Common use of Successor Trustee and Successor Delaware Trustee Clause in Contracts

Successor Trustee and Successor Delaware Trustee. (a) Any successor Trustee appointed as provided in Section 8.07 shall execute, acknowledge and deliver to the Depositor and its predecessor Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of the predecessor Trustee under this Agreement, with the like effect as if originally named as Trustee in this Agreement. The predecessor Trustee, upon payment of all amounts owed to it hereunder, shall deliver to the successor Trustee all documents and statements held by it under this Agreement, and the Depositor and the predecessor 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 Trustee all such rights, powers, duties and obligations. No successor Trustee shall accept appointment as provided in this Section 8.08 unless at the time of such acceptance such successor Trustee shall be eligible under the terms of Section 8.06. (b) Upon acceptance of appointment by a successor Trustee as provided in this Section 8.08, the Depositor shall transmit notice of the succession of such Trustee under this Agreement to all Certificateholders. (c) The Delaware Trustee shall not be removed until a successor Trustee possessing the qualifications to act as Delaware Trustee under Section 8.14 and 8.16 (a “Successor Delaware Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Trustees and the Depositor.

Successor Trustee and Successor Delaware Trustee. (a) Any successor Trustee appointed as provided in Section 8.07 shall execute, acknowledge and deliver to the Depositor and its predecessor Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of the predecessor Trustee under this Agreement, with the like effect as if originally named as Trustee in this Agreement. The predecessor Trustee, upon payment of all amounts owed to it hereunder, shall deliver to the successor Trustee all documents and statements held by it under this Agreement, and the Depositor and the predecessor 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 Trustee Tru stee all such rights, powers, duties and obligations. No successor Trustee shall accept appointment as provided in this Section 8.08 unless at the time of such acceptance such successor Trustee shall be eligible under the terms of Section 8.06. (b) Upon acceptance of appointment by a successor Trustee as provided in this Section 8.08, the Depositor shall transmit notice of the succession of such Trustee under this Agreement to all Certificateholders. (c) The Delaware Trustee shall not be removed until a successor Trustee possessing the qualifications to act as Delaware Trustee under Section 8.14 and 8.16 (a “Successor Delaware Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Trustees and the Depositor.