Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Master Servicer and to its predecessor trustee an instrument accepting such appointment hereunder, 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 its predecessor hereunder, with like effect as if originally named as trustee herein. The predecessor trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations. (b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05. (c) Upon acceptance by a successor trustee of appointment as provided in this Section, the Master Servicer shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the Rating Agencies. The expenses of such mailing shall be borne by the predecessor trustee.
Appears in 16 contracts
Sources: Trust Agreement (Structured Asset Securities CORP Mortgage Pass-Through Certificates, Series 2004-13), Trust Agreement (Structured Asset Securities Corp Trust 2005-3), Trust Agreement (Lehman Mortgage Trust 2005-2)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 8.07 shall execute, acknowledge and deliver to the Depositor, the Master Servicer, the Special Servicer and to its the predecessor trustee an instrument accepting such appointment hereunder, hereunder 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 its predecessor hereunder, with the like effect as if originally named as trustee herein. The predecessor trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and related documents and statements related to each Mortgage Files and moneys held by it hereunderhereunder (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), and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In additionDepositor, the Master Servicer, the Special Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations, and to enable the successor trustee to perform its obligations hereunder.
(b) No successor trustee shall accept appointment as provided in this Section 8.08, unless at the time of such appointment acceptance such successor trustee shall be eligible under the provisions of Section 6.058.06.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this SectionSection 8.08, the Master Servicer such successor trustee shall mail notice of the succession of such trustee hereunder to the Depositor, the Master Servicer, the Special Servicer, the Certificateholders and the Serviced Non-Trust Mortgage Loan Noteholders.
(d) Any and all Holders costs and expenses associated with transferring the duties of Certificates at their addresses a Trustee that has resigned or been removed or terminated, as shown in contemplated by Section 8.07, to a successor Trustee, including those associated with transfer of the Certificate Register Mortgage Files and to the Rating Agencies. The expenses of such mailing shall be borne other documents and statements held by the predecessor trusteeTrustee to the successor Trustee, as contemplated by Section 8.08(a), shall be paid by: (i) the predecessor Trustee, if such predecessor Trustee has resigned in accordance with Section 8.07(a), has been removed in accordance with Section 8.07(b) or has been removed with cause in accordance with Section 8.07(c); (ii) the Certificateholders that effected the removal, if the predecessor Trustee has been removed without cause in accordance with Section 8.07(c); and (iii) the Trust, if such costs and expenses are not paid by the predecessor Trustee or the subject Certificateholders, as contemplated by the immediately preceding clauses (i) and (ii), within 90 days after they are incurred (provided that such predecessor Trustee or such subject Certificateholders, as applicable, shall remain liable to the Trust for such costs and expenses).
Appears in 13 contracts
Sources: Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2007-C7), Pooling and Servicing Agreement (Lb-Ubs Commercial Mortgage Trust 2006-C1), Pooling and Servicing Agreement (Lb-Ubs Commercial Mortgage Trust 2006-C3)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Master Servicer and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein. The A predecessor trustee shall deliver to the Trustee or any successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) ), all Mortgage Files and documents and statements related to each Mortgage Files File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer predecessor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses of such mailing shall be borne by the predecessor trustee.
(d) Upon the resignation or removal of the Trustee pursuant to this Section 6.06, the Trustee shall deliver the amounts held in its possession for the benefit of the Certificateholders to the successor trustee upon the appointment of the successor trustee.
Appears in 11 contracts
Sources: Trust Agreement (Lehman Mortgage Trust 2007-6), Trust Agreement (Lehman Mortgage Trust 2007-7), Trust Agreement (Lehman Mortgage Trust 2007-3)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 8.07 shall execute, acknowledge and deliver to the Depositor, the Master Servicer Servicer, the Special Servicer, the REMIC Administrator and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, trustee 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 herein. The predecessor trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and related documents and statements related to each Mortgage Files held by it hereunder, and shall duly assignthe Depositor, transferthe Master Servicer, deliver the Special Servicer, the REMIC Administrator and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations, and to enable the successor trustee to perform its obligations hereunder. If such predecessor trustee was removed as Trustee under this Agreement without cause, the cost of any such execution, delivery or action shall be at the expense of the Trust.
(b) No successor trustee shall accept appointment as provided in this Section 8.08 unless at the time of such appointment acceptance such successor trustee shall be eligible under the provisions of Section 6.058.06.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this SectionSection 8.08, the Master Servicer successor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the Rating Agencies. Depositor and the Certificateholders.
(d) The expenses predecessor Trustee and successor Trustee shall notify the Depositor of any such appointment at least two Business Days prior to the effective date thereof and shall provide the Depositor with all information required by the Depositor to comply with its reporting obligation under Item 6.02 of Form 8-K not later than the effective date of such mailing shall be borne by the predecessor trusteeappointment.
Appears in 10 contracts
Sources: Pooling and Servicing Agreement (Banc of America Merrill Lynch Commercial Mortgage Inc.), Pooling and Servicing Agreement (Banc of America Merrill Lynch Commercial Mortgage Inc.), Pooling and Servicing Agreement (Banc of America Commercial Mortgage Inc. Series 2006-1)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Master Servicer Servicer, and any NIMS Insurer and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein. The A predecessor trustee shall deliver to the Trustee or any successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) ), all Mortgage Files and documents and statements related to each Mortgage Files File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer predecessor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses of such mailing shall be borne by the predecessor trustee.
Appears in 9 contracts
Sources: Trust Agreement (Finance America Mortgage Loan Trust 2004-1), Trust Agreement (Structured Asset Securities Corporation, 2005 OPT-1), Trust Agreement (First Franklin Mortgage Loan Trust 2005-Ff3)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, Depositor and the Master Servicer and any NIMS Insurer and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein. The predecessor trustee (or its custodian) shall deliver to the successor trustee (or assign to the Trustee its interest under the each Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer predecessor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses of such mailing shall be borne by the predecessor trustee.
Appears in 8 contracts
Sources: Trust Agreement (GreenPoint Mortgage Funding Trust 2006-Ar4), Trust Agreement (Lehman XS Trust Series 2006-Gp4), Trust Agreement (Lehman XS Trust Series 2006-Gp2)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Master Servicer Depositor and to its predecessor trustee trustee, an instrument accepting such appointment hereunder, 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 its predecessor hereunder, with like effect as if originally named as trustee hereintrustee. The predecessor trustee shall deliver to the successor trustee (or assign to the all Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Trustee Mortgage Files File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer Depositor and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer predecessor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses of such mailing shall be borne by the predecessor trusteeDepositor.
Appears in 8 contracts
Sources: Trust Agreement (Merrill Lynch Mortgage Investors Inc), Trust Agreement (Sequoia Residential Funding Inc), Trust Agreement (Merrill Lynch Mort Investors Inc Trust Series MLCC 2003-D)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 8.07 shall execute, acknowledge and deliver to the Depositor, the Master Servicer, the Special Servicer and to its the predecessor trustee an instrument accepting such appointment hereunder, hereunder 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 its predecessor hereunder, with the like effect as if originally named as trustee herein. The predecessor trustee shall deliver to the successor trustee (at the expense of the Certificateholders that effected the removal, if the Trustee has been removed in accordance with Section 8.07(c) without cause or assign if such expenses are not paid by such Certificateholders within 90 days after they are incurred, at the expense of the Trust, provided that such Certificateholders shall remain liable to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunderTrust for such expenses) all Mortgage Files and related documents and statements related to each Mortgage Files held by it hereunderhereunder (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), and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In additionDepositor, the Master Servicer, the Special Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations, and to enable the successor trustee to perform its obligations hereunder.
(b) No successor trustee shall accept appointment as provided in this Section 8.08, unless at the time of such appointment acceptance such successor trustee shall be eligible under the provisions of Section 6.058.06.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this SectionSection 8.08, the Master Servicer such successor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register Depositor, the Master Servicer, the Special Servicer, the Certificateholders and to the Rating Agencies. The expenses of such mailing shall be borne by the predecessor trusteeServiced Non-Trust Mortgage Loan Noteholders.
Appears in 8 contracts
Sources: Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2005-C5), Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2005-C7), Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2004-C8)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Master Servicer and to its predecessor trustee an instrument accepting such appointment hereunder, 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 its predecessor hereunder, with like effect as if originally named as trustee herein. The predecessor trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the each Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the Rating Agencies. The expenses of such mailing shall be borne by the predecessor trusteeMaster Servicer.
Appears in 7 contracts
Sources: Trust Agreement (Structured Asset Securities Corp Mort Pas THR Ce Se 2002 17), Trust Agreement (Structured Asset Sec Corp Mort Ps THR Certs Ser 2003-8), Trust Agreement (Structured Asset Securities Corp Mort Pass THR Cert Ser 2002)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 8.07 shall execute, acknowledge and deliver to the Depositor, the Mortgage Loan Seller, the Master Servicer Servicer, the Special Servicer, the REMIC Administrator and to its predecessor trustee an instrument accepting such appointment hereunder, 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 its predecessor hereunder, with the like effect as if originally named as trustee herein. The predecessor trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and related documents and statements related to each Mortgage Files held by it hereunderhereunder (other than any Mortgage Files and related documents and statements at the time held on its behalf by a Custodian, which Custodian shall become the agent of the successor trustee), and shall duly assignthe Depositor, transferthe Mortgage Loan Seller, deliver the Master Servicer, the Special Servicer, the REMIC Administrator and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations, and to enable the successor trustee to perform its obligations hereunder. If such predecessor trustee was removed as Trustee under this Agreement without cause, the cost of any such execution, delivery or action shall be at the expense of the Trust.
(b) No successor trustee shall accept appointment as provided in this Section 8.08 unless at the time of such appointment acceptance such successor trustee shall be eligible under the provisions of Section 6.058.06.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this SectionSection 8.08, the Master Servicer shall mail notice of the succession of such trustee hereunder to all Holders the Depositor and the Certificateholders. If the Master Servicer fails to mail such notice within 10 days after acceptance of Certificates at their addresses as shown in the Certificate Register and to the Rating Agencies. The expenses of such mailing shall be borne appointment by the predecessor successor trustee, the successor trustee shall cause such notice to be mailed at the expense of the Master Servicer.
Appears in 7 contracts
Sources: Pooling and Servicing Agreement (Nationslink Funding Corp), Pooling and Servicing Agreement (Nationslink Funding Corp), Pooling and Servicing Agreement (Banc of America Commercial Mortgage Inc)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Master Servicer Servicer, any NIMS Insurer, the Swap Counterparty and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein. The A predecessor trustee (or its custodian) shall deliver to the Trustee or any successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) ), all Mortgage Files and documents and statements related to each Mortgage Files File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer predecessor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses of such mailing shall be borne by the predecessor trustee.
(d) Upon the resignation or removal of the Trustee pursuant to this Section 6.07, the Trustee shall deliver the amounts held in its possession for the benefit of the Certificateholders to the successor trustee upon the appointment of such successor trustee.
Appears in 7 contracts
Sources: Trust Agreement (First Franklin Mortgage Loan Trust 2006-Ff14), Trust Agreement (First Franklin Mortgage Loan Trust 2006-Ff15), Trust Agreement (First Franklin Mortgage Loan Trust 2006-Ff17)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, Depositor and the Master Servicer and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein. The predecessor trustee (or its custodian) shall deliver to the successor trustee (or assign to the Trustee its interest under the each Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer predecessor trustee shall mail notice of the succession of such trustee hereunder to the Certificate Insurer and to all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses of such mailing shall be borne by the predecessor trustee.
Appears in 6 contracts
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2004 6xs), Trust Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates 2004-11xs), Trust Agreement (Structured Asset Securities Corp. Mortgage Loan Trust 2005-7xs)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Master Servicer and any NIMS Insurer and to its predecessor trustee trustee, an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein. The predecessor trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the each Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment trustee, as provided in this Section, the Master Servicer predecessor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses of such mailing shall be borne by the predecessor trusteeMaster Servicer.
Appears in 6 contracts
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2002-Bc8), Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Ff3), Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc9)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 8.07 shall execute, acknowledge and deliver to the Depositor, the Master Servicer, the Special Servicer and to its the predecessor trustee an instrument accepting such appointment hereunder, hereunder 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 its predecessor hereunder, with the like effect as if originally named as trustee herein. The predecessor trustee shall deliver to the successor trustee (at the expense of the Certificateholders that effected the removal, if the Trustee has been removed in accordance with Section 8.07(c) without cause or assign if such expenses are not paid by such Certificateholders within ninety (90) days after they are incurred, at the expense of the Trust, provided that such Certificateholders shall remain liable to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunderTrust for such expenses) all Mortgage Files and related documents and statements related to each Mortgage Files held by it hereunderhereunder (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), and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In additionDepositor, the Master Servicer, the Special Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations, and to enable the successor trustee to perform its obligations hereunder.
(b) No successor trustee shall accept appointment as provided in this Section 8.08, unless at the time of such appointment acceptance such successor trustee shall be eligible under the provisions of Section 6.058.06.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this SectionSection 8.08, the Master Servicer such successor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register Depositor, the Master Servicer, the Special Servicer, the Certificateholders and to the Rating Agencies. The expenses of such mailing shall be borne by the predecessor trusteeCompanion Loan Noteholders.
Appears in 6 contracts
Sources: Pooling and Servicing Agreement (Greenwich Capital Comm Mort Pass THR Certs Ser 2003-C2), Pooling and Servicing Agreement (Greenwich Capital Commercial Funding Corp), Pooling and Servicing Agreement (Greenwich Capital Commercial Funding Corp. Commercial Mortgage Pass-Through Certificates Series 2004-Gg1)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Master Servicer and to its predecessor trustee an instrument accepting such appointment hereunder, 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 its predecessor hereunder, with like effect as if originally named as trustee herein. The predecessor trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the each Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the Rating Agencies. The expenses of such mailing shall be borne by the predecessor trusteeMaster Servicer.
Appears in 5 contracts
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 03 4), Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003 10), Trust Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003-16)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Master Servicer and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein. The A predecessor trustee shall deliver to the Trustee or any successor trustee (or assign to the Trustee its interest under the each Custodial Agreement, to the extent permitted thereunder) ), all Mortgage Files and documents and statements related to each Mortgage Files File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer predecessor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses of such mailing shall be borne by the predecessor trustee.
Appears in 5 contracts
Sources: Trust Agreement (SASCO Mortgage Loan Trust Series 2005-Gel1), Trust Agreement (SASCO Mortgage Loan Trust Series 2005-Gel2), Trust Agreement (Structured Asset Sec Corp Mort Pass-THR Certs Ser 2004-Gel1)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Master Servicer Servicer, the NIMS Insurer and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein. The predecessor trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the each Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment trustee, as provided in this Section, the Master Servicer predecessor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses of such mailing shall be borne by the predecessor trusteeMaster Servicer.
Appears in 5 contracts
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002 Hf2), Trust Agreement (Encore Credit Corp Mortgage Pass Through Certs Ser 2003-1), Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc1)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Master Servicer and to its predecessor trustee an instrument accepting such appointment hereunder, 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 its predecessor hereunder, with like effect as if originally named as trustee hereintrustee. The predecessor trustee (or its custodian) shall deliver to the successor trustee (or assign to the Trustee successor trustee its interest under the each Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer shall mail notice of the succession of such trustee hereunder and to all Holders of Certificates at their addresses as shown in the Certificate Register and to the Rating Agencies. The expenses of such mailing shall be borne by the predecessor trusteeMaster Servicer.
Appears in 5 contracts
Sources: Trust Agreement (Mortgage Pass-Through Certificates Series 2003-37a), Trust Agreement (Structured Asset Sec Corp Mort Passthr Certs Ser 2003 40a), Trust Agreement (Structured Asset Securities Corp)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Swap Counterparty, the Master Servicer and any NIMS Insurer and to its predecessor trustee (i) an instrument accepting such appointment hereunderhereunder and (ii) if such successor trustee is appointed at any time during the period that a Form 10-K is being filed with respect to the Trust in accordance with the Exchange Act and the rules and regulations of the Commission, the certification required pursuant to the first sentence of Section 6.01(k) indicating which Servicing Criteria are applicable to such successor trustee, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein. The predecessor trustee (or its custodian) shall deliver to the successor trustee (or assign to the Trustee its interest under the each Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer predecessor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses of such mailing shall be borne by the predecessor trustee.
Appears in 5 contracts
Sources: Trust Agreement (Lehman XS Trust 2006-11), Trust Agreement (Lehman XS Trust 2006-19), Trust Agreement (Lehman XS Trust 2006-9)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Master Servicer and to its predecessor trustee an instrument accepting such appointment hereunder, 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 its predecessor hereunder, with like effect as if originally named as trustee hereintrustee. The predecessor trustee (or its custodian) shall deliver to the successor trustee (or assign to the Trustee successor trustee its interest under the each Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer shall mail notice of the succession of such trustee hereunder and to all Holders of Certificates at their addresses as shown in the Certificate Register and to the Rating Agencies. The expenses of such mailing shall be borne by the predecessor trustee.
Appears in 5 contracts
Sources: Trust Agreement (Structured Adjustable Rate Mortgage Loan Rate), Trust Agreement (Structured Asset Secs Corp Mort Pass-Thru Cert Sers 2004-2ac), Trust Agreement (Structured Asset Securities Corp)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, Depositor and the Master Servicer and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein. The predecessor trustee (or its custodian) shall deliver to the successor trustee (or assign to the Trustee its interest under the each Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer predecessor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses of such mailing shall be borne by the predecessor trustee.
Appears in 5 contracts
Sources: Trust Agreement (Structured Asset Securities Corp), Trust Agreement (Structured Asset Securities Corp 2005-S1), Trust Agreement (Lehman Abs Corp Mortgage Pass-Through Certs Series 2004-1)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Master Servicer and any NIMS Insurer and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein. The predecessor trustee (or its custodian) shall deliver to the successor trustee (or assign to the Trustee its interest under the each Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer predecessor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses of such mailing shall be borne by the predecessor trustee.
Appears in 5 contracts
Sources: Trust Agreement (Lehman XS 2007-4n), Trust Agreement (Lehman XS Trust Series 2007-2n), Trust Agreement (Lehman XS Trust Series 2006-18n)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Master Servicer Depositor and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein. The predecessor trustee shall deliver to the successor trustee (or assign to the all Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Trustee Mortgage Files File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer Depositor and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section 6.07 unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this SectionSection 6.07, the Master Servicer such successor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses costs of such mailing shall be borne by the predecessor trusteeTrustee.
(d) Any successor trustee shall also serve as auction administrator pursuant to Section 7.01(b).
Appears in 5 contracts
Sources: Trust Agreement (Morgan Stanley Mortgage Loan Trust 2006-14sl), Trust Agreement (Morgan Stanley Mortgage Loan Trust 2006-10sl), Trust Agreement (Morgan Stanley Mortgage Loan Trust 2007-4sl)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Master Servicer and to its predecessor trustee an instrument accepting such appointment hereunder, 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 its predecessor hereunder, with like effect as if originally named as trustee herein. The predecessor trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the each Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee as applicable all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the Rating Agencies. The expenses of such mailing shall be borne by the predecessor trusteeMaster Servicer.
Appears in 5 contracts
Sources: Trust Agreement (Structured Asset Securities Corp Mor Pa Th Ce Se 2002-13), Trust Agreement (Structured Asset Securities Corp Mort Pas THR Cer Se 2002-2), Trust Agreement (Mortgage Pass Through Certificates Series 2001 12)
Successor Trustee. Fiscal Agent or Paying Agent
(a) Any successor trustee Trustee, Fiscal Agent or Paying Agent appointed as provided in Section 6.06 7.6 shall execute, acknowledge and deliver to the Depositor, the Master Servicer Depositor and to its predecessor trustee Trustee, Fiscal Agent or Paying Agent, as the case may be, an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee Trustee, Fiscal Agent or Paying Agent, as the case may be, shall become effective and such successor trusteeTrustee, Fiscal Agent or Paying Agent, as the case may be, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee Trustee, Fiscal Agent or Paying Agent herein, as the case may be. The predecessor trustee Trustee, Fiscal Agent or Paying Agent shall deliver (at such predecessor's own expense) to the successor trustee (Trustee, Fiscal Agent or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) Paying Agent all Mortgage Files and documents and statements related to each the Mortgage Files held by it hereunder, and the predecessor Trustee shall duly assign, transfer, deliver and pay over (at such predecessor's own expense) to the successor trustee Trustee, the entire Trust FundTrust, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of transfer. The predecessor Trustee, Fiscal Agent or Paying Agent, as the record case may be, shall also deliver all records or copies thereof maintained by the predecessor trustee Trustee, Fiscal Agent or Paying Agent in the administration hereof as may be reasonably requested by the successor trustee Trustee, Fiscal Agent or Paying Agent, as applicable, and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer Depositor and the predecessor trusteeTrustee, Fiscal Agent or Paying Agent shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee Trustee, Fiscal Agent or Paying Agent, as the case may be, all such rights, powers, duties and obligations. Anything herein to the contrary notwithstanding, in no event shall the combined fees payable to a successor Trustee exceed the Trustee Fee.
(b) No successor trustee Trustee, Fiscal Agent or Paying Agent shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee Trustee, Fiscal Agent or Paying Agent, as the case may be, shall be eligible under the provisions of Section 6.057.5.
(c) Upon acceptance of appointment by a successor trustee of appointment Trustee, Fiscal Agent or Paying Agent as provided in this Section, the Master Servicer successor Trustee, Fiscal Agent or Paying Agent shall mail notice of the succession of such trustee Trustee, Fiscal Agent or Paying Agent hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the Rating Agencies. The expenses of such mailing shall be borne by the predecessor trusteesuccessor Trustee, Fiscal Agent or Paying Agent. If the successor Trustee, Fiscal Agent or Paying Agent fails to mail such notice within 10 days after acceptance of appointment by the successor Trustee, Fiscal Agent or Paying Agent, the Master Servicer shall cause such notice to be mailed at the expense of the successor Trustee, Fiscal Agent or Paying Agent, as applicable.
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2004 IQ8), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005 IQ9), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2004 IQ8)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 8.07 shall execute, acknowledge and deliver to the Depositor, the Master Servicer NIMS Insurer, the Certificate Insurer and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, trustee 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 herein. The predecessor trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and related documents and statements related to each Mortgage Files statements, as well as all moneys, held by it hereunder (other than any Mortgage Files at the time held by a Custodian, which Custodian shall become the agent of any successor trustee hereunder), and shall duly assign, transfer, deliver the Depositor and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, shall execute and deliver such other instruments and do such other things as may reasonably be required to for more fully and certainly vest vesting and confirm confirming in the successor trustee all such rights, powers, duties and obligations.
(b) . No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment acceptance such successor trustee shall be eligible under the provisions of Section 6.05.
8.06 and the appointment of such successor trustee shall not result in a downgrading of any Class of Certificates (cwithout regard to the Policy) by either Rating Agency, as evidenced by a letter from each Rating Agency. Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer Depositor shall mail notice of the succession of such trustee hereunder to the Certificate Insurer and all Holders of Certificates at their addresses as shown in the Certificate Register and Register. If the Depositor fails to the Rating Agencies. The expenses mail such notice within 10 days after acceptance of such mailing shall be borne appointment by the predecessor successor trustee, the successor trustee shall cause such notice to be mailed at the expense of the Depositor.
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (Ameriquest Mortgage Securities Inc Asset-Backed Pass-Through Certificates Series 2004-R7), Pooling and Servicing Agreement (Ameriquest Mortgage Securities Inc Asset-Backed Pass-Through Certificates Series 2004-R8), Pooling and Servicing Agreement (Ameriquest Mortgage Securities Inc Asset-Backed Pass-Through Certificates Series 2004-R7)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, Depositor and the Master Servicer and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein. The predecessor trustee (or its custodian) shall deliver to the successor trustee (or assign to the Trustee its interest under the each Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer predecessor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses of such mailing shall be borne by the predecessor trusteeMaster Servicer.
Appears in 4 contracts
Sources: Trust Agreement (Structured Asset Sec Corp Mort Back Ps THR Cert Ser 2003-3xs), Trust Agreement (Structured Asset Securities Corp Mor Pas THR Ce Se 2003-12xs), Trust Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-23xs)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 under this Agreement shall execute, acknowledge and deliver to the DepositorUSCo, the Master Servicer CallCo and AcquisitionCo and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon appointment. 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 its predecessor hereunderunder this Agreement, with the like effect as if originally named as trustee hereinin this Agreement. The However, on the written request of USCo, CallCo and AcquisitionCo or of the successor trustee, the trustee ceasing to act shall, upon payment of any amounts then due it pursuant to the provisions of this Agreement, execute and deliver an instrument transferring to such successor trustee all the rights and powers of the trustee so ceasing to act. Upon the request of any such successor trustee, USCo, CallCo, AcquisitionCo and such predecessor trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) execute any and all Mortgage Files and documents and statements related to each Mortgage Files held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, shall execute and deliver such other instruments and do such other things as may reasonably be required to writing for more fully and certainly vest vesting in and confirm in the confirming to such successor trustee all such rightsrights and powers. Notwithstanding the foregoing, powers, duties and obligationsany corporation to which all or substantially all of the business of the Trustee is transferred shall automatically become the successor trustee without any further act.
(b) No successor trustee shall accept appointment as provided in this Notwithstanding paragraph (a) above and Section unless at 9.4, any corporation into or with which the time of such appointment such successor trustee Trustee may be merged or consolidated or amalgamated, or any corporation resulting therefrom to which the Trustee shall be eligible under a party, or any corporation succeeding to the provisions of Section 6.05.
(c) Upon acceptance by a successor trustee of appointment as provided in this Section, the Master Servicer shall mail notice trust business of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in Trustee shall be the Certificate Register and successor to the Rating Agencies. The expenses Trustee hereunder without any further act on its part or any of such mailing shall be borne by the predecessor trusteeparties hereto.
Appears in 4 contracts
Sources: Voting and Exchange Trust Agreement (SimplePons, Inc.), Voting and Exchange Trust Agreement (SimplePons, Inc.), Voting and Exchange Trust Agreement (Quinko-Tek International, Inc.)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 8.07 shall execute, acknowledge and deliver to the Depositor, each Master Servicer, the Master Special Servicer and to its predecessor trustee trustee, an instrument accepting such appointment hereunder, 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 its predecessor hereunder, with the like effect as if originally named as trustee herein. The predecessor trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and related documents and statements related to each Mortgage Files held by it hereunderhereunder (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), and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In additionDepositor, the Master Servicers, the Special Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations, and to enable the successor trustee to perform its obligations hereunder. Any and all costs and expenses associated with transferring the duties of a Trustee that has resigned or been removed or terminated, as contemplated by Section 8.07, to a successor Trustee, including those associated with transfer of the Mortgage Files and other documents and statements held by the predecessor Trustee to the successor Trustee, as contemplated by Section 8.08(a), shall be paid by: (i) the predecessor Trustee, if such predecessor Trustee has resigned in accordance with Section 8.07(a), has been removed in accordance with Section 8.07(b) or has been removed with cause in accordance with Section 8.07(c); (ii) the Certificateholders that effected the removal, if the predecessor Trustee has been removed without cause in accordance with Section 8.07(c); and (iii) the Trust, if such costs and expenses are not paid by the predecessor Trustee or the subject Certificateholders, as contemplated by the immediately preceding clauses (i) and (ii), within 90 days after they are incurred (provided that such predecessor Trustee or such subject Certificateholders, as applicable, shall remain liable to the Trust for such costs and expenses).
(b) No successor trustee shall accept appointment as provided in this Section 8.08, unless at the time of such appointment acceptance such successor trustee shall be eligible under the provisions of Section 6.058.06 and the Rating Agencies have provided confirmation pursuant to such Section.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this SectionSection 8.08, the Master Servicer such successor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register Depositor, the Certificateholders and to the Rating Agencies. The expenses of such mailing shall be borne by the predecessor trusteeeach Non-Trust Noteholder.
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (ML-CFC Commercial Mortgage Trust 2006-4), Pooling and Servicing Agreement (ML-CFC Commercial Mortgage Trust 2007-6), Pooling and Servicing Agreement (ML-CFC Commercial Mortgage Trust 2006-3)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Master Servicer and to its predecessor trustee an instrument accepting such appointment hereunder, 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 its predecessor hereunder, with like effect as if originally named as trustee herein. The predecessor trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the Rating Agencies. The expenses of such mailing shall be borne by the predecessor trusteeMaster Servicer.
Appears in 4 contracts
Sources: Trust Agreement (Structured Asset Sec Corp Mort Passthr Certs Ser 2003-38), Trust Agreement (Structured Asset Sec Corp Mor Pass THR Cer Ser 2003-35), Trust Agreement (Structured Asset Securities Corp Mort Ps-THR Cert Ser 2004-3)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, Depositor and the Master Servicer and any NIMS Insurer and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein. The predecessor trustee (or its custodian) shall deliver to the successor trustee (or assign to the Trustee its interest under the each Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer predecessor trustee shall mail notice of the succession of such trustee hereunder to the Certificate Insurer and all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses of such mailing shall be borne by the predecessor trustee.
Appears in 3 contracts
Sources: Trust Agreement (Lehman XS Trust, Series 2005-4), Trust Agreement (Lehman XS Trust, Series 2005-8), Trust Agreement (Structured Asset Securities Corp)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Master Servicer and any NIMS Insurer, the Swap Counterparty and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein. The predecessor trustee (or its custodian) shall deliver to the successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer predecessor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses of such mailing shall be borne by the predecessor trustee.
Appears in 3 contracts
Sources: Trust Agreement (Greenpoint Mortgage Funding Trust 2007-Ar2), Trust Agreement (Greenpoint Mortgage Funding Trust 2007-Ar1), Trust Agreement (GreenPoint Mortgage Funding Trust 2007-Ar3)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 8.07 shall execute, acknowledge and deliver to the Depositor, the Master Servicer, the Special Servicer and to its the predecessor trustee an instrument accepting such appointment hereunder, hereunder 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 its predecessor hereunder, with the like effect as if originally named as trustee herein. The predecessor trustee shall deliver to the successor trustee (at the expense of the Certificateholders that effected the removal, if the Trustee has been removed in accordance with Section 8.07(c) without cause or assign if such expenses are not paid by such Certificateholders within ninety (90) days after they are incurred, at the expense of the Trust, provided that such Certificateholders shall remain liable to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunderTrust for such expenses) all Mortgage Files and related documents and statements related to each Mortgage Files held by it hereunderhereunder (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), and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In additionDepositor, the Master Servicer, the Special Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations, and to enable the successor trustee to perform its obligations hereunder.
(b) No successor trustee shall accept appointment as provided in this Section 8.08, unless at the time of such appointment acceptance such successor trustee shall be eligible under the provisions of Section 6.058.06.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this SectionSection 8.08, the Master Servicer such successor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register Depositor, the Master Servicer, the Special Servicer, the Certificateholders and to the Rating Agencies. The expenses of such mailing shall be borne by the predecessor trusteeServiced Non-Trust Mortgage Loan Noteholders.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2004-C6), Pooling and Servicing Agreement (Structured Asset Sec Corp Ii Lb-Ubs Comm Mort Trust 2004-C4), Pooling and Servicing Agreement (Structured Asset Sec Corp Lb-Ubs Comm Mort Trust 2004-C2)
Successor Trustee. (a) Any successor trustee Trustee appointed as provided in Section 6.06 7.6 shall execute, acknowledge and deliver to the Depositor, the Master Servicer Depositor and to its predecessor trustee Trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee Trustee, shall become effective and such successor trustee, Trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee Trustee herein. The predecessor trustee Trustee shall deliver (at such predecessor's own expense) to the successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each the Mortgage Files held by it hereunder, and the predecessor Trustee shall duly assign, transfer, deliver and pay over (at such predecessor's own expense) to the successor trustee Trustee, the entire Trust FundTrust, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record transfer. The predecessor Trustee shall also deliver all records or copies thereof maintained by the predecessor trustee Trustee in the administration hereof as may be reasonably requested by the successor trustee Trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer Depositor and the predecessor trustee, Trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee Trustee all such rights, powers, duties and obligations.
(b) No successor trustee . Anything herein to the contrary notwithstanding, in no event shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance by combined fees payable to a successor trustee of appointment as provided in this Section, Trustee exceed the Master Servicer shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the Rating Agencies. The expenses of such mailing shall be borne by the predecessor trusteeTrustee Fee.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005 HQ5), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005 HQ5), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005 HQ5)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Swap Counterparty, the Cap Counterparty, the Master Servicer and any NIMS Insurer and to its predecessor trustee (i) an instrument accepting such appointment hereunderhereunder and (ii) if such successor trustee is appointed at any time during the period that a Form 10-K is being filed with respect to the Trust in accordance with the Exchange Act and the rules and regulations of the Commission, the certification required pursuant to the first sentence of Section 6.01(k) indicating which Servicing Criteria are applicable to such successor trustee, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein. The predecessor trustee (or its custodian) shall deliver to the successor trustee (or assign to the Trustee its interest under the each Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer predecessor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses of such mailing shall be borne by the predecessor trustee.
(d) Upon the resignation or removal of the Trustee pursuant to this Section 6.07, the Trustee shall deliver the amounts held in its possession for the benefit of the Certificateholders to the successor trustee upon the appointment of such successor trustee.
Appears in 3 contracts
Sources: Trust Agreement (Lehman XS Trust 2006-20), Trust Agreement (LXS 2007-8h), Trust Agreement (Lehman XS Trust 2007-11)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 8.07 shall execute, acknowledge and deliver to the Depositor, the Master Servicer NIMS Insurer, the Certificate Insurer and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, trustee 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 herein. The predecessor trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and related documents and statements related to each Mortgage Files statements, as well as all moneys, held by it hereunder (other than any Mortgage Files at the time held by a Custodian, which Custodian shall become the agent of any successor trustee hereunder), and shall duly assign, transfer, deliver the Depositor and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, shall execute and deliver such other instruments and do such other things as may reasonably be required to for more fully and certainly vest vesting and confirm confirming in the successor trustee all such rights, powers, duties and obligations.
(b) . No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment acceptance such successor trustee shall be eligible under the provisions of Section 6.05.
8.06 and the appointment of such successor trustee shall not result in a downgrading of any Class of Certificates (cwithout regard to the Certificate Insurance Policy) by either Rating Agency, as evidenced by a letter from each Rating Agency. Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer Depositor shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and Register. If the Depositor fails to the Rating Agencies. The expenses mail such notice within 10 days after acceptance of such mailing shall be borne appointment by the predecessor successor trustee, the successor trustee shall cause such notice to be mailed at the expense of the Depositor.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Argent Securities Asset Bcked Pass Through Certs Ser 2004-W4), Pooling and Servicing Agreement (Argent Securities Inc Asset Back Pass THR Certs Ser 2004 W3), Pooling and Servicing Agreement (Ameriquest Mortgage Securities Inc Asset-Backed Pass-Through Certificates Series 2004-R6)
Successor Trustee. (a) Any successor trustee Trustee appointed as provided in Section 6.06 11.08 shall execute, acknowledge and deliver to the DepositorServicer, the Master Servicer Company and to its predecessor trustee Trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee 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 its predecessor hereunder, with like effect as if originally named as trustee hereinTrustee. The predecessor trustee Trustee shall deliver or cause to be delivered to the successor trustee (or assign to Trustee the Trustee its interest under Contracts and the Custodial Agreement, to the extent permitted thereunder) all Mortgage Contract Files and any related documents and statements related to each Mortgage Files held by it hereunder; and, if the Contracts are then held by a Custodian pursuant to a custodial agreement, the predecessor Trustee and the Custodian shall duly assign, transfer, deliver and pay over amend such custodial agreement to make the successor Trustee the successor to the successor trustee predecessor Trustee thereunder; and the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In additionServicer, the Master Servicer Company and the predecessor trustee, Trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more for fully and certainly vest vesting and confirm confirming in the successor trustee Trustee all such rights, powers, duties and obligations.
. If the predecessor Trustee is then the lender of record for purposes of FHA Insurance (b) due to an Event of Termination), the predecessor Trustee shall submit a report to FHA describing the transfer of the FHA-Insured Contracts without recourse, in such form as is then required under FHA Regulations to cause HUD to transfer to the successor Trustee the FHA insurance reserves applicable to the FHA-Insured Contracts. No successor trustee Trustee shall accept appointment as provided in this Section 11.09 unless at the time of such appointment acceptance such successor trustee Trustee shall be eligible under the provisions of Section 6.05.
(c) 11.07. Upon acceptance of appointment by a successor trustee of appointment ▇▇▇▇▇▇▇ as provided in this SectionSection 11.09, the Master Servicer shall mail cause notice of the succession of such trustee Trustee hereunder to all Holders of Certificates be mailed to S&P, to Fitch and to each Certificateholder and the Class C Certificateholder at their addresses as shown in the Certificate Register and Register. If the Servicer fails to the Rating Agencies. The expenses mail such notice within ten days after acceptance of such mailing shall be borne appointment by the predecessor trusteesuccessor Trustee, the successor Trustee shall cause such notice to be mailed at the expense of the Servicer.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Green Tree Financial Corp), Pooling and Servicing Agreement (Green Tree Financial Corp), Pooling and Servicing Agreement (Green Tree Financial Corp)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Master Servicer Servicer, any NIMS Insurer and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein. The A predecessor trustee shall deliver to the Trustee or any successor trustee (or assign to the Trustee its interest under the each Custodial Agreement, to the extent permitted thereunder) ), all Mortgage Files and documents and statements related to each Mortgage Files File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer predecessor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses of such mailing shall be borne by the predecessor trustee.
Appears in 3 contracts
Sources: Trust Agreement (Structured Asset Inv Loan Tr Mort Pass-THR Cert Ser 2004-1), Trust Agreement (Structured Asset Securities Corp Mor Pas THR Ce Se 2003-Bc12), Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003 39ex)
Successor Trustee. (a) Any successor trustee Successor Trustee appointed as provided in pursuant to Section 6.06 10.2 shall execute, acknowledge and deliver to the Depositorremaining Trustees, if any, to the Master Servicer Certificateholder and to its predecessor trustee (solely for purposes of this Section 10.3, the "Predecessor Trustee") an instrument accepting such appointment hereunderunder this Agreement and, if the Successor Trustee is the Trust Eligible Lender Trustee, an eligible lender trust agreement between itself and the Co-Owner Trustee, and thereupon the resignation or removal of the predecessor trustee Predecessor Trustee shall become effective and such successor trusteeSuccessor Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties duties, and obligations of its predecessor hereunderPredecessor Trustee under this Agreement, with like effect as if originally named as trustee hereinOwner Trustee, Co-Owner Trustee or Trust Eligible Lender Trustee, as applicable. The predecessor trustee Predecessor Trustee shall deliver to the successor trustee (or assign to the Successor Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files and moneys, if any, held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition; and the Certificateholder, the Master Servicer remaining Trustee and the predecessor trustee, Predecessor Trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more for fully and certainly vest vesting and confirm confirming in the successor trustee Successor Trustee all such rights, powers, duties and obligations.
(b) No successor trustee Successor Trustee shall accept appointment as provided in this Section unless at the time of such appointment acceptance such successor trustee Successor Trustee shall be eligible under to become the provisions of Owner Trustee, the Co-Owner Trustee or the Trust Eligible Lender Trustee, as applicable, pursuant to Section 6.0510.1.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in Successor Trustee pursuant to this Section, the Master Servicer Certificateholder shall give notice by first class mail notice of the succession name and address and telecopy number of such trustee hereunder the Successor Trustee to all Holders of Certificates at their addresses as shown in the Certificate Register Indenture Trustee, the Noteholders and to the Rating Agencies. The expenses If the Certificateholder shall fail to mail such notice within 10 days after acceptance of such mailing shall be borne appointment by the predecessor trusteeSuccessor Trustee, the Successor Trustee shall cause such notice to be mailed at the expense of the Certificateholder.
Appears in 3 contracts
Sources: Trust Agreement (Education Capital I LLC), Trust Agreement (Education Capital I LLC), Trust Agreement (Education Funding Capital Trust I)
Successor Trustee. (a) Any successor trustee Owner Trustee or Delaware Trustee appointed as provided in pursuant to Section 6.06 10.2 shall execute, acknowledge and deliver to the DepositorIndenture Trustee, the Master Servicer Insurer and to its predecessor trustee an instrument accepting such appointment hereunderunder this Agreement, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trusteetrustee (if acceptable to the Insurer), without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties duties, and obligations of its predecessor hereunderunder this Agreement, with like effect as if originally named as trustee hereinOwner Trustee or Delaware Trustee, as the case may be. The predecessor trustee Owner Trustee or Delaware Trustee shall upon payment of its fees and expenses deliver to the successor trustee (Owner Trustee or assign to Delaware Trustee, as the Trustee its interest under the Custodial Agreementcase may be, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files and monies held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, ; and the Master Servicer Indenture Trustee and the predecessor trusteeOwner Trustee or Delaware Trustee, as the case may be, shall execute and deliver such other instruments and do such other things as may reasonably be required to more for fully and certainly vest vesting and confirm confirming in the successor trustee Owner Trustee or Delaware Trustee, as the case may be, all such rights, powers, duties duties, and obligations.
(b) . No successor trustee Owner Trustee or Delaware Trustee shall accept appointment as provided in this Section 10.3 unless at the time of such appointment acceptance such successor trustee Owner Trustee or Delaware Trustee, as the case may be, shall be eligible under the provisions of pursuant to Section 6.05.
(c) 10.1 above. Upon acceptance of appointment by a successor trustee of appointment Owner Trustee or Delaware Trustee, as provided in the case may be, pursuant to this SectionSection 10.3, the Master Servicer Indenture Trustee shall mail notice of the succession successor of such trustee hereunder Owner Trustee or Delaware Trustee to all Holders of Certificates at their addresses as shown in the Certificate Register Transferor, the Noteholders, the Insurer and to the Rating Agencies. The expenses If the Indenture Trustee fails to mail such notice within 10 days after acceptance of such mailing shall be borne appointment by the predecessor trusteesuccessor Owner Trustee or Delaware Trustee, as the case may be, the successor Owner Trustee or Delaware Trustee shall cause such notice to be mailed at the expense of the Indenture Trustee. Any successor Delaware Trustee shall promptly file a certificate of amendment identifying the name and principal plan of business of the Delaware Trustee in the State of Delaware.
Appears in 3 contracts
Sources: Trust Agreement (HFC Revolving Corp Household Home Equity Loan Trust 2002-2), Trust Agreement (HFC Revolving Corp Household Home Equity Loan Trust 2002 4), Trust Agreement (HFC Revolving Corp Household Home Equity Loan Trust 2002-3)
Successor Trustee. (a) Any Every successor trustee Trustee appointed as provided in Section 6.06 hereunder shall execute, acknowledge and deliver to its predecessor, and also to the DepositorAuthority and the Company, the Master Servicer and to its predecessor trustee an instrument in writing accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trusteeTrustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powersimmunities, powers and trusts and subject to all the duties and obligations obligations, of its predecessor; but such predecessor shall, nevertheless, on written request of its successor or of the Authority and upon payment of expenses, charges and other disbursements of such predecessor which are payable pursuant to the provisions of Sections 11.02 and 11.06, execute and deliver an instrument transferring to such successor Trustee all the rights, immunities, powers and trusts of such predecessor hereunder, with like effect as if originally named as trustee herein. The ; and every predecessor trustee Trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) all Mortgage Files property and documents and statements related to each Mortgage Files monies held by it hereunderhereunder to its successor, subject, nevertheless, to its first lien and preference provided for in Sections 11.02 and 11.06. Should any instrument in writing from the Authority be required by any successor Trustee for more fully vesting in such Trustee the rights, immunities, powers and trusts hereby vested or intended to be vested in the predecessor Trustee, any such instrument in writing shall duly assignand will, transferon request, deliver be executed, acknowledged and pay over delivered by the Authority. Notwithstanding any of the foregoing provisions of this Article, any bank or trust company having power to perform the duties and execute the trusts of this Indenture and otherwise qualified to act as Trustee hereunder with or into which the bank or trust company acting as Trustee may be converted, merged or consolidated, or to which the corporate trust business assets as a whole or substantially as a whole of such bank or trust company may be sold, shall be deemed the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligationsTrustee.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance by a successor trustee of appointment as provided in this Section, the Master Servicer shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the Rating Agencies. The expenses of such mailing shall be borne by the predecessor trustee.
Appears in 3 contracts
Sources: Trust Indenture (Consolidated Edison Inc), Trust Indenture (Consolidated Edison Inc), Trust Indenture (Consolidated Edison Co of New York Inc)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Master Servicer Servicer, the NIMS Insurer and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein. The predecessor trustee shall deliver to the successor trustee (or assign to the successor Trustee its interest under the each Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment trustee, as provided in this Section, the Master Servicer successor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses of such mailing shall be borne by the predecessor trusteeMaster Servicer.
Appears in 3 contracts
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2003-Bc2), Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2003 Bc1), Trust Agreement (Structured Asset Sec Corp Mort Pas THR Certs Series 2003 Bc3)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 6.08 hereof shall be a bank, trust company or other fiduciary authorized to administer trusts, subject to regulation or supervision by federal or state authority and having a combined capital and surplus of at least $50,000,000. Any such successor trustee shall execute, acknowledge and deliver to the Depositor, the Master Servicer Depositor and to its predecessor trustee Trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee 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 its predecessor hereunder, with like effect as if originally named as trustee Trustee herein. The predecessor trustee Trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files held by it hereunder, and shall duly assign, transfer, deliver and pay over transfer to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee Mortgage Certificates and shall thereupon be discharged from turn over all duties related documents and responsibilities under this Agreementstatements held hereunder. In addition, the Master Servicer and predecessor Trustee and, upon request of the predecessor successor trustee, the Depositor shall execute and deliver such other instruments and do such other things as may reasonably be required to for more fully and certainly vest vesting and confirm confirming in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in , subject, however, to the payment of all amounts due the predecessor Trustee under this Section unless at Trust Agreement. In the time of such appointment such event that ▇▇▇▇▇ Fargo Bank, N.A. is no longer the Trustee, the successor trustee shall be eligible entitled to receive as compensation for its respective activities under this Agreement a monthly fee to be negotiated with the provisions Depositor and paid to such successor trustee from funds on deposit in the Certificate Account as an Extraordinary Trust Expense. The Depositor shall notify the Rating Agency of Section 6.05.
(c) the amount of such negotiated monthly fee. The predecessor Trustee and successor Trustee shall notify the Depositor of any such appointment at least two Business Days prior to the effective date thereof and shall provide the Depositor with all information required by the Depositor to comply with its reporting obligation under Item 6.02 of Form 8-K not later than the effective date of such appointment. Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer Depositor shall mail notice of the succession of such trustee Trustee hereunder to the Rating Agency and to all Holders of Certificates at their addresses as shown in the Certificate Register and Register. If the Depositor fails to mail such notice within 10 days after acceptance of appointment by the Rating Agenciessuccessor trustee, the successor trustee shall cause such notice to be mailed at the expense of the Depositor. The expenses of such mailing No Trustee hereunder shall be borne personally liable hereunder by the reason of any act or failure to act of any predecessor trusteeor successor trustee hereunder.
Appears in 3 contracts
Sources: Trust Agreement (Banc of America Funding Corp), Trust Agreement (Banc of America Funding 2008-R3 Trust), Trust Agreement (Banc of America Funding 2008-R3 Trust)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, Depositor and the Master Servicer and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein. The predecessor trustee (or its custodian) shall deliver to the successor trustee (or assign to the Trustee its interest under the each Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer predecessor trustee shall mail notice of the succession of such trustee hereunder to the Certificate Insurer and to all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses of such mailing shall be borne by the predecessor trusteeMaster Servicer.
Appears in 3 contracts
Sources: Trust Agreement (Structured Asset Securities Corp Mort Pas THR Cert Se 04 4xs), Trust Agreement (Mortgage Pass-Through Certificates Ser 2003-18xs), Trust Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 28xs)
Successor Trustee. (a) Any successor trustee Owner Trustee or Delaware Trustee appointed as provided in pursuant to Section 6.06 10.2 shall execute, acknowledge and deliver to the Depositor, the Master Servicer Indenture Trustee and to its predecessor trustee an instrument accepting such appointment hereunderunder 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 duties, and obligations of its predecessor hereunderunder this Agreement, with like effect as if originally named as trustee hereinOwner Trustee or Delaware Trustee, as the case may be. The predecessor trustee Owner Trustee or Delaware Trustee shall upon payment of its fees and expenses deliver to the successor trustee (Owner Trustee or assign to Delaware Trustee, as the Trustee its interest under the Custodial Agreementcase may be, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files and monies held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, ; and the Master Servicer Indenture Trustee and the predecessor trusteeOwner Trustee or Delaware Trustee, as the case may be, shall execute and deliver such other instruments and do such other things as may reasonably be required to more for fully and certainly vest vesting and confirm confirming in the successor trustee Owner Trustee or Delaware Trustee, as the case may be, all such rights, powers, duties duties, and obligations.
(b) . No successor trustee Owner Trustee or Delaware Trustee shall accept appointment as provided in this Section 10.3 unless at the time of such appointment acceptance such successor trustee Owner Trustee or Delaware Trustee, as the case may be, shall be eligible under the provisions of pursuant to Section 6.05.
(c) 10.1 above. Upon acceptance of appointment by a successor trustee of appointment Owner Trustee or Delaware Trustee, as provided in the case may be, pursuant to this SectionSection 10.3, the Master Servicer Indenture Trustee shall mail notice of the succession successor of such trustee hereunder Owner Trustee or Delaware Trustee to all Holders of Certificates at their addresses as shown in the Certificate Register Administrator, the Transferor, the Noteholders and to the Rating Agencies. The expenses If the Indenture Trustee fails to mail such notice within 10 days after acceptance of such mailing shall be borne appointment by the predecessor trusteesuccessor Owner Trustee or Delaware Trustee, as the case may be, the successor Owner Trustee or Delaware Trustee shall cause such notice to be mailed at the expense of the Indenture Trustee. Any successor Delaware Trustee shall promptly file a certificate of amendment identifying the name and principal plan of business of the Delaware Trustee in the State of Delaware.
Appears in 2 contracts
Sources: Trust Agreement (HSBC Home Equity Loan Trust 2005-2), Trust Agreement (HFC Revolving Corp Household Home Equity Loan Trust 2004-1)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Master Servicer Servicer, any NIMS Insurer, the Swap Counterparty and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee 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 its predecessor hereunder, with like effect as if originally named as trustee herein. The A predecessor trustee (or its custodian) shall deliver to the Trustee or any successor trustee (or assign to the Trustee its interest under the any Custodial Agreement, to the extent permitted thereunder) ), all Mortgage Files and documents and statements related to each Mortgage Files File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section 6.07 unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this SectionSection 6.07, the Master Servicer predecessor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses of such mailing shall be borne by the predecessor trustee.
(d) Upon the resignation or removal of the Trustee pursuant to this Section 6.07, the Trustee shall deliver the amounts held in its possession for the benefit of the Certificateholders to the successor trustee upon the appointment of the successor trustee.
Appears in 2 contracts
Sources: Trust Agreement (Structured Asset Securities CORP 2007-Bc1), Trust Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Bc2)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 8.07 shall execute, acknowledge and deliver to the Depositor, the Master Servicer Company and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor 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 its predecessor hereunder, with the like effect as if originally named as trustee herein. The predecessor trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the all Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and related documents and statements related to each Mortgage Files held by it hereunder (other than any Custodial Files at the time held by a Custodian, which shall become the agent of any successor trustee hereunder), and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In additionCompany, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to for more fully and certainly vest vesting and confirm confirming in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment acceptance such successor trustee shall be eligible under the provisions of Section 6.058.06.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer Company shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and Register. If the Company fails to mail such notice within 10 days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be mailed at the expense of the Company.
Section 8.09. Merger or Consolidation of Trustee. Any corporation or national banking association into which the Trustee may be merged or converted or with which it may be consolidated or any corporation or national banking association resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation or national banking association succeeding to the Rating Agenciesbusiness of the Trustee, shall be the successor of the Trustee hereunder, provided such corporation or national banking association shall be eligible under the provisions of Section 8.06, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. The expenses Trustee shall mail notice of any such mailing shall be borne by merger or consolidation to the predecessor trusteeCertificateholders at their address as shown in the Certificate Register.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (RFMSI Series 2007-S1 Trust), Series Supplement (RALI Series 2006-Qh1 Trust)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Master Servicer and any NIMS Insurer, the Swap Counterparty and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein. The predecessor trustee (or its custodian) shall deliver to the successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer predecessor trustee shall mail notice of the succession of such trustee hereunder to the Certificate Insurer and all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses of such mailing shall be borne by the predecessor trustee.
Appears in 2 contracts
Sources: Trust Agreement (Lehman XS Trust Series 2007-15n), Trust Agreement (Lehman XS Trust Series 2007-16n)
Successor Trustee. (a) Any successor trustee Trustee appointed as provided in Section 6.06 11.08 shall execute, acknowledge and deliver to the DepositorServicer, the Master Servicer Company and to its predecessor trustee Trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee Trustee shall become effective and such successor trusteeTrustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee hereinTrustee. The predecessor trustee Trustee shall deliver or cause to be delivered to the successor trustee (or assign to Trustee the Trustee its interest under Contracts and the Custodial Agreement, to the extent permitted thereunder) all Mortgage Contract Files and any related documents and statements related to each Mortgage Files held by it hereunder; and, if the Contracts are then held by a Custodian pursuant to a custodial agreement, the predecessor Trustee and the Custodian shall duly assign, transfer, deliver and pay over amend such custodial agreement to make the successor Trustee the successor to the successor trustee predecessor Trustee thereunder; and the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In additionServicer, the Master Servicer Company and the predecessor trustee, Trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more for fully and certainly vest vesting and confirm confirming in the successor trustee Trustee all such rights, powers, duties and obligations.
. If the predecessor Trustee is then the lender of record for purposes of FHA Insurance (b) due to an Event of Termination), the predecessor Trustee shall submit a report to FHA describing the transfer of the FHA-Insured Contracts without recourse, in such form as is then required under FHA Regulations to cause HUD to transfer to the successor Trustee the FHA insurance reserves applicable to the FHA-Insured Contracts. No successor trustee Trustee shall accept appointment as provided in this Section 11.09 unless at the time of such appointment acceptance such successor trustee Trustee shall be eligible under the provisions of Section 6.05.
(c) 11.07. Upon acceptance of appointment by a successor trustee of appointment ▇▇▇▇▇▇▇ as provided in this SectionSection 11.09, the Master Servicer shall mail cause notice of the succession of such trustee Trustee hereunder to all Holders of Certificates be mailed to S&P, to Fitch and to each Certificateholder and the Class C Certificateholder at their addresses as shown in the Certificate Register and Register. If the Servicer fails to the Rating Agencies. The expenses mail such notice within ten days after acceptance of such mailing shall be borne appointment by the predecessor trusteesuccessor Trustee, the successor Trustee shall cause such notice to be mailed at the expense of the Servicer.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Green Tree Financial Corp), Pooling and Servicing Agreement (Green Tree Financial Corp)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 8.07 shall execute, acknowledge and deliver to the Depositor, the Master Servicer, the Special Servicer and to its the predecessor trustee an instrument accepting such appointment hereunder, hereunder 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 its predecessor hereunder, with the like effect as if originally named as trustee herein. The predecessor trustee shall deliver to the successor trustee (at the expense of the Certificateholders that effected the removal, if the Trustee has been removed in accordance with Section 8.07(c) without cause or assign if such expenses are not paid by such Certificateholders within 90 days after they are incurred, at the expense of the Trust, provided that such Certificateholders shall remain liable to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunderTrust for such expenses) all Mortgage Files and related documents and statements related to each Mortgage Files held by it hereunderhereunder (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), and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In additionDepositor, the Master Servicer, the Special Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations, and to enable the successor trustee to perform its obligations hereunder.
(b) No successor trustee shall accept appointment as provided in this Section 8.08, unless at the time of such appointment acceptance such successor trustee shall be eligible under the provisions of Section 6.058.06.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this SectionSection 8.08, the Master Servicer such successor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register Depositor, the Master Servicer, the Special Servicer, the Certificateholders and to the Rating Agencies. The expenses of such mailing shall be borne by the predecessor trusteeNon-Trust Mortgage Loan Noteholders.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2005-C3), Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2005-C1)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 11.7 hereof shall execute, acknowledge and deliver to the DepositorSeller, the Master Servicer Servicer, each Purchaser Representative and to its predecessor trustee Trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee 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 its predecessor hereunder, with the like effect as if originally named as trustee Trustee herein. The predecessor trustee Trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer Seller and the predecessor trustee, Trustee shall execute and deliver such other instruments requested by any Purchaser Representative or otherwise required or contemplated hereunder or under any Supplement or Receivables Purchase Agreement and do such other things as may reasonably be required to more for fully and certainly vest vesting and confirm confirming in the successor trustee all such rights, powers, duties and obligations. Thereupon the resignation or removal of the predecessor Trustee shall become effective and such successor trustee, without any further act, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder and under each Supplement and Receivables Purchase Agreement, with like effect as if originally named as Trustee herein and therein.
(b) No successor trustee shall accept appointment as provided in this Section 11.8 unless at the time of such appointment acceptance such successor trustee shall be eligible under the provisions of Section 6.0511.6 hereof.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this SectionSection 11.8, the Master Servicer such successor trustee shall mail notice of the such succession of such trustee hereunder to each Purchaser Representative, Rating Agency and Enhancement Provider and to all Holders of Certificates Investor Certificateholders at their addresses as shown in the Certificate Register and to the Rating Agencies. The expenses of such mailing shall be borne by the predecessor trusteeRegister.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Alliance Data Systems Corp), Pooling and Servicing Agreement (Charming Shoppes Receivables Corp)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 8.07 shall execute, acknowledge and deliver to the Depositor, the Master Servicer Certificate Insurer, the NIMS Insurer and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, trustee 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 herein. The predecessor trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and related documents and statements related to each Mortgage Files statements, as well as all moneys, held by it hereunder (other than any Mortgage Files at the time held by a Custodian, which Custodian shall become the agent of any successor trustee hereunder), and shall duly assign, transfer, deliver the Depositor and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, shall execute and deliver such other instruments and do such other things as may reasonably be required to for more fully and certainly vest vesting and confirm confirming in the successor trustee all such rights, powers, duties and obligations.
(b) . No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment acceptance such successor trustee shall be eligible under the provisions of Section 6.05.
8.06 and the appointment of such successor trustee shall not result in a downgrading of any Class of Certificates (cwithout regard to the Policy) by either Rating Agency, as evidenced by a letter from each Rating Agency. Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer Depositor shall mail notice of the succession of such trustee hereunder to the Certificate Insurer and all Holders of Certificates at their addresses as shown in the Certificate Register and Register. If the Depositor fails to the Rating Agencies. The expenses mail such notice within 10 days after acceptance of such mailing shall be borne appointment by the predecessor successor trustee, the successor trustee shall cause such notice to be mailed at the expense of the Depositor.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Argent Securities Inc Asset-Backed Pass-Through Certificates, Series 2004-W10), Pooling and Servicing Agreement (Argent Securities Inc Asset-Backed Pass-Through Certificates, Series 2004-W11)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Master Servicer and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein. The A predecessor trustee shall deliver to the Trustee or any successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) ), all Mortgage Files and documents and statements related to each Mortgage Files File held by it hereunder, and shall duly assign, transfer, transfer and deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer predecessor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses of such mailing shall be borne by the predecessor trustee.
(d) Upon the resignation or removal of the Trustee pursuant to this Section 6.06, the Trustee shall deliver the amounts held in its possession for the benefit of the Certificateholders to the successor trustee upon the appointment of the successor trustee.
Appears in 2 contracts
Sources: Trust Agreement (Lehman Mortgage Trust 2008-2), Trust Agreement (Lehman Mortgage Trust 2008-6)
Successor Trustee. 5.1 On not less than thirty (a30) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver days prior written notice from Trustee to the DepositorSETTLOR, the Master Servicer and to its predecessor trustee an instrument accepting such appointment Trustee may resign as Trustee hereunder, and thereupon on not less than thirty (30) days prior written notice by SETTLOR to Trustee, Trustee may be removed as Trustee hereunder at any time, with or without cause. In case of the resignation or removal of the predecessor trustee Trustee, a successor Trustee shall become effective be appointed by SETTLOR by written instrument appointing and designating such successor trusteeTrustee. A copy of any such instrument shall be delivered to the successor and former Trustees. Any successor Trustee appointed hereunder shall execute and deliver to SETTLOR an instrument accepting such appointment, and thereupon such successor Trustee shall without any further act, act or deed or conveyance, shall forthwith become fully vested with all the estate and title of Trustee in and to all of the trust property and shall thereupon succeed to all the rights, interests, powers, privileges, remedies, immunities, and duties hereby conferred upon Trustee; but the Trustee so resigning or removed shall at the request of SETTLOR or of the successor Trustee, and obligations upon payment of its predecessor hereunderthe charges and disbursements of the Trustee so resigning or removed then unpaid, with like effect as if originally named as trustee herein. The predecessor trustee shall execute and deliver to such successor Trustee all such instruments of assignment and transfer and other instruments as may be reasonably required for full vesting in such successor all the successor trustee (or assign to Trustee's estate, right, title, and interest in the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files held by it hereundertrust property, and shall duly assign, transfer, deliver and pay over and deliver to such successor Trustee all monies, securities, and other property then in its possession hereunder. One such appointment of a successor Trustee shall not exhaust the right to appoint a successor trustee Trustee hereunder but such right may be exercised from time to time. Any corporation into which the entire Trust FundTrustee acting hereunder may at any time be merged, together with all necessary instruments of transfer and assignment or other documents properly executed necessary which may at any time be formed by any consolidation to effect which Trustee shall be a party, shall succeed to such transfer trusteeship and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rightsduties, powers, duties authorities and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at rights hereunder without the time execution or filing of such appointment such successor trustee shall be eligible under any instrument or any further agreement on the provisions part of Section 6.05.
(c) Upon acceptance by a successor trustee of appointment as provided in this Section, the Master Servicer shall mail notice any of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and parties hereto, anything herein contained to the Rating Agencies. The expenses of such mailing shall be borne by the predecessor trusteecontrary notwithstanding.
Appears in 2 contracts
Sources: Merchandise Trust Agreement, Merchandise Trust Agreement
Successor Trustee. (a) Any successor trustee Owner Trustee or Delaware Trustee appointed as provided in pursuant to Section 6.06 10.2 shall execute, acknowledge and deliver to the Depositor, the Master Servicer Indenture Trustee and to its predecessor trustee an instrument accepting such appointment hereunderunder 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 duties, and obligations of its predecessor hereunderunder this Agreement, with like effect as if originally named as trustee hereinOwner Trustee or Delaware Trustee, as the case may be. The predecessor trustee Owner Trustee or Delaware Trustee shall upon payment of its fees and expenses deliver to the successor trustee (Owner Trustee or assign to Delaware Trustee, as the Trustee its interest under the Custodial Agreementcase may be, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files and monies held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, ; and the Master Servicer Indenture Trustee and the predecessor trusteeOwner Trustee or Delaware Trustee, as the case may be, shall execute and deliver such other instruments and do such other things as may reasonably be required to more for fully and certainly vest vesting and confirm confirming in the successor trustee Owner Trustee or Delaware Trustee, as the case may be, all such rights, powers, duties duties, and obligations.
(b) . No successor trustee Owner Trustee or Delaware Trustee shall accept appointment as provided in this Section 10.3 unless at the time of such appointment acceptance such successor trustee Owner Trustