reasonably acceptable to Trustee, with the NIMS Insurer if appointed by consent of the Depositor) , which consent shall not be unreasonably withheld, by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trusteetrustee. The Majority Certificateholders or the NIMS Insurer may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor, the NIMS Insurer Depositor and the Trustee; the Depositor Servicer, with the consent of the Depositor, which consent shall not be unreasonably withheld, shall thereupon use its best efforts to appoint a successor Trustee reasonably acceptable to the NIMS Insurer trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.088.08 hereof.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc), Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc MRT Ln Ps Th CRT Sr 01 Frb1), Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Master Servicer, the NIMS Insurer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee reasonably acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their property shall be appointed, or any public officer shall take charge or control of the Trustee or of their property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the NIMS Insurer may remove the Trustee. If the Depositor or the NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or the NIMS Insurer, as the case may be, shall promptly appoint a successor Trustee (reasonably acceptable to the NIMS Insurer if appointed by the Depositor) by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee. The Majority Certificateholders or the NIMS Insurer may at any time remove the Trustee by written instrument or instruments delivered to the Master Servicer, the Depositor, the NIMS Insurer and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor Trustee reasonably acceptable to the NIMS Insurer in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Abfc Asset-Backed Certificates Series 2004-Opt2), Pooling and Servicing Agreement (Asset-Backed Funding Corp. ABFC Asset Backed Certificates, Series 2004-Opt4), Pooling and Servicing Agreement (Asset Backed Funding Corp. ABFC Asset Backed Certificates Series 2004-Opt3)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the NIMS Insurer, the Depositor, the Servicer, the NIMS Insurer Swap Provider and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee reasonably acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer, Insurer or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor Depositor, the Servicer or the NIMS Insurer may remove the Trustee. If the Depositor Depositor, the Servicer or the NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or Depositor, with the consent of the NIMS Insurer, as the case may be, shall promptly appoint a successor Trustee (reasonably acceptable to the NIMS Insurer if appointed by the Depositor) by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trusteetrustee. The Majority Certificateholders (or the NIMS Insurer upon the failure of the Trustee to perform its obligations hereunder) may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor, the NIMS Insurer Swap Provider and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor Trustee reasonably trustee acceptable to the NIMS Insurer in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2007-Opt3), Pooling and Servicing Agreement (Soundview Home Loan Trust 2007-Opt2), Pooling and Servicing Agreement (Soundview Home Loan Trust 2007-Opt4)
Resignation or Removal of Trustee. The Trustee (including the Trustee as Certificate Registrar) may at any time resign and be discharged from the trusts trust hereby created by giving written notice thereof to the Trustee, the Depositor, the ServicerSeller, the NIMS Insurer Servicer and each the Rating AgencyAgencies. Upon receiving such notice of resignationresignation of the Trustee, the Depositor shall promptly appoint a successor Trustee reasonably acceptable to that meets the NIMS Insurer requirements in Section 8.06 by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer, hereof or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the NIMS Insurer may remove the Trustee. If the Depositor or the NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or the NIMS Insurer, as the case may be, shall promptly appoint a successor Trustee (reasonably acceptable to that meets the NIMS Insurer if appointed by the Depositor) requirements of Section 8.06, by written instrument, in duplicatetriplicate, one copy of which instrument shall be delivered to the Trustee so removed removed, and one copy to the successor Trustee. The Majority Certificateholders or the NIMS Insurer may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor, the NIMS Insurer Servicer and the Trustee; the Depositor or the Trustee shall thereupon use its best efforts to appoint a successor Trustee reasonably acceptable to the NIMS Insurer in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.088.08 hereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2005-5), Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the DepositorSeller, the Servicer, the NIMS Insurer Securities Administrator and each Rating Agency. Upon receiving such notice of resignation, the Depositor Seller shall promptly appoint a successor Trustee reasonably acceptable to (approved in writing by the NIMS Insurer Servicer, so long as such approval shall not unreasonably be withheld) by written instrument, in duplicate, one copy copies of which instrument shall be delivered to the resigning Trustee, the Securities Administrator and the Successor Trustee; provided, however, that any such successor Trustee and one copy shall be subject to the successor Trusteeprior written approval of the Servicer. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 9.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer, Seller or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor Seller or the NIMS Insurer Servicer may remove the Trustee. If the Depositor Seller or the NIMS Insurer Servicer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or the NIMS Insurer, as the case may be, Seller shall promptly appoint a successor Trustee (reasonably acceptable to the NIMS Insurer if appointed by the Depositor) by written instrument, in duplicate, one copy copies of which instrument shall be delivered to the Trustee so removed removed, the Securities Administrator and one copy to the successor Trustee. The Majority Certificateholders or the NIMS Insurer may Holders of Certificates evidencing Voting Rights aggregating over 50% of all Voting Rights may, at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the DepositorSecurities Administrator, the NIMS Insurer Seller and the Trustee; and the Depositor Seller shall thereupon use its best efforts to appoint a successor Trustee reasonably acceptable to the NIMS Insurer trustee in accordance with this SectionSection 9.07. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 9.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.089.08.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Delta Funding Home Equity Loan Tr 99-3 Home Eq as Bk Se 99-3), Pooling and Servicing Agreement (Delta Funding Home Equity Loan Tr 1999-2 Home Equ Loan Ass B)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the NIMs Insurer, the Depositor, the Servicer, the NIMS Insurer Master Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee reasonably acceptable to the NIMS NIMs Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer, NIMs Insurer or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of 119 rehabilitation, conservation or liquidation, then the Depositor Depositor, the Master Servicer or the NIMS NIMs Insurer may remove the Trustee. If the Depositor Depositor, the Master Servicer or the NIMS NIMs Insurer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or Depositor, with the NIMS consent of the NIMs Insurer, as the case may be, shall promptly appoint a successor Trustee (reasonably acceptable to the NIMS Insurer if appointed by the Depositor) by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trusteetrustee. The Majority Certificateholders (or the NIMS NIMs Insurer upon the failure of the Trustee to perform its obligations hereunder) may at any time remove the Trustee by written instrument or instruments delivered to the Master Servicer, the Depositor, the NIMS Insurer Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor Trustee reasonably trustee acceptable to the NIMS NIMs Insurer in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Option One Mort Ln Trust Asset Back Certs Ser 2001-3), Pooling and Servicing Agreement (Asset Backed Certificates Series 2001-2)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Servicer, the NIMS Insurer and each Rating Agency. Upon receiving such notice of resignation, the Depositor Servicer shall promptly appoint a successor Trustee reasonably acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 9.9 and shall fail to resign after written request therefor by the Depositor or Servicer with the NIMS written consent of the Insurer, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation conservation, or liquidation, then the Depositor or Servicer may, with the NIMS Insurer may written consent of the Insurer, remove the Trustee. If the Depositor or the NIMS Insurer removes it shall remove the Trustee under the authority of the immediately preceding sentence, the Depositor or the NIMS Insurer, as the case may be, Servicer shall promptly appoint a successor Trustee (reasonably acceptable to the NIMS Insurer if appointed by the Depositor) by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee. The Majority Certificateholders or the NIMS Insurer may at any time remove If the Trustee by written instrument is acting as Custodian, any resignation or instruments delivered to removal of the Trustee will result in the automatic termination of the Trustee's duties as Custodian effective concurrently with such resignation or removal. Upon such termination or removal, the Trustee shall, upon the request of the Servicer, deliver the Depositor, the NIMS Insurer and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor Trustee reasonably acceptable Contract Documents to the NIMS Insurer in accordance with this Sectionfacilities of the successor Trustee. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 9.10 shall not become effective until acceptance of appointment by the successor Trustee as provided in pursuant to Section 8.089.11.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Onyx Acceptance Financial Corp), Pooling and Servicing Agreement (Onyx Acceptance Grantor Trust 1998-1)
Resignation or Removal of Trustee. (a) The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving 30 days' written notice thereof to the Depositor, Transferor and the Servicer, the NIMS Insurer and each Rating Agency. Upon receiving such notice of resignation, the Depositor Servicer shall promptly appoint a successor Trustee reasonably trustee acceptable to the NIMS Insurer each Enhancement Provider and a Majority in Interest of each outstanding Series by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trusteetrustee. If no successor Trustee trustee shall have been so appointed and having have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trusteetrustee. Pooling and Servicing Agreement
(b) If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 11.06 and shall fail to resign after written request therefor by the Depositor or the NIMS InsurerServicer, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a as bankrupt or insolvent, or if a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the NIMS Insurer Servicer may remove the Trustee. If the Depositor or the NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or the NIMS Insurer, as the case may be, shall and promptly appoint a successor Trustee (reasonably trustee acceptable to the NIMS Insurer if appointed by the Depositor) each Enhancement Provider and to a Majority in Interest of each outstanding Series by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee. The Majority Certificateholders or the NIMS Insurer may trustee.
