Common use of Replacement of Cap Trustee Clause in Contracts

Replacement of Cap Trustee. Any corporation, bank, trust company or association into which the Cap Trustee may be merged or converted or with which it may be consolidated, or any corporation, bank, trust company or association resulting from any merger, conversion or consolidation to which the Cap Trustee shall be a party, or any corporation, bank, trust company or association succeeding to all or substantially all the corporate trust business of the Cap Trustee, shall be the successor of the Cap Trustee hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, except to the extent that assumption of its duties and obligations, as such, is not effected by operation of law. No resignation or removal of the Cap Trustee and no appointment of a successor Cap Trustee shall become effective until the appointment by CGMRC, as majority holder of the Class CE Certificates, or its designee, of a successor Cap Trustee. Any successor Cap Trustee shall execute such documents or instruments necessary or appropriate to vest in and confirm to such successor Cap Trustee all such rights and powers conferred by this Agreement. The Cap Trustee may resign at any time by giving written notice thereof to the other parties hereto. If a successor cap trustee shall not have accepted the appointment hereunder within 30 days after the giving by the resigning Cap Trustee of such notice of resignation, the resigning Cap Trustee may petition any court of competent jurisdiction for the appointment of a successor Cap Trustee. In the event of a resignation or removal of the Cap Trustee, CGMRC, as majority holder of the Class CE Certificates, or its designee, shall promptly appoint a successor Cap Trustee.

Replacement of Cap Trustee. Any corporation, bank, trust company or association into which the Cap Trustee may be merged or converted or with which it may be consolidated, or any corporation, bank, trust company or association resulting from any merger, conversion or consolidation to which the Cap Trustee shall be a party, or any corporation, bank, trust company or association succeeding to all or substantially all the corporate trust business of the Cap Trustee, shall be the successor of the Cap Trustee hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, except to the extent that assumption of its duties and obligations, as such, is not effected by operation of law. No resignation or removal of the Cap Trustee and no appointment of a successor Cap Trustee shall become effective until the appointment by CGMRC, as majority holder of the Class CE CertificatesGCFP, or its designee, of a successor Cap TrusteeTrustee acceptable to the NIMS Insurer, if any. Any successor Cap Trustee shall execute such documents or instruments necessary or appropriate to vest in and confirm to such successor Cap Trustee all such rights and powers conferred by this Agreement. The Cap Trustee may resign at any time by giving written notice thereof to the other parties heretohereto with a copy to the NIMS Insurer, if any. If a successor cap trustee shall not have accepted the appointment hereunder within 30 days after the giving by the resigning Cap Trustee of such notice of resignation, the resigning Cap Trustee may petition any court of competent jurisdiction for the appointment of a successor Cap TrusteeTrustee acceptable to the NIMS Insurer, if any. In the event of a resignation or removal of the Cap Trustee, CGMRC, as majority holder of the Class CE CertificatesGCFP, or its designee, shall promptly appoint a successor Cap Trustee acceptable to the NIMS Insurer, if any. If no such appointment has been made within 10 days of the resignation or removal, the NIMS Insurer, if any, may appoint a successor Cap Trustee.

Replacement of Cap Trustee. Any corporation, bank, trust company or association into which the Cap Trustee may be merged or converted or with which it may be consolidated, or any corporation, bank, trust company or association resulting from any merger, conversion or consolidation to which the Cap Trustee shall be a party, or any corporation, bank, trust company or association succeeding to all or substantially all the corporate trust business of the Cap Trustee, shall be the successor of the Cap Trustee hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, except to the extent that assumption of its duties and obligations, as such, is not effected by operation of law. No resignation or removal of the Cap Trustee and no appointment of a successor Cap Trustee shall become effective until the appointment by CGMRCGCFP, as majority holder of the Class CE C Certificates, or its designee, of a successor Cap TrusteeTrustee acceptable to the NIMS Insurer, if any. Any successor Cap Trustee shall execute such documents or instruments necessary or appropriate to vest in and confirm to such successor Cap Trustee all such rights and powers conferred by this Agreement. The Cap Trustee may resign at any time by giving written notice thereof to the other parties heretohereto with a copy to the NIMS Insurer, if any. If a successor cap trustee shall not have accepted the appointment hereunder within 30 days after the giving by the resigning Cap Trustee of such notice of resignation, the resigning Cap Trustee may petition any court of competent jurisdiction for the appointment of a successor Cap TrusteeTrustee acceptable to the NIMS Insurer, if any. In the event of a resignation or removal of the Cap Trustee, CGMRCGCFP, or its designee, as majority holder of the Class CE C Certificates, or its designee, shall promptly appoint a successor Cap Trustee acceptable to the NIMS Insurer, if any. If no such appointment has been made within 10 days of the resignation or removal, the NIMS Insurer, if any, may appoint a successor Cap Trustee.

Replacement of Cap Trustee. Any corporation, bank, trust company or association into which the Cap Trustee may be merged or converted or with which it may be consolidated, or any corporation, bank, trust company or association resulting from any merger, conversion or consolidation to which the Cap Trustee shall be a party, or any corporation, bank, trust company or association succeeding to all or substantially all the corporate trust business of the Cap Trustee, shall be the successor of the Cap Trustee hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, except to the extent that assumption of its duties and obligations, as such, is not effected by operation of law. No resignation or removal of the Cap Trustee and no appointment of a successor Cap Trustee shall become effective until the appointment by CGMRC, as majority holder of the Class CE Certificates, CGMRC or its designee, designee of a successor Cap Trustee. Any successor Cap Trustee shall execute such documents or instruments necessary or appropriate to vest in and confirm to such successor Cap Trustee all such rights and powers conferred by this Agreement. The Cap Trustee may resign at any time by giving written notice thereof to the other parties hereto. If a successor cap trustee shall not have accepted the appointment hereunder within 30 days after the giving by the resigning Cap Trustee of such notice of resignation, the resigning Cap Trustee may petition any court of competent jurisdiction for the appointment of a successor Cap Trustee. In the event of a resignation or removal of the Cap Trustee, CGMRC, as majority holder of the Class CE Certificates, CGMRC or its designee, designee shall promptly appoint a successor Cap Trustee.