Successor Trustee or Co-Trustee Sample Clauses
Successor Trustee or Co-Trustee. Upon the acceptance of the Trust Estate by a Successor Trustee or Co-Trustee (herein referred to as Trustee) and the transfer to the Successor Trustee of the property held hereunder, or portion or part thereof, as the case may be, the prior Trustee shall cease to be Trustee of such property, portion or part, and the Successor Trustee shall become and thereafter be Trustee thereof. Any Successor Trustee shall have all the powers, immunities, and discretion conferred upon the original Trustee. No Successor Trustee shall be liable or responsible for any acts or defaults of any predecessor Trustee in any way, or for the loss or expense from or occasioned by anything done or neglected to be done by any predecessor Trustee.
Successor Trustee or Co-Trustee. (a) Any successor trustee (or co-trustee, as applicable) appointed as provided in Section 8.07 shall execute, acknowledge and deliver to the Depositor, the Master Servicer, the Special Servicer, the Co-Trustee (or the Trustee, as applicable) and to its predecessor trustee (or co-trustee, as applicable) an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee (or co-trustee, as applicable) shall become effective and such successor trustee (or co-trustee, as applicable) 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 trustee (or co-trustee, as applicable) herein. The predecessor trustee (or co-trustee, as applicable) shall deliver to the successor trustee (or co-trustee, as applicable) all Mortgage Files and related documents and statements held by it hereunder (other than any Mortgage Files at the time held on its behalf by a third-party Custodian, which Custodian shall become the agent of the successor trustee (or co-trustee, as applicable)), and the Depositor, the Master Servicer, the Special Servicer, the Co-Trustee (or the Trustee, as applicable) and the predecessor trustee (or co-trustee, as applicable) shall execute and deliver such instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee (or co-trustee, as applicable) all such rights, powers, duties and obligations, and to enable the successor trustee (or co-trustee, as applicable) to perform its obligations hereunder.
(b) No successor trustee (or co-trustee, as applicable) shall accept appointment as provided in this Section 8.08, unless at the time of such acceptance such successor trustee (or co-trustee, as applicable) shall be eligible under the provisions of Section 8.06 and the Rating Agencies have provided confirmation pursuant to such Section.
(c) Upon acceptance of appointment by a successor trustee (or co-trustee, as applicable) as provided in this Section 8.08, such successor trustee (or co-trustee, as applicable) shall mail notice of the succession of such trustee (or co-trustee, as applicable) hereunder to the Depositor and the Certificateholders.