Common use of Successor Trust Collateral Agent or Custodian Clause in Contracts

Successor Trust Collateral Agent or Custodian. Any successor Trust Collateral Agent or Custodian appointed pursuant to Section 10.8 shall execute, acknowledge and deliver to the Transferor, the Servicer, the Note Insurer and to its predecessor Trust Collateral Agent or predecessor Custodian, as applicable, an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Trust Collateral Agent or predecessor Custodian shall become effective and such successor Trust Collateral Agent or successor Custodian, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties, and obligations of its predecessor under this Agreement, with like effect as if originally named as Trust Collateral Agent or Custodian. The predecessor Trust Collateral Agent or predecessor Custodian shall upon payment of its fees and expenses deliver to the successor Trust Collateral Agent or successor Custodian all documents and statements and monies held by it under this Agreement; and the Servicer, the Note Insurer and the predecessor Trust Collateral Agent or predecessor Custodian shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Trust Collateral Agent or successor Custodian all such rights, powers, duties, and obligations. No successor Trust Collateral Agent or successor Custodian shall accept appointment as provided in this Section 10.9 unless at the time of such acceptance such successor Trust Collateral Agent or successor Custodian shall be eligible pursuant to Section 10.7. Upon acceptance of appointment by a successor Trust Collateral Agent or successor Custodian pursuant to this Section 10.9, the Servicer shall mail notice of the successor of such Trust Collateral Agent or Custodian under this Agreement to all Holders of Notes at their addresses as shown in the Note Register, the Transferor, and to the Rating Agencies. If the Servicer shall fail to mail such notice within ten (10) days after acceptance of appointment by the successor Trust Collateral Agent, the successor Trust Collateral Agent or successor Custodian shall cause such notice to be mailed at the expense of the Servicer.

Successor Trust Collateral Agent or Custodian. Any successor Trust Collateral Agent or Custodian appointed pursuant to Section 10.8 shall execute, acknowledge and deliver to the Transferor, the Servicer, [the Note Insurer Insurer] and to its predecessor Trust Collateral Agent or predecessor Custodian, as applicable, an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Trust Collateral Agent or predecessor Custodian shall become effective and such successor Trust Collateral Agent or successor Custodian, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties, and obligations of its predecessor under this Agreement, with like effect as if originally named as Trust Collateral Agent or Custodian. The predecessor Trust Collateral Agent or predecessor Custodian shall upon payment of its fees and expenses deliver to the successor Trust Collateral Agent or successor Custodian all documents and statements and monies held by it under this Agreement; and the Servicer, [the Note Insurer Insurer] and the predecessor Trust Collateral Agent or predecessor Custodian shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Trust Collateral Agent or successor Custodian all such rights, powers, duties, and obligations. No successor Trust Collateral Agent or successor Custodian shall accept appointment as provided in this Section 10.9 unless at the time of such acceptance such successor Trust Collateral Agent or successor Custodian shall be eligible pursuant to Section 10.7. Upon acceptance of appointment by a successor Trust Collateral Agent or successor Custodian pursuant to this Section 10.9, the Servicer shall mail notice of the successor of such Trust Collateral Agent or Custodian under this Agreement to all Holders of Notes at their addresses as shown in the Note Register, the Transferor, and to the Rating Agencies. If the Servicer shall fail to mail such notice within ten (10) days after acceptance of appointment by the successor Trust Collateral Agent, the successor Trust Collateral Agent or successor Custodian shall cause such notice to be mailed at the expense of the Servicer.

Successor Trust Collateral Agent or Custodian. Any successor Trust Collateral Agent or Custodian appointed pursuant to Section 10.8 shall execute, acknowledge and deliver to the Transferor, the Servicer, the Note Insurer and to its predecessor Trust Collateral Agent or predecessor Custodian, as applicable, an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Trust Collateral Agent or predecessor Custodian shall become effective and such successor Trust Collateral Agent or successor Custodian, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties, and obligations of its predecessor under this Agreement, with like effect as if originally named as Trust Collateral Agent or Custodian. 66 The predecessor Trust Collateral Agent or predecessor Custodian shall upon payment of its fees and expenses deliver to the successor Trust Collateral Agent or successor Custodian all documents and statements and monies held by it under this Agreement; and the Servicer, the Note Insurer and the predecessor Trust Collateral Agent or predecessor Custodian shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Trust Collateral Agent or successor Custodian all such rights, powers, duties, and obligations. No successor Trust Collateral Agent or successor Custodian shall accept appointment as provided in this Section 10.9 unless at the time of such acceptance such successor Trust Collateral Agent or successor Custodian shall be eligible pursuant to Section 10.7. Upon acceptance of appointment by a successor Trust Collateral Agent or successor Custodian pursuant to this Section 10.9, the Servicer shall mail notice of the successor of such Trust Collateral Agent or Custodian under this Agreement to all Holders of Notes at their addresses as shown in the Note Register, the Transferor, and to the Rating Agencies. If the Servicer shall fail to mail such notice within ten (10) days after acceptance of appointment by the successor Trust Collateral Agent, the successor Trust Collateral Agent or successor Custodian shall cause such notice to be mailed at the expense of the Servicer.