Common use of SUCCESSOR TRUSTEE AND COLLATERAL AGENT Clause in Contracts

SUCCESSOR TRUSTEE AND COLLATERAL AGENT. (a) Any successor Trustee or Collateral Agent appointed pursuant to Section 19.10 be approved as both Trustee and Collateral Agent and shall execute, acknowledge and deliver to the Servicer and to its predecessor Trustee and Collateral Agent an instrument accepting such appointment under the Agreement, and thereupon the resignation or removal of the predecessor Trustee and Collateral Agent shall become effective and such successor Trustee and Collateral Agent, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under the Agreement, with like effect as if originally named as Trustee and Collateral Agent. The predecessor Trustee and Collateral Agent shall deliver to the successor Trustee and Collateral Agent all documents, statements and monies held by it under the Agreement; and the Servicer and the predecessor Trustee and Collateral Agent 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 Trustee and Collateral Agent all such rights, powers, duties and obligations.

SUCCESSOR TRUSTEE AND COLLATERAL AGENT. (a) Any successor Trustee or Collateral Agent appointed pursuant to Section 19.10 shall be approved as both Trustee and Collateral Agent and shall execute, acknowledge and deliver to the Servicer and to its predecessor Trustee and Collateral Agent an instrument accepting such appointment under the Agreement, and thereupon the resignation or removal of the predecessor Trustee and Collateral Agent shall become effective and such successor Trustee and Collateral Agent, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under the Agreement, with like effect as if originally named as Trustee and Collateral Agent. The predecessor Trustee and Collateral Agent shall deliver to the successor Trustee and Collateral Agent all documents, statements and monies held by it under the Agreement; and the Servicer and the predecessor Trustee and Collateral Agent 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 Trustee and Collateral Agent all such rights, powers, duties and obligations.

SUCCESSOR TRUSTEE AND COLLATERAL AGENT. (a) Any successor Trustee or Collateral Agent appointed pursuant to Section 19.10 15.10 be approved as both Trustee and Collateral Agent and shall execute, acknowledge and deliver to the Servicer and to its predecessor Trustee and Collateral Agent an instrument accepting such appointment under the this Agreement, and thereupon the resignation or removal of the predecessor Trustee and Collateral Agent shall become effective and such successor Trustee and Collateral Agent, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under the this Agreement, with like effect as if originally named as Trustee and Collateral Agent. The predecessor Trustee and Collateral Agent shall deliver to the successor Trustee and Collateral Agent all documents, statements and monies held by it under the this Agreement; and the Servicer and the predecessor Trustee and Collateral Agent 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 Trustee and Collateral Agent all such rights, powers, duties and obligations.