(c) If at any time the Trustee shall fail to perform its obligations under this Agreement, a Majority in Interest of each outstanding Series may remove the Trustee and direct the Servicer to promptly appoint a successor trustee acceptable to each Enhancement Provider and to a Majority in Interest of each outstanding Series by written instrument, in duplicate, one copy of which instrument or instruments shall be delivered to the ServicerTrustee so removed and one copy to the successor trustee; provided that if all other procedures fail and a successor trustee has not accepted an appointment pursuant to this Section 11.07(c) within 30 days after the Trustee shall have received notice from the Majority in Interest of each outstanding Series of their intention to remove such Trustee, the Depositor, Trustee may petition any court of competent jurisdiction for the NIMS Insurer and the Trustee; the Depositor shall thereupon use its best efforts to appoint appointment of a successor Trustee reasonably acceptable trustee.
(d) Notwithstanding anything herein to the NIMS Insurer in accordance with this Section. Any contrary, any resignation or removal of the Trustee and appointment of a successor Trustee trustee pursuant to any of the provisions of this Section 8.07 11.07 shall not become effective until acceptance of appointment by the successor Trustee trustee as provided in Section 8.0811.08.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Muehlstein Holding Corp), Pooling and Servicing Agreement (Muehlstein Holding Corp)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice thereof to the Class I-A4 Insurer, the NIMS Insurer, the Depositor, the Servicer, Master Servicer and the NIMS Insurer and each Rating AgencyCertificateholders. Upon receiving such notice of resignation, the Depositor shall with the Class I-A4 Insurer’s consent promptly appoint a successor Trustee reasonably acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor TrusteeTrustee acceptable to the NIMS Insurer, the Class I-A4 Insurer and the Holders of Certificates entitled to at least 51% of the Voting Rights. A copy of such instrument shall be delivered to the Certificateholders, the Class I-A4 Insurer and the Master Servicer by the Depositor. If no successor Trustee shall have been so appointed and having have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor Depositor, the Class I-A4 Insurer or the NIMS Insurer, or if at any time the Trustee shall be legally unable to actbecome incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the NIMS Insurer Insurer, may remove the Trustee. If Trustee and the Depositor or the NIMS Insurer removes the Trustee under the authority of the immediately preceding sentencemay appoint a successor Trustee, the Depositor or acceptable to the NIMS Insurer, as the case may beClass I-A4 Insurer and the Holders of Certificates entitled to at least 51% of the Voting Rights, shall promptly appoint a successor Trustee (reasonably acceptable to the NIMS Insurer if appointed by the Depositor) by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee. A copy of such instrument shall be delivered to the Certificateholders, the Class I-A4 Insurer and the Master Servicer by the Depositor. The Majority Certificateholders or Holders of Certificates entitled to at least 51% of the Voting Rights, with the consent of the NIMS Insurer Insurer, may at any time remove the Trustee and appoint a successor Trustee by written instrument or instruments, in triplicate, signed by the NIMS Insurer or such Holders, as applicable, or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered to the ServicerDepositor, one complete set to the DepositorTrustee so removed and one complete set to the successor so appointed. A copy of such instrument shall be delivered to the Class I-A4 Insurer, the NIMS Insurer Insurer, the Certificateholders and the Trustee; Master Servicer by the Depositor shall thereupon use its best efforts to appoint a successor Trustee reasonably acceptable to the NIMS Insurer in accordance with this SectionDepositor. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2005-Wl3)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Certificate Insurer, the NIMS Insurer, the Depositor, the Servicer, the NIMS Insurer Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee reasonably acceptable to the Certificate Insurer and the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor Depositor, the Certificate Insurer or the NIMS Insurer, Insurer or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor Depositor, the Servicer, the Certificate Insurer or the NIMS Insurer may remove the Trustee. If the Depositor Depositor, the Servicer, the Certificate Insurer or the NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or Depositor, with the consent of the Certificate Insurer and the NIMS Insurer, as the case may be, shall promptly appoint a successor Trustee (reasonably acceptable to the NIMS Insurer if appointed by the Depositor) by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trusteetrustee. The Majority Certificateholders (or the Certificate Insurer, so long as no Certificate Insurer Default exists or the NIMS Insurer upon the failure of the Trustee to perform its obligations hereunder) may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor, the NIMS Insurer Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor Trustee reasonably trustee acceptable to the Certificate Insurer and the NIMS Insurer in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Option One Mortgage Loan Trust 2007-Fxd2)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice thereof to the Certificate Insurer, the NIMS Insurer, the Depositor, the Servicer, Master Servicer and the NIMS Insurer and each Rating AgencyCertificateholders. Upon receiving such notice of resignation, the Depositor shall with the Certificate Insurer's consent promptly appoint a successor Trustee reasonably acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor TrusteeTrustee acceptable to the NIMS Insurer 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 Certificateholders, the Certificate Insurer and the Master Servicer by the Depositor. If no successor Trustee shall have been so appointed and having have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor Depositor, the Certificate Insurer or the NIMS Insurer, or if at any time the Trustee shall be legally unable to actbecome incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the NIMS Insurer Insurer, may remove the Trustee. If Trustee and the Depositor or the NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or the NIMS Insurer, as the case may be, shall promptly appoint a successor Trustee (reasonably Trustee, acceptable to the NIMS Insurer if appointed by or the Depositor) Certificate Insurer and to the Holders of Certificates entitled to at least 51% of the Voting Rights, by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee. A copy of such instrument shall be delivered to the Certificateholders, the Certificate Insurer and the Master Servicer by the Depositor. The Majority Certificateholders or Holders of Certificates entitled to at least 51% of the Voting Rights, with the consent of the NIMS Insurer Insurer, may at any time remove the Trustee and appoint a successor Trustee by written instrument or instruments, in triplicate, signed by the NIMS Insurer or such Holders, as applicable, or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered to the ServicerDepositor, one complete set to the DepositorTrustee so removed and one complete set to the successor so appointed. A copy of such instrument shall be delivered to the Certificate Insurer, the NIMS Insurer Insurer, the Certificateholders and the Trustee; Master Servicer by the Depositor shall thereupon use its best efforts to appoint a successor Trustee reasonably acceptable to the NIMS Insurer in accordance with this SectionDepositor. 154 Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.
Appears in 1 contract
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice thereof to the NIMS Insurer, the Depositor, the Servicer, Master Servicer and the NIMS Insurer and each Rating AgencyCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee reasonably acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor TrusteeTrustee acceptable to the NIMS Insurer 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 Certificateholders and the Master Servicer by the Depositor. If no successor Trustee shall have been so appointed and having have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. 191 If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer, or if at any time the Trustee shall be legally unable to actbecome incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the NIMS Insurer Insurer, may remove the Trustee. If Trustee and the Depositor or the NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or the NIMS Insurer, as the case may be, shall promptly appoint a successor Trustee (reasonably Trustee, acceptable to the NIMS Insurer if appointed by and to the Depositor) Holders of Certificates entitled to at least 51% of the Voting Rights, by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee. A copy of such instrument shall be delivered to the Certificateholders and the Master Servicer by the Depositor. The Majority Certificateholders or Holders of Certificates entitled to at least 51% of the Voting Rights, with the consent of the NIMS Insurer Insurer, may at any time remove the Trustee and appoint a successor Trustee by written instrument or instruments, in triplicate, signed by the NIMS Insurer or such Holders, as applicable, or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered to the Servicer, the Depositor, one complete set to the NIMS Insurer Trustee so removed and one complete set to the Trustee; the Depositor successor so appointed. A copy of such instrument shall thereupon use its best efforts to appoint a successor Trustee reasonably acceptable be delivered to the NIMS Insurer in accordance with this SectionInsurer, the Certificateholders and the Master Servicer by the Depositor. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2005-Wl2 Asset-Backed Certificates)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice thereof to the NIMS Insurer, if any, the Depositor, the Servicer, Servicer and the NIMS Insurer and each Rating AgencyCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee reasonably acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor TrusteeTrustee acceptable to the NIMS Insurer, if any, 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 Certificateholders and the Servicer by the Depositor. If no successor Trustee shall have been so appointed and having have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction juri sdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer, if any, or if at any time the Trustee shall be legally unable to actbecome incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the NIMS Insurer Insurer, if any, may remove the Trustee. If Trustee and the Depositor or the NIMS Insurer removes the Trustee under the authority of the immediately preceding sentencemay appoint a successor Trustee, the Depositor or acceptable to the NIMS Insurer, as the case may beif any, shall promptly appoint a successor Trustee (reasonably acceptable and to the NIMS Insurer if appointed by Holders of Certificates entitled to at least 51% of the Depositor) Voting Rights, by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee. A copy of such instrument shall be delivered to the Certificateholders and the Servicer by the Depositor. The Majority Certificateholders or Holders of Certificates entitled to at least 51% of the Voting Rights, with the consent of the NIMS Insurer Insurer, if any, 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, as applicable, or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered to the Servicer, the Depositor, one complete set to the NIMS Insurer Trustee so removed and one complete set to the Trustee; the Depositor successor so appointed. A copy of such instrument shall thereupon use its best efforts to appoint a successor Trustee reasonably acceptable be delivered to the NIMS Insurer in accordance with this SectionInsurer, if any, the Certificateholders and the Servicer by the Depositor. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.
Appears in 1 contract
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the NIMS Insurer, the Depositor, the Servicer, the NIMS Insurer Swap Provider and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee reasonably acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer, or Insurer if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor Depositor, the Servicer or the NIMS Insurer may remove the Trustee. If the Depositor Depositor, the Servicer or the NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or Depositor, with the consent of the NIMS Insurer, as the case may be, shall promptly appoint a successor Trustee (reasonably acceptable to the NIMS Insurer if appointed by the Depositor) by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trusteetrustee. The Majority Certificateholders (or the NIMS Insurer upon the failure of the Trustee to perform its obligations hereunder) may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor, the NIMS Insurer Swap Provider and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor Trustee reasonably trustee acceptable to the NIMS Insurer in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08. Any Person appointed as successor trustee pursuant to this Agreement shall also be required to serve as successor supplemental interest trust trustee under the Interest Rate Swap Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2007-Opt1)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice thereof to the Guarantor, the Depositor, the Servicer, Master Servicer and the NIMS Insurer and each Rating AgencyCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee reasonably acceptable to the NIMS Insurer trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trusteetrustee acceptable to the Guarantor 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 Certificateholders, the Trustee and the Master Servicer by the Depositor. If no successor Trustee trustee shall have been so appointed and having have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trusteetrustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS InsurerGuarantor, or if at any time the Trustee shall be legally unable to actbecome incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the NIMS Insurer Guarantor may remove the Trustee. If Trustee and the Depositor or the NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or the NIMS Insurer, as the case may be, shall promptly appoint a successor Trustee (reasonably trustee acceptable to the NIMS Insurer if appointed by Guarantor and to the Depositor) Holders of Certificates entitled to at least 51% of the Voting Rights, by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trusteetrustee. A copy of such instrument shall be delivered to the Certificateholders and the Master Servicer by the Depositor. The Majority Certificateholders or Holders of Certificates entitled to at least 51% of the NIMS Insurer Voting Rights, 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 to the ServicerDepositor, one complete set to the Trustee so removed and one complete set to the successor so appointed. A copy of such instrument shall be delivered to the Certificateholders and the Master Servicer by the Depositor, the NIMS Insurer and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor Trustee reasonably acceptable to the NIMS Insurer in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee trustee as provided in Section 8.08.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Tr 2001-3 as-BCKD Cert Ser 2001-3)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice thereof to the Class II-A3 Insurer, the NIMS Insurer, the Depositor, the Servicer, Master Servicer and the NIMS Insurer and each Rating AgencyCertificateholders. Upon receiving such notice of resignation, the Depositor shall with the Class II-A3 Insurer’s consent promptly appoint a successor Trustee reasonably acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor TrusteeTrustee acceptable to the NIMS Insurer, the Class II-A3 Insurer and the Holders of Certificates entitled to at least 51% of the Voting Rights. A copy of such instrument shall be delivered to the Certificateholders, the Class II-A3 Insurer and the Master Servicer by the Depositor. If no successor Trustee shall have been so appointed and having have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor Depositor, the Class II-A3 Insurer or the NIMS Insurer, or if at any time the Trustee shall be legally unable to actbecome incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the NIMS Insurer Insurer, may remove the Trustee. If Trustee and the Depositor or the NIMS Insurer removes the Trustee under the authority of the immediately preceding sentencemay appoint a successor Trustee, the Depositor or acceptable to the NIMS Insurer, as the case may beClass II-A3 Insurer and the Holders of Certificates entitled to at least 51% of the Voting Rights, shall promptly appoint a successor Trustee (reasonably acceptable to the NIMS Insurer if appointed by the Depositor) by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee. A copy of such instrument shall be delivered to the Certificateholders, the Class II-A3 Insurer and the Master Servicer by the Depositor. The Majority Certificateholders or Holders of Certificates entitled to at least 51% of the Voting Rights, with the consent of the NIMS Insurer Insurer, may at any time remove the Trustee and appoint a successor Trustee by written instrument or instruments, in triplicate, signed by the NIMS Insurer or such Holders, as applicable, or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered to the ServicerDepositor, one complete set to the DepositorTrustee so removed and one complete set to the successor so appointed. A copy of such instrument shall be delivered to the Class II-A3 Insurer, the NIMS Insurer Insurer, the Certificateholders and the Trustee; Master Servicer by the Depositor shall thereupon use its best efforts to appoint a successor Trustee reasonably acceptable to the NIMS Insurer in accordance with this SectionDepositor. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Securities Corp)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the ServicerSeller, the NIMS Insurer Master Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor Seller shall promptly appoint a successor Trustee reasonably acceptable to (approved in writing by the NIMS Insurer Servicer, so long as such approval shall not unreasonably be withheld) by written instrument, in duplicate, one copy copies of which instrument shall be delivered to the resigning Trustee and one copy the Successor Trustee; PROVIDED, HOWEVER, that any such successor Trustee shall be subject to the successor Trusteeprior written approval of the Servicer. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 9.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer, Seller or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor Depositor, the Seller or the NIMS Insurer Master Servicer may remove the Trustee. If the Depositor Depositor, the Seller or the NIMS Insurer Master Servicer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or the NIMS Insurer, as the case may be, Seller shall promptly appoint a successor Trustee (reasonably acceptable to the NIMS Insurer if appointed by the Depositor) by written instrument, in duplicate, one copy copies of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee. The Majority Certificateholders or the NIMS Insurer may Holders of Certificates evidencing Voting Rights aggregating over 50% of all Voting Rights may, at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor, the NIMS Insurer Seller and the Trustee; and the Depositor Seller shall thereupon use its best efforts to appoint a successor Trustee reasonably acceptable to the NIMS Insurer trustee in accordance with this SectionSection 9.07. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 9.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.089.08.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Financial Asset Se Cp Soundview Hm Eq Ln as Bk Cer Se 2001-1)
Resignation or Removal of Trustee. (a) The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving 30 days' written notice thereof to the DepositorTransferor, the Parent and the Servicer, the NIMS Insurer and each Rating Agency. Upon receiving such notice of resignation, the Depositor Servicer shall promptly appoint a successor Trustee reasonably trustee acceptable to the NIMS Insurer each Enhancement Provider and a Majority in Interest of each outstanding Series by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trusteetrustee. If no successor Trustee trustee shall have been so appointed and having have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. trustee.
(b) If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 11.06 and shall fail to resign after written request therefor by the Depositor or the NIMS InsurerServicer, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a as bankrupt or insolvent, or if a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the NIMS Insurer Servicer may remove the Trustee. If the Depositor or the NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or the NIMS Insurer, as the case may be, shall and promptly appoint a successor Trustee (reasonably trustee acceptable to the NIMS Insurer if appointed by the Depositor) each Enhancement Provider and to a Majority in Interest of each outstanding Series by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee. The Majority Certificateholders or the NIMS Insurer may trustee.
(c) If at any time the Trustee shall fail to perform its obligations under this Agreement, a Majority in Interest of each outstanding Series may remove the Trustee and direct the Servicer to promptly appoint a successor trustee acceptable to each Enhancement Provider and to a Majority in Interest of each outstanding Series by written instrument, in duplicate, one copy of which instrument or instruments shall be delivered to the ServicerTrustee so removed and one copy to the successor trustee; provided that if all other procedures fail and a successor trustee has not accepted an appointment pursuant to this Section 11.07(c) within 30 days after the Trustee shall have received notice from the Majority in Interest of each outstanding Series of their intention to remove such Trustee, the Depositor, Trustee may petition any court of competent jurisdiction for the NIMS Insurer and the Trustee; the Depositor shall thereupon use its best efforts to appoint appointment of a successor Trustee reasonably acceptable trustee.
(d) Notwithstanding anything herein to the NIMS Insurer in accordance with this Section. Any contrary, any resignation or removal of the Trustee and appointment of a successor Trustee trustee pursuant to any of the provisions of this Section 8.07 11.07 shall not become effective until acceptance of appointment by the successor Trustee trustee as provided in Section 8.0811.08.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Zenith Electronics Corp)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Certificate Insurer, the NIMS Insurer, the Depositor, the Servicer, the NIMS Insurer Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee reasonably acceptable to the Certificate Insurer, the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor Depositor, the Certificate Insurer or the NIMS Insurer, Insurer or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor Depositor, the Servicer, the Certificate Insurer or the NIMS Insurer may remove the Trustee. If the Depositor Depositor, the Servicer, the Certificate Insurer or the NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or Depositor, with the consent of the Certificate Insurer, the NIMS Insurer, as the case may be, shall promptly appoint a successor Trustee (reasonably acceptable to the NIMS Insurer if appointed by the Depositor) by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trusteetrustee. The Majority Certificateholders (or the Certificate Insurer, so long as no Certificate Insurer Default exists or the NIMS Insurer upon the failure of the Trustee to perform its obligations hereunder) may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor, the NIMS Insurer Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor Trustee reasonably trustee acceptable to the Certificate Insurer and the NIMS Insurer in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08. Any Person appointed as successor trustee pursuant to this Agreement shall also be required to serve as successor supplemental interest trust trustee under the Interest Rate Swap Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Option One Mortgage Loan Trust 2007-Fxd1)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Guarantor, the NIMS Insurer, the Depositor, the Servicer, the NIMS Insurer Master Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee reasonably acceptable to the Guarantor (after consultation with the NIMS Insurer Insurer) by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice 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 (i) shall cease to be eligible in accordance with the provisions of Section 8.06 or (ii) fails to comply with the reporting obligations under Section 4.09(a), to the extent set forth in Section 4.09(c), and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer, Guarantor or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor Depositor, the Master Servicer, the Guarantor or the NIMS Insurer may remove the Trustee. If the Depositor Depositor, the Master Servicer, the Guarantor or the NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or Depositor, with the NIMS Insurer, as consent of the case may beGuarantor, shall promptly appoint a successor Trustee (reasonably acceptable to the NIMS Insurer if appointed by the Depositor) by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trusteetrustee; provided that, in connection with the appointment of a successor Trustee under this paragraph, the Guarantor shall consult with the NIMS Insurer, but the decision to appoint a successor Trustee under this paragraph shall remain in the Guarantor's sole discretion. The Majority Certificateholders or may, with the NIMS Insurer may prior written consent of the Guarantor, at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor, the NIMS Insurer Master Servicer and the Trustee; the Depositor Guarantor shall thereupon use its best efforts to appoint a successor Trustee reasonably acceptable to the NIMS Insurer trustee in accordance with this Section; provided, however, that in connection with the removal of the Trustee and appointment of a successor Trustee pursuant to this paragraph, the Guarantor shall consult with the NIMS Insurer, but the decision to remove the Trustee and appoint a successor Trustee in accordance with this paragraph shall remain in the Guarantor's sole discretion. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08. Notwithstanding anything to the contrary contained 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 or the NIMS Insurer may terminate any Custodian or Paying Agent; PROVIDED, HOWEVER, that any such termination of any Custodian or Paying Agent shall not become effective until a successor Trustee (or a successor Custodian or Paying Agent, as applicable, on its behalf) shall have assumed in writing the duties of the terminated Custodian or Paying Agent, as applicable.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Option One Mortgage Loan Tr Asset Backed Cert Ser 2002-5)
Resignation or Removal of Trustee. (a) The Trustee may at any time resign and be discharged from with respect to the trusts hereby created Notes by giving 90 days' written notice thereof to the Depositor, the Master Servicer, the NIMS Insurer Borrower, and each Rating Agencythe Noteholders. Upon receiving such notice of resignation, the Depositor Master Servicer shall promptly appoint a successor Trustee reasonably acceptable not objected to by the NIMS Insurer Noteholders within 30 days after prior written notice, by written instrument, in duplicatequintuplicate, one copy counterpart of which instrument shall be delivered to each of the resigning Borrower, the Master Servicer, the successor Trustee and one copy to the successor predecessor Trustee. If no successor Trustee shall have been so appointed and having have accepted appointment within 30 90 days after the giving of such notice 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 8.06 7.7 and shall fail to resign after written request therefor by the Depositor or the NIMS InsurerMaster Servicer, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor Master Servicer or the NIMS Insurer Noteholders may direct, and the Master Servicer shall follow such direction and remove the Trustee. If the Depositor or the NIMS Insurer it removes the Trustee under the authority of the immediately preceding sentence, the Depositor or the NIMS Insurer, as the case may be, Master Servicer shall promptly appoint a successor Trustee (reasonably acceptable not objected to the NIMS Insurer if appointed by the Depositor) Noteholders within 30 days after prior written notice, by written instrument, in duplicatequintuplicate, one copy counterpart of which instrument shall be delivered to each of the Trustee so removed and one copy to Borrower, the Master Servicer, the Noteholders, the successor Trustee and the predecessor Trustee. .
(c) The Majority Certificateholders or Trustee may be removed by the NIMS Insurer may Master Servicer at any time remove by giving written notice thereof to the Trustee and each of the Holders of the Notes then outstanding. Such removal by the Master Servicer will become effective unless the Holders of at least 51% of the principal amount of the Notes then outstanding deliver a written instrument or instruments delivered statement to the Master Servicer opposing such removal within 30 days following receipt of such notice of removal from the Master Servicer, the Depositor, the NIMS Insurer and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor Trustee reasonably acceptable to the NIMS Insurer in accordance with this Section. .
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 7.8 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.087.9.
Appears in 1 contract
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the NIMS Insurer, the Depositor, the Servicer, the NIMS Insurer Master Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee reasonably acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer, Insurer or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor Depositor, the Master Servicer or the NIMS Insurer may remove the Trustee. If the Depositor Depositor, the Master Servicer or the NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or Depositor, with the consent of the NIMS Insurer, as the case may be, shall promptly appoint a successor Trustee (reasonably acceptable to the NIMS Insurer if appointed by the Depositor) by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trusteetrustee. The Majority Certificateholders (or the NIMS Insurer upon the failure of the Trustee to perform its obligations hereunder) may at any time remove the Trustee by written instrument or instruments delivered to the Master Servicer, the Depositor, the NIMS Insurer Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor Trustee reasonably trustee acceptable to the NIMS Insurer in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.. 143
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Option One Mortgage Loan Trust 2004-3)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice thereof to the NIMS Insurer, the Depositor, the Servicer, Master Servicer and the NIMS Insurer and each Rating AgencyCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee reasonably acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor TrusteeTrustee acceptable to the NIMS Insurer 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 Certificateholders and the Master Servicer by the Depositor. If no successor Trustee shall have been so appointed and having have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer, or if at any time the Trustee shall be legally unable to actbecome incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the NIMS Insurer Insurer, may remove the Trustee. If Trustee and the Depositor or the NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or the NIMS Insurer, as the case may be, shall promptly appoint a successor Trustee (reasonably Trustee, acceptable to the NIMS Insurer if appointed by and to the Depositor) Holders 164 of Certificates entitled to at least 51% of the Voting Rights, by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee. A copy of such instrument shall be delivered to the Certificateholders and the Master Servicer by the Depositor. The Majority Certificateholders or Holders of Certificates entitled to at least 51% of the Voting Rights, with the consent of the NIMS Insurer Insurer, may at any time remove the Trustee and appoint a successor Trustee by written instrument or instruments, in triplicate, signed by the NIMS Insurer or such Holders, as applicable, or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered to the Servicer, the Depositor, one complete set to the NIMS Insurer Trustee so removed and one complete set to the Trustee; the Depositor successor so appointed. A copy of such instrument shall thereupon use its best efforts to appoint a successor Trustee reasonably acceptable be delivered to the NIMS Insurer in accordance with this SectionInsurer, the Certificateholders and the Master Servicer by the Depositor. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.
Appears in 1 contract
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice thereof to the NIMs Insurer, the Depositor, the Servicer, Master Servicer and the NIMS Insurer and each Rating AgencyCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee reasonably acceptable to the NIMS Insurer trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trusteetrustee acceptable to the NIMs Insurer. A copy of such instrument shall be delivered to the Certificateholders, the Trustee and the Master Servicer by the Depositor. If no successor Trustee trustee shall have been so appointed and having have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trusteetrustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS NIMs Insurer, or if at any time the Trustee shall be legally unable to actbecome incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the NIMS NIMs Insurer may remove the Trustee. If Trustee and the Depositor or the NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or the NIMS Insurer, as the case may be, shall promptly appoint a successor Trustee (reasonably trustee acceptable to the NIMS NIMs Insurer if appointed by the Depositor) by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trusteetrustee. A copy of such instrument shall be delivered to the Certificateholders and the Master Servicer by the Depositor. The Majority Certificateholders or Holders of Certificates entitled to at least 51% of the NIMS Insurer Voting Rights, with the consent of the NIMs 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 to the ServicerDepositor, one complete set to the Trustee so removed and one complete set to the successor so appointed. A copy of such instrument shall be delivered to the Certificateholders and the Master Servicer by the Depositor. 121 The NIMs Insurer, upon the failure of the Trustee to perform its obligations hereunder, may remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by the NIMs Insurer, one complete set of which instruments shall be delivered to the Depositor, one complete set to the NIMS Insurer Trustee so removed and one complete set to the successor so appointed. A copy of such instrument shall be delivered to the Certificateholders and the Trustee; Master Servicer by the Depositor shall thereupon use its best efforts to appoint a successor Trustee reasonably acceptable to the NIMS Insurer in accordance with this SectionDepositor. Any resignation or removal of the Trustee and appointment of a successor Trustee trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee trustee as provided in Section 8.08.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2001-1 as Bk Cert Ser 2001-1)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the NIMS Insurer, the Depositor, the Servicer, the NIMS Insurer Master Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee reasonably acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer, Insurer or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer 134 shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor Depositor, the Master Servicer or the NIMS Insurer may remove the Trustee. If the Depositor Depositor, the Master Servicer or the NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or Depositor, with the consent of the NIMS Insurer, as the case may be, shall promptly appoint a successor Trustee (reasonably acceptable to the NIMS Insurer if appointed by the Depositor) by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trusteetrustee. The Majority Certificateholders (or the NIMS Insurer upon the failure of the Trustee to perform its obligations hereunder) may at any time remove the Trustee by written instrument or instruments delivered to the Master Servicer, the Depositor, the NIMS Insurer Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor Trustee reasonably trustee acceptable to the NIMS Insurer in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Option One Mort Accept Corp Asset Backed Cert Ser 2002-3)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice thereof to the Depositor, the Servicer, Master Servicer and the NIMS Insurer and each Rating AgencyCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee reasonably acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor TrusteeTrustee acceptable to the Holders of Certificates entitled to at least 51% of the Voting Rights. A copy of such instrument shall be delivered to the Certificateholders and the Master Servicer by the Depositor. If no successor Trustee shall have been so appointed and having have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS InsurerDepositor, or if at any time the Trustee shall be legally unable to actbecome incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver 128 of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the NIMS Insurer Depositor, may remove the Trustee. If Trustee and the Depositor or the NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or the NIMS Insurer, as the case may be, shall promptly appoint a successor Trustee (reasonably Trustee, acceptable the Holders of Certificates entitled to at least 51% of the NIMS Insurer if appointed by the Depositor) Voting Rights, by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee. A copy of such instrument shall be delivered to the Certificateholders and the Master Servicer by the Depositor. The Majority Certificateholders or Holders of Certificates entitled to at least 51% of the NIMS Insurer 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 to the ServicerDepositor, one complete set to the Trustee so removed and one complete set to the successor so appointed. A copy of such instrument shall be delivered to the Certificateholders and the Master Servicer by the Depositor, the NIMS Insurer and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor Trustee reasonably acceptable to the NIMS Insurer in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Sec Corp Asset-Backed Certs Series 2004-A)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice thereof to the NIMS Insurer, the Depositor, the Servicer, Master Servicer and the NIMS Insurer and each Rating AgencyCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee reasonably acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor TrusteeTrustee acceptable to the NIMS Insurer 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 Certificateholders and the Master Servicer by the Depositor. If no successor Trustee shall have been so appointed and having have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer, or if at any time the Trustee shall be legally unable to actbecome incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, 133 or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the NIMS Insurer Insurer, may remove the Trustee. If Trustee and the Depositor or the NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or the NIMS Insurer, as the case may be, shall promptly appoint a successor Trustee (reasonably Trustee, acceptable to the NIMS Insurer if appointed by and to the Depositor) Holders of Certificates entitled to at least 51% of the Voting Rights, by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee. A copy of such instrument shall be delivered to the Certificateholders and the Master Servicer by the Depositor. The Majority Certificateholders or Holders of Certificates entitled to at least 51% of the Voting Rights, with the consent of the NIMS Insurer Insurer, may at any time remove the Trustee and appoint a successor Trustee by written instrument or instruments, in triplicate, signed by the NIMS Insurer or such Holders, as applicable, or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered to the Servicer, the Depositor, one complete set to the NIMS Insurer Trustee so removed and one complete set to the Trustee; the Depositor successor so appointed. A copy of such instrument shall thereupon use its best efforts to appoint a successor Trustee reasonably acceptable be delivered to the NIMS Insurer in accordance with this SectionInsurer, the Certificateholders and the Master Servicer by the Depositor. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Securities Corp Certs Series 2003-4)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Servicer, Servicer and the NIMS Insurer Seller. A copy of any such notice shall be sent to S&P and each Rating AgencyMoody's. Upon receiving such notice of resignation, the Depositor shall Seller xxxxx promptly appoint a successor Trustee reasonably acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to each of the resigning Trustee Servicer and the Seller and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having shall have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 11.06 and shall fail to resign after written request therefor by the Depositor or the NIMS InsurerDepositor, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the NIMS Insurer may remove the Trustee. If the Depositor or the NIMS Insurer removes shall have removed the Trustee under the authority of the immediately preceding sentence, the Depositor or the NIMS Insurer, as the case may be, shall promptly appoint a successor Trustee (reasonably acceptable to the NIMS Insurer if appointed by the Depositor) by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee. The Majority Certificateholders Holders of Class A Certificates, Holders of Class M Certificates and Holders of Class B-1 Certificates evidencing, as to each such Class, Percentage Interests aggregating 51% or the NIMS Insurer more may at any time remove the Trustee and appoint a successor by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of such instruments shall be delivered to the ServicerDepositor, one complete set to the Trustee so removed and one complete set to the successor so appointed. A copy of such instrument shall be delivered to the Certificateholders, the Depositor, the NIMS Insurer Seller and the Trustee; Servicer by the Depositor shall thereupon use its best efforts to appoint a successor Trustee reasonably acceptable to the NIMS Insurer in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 11.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.0811.08.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Origen Manufactured Housng CNT Sen/Sub as-BCK CRT Sr 2002-A)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the NIMS Insurer, the Depositor, the Servicer, the NIMS Insurer Master Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee reasonably acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer, Insurer or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer 126 shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor Depositor, the Master Servicer or the NIMS Insurer may remove the Trustee. If the Depositor Depositor, the Master Servicer or the NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or Depositor, with the consent of the NIMS Insurer, as the case may be, shall promptly appoint a successor Trustee (reasonably acceptable to the NIMS Insurer if appointed by the Depositor) by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trusteetrustee. The Majority Certificateholders (or the NIMS Insurer upon the failure of the Trustee to perform its obligations hereunder) may at any time remove the Trustee by written instrument or instruments delivered to the Master Servicer, the Depositor, the NIMS Insurer Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor Trustee reasonably trustee acceptable to the NIMS Insurer in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Option One Mortgage Loan Tr Asset Backed Cert Ser 2002-2)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the ServicerSeller, the NIMS Insurer Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee reasonably acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee; provided, however, that any such successor Trustee shall be subject to the prior written approval of the Servicer. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 9.6 and shall fail to resign after written request therefor by the Depositor or the NIMS InsurerDepositor, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, or if a tax is imposed or threatened with respect to the Trust by any state in which the Trustee is located, then the Depositor or the NIMS Insurer may remove the Trustee. If the Depositor or the NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or the NIMS Insurer, as the case may be, shall promptly appoint a successor Trustee (reasonably acceptable to the NIMS Insurer if appointed by the Depositor) by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trusteetrustee. Immediately upon its appointment and qualification hereunder, the successor Trustee shall provide written notice to each Holder of a Certificate of its appointment and qualification. The Majority Certificateholders or the NIMS Insurer Holders of Certificates evidencing Percentage Interests aggregating at least 51% may at any time remove the Trustee by written instrument or instruments delivered to the Depositor, the Servicer, the Depositor, the NIMS Insurer Seller and the Trustee; the Depositor Trustee and shall thereupon use its their best efforts to appoint a successor Trustee reasonably acceptable to the NIMS Insurer trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 9.7 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.089.8.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Union Residential Securitization Transactions Inc)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the NIMs Insurer, the Depositor, the Servicer, the NIMS Insurer Master Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee reasonably acceptable to the NIMS NIMs Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer, NIMs Insurer or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor Depositor, the Master Servicer or the NIMS NIMs Insurer may remove the Trustee. If the Depositor Depositor, the Master Servicer or the NIMS NIMs Insurer removes 117 the Trustee under the authority of the immediately preceding sentence, the Depositor or Depositor, with the NIMS consent of the NIMs Insurer, as the case may be, shall promptly appoint a successor Trustee (reasonably acceptable to the NIMS Insurer if appointed by the Depositor) by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trusteetrustee. The Majority Certificateholders (or the NIMS NIMs Insurer upon the failure of the Trustee to perform its obligations hereunder) may at any time remove the Trustee by written instrument or instruments delivered to the Master Servicer, the Depositor, the NIMS Insurer Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor Trustee reasonably trustee acceptable to the NIMS NIMs Insurer in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Option One Mort Accep Corp Asset Backed Cert Ser 2001-1)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the NIMS Insurer, the Depositor, the Servicer, the NIMS Insurer Swap Provider, the Interest Rate Cap Provider, the Basis Risk Cap Provider and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee reasonably acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer, Insurer or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor Depositor, the Servicer or the NIMS Insurer may remove the Trustee. If the Depositor Depositor, the Servicer or the NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or Depositor, with the consent of the NIMS Insurer, as the case may be, shall promptly appoint a successor Trustee (reasonably acceptable to the NIMS Insurer if appointed by the Depositor) by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trusteetrustee. The Majority Certificateholders (or the NIMS Insurer upon the failure of the Trustee to perform its obligations hereunder) may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor, the NIMS Insurer Trustee, the Swap Provider, the Interest Rate Cap Provider and the TrusteeBasis Risk Cap Provider; the Depositor shall thereupon use its best efforts to appoint a successor Trustee reasonably trustee acceptable to the NIMS Insurer in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2007-Opt5)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice thereof to the NIMS Insurer, the Guarantor, the Depositor, the Servicer, Master Servicer and the NIMS Insurer and each Rating AgencyCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee reasonably acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor TrusteeTrustee acceptable to the NIMS Insurer or the Guarantor, as provided in Section 1.04, 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 Certificateholders and the Master Servicer by the Depositor. If no successor Trustee shall have been so appointed and having have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS InsurerInsurer or the Guarantor, as provided in Section 1.04, or if at any time the Trustee shall be legally unable to actbecome incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the NIMS Insurer or the Guarantor, as provided in Section 1.04, may remove the Trustee. If Trustee and the Depositor or the NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or the NIMS Insurer, as the case may be, shall promptly appoint a successor Trustee (reasonably Trustee, acceptable to the NIMS Insurer if appointed by or the Depositor) Guarantor, as provided in Section 1.04, and to the Holders of Certificates entitled to at least 51% of the Voting Rights, by written 171 instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee. A copy of such instrument shall be delivered to the Certificateholders and the Master Servicer by the Depositor. The Majority Certificateholders or Holders of Certificates entitled to at least 51% of the Voting Rights, with the consent of the NIMS Insurer or the Guarantor, as provided in Section 1.04, may at any time remove the Trustee and appoint a successor Trustee by written instrument or instruments, in triplicate, signed by the NIMS Insurer, the Guarantor or such Holders, as applicable, or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered to the Servicer, the Depositor, one complete set to the NIMS Insurer Trustee so removed and one complete set to the Trustee; the Depositor successor so appointed. A copy of such instrument shall thereupon use its best efforts to appoint a successor Trustee reasonably acceptable be delivered to the NIMS Insurer in accordance with this SectionInsurer, the Guarantor, the Certificateholders and the Master Servicer by the Depositor. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Securities Corp Asset Backed Certs Series 2002-5)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice thereof to the NIMS Insurer, the Depositor, the Servicer, Master Servicer and the NIMS Insurer and each Rating AgencyCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee reasonably acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor TrusteeTrustee acceptable to the NIMS Insurer 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 Certificateholders and the Master Servicer by the Depositor. If no successor Trustee shall have been so appointed and having have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor TrusteeTxxxxxx. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer, or if at any time the Trustee shall be legally unable to actbecome incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the NIMS Insurer Insurer, may remove the Trustee. If Trustee and the Depositor or the NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or the NIMS Insurer, as the case may be, shall promptly appoint a successor Trustee (reasonably Trustee, acceptable to the NIMS Insurer if appointed by and to the Depositor) Holders of Certificates entitled to at least 51% of the Voting Rights, by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee. A copy of such instrument shall be delivered to the Certificateholders and the Master Servicer by the Depositor. The Majority Certificateholders or Holders of Certificates entitled to at least 51% of the Voting Rights, with the consent of the NIMS Insurer Insurer, may at any time remove the Trustee and appoint a successor Trustee by written instrument or instruments, in triplicate, signed by the NIMS Insurer or such Holders, as applicable, or their attorneys‑in‑fact duly authorized, one complete set of which instruments shall be delivered to the Servicer, the Depositor, one complete set to the NIMS Insurer Trustee so removed and one complete set to the Trustee; the Depositor successor so appointed. A copy of such instrument shall thereupon use its best efforts to appoint a successor Trustee reasonably acceptable be delivered to the NIMS Insurer in accordance with this SectionInsurer, the Certificateholders and the Master Servicer by the Depositor. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.
Appears in 1 contract
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice thereof to the NIMS Insurer, the Guarantor, the Depositor, the Servicer, Master Servicer and the NIMS Insurer and each Rating AgencyCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee reasonably acceptable to the NIMS Insurer trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trusteetrustee acceptable to the NIMS Insurer or the Guarantor as provided in Section 1.04 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 Certificateholders, the Trustee and the Master Servicer by the Depositor. If no successor Trustee trustee shall have been so appointed and having have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trusteetrustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer, after consultation with the Guarantor, or if at any time the Trustee shall be legally unable to actbecome incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the NIMS Insurer may remove the Trustee. If Trustee and the Depositor or the NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or the NIMS Insurer, as the case may be, shall promptly appoint a successor Trustee (reasonably trustee acceptable to the NIMS Insurer (after consultation with the Guarantor, or, if appointed by no NIM Notes are outstanding and the DepositorNIMS Insurer is not owed any amounts in respect of its guarantee of payment on such notes, acceptable to the Guarantor) and to the Holders of Certificates entitled to at least 51% of the Voting Rights, by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trusteetrustee. A copy of such instrument shall be delivered to the Certificateholders and the Master Servicer by the Depositor. The Majority Certificateholders or Holders of Certificates entitled to at least 51% of the Voting Rights, with the consent of the NIMS Insurer or the Guarantor as provided in Section 1.04, may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed, (except in the case of appointment by the Guarantor as provided in Section 1.04) by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered to the ServicerDepositor, one complete set to the Trustee so removed and one complete set to the successor so appointed. A copy of such instrument shall be delivered to the Certificateholders and the Master Servicer by the Depositor. The NIMS Insurer or the Guarantor as provided in Section 1.04, upon the failure of the Trustee to perform its obligations hereunder, may remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by the NIMS Insurer or the Guarantor as provided in Section 1.04, one complete set of which instruments shall be delivered to the Depositor, one complete set to the NIMS Insurer Trustee so removed and one complete set to the successor so appointed. A copy of such instrument shall be delivered to the Certificateholders and the Trustee; Master Servicer by the Depositor shall thereupon use its best efforts Depositor. The fourth consecutive failure to appoint provide a successor Trustee reasonably acceptable Remittance Report to the NIMS Insurer in accordance with this SectionGuarantor pursuant to Section 4.10(a) shall constitute an event of default and permit the Guarantor to remove the Trustee for cause. Any resignation or removal of the Trustee and appointment of a successor Trustee trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee trustee as provided in Section 8.08.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Securities Corp Asset Back Cert Ser 2001-2)
Resignation or Removal of Trustee. The (a) Trustee may at any time resign and be discharged from the trusts hereby created its obligations hereunder by giving 30 days' prior written notice thereof to the DepositorTransferor, the Servicer, the NIMS Insurer Rating Agencies, the Investor Certificateholders and each Rating Agencythe Agents. Upon receiving such the notice of resignation, the Depositor Transferor shall promptly appoint appoint, subject to satisfaction of the Modification Condition, a successor Trustee reasonably acceptable to who meets the NIMS Insurer eligibility requirements set forth in Section 11.6 by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having shall have accepted appointment within 30 days after the giving of such the notice of resignation, the resigning Trustee Trustee, upon notice to Transferor, Servicer, and each Agent, may petition any court of competent jurisdiction for the appointment of to appoint a successor Trustee. .
(b) If at any time the Trustee shall cease to be eligible to be Trustee hereunder in accordance with the provisions of Section 8.06 11.6 hereof and shall fail to resign promptly after its receipt of a written request therefor by the Depositor or the NIMS InsurerServicer, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or if a receiver of the for Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the NIMS Insurer Servicer may remove Trustee and, subject to the Trustee. If the Depositor consent of each Agent (which consent shall not be unreasonably withheld or the NIMS Insurer removes the Trustee under the authority delayed) and satisfaction of the immediately preceding sentenceModification Condition, the Depositor or the NIMS Insurer, as the case may be, shall promptly appoint a successor Trustee (reasonably acceptable to the NIMS Insurer if appointed by the Depositor) by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee. The Majority Certificateholders or the NIMS Insurer may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor, the NIMS Insurer and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor Trustee reasonably acceptable to the NIMS Insurer in accordance with this Section. .
(c) Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 section shall not become effective until (i) acceptance of appointment by the successor Trustee as provided in Section 8.0811.8 hereof, and (ii) such successor Trustee shall have agreed in writing to be bound by any Intercreditor Agreements then in effect.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ameriserve Food Distribution Inc /De/)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Seller, the Servicer, the NIMS Certificate Insurer and each Rating Agency. Upon receiving such notice of resignation, the Depositor Seller shall promptly appoint a successor Trustee reasonably acceptable to (approved in writing by the NIMS Insurer Servicer, so long as such approval shall not unreasonably be withheld) by written instrument, in duplicate, one copy copies of which instrument shall be delivered to the resigning Trustee and one copy the Successor Trustee; provided, however, that any such successor Trustee shall be subject to the successor Trusteeprior written approval of the Servicer. If no successor Trustee shall have been so appointed and having have accepted appointment within 30 thirty (30) days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 9.06 and shall fail to resign after written request therefor by the Depositor Seller or the NIMS Insurer, Depositor or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Seller, the Depositor or the NIMS Insurer Servicer may remove the Trustee. If the Seller, the Depositor or the NIMS Insurer Servicer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or the NIMS Insurer, as the case may be, Seller shall promptly appoint a successor Trustee (reasonably acceptable to the NIMS Insurer if appointed by the Depositor) by written instrument, in duplicate, one copy copies of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee. The Majority Certificateholders or the NIMS Insurer Holders of Certificates evidencing Voting Rights aggregating over 50% of all Voting Rights may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the DepositorSeller, the NIMS Insurer Depositor and the Trustee; and the Depositor Seller shall thereupon use its best efforts to appoint a successor Trustee reasonably acceptable to the NIMS Insurer trustee in accordance with this SectionSection 9.07. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 9.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.089.08.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Renaissance Home Equity Loan Trust 2004-2)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice thereof to the NIMS Insurer, the Guarantor, the Depositor, the Servicer, Master Servicer and the NIMS Insurer and each Rating AgencyCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee reasonably acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor TrusteeTrustee acceptable to the NIMS Insurer or the Guarantor, as provided in Section 1.04, 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 Certificateholders and the Master Servicer by the Depositor. If no successor Trustee shall have been so appointed and having have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS InsurerInsurer or the Guarantor, as provided in Section 1.04, or if at any time the Trustee shall be legally unable to actbecome incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the NIMS Insurer or the Guarantor, as provided in Section 1.04, may remove the Trustee. If Trustee 154 and the Depositor or the NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or the NIMS Insurer, as the case may be, shall promptly appoint a successor Trustee (reasonably Trustee, acceptable to the NIMS Insurer if appointed by or the Depositor) Guarantor, as provided in Section 1.04, and to the Holders of Certificates entitled to at least 51% of the Voting Rights, by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee. A copy of such instrument shall be delivered to the Certificateholders and the Master Servicer by the Depositor. The Majority Certificateholders or Holders of Certificates entitled to at least 51% of the Voting Rights, with the consent of the NIMS Insurer or the Guarantor, as provided in Section 1.04, may at any time remove the Trustee and appoint a successor Trustee by written instrument or instruments, in triplicate, signed by the NIMS Insurer, the Guarantor or such Holders, as applicable, or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered to the Servicer, the Depositor, one complete set to the NIMS Insurer Trustee so removed and one complete set to the Trustee; the Depositor successor so appointed. A copy of such instrument shall thereupon use its best efforts to appoint a successor Trustee reasonably acceptable be delivered to the NIMS Insurer in accordance with this SectionInsurer, the Guarantor, the Certificateholders and the Master Servicer by the Depositor. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Securities Corp Asset Backed Cert Series 2003-1)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Servicer, Servicers and the NIMS Insurer and each Rating AgencyCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee reasonably acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. A copy of such instrument shall be delivered to the Certificateholders and the Servicers by the Depositor. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the NIMS Insurer may remove the Trustee. If Trustee and the Depositor or the NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or the NIMS Insurer, as the case may be, shall promptly appoint a successor Trustee (reasonably acceptable to the NIMS Insurer if appointed by the Depositor) by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trusteetrustee. A copy of such instrument shall be delivered to the Certificateholders and the Servicers by the Depositor. The Majority Certificateholders or the NIMS Insurer may at any time remove the 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 to the Servicer, the Depositor, one complete set to the NIMS Insurer Trustee so removed and one complete set to the successor so appointed. A copy of such instrument shall be delivered to the Certificateholders and the Trustee; Servicers by the Depositor shall thereupon use its best efforts to appoint a successor Trustee reasonably acceptable to the NIMS Insurer in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Finan as Sec Cp SDVW Hm Eq Ln Tr 2001-2 as Bk Cer Ser 2001-2)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice thereof to the Depositor, the Servicer, Master Servicer and the NIMS Insurer and each Rating AgencyCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee reasonably acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor TrusteeTrustee acceptable to the Holders of Certificates entitled to at least 51% of the Voting Rights. A copy of such instrument shall be delivered to the Certificateholders and the Master Servicer by the Depositor. If no successor Trustee shall have been so appointed and having have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor TrusteeXxxxxxx. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS InsurerDepositor, or if at any time the Trustee shall be legally unable to actbecome incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the NIMS Insurer may remove the Trustee. If Trustee and the Depositor or the NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or the NIMS Insurer, as the case may be, shall promptly appoint a successor Trustee (reasonably Trustee, acceptable to the NIMS Insurer if appointed by Holders of Certificates entitled to at least 51% of the Depositor) Voting Rights, by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee. A copy of such instrument shall be delivered to the Certificateholders and the Master Servicer by the Depositor. The Majority Certificateholders or Holders of Certificates entitled to at least 51% of the NIMS Insurer 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 to the ServicerDepositor, one complete set to the Trustee so removed and one complete set to the successor so appointed. A copy of such instrument shall be delivered to the Certificateholders and the Master Servicer by the Depositor, the NIMS Insurer and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor Trustee reasonably acceptable to the NIMS Insurer in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-A)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the NIMS Insurer, the Depositor, the Servicer, the NIMS Insurer Master Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee reasonably acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer, Insurer or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer 124 shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor Depositor, the Master Servicer or the NIMS Insurer may remove the Trustee. If the Depositor Depositor, the Master Servicer or the NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or Depositor, with the consent of the NIMS Insurer, as the case may be, shall promptly appoint a successor Trustee (reasonably acceptable to the NIMS Insurer if appointed by the Depositor) by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trusteetrustee. The Majority Certificateholders (or the NIMS Insurer upon the failure of the Trustee to perform its obligations hereunder) may at any time remove the Trustee by written instrument or instruments delivered to the Master Servicer, the Depositor, the NIMS Insurer Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor Trustee reasonably trustee acceptable to the NIMS Insurer in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Option One Mort Acc Corp Asset Backed Cert Ser 2001-4)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Servicer, Servicer and the NIMS Insurer and Seller. A copy of any such notice shall be sent to each Rating Agency. Upon receiving such notice of resignation, the Depositor Seller 115 shall promptly appoint a successor Trustee reasonably acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to each of the resigning Trustee Servicer and the Seller and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having shall have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 11.06 and shall fail to resign after written request therefor by the Depositor or the NIMS InsurerDepositor, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the NIMS Insurer may remove the Trustee. If the Depositor or the NIMS Insurer removes shall have removed the Trustee under the authority of the immediately preceding sentence, the Depositor or the NIMS Insurer, as the case may be, shall promptly appoint a successor Trustee (reasonably acceptable to the NIMS Insurer if appointed by the Depositor) by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee. The Majority Certificateholders Holders of Class A Certificates, Holders of Class M Certificates and Holders of Class B-1 Certificates evidencing, as to each such Class, Percentage Interests aggregating 51% or the NIMS Insurer more may at any time remove the Trustee and appoint a successor by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of such instruments shall be delivered to the ServicerDepositor, one complete set to the Trustee so removed and one complete set to the successor so appointed. A copy of such instrument shall be delivered to the Certificateholders, the Depositor, the NIMS Insurer Seller and the Trustee; Servicer by the Depositor shall thereupon use its best efforts to appoint a successor Trustee reasonably acceptable to the NIMS Insurer in accordance with this SectionDepositor. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 11.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.0811.08.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Origen Residential Securities, Inc.)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the NIMS Insurer, the Depositor, the Servicer, the NIMS Insurer Master Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee reasonably acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer, Insurer or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor Depositor, the Master Servicer or the NIMS Insurer may remove the Trustee. If the Depositor Depositor, the Master Servicer or the NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or Depositor, with the consent of the NIMS Insurer, as the case may be, shall promptly appoint a successor Trustee (reasonably acceptable to the NIMS Insurer if appointed by the Depositor) by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trusteetrustee. The Majority Certificateholders (or the NIMS Insurer upon the failure of the Trustee to perform its obligations hereunder) may at any time remove the Trustee by written instrument or instruments delivered to the Master Servicer, the Depositor, the NIMS Insurer Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor Trustee reasonably trustee acceptable to the NIMS Insurer in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Option One Mortgage Acceptance Loan Trust 2004-2)
Resignation or Removal of Trustee. (a) The Trustee may at any time resign and be discharged from the trusts hereby created by giving thirty (30) days' prior written notice thereof to the Depositor, Initial Beneficiaries and the Servicer, the NIMS Insurer and each Rating AgencyCollateral Beneficiaries. Upon receiving such the notice of resignation, the Depositor Initial Beneficiaries shall promptly appoint (i) send a successor Trustee reasonably acceptable notice describing such resignation to the NIMS Insurer rating agencies which are then rating any Asset Backed Securities, and (ii) appoint, by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no a successor Trustee shall have been so appointed and having accepted appointment within 30 days after who meets the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trusteeeligibility requirements set forth in Section 5.1. -----------
(b) If at any time time:
(i) the Trustee shall cease to be eligible qualified in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor 5.1, -----------
(ii) any representation or warranty made by the Depositor or the NIMS InsurerTrustee pursuant to Section 5.6 shall prove to have been untrue in any material respect when ----------- made, or if at any time or
(iii) the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor Trustee shall promptly inform the Initial Beneficiaries and the Collateral Beneficiaries and the Trustee may be removed upon written notice by (i) any Initial Beneficiary (with the written consent of all of the Collateral Beneficiaries) or (ii) any Collateral Beneficiary (with the NIMS Insurer may remove written consent of all of the TrusteeCollateral Beneficiaries). If the Depositor Trustee resigns or the NIMS Insurer removes the Trustee is removed under the authority of the immediately preceding sentence, then (i) any Initial Beneficiary (with the Depositor written consent of all of the Collateral Beneficiaries) or (ii) any Collateral Beneficiary (with the NIMS Insurer, as written consent of all of the case may be, Collateral Beneficiaries) shall promptly appoint a successor Trustee (reasonably acceptable to the NIMS Insurer if appointed by the Depositor) by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed removed, one copy to each of the Initial Beneficiaries and the Collateral Beneficiaries and one copy to the successor Trustee, together with payment of all amounts owed to the outgoing Trustee. The Majority Certificateholders or the NIMS Insurer may at any time remove the Trustee by written Initial Beneficiaries shall promptly send a copy of such instrument or instruments delivered to the Servicer, the Depositor, the NIMS Insurer and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor Trustee reasonably acceptable to the NIMS Insurer in accordance with this Section. rating agencies which are then rating any Asset Backed Securities.
(c) Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08Trustee.
Appears in 1 contract
Samples: Boat Mortgage Trust Agreement (Deutsche Recreational Asset Funding Corp)
Resignation or Removal of Trustee. (a) The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving 60 days prior written notice thereof to the DepositorIssuer, the Servicer, the NIMS Insurer Noteholders and each the Rating Agency. Upon receiving such notice of resignation, the Depositor Servicer shall promptly arrange to appoint a successor Trustee reasonably acceptable trustee, subject to the NIMS Insurer approval of the Majority Holders, meeting the requirements of Section 14.6 and the Servicer shall notify the Trustee and Rating Agency of such appointment by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having have accepted appointment within 30 days after the giving of such notice of resignation, a successor Trustee shall be appointed by Majority Holders. The successor Trustee so appointed shall, forthwith upon its acceptance of such appointment, become the Trustee. If no successor Trustee shall have been so appointed by the Servicer or the Noteholders and shall have accepted appointment in the manner hereinafter provided, any Noteholder, on behalf of itself and all others similarly situated, or 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 8.06 14.6 hereof and shall fail to resign after written request therefor by the Depositor or the NIMS InsurerServicer, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor Servicer or the NIMS Insurer Majority Holders may remove the Trustee. If the Depositor or the NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or the NIMS Insurer, as the case may be, shall and promptly appoint a successor Trustee (reasonably acceptable to the NIMS Insurer if appointed by the Depositor) by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee. The Majority Certificateholders or the NIMS Insurer may at .
(c) At any time the Majority Holders may remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor, the NIMS Insurer and the Trustee; the Depositor shall thereupon use its best efforts to promptly appoint a successor Trustee reasonably acceptable by written instrument, one copy of which instrument shall be delivered to the NIMS Insurer in accordance with this Section. Trustee so removed and one copy to the successor Trustee.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 14.7 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.0814.8 hereof.
Appears in 1 contract
Samples: Pledge and Servicing Agreement (Fairfield Communities Inc)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts trust hereby created by giving written notice thereof to the NIMS Insurer, the Depositor, the Servicer, Master Servicer and the NIMS Insurer and each Rating AgencyCertificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee reasonably acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor TrusteeTrustee acceptable to the NIMS Insurer 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 Certificateholders and the Master Servicer by the Depositor. If no successor Trustee shall have been so appointed and having have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer, or if at any time the Trustee shall be legally unable to actbecome incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the NIMS Insurer Insurer, may remove the Trustee. If Trustee and the Depositor or the NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or the NIMS Insurer, as the case may be, shall promptly appoint a successor Trustee (reasonably Trustee, acceptable to the NIMS Insurer if appointed by and to the Depositor) Holders of Certificates entitled to at least 51% of the Voting Rights, by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee. A copy of such instrument shall be delivered to the Certificateholders and the Master Servicer by the Depositor. The Majority Certificateholders or Holders of Certificates entitled to at least 51% of the Voting Rights, with the consent of the NIMS Insurer Insurer, may at any time remove the Trustee and appoint a successor Trustee by written instrument or instruments, in triplicate, signed by the NIMS Insurer or such Holders, as applicable, or their attorneys‑in‑fact duly authorized, one complete set of which instruments shall be delivered to the Servicer, the Depositor, one complete set to the NIMS Insurer Trustee so removed and one complete set to the Trustee; the Depositor successor so appointed. A copy of such instrument shall thereupon use its best efforts to appoint a successor Trustee reasonably acceptable be delivered to the NIMS Insurer in accordance with this SectionInsurer, the Certificateholders and the Master Servicer by the Depositor. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Sec Corp Asset Backed Certs Ser 2004-1)
Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the ServicerSellers, the NIMS Insurer Master Servicer and each the Rating AgencyAgencies. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee reasonably acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of their its property shall be appointed, or any public officer shall take charge or control of the Trustee or of their its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the NIMS Insurer Master Servicer may remove the Trustee. If the Depositor or the NIMS Insurer Master Servicer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or the NIMS Insurer, as the case may be, Master Servicer shall promptly appoint a successor Trustee (reasonably acceptable to Trustee, with the NIMS Insurer if appointed by consent of the Depositor) , which consent shall not be unreasonably withheld, by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trusteetrustee. The Majority Certificateholders or the NIMS Insurer may at any time remove the Trustee by written instrument or instruments delivered to the Master Servicer, the Depositor, the NIMS Insurer Depositor and the Trustee; the Depositor Master Servicer, with the consent of the Depositor, which consent shall not be unreasonably withheld, shall thereupon use its best efforts to appoint a successor Trustee reasonably acceptable to the NIMS Insurer trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc)