Common use of SUCCESSOR GRANTOR TRUSTEE Clause in Contracts

SUCCESSOR GRANTOR TRUSTEE. (a) Any successor Grantor Trustee appointed as provided in Section 7.08 shall execute, acknowledge and deliver to the Depositor and to its predecessor Grantor Trustee an instrument accepting such appointment hereunder. The resignation or removal of the predecessor Grantor Trustee shall then become effective and such successor Grantor Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as Grantor Trustee herein. The predecessor Grantor Trustee shall after payment of its outstanding fees and expenses promptly deliver to the successor Grantor Trustee all assets and records of each Trust held by it hereunder, and the Depositor and the predecessor Grantor Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for more fully and certainly vesting and confirming in the successor Grantor Trustee all such rights, powers, duties and obligations. (b) No successor Grantor Trustee shall accept appointment as provided in this Section 7.09 unless at the time of such acceptance such successor Grantor Trustee shall be eligible under the provisions of Section 7.06. (c) Upon acceptance of appointment by a successor Grantor Trustee as provided in this Section 7.09, the successor Grantor Trustee shall mail notice of the succession of such Grantor Trustee hereunder to all Certificateholders at their addresses as shown in the Certificate Register and to the Rating Agencies.

SUCCESSOR GRANTOR TRUSTEE. (a) Any successor Grantor Trustee appointed as provided in Section 7.08 shall execute, acknowledge and deliver to the Depositor and to its predecessor Grantor Trustee an instrument accepting such appointment hereunder. The resignation or removal of the predecessor Grantor Trustee shall then become effective and such successor Grantor Trustee, Trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as Grantor Trustee herein. The predecessor Grantor Trustee shall shall, after its receipt of payment of its outstanding fees and expenses expenses, promptly deliver to the successor Grantor Trustee all assets and records of each the Trust held by it hereunder, and the Depositor and the predecessor Grantor Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for more fully and certainly vesting and confirming in the successor Grantor Trustee all such rights, powers, duties and obligations. (b) No successor Grantor Trustee shall accept appointment as provided in this Section 7.09 unless at the time of such acceptance such successor Grantor Trustee shall be eligible under the provisions of Section 7.06. (c) Upon acceptance of appointment by a successor Grantor Trustee as provided in this Section 7.09, the successor Grantor Trustee shall mail notice of the succession of such Grantor Trustee hereunder to all Certificateholders at their addresses as shown in the Certificate Register and to the Rating Agencies.

SUCCESSOR GRANTOR TRUSTEE. (a) Any successor Grantor Trustee trustee appointed as provided in Section 7.08 6.07 shall execute, acknowledge and deliver to the Grantor Trust Holder, the Depositor and to its predecessor Grantor Trustee trustee an instrument accepting such appointment hereunder. The , and thereupon the resignation or removal of the predecessor Grantor Trustee trustee shall then become effective effective, and such successor Grantor Trusteetrustee, without any further act, deed or conveyancereconveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as Grantor Trustee trustee herein. The predecessor Grantor Trustee trustee shall after payment of its outstanding fees and expenses promptly deliver to the successor trustee documents and statements relating to the Grantor Trustee all assets and records of each Trust Estate held by it hereunder, and the Depositor and the predecessor Grantor Trustee trustee shall execute and deliver such instruments and do such other things as may reasonably be required for more fully and certainly vesting and confirming in the successor Grantor Trustee trustee all such rights, powers, duties and obligations. (b) . No successor Grantor Trustee trustee shall accept appointment as provided in this Section 7.09 unless at the time of such acceptance such successor Grantor Trustee trustee shall be eligible under the provisions of Section 7.06. (c) 6.06. Upon acceptance of appointment by a successor Grantor Trustee trustee as provided in this Section 7.09Section, the successor Grantor Trustee shall mail notice of the succession of such Grantor Trustee trustee hereunder to all Certificateholders the Grantor Trust Holder at their addresses its address as shown in the Certificate Register and Register. If the Grantor Trustee fails to mail such notice within ten days after acceptance of the Rating Agenciessuccessor trustee, the successor trustee shall cause such notice to be mailed at the expense of the Grantor Trustee.

SUCCESSOR GRANTOR TRUSTEE. (a) Any successor Grantor Trustee appointed as provided in Section 7.08 6.06 shall execute, acknowledge and deliver to the Depositor and to its predecessor Grantor Trustee an instrument accepting such appointment hereunder. The , and thereupon the resignation or removal of the predecessor Grantor Trustee shall then become effective and such successor Grantor Trustee shall become effective and such successor Grantor Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with the like effect as if originally named as Grantor Trustee herein. The predecessor Grantor Trustee shall after payment of its outstanding fees and expenses promptly deliver to the successor Grantor Trustee all assets Mortgage Files and records of each Trust related documents and statements held by it hereunder (other than any Mortgage Files at the time held by a Custodian, which shall become the agent of any successor Grantor Trustee hereunder), and the Depositor Depositor, the Master Servicer and the predecessor Grantor Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for more fully and certainly vesting and confirming in the successor Grantor Trustee all such rights, powers, duties and obligations. (b) No successor Grantor Trustee shall accept appointment as provided in this Section 7.09 unless at the time of such acceptance such successor Grantor Trustee shall be eligible under the provisions of Section 7.066.05. (c) Upon acceptance of appointment by a successor Grantor Trustee as provided in this Section 7.09Section, the successor Grantor Trustee Depositor shall mail notice of the succession of such Grantor Trustee hereunder to all Certificateholders the Holder of the Grantor Trust Certificate at their addresses its address as shown in the Grantor Trust Certificate Register and Register. If the Depositor fails to mail such notice within 10 days after acceptance of appointment by the Rating Agenciessuccessor Grantor Trustee, the successor Grantor Trustee shall cause such notice to be mailed at the expense of the Depositor.

SUCCESSOR GRANTOR TRUSTEE. (a) Any successor Grantor Trustee appointed as provided in Section 7.08 6.06 shall execute, acknowledge and deliver to the Depositor and to its predecessor Grantor Trustee an instrument accepting such appointment hereunder. The , and thereupon the resignation or removal of the predecessor Grantor Trustee shall then become effective and such successor Grantor Trustee shall become effective and such successor Grantor Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with the like effect as if originally named as Grantor Trustee herein. The predecessor Grantor Trustee shall after payment of its outstanding fees and expenses promptly deliver to the successor Grantor Trustee all assets Mortgage Files and records of each Trust related documents and statements held by it hereunder (other than any Mortgage Files at the time held by a Custodian, which shall become the agent of any successor Grantor Trustee hereunder), and the Depositor Depositor, the Securities Administrator and the predecessor Grantor Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for more fully and certainly vesting and confirming in the successor Grantor Trustee all such rights, powers, duties and obligations. (b) No successor Grantor Trustee shall accept appointment as provided in this Section 7.09 unless at the time of such acceptance such successor Grantor Trustee shall be eligible under the provisions of Section 7.066.05. (c) Upon acceptance of appointment by a successor Grantor Trustee as provided in this Section 7.09Section, the successor Grantor Trustee Depositor shall mail notice of the succession of such Grantor Trustee hereunder to all Certificateholders the Holder of the Grantor Trust Certificate at their addresses its address as shown in the Grantor Trust Certificate Register and Register. If the Depositor fails to mail such notice within 10 days after acceptance of appointment by the Rating Agenciessuccessor Grantor Trustee, the successor Grantor Trustee shall cause such notice to be mailed at the expense of the Depositor.

SUCCESSOR GRANTOR TRUSTEE. (a) Any successor Grantor Trustee appointed as provided in Section 7.08 shall execute, acknowledge and deliver to the Depositor and to its predecessor Grantor Trustee an instrument accepting such appointment hereunder. The resignation or removal of the predecessor Grantor Trustee shall then become effective and such successor Grantor Trustee, Trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunderhereunder and the Swap Counterparty, with like effect as if originally named as Grantor Trustee herein. The predecessor Grantor Trustee shall shall, after its receipt of payment of its outstanding fees and expenses expenses, promptly deliver to the successor Grantor Trustee all assets and records of each the Trust held by it hereunder, and the Depositor and the predecessor Grantor Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for more fully and certainly vesting and confirming in the successor Grantor Trustee all such rights, powers, duties and obligations. (b) No successor Grantor Trustee shall accept appointment as provided in this Section 7.09 unless at the time of such acceptance such successor Grantor Trustee shall be eligible under the provisions of Section 7.06. (c) Upon acceptance of appointment by a successor Grantor Trustee as provided in this Section 7.09, the successor Grantor Trustee shall mail notice of the succession of such Grantor Trustee hereunder to all Certificateholders at their addresses as shown in the Certificate Register Register, to the Swap Counterparty and to the Rating Agencies.

SUCCESSOR GRANTOR TRUSTEE. (a) Any successor Grantor Trustee appointed as provided in Section 7.08 6.08 shall execute, acknowledge and deliver to the Depositor and to its predecessor Grantor Trustee an instrument accepting such appointment hereunder. The resignation or removal of the predecessor Grantor Trustee shall then become effective and such successor Grantor Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as Grantor Trustee herein. The predecessor Grantor Trustee shall after payment of its outstanding fees and expenses promptly deliver to the successor Grantor Trustee all assets and records of each Trust held by it hereunder, and the Depositor and the predecessor Grantor Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for more fully and certainly vesting and confirming in the successor Grantor Trustee all such rights, powers, duties and obligations. (b) No successor Grantor Trustee shall accept appointment as provided in this Section 7.09 unless at the time of such acceptance such successor Grantor Trustee shall be eligible under the provisions of Section 7.067.06 and have been approved, in writing, by the Insurer. (c) Upon acceptance of appointment by a successor Grantor Trustee as provided in this Section 7.096.09, the successor Grantor Trustee shall mail notice of the succession of such Grantor Trustee hereunder to all Certificateholders at their addresses as shown in the Certificate Register and to the Rating Agencies.

SUCCESSOR GRANTOR TRUSTEE. (a) Any successor Grantor Trustee appointed as provided in Section 7.08 shall execute, acknowledge and deliver to the Depositor Seller and to its predecessor Grantor Trustee an instrument accepting such appointment hereunder. The resignation or removal of the predecessor Grantor Trustee shall then become effective and such successor Grantor Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as Grantor Trustee herein. The predecessor Grantor Trustee shall after payment of its outstanding fees and expenses promptly deliver to the successor Grantor Trustee all assets and records of each the Trust held by it hereunder, and the Depositor Seller and the predecessor Grantor Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for more fully and certainly vesting and confirming in the successor Grantor Trustee all such rights, powers, duties and obligations. (b) No successor Grantor Trustee shall accept appointment as provided in this Section 7.09 unless at the time of such acceptance such successor Grantor Trustee shall be eligible under the provisions of Section 7.06. (c) Upon acceptance of appointment by a successor Grantor Trustee as provided in this Section 7.09, the successor Grantor Trustee shall mail notice of the succession of such Grantor Trustee hereunder to all Certificateholders at their addresses as shown in the Certificate Register and to the Rating Agencies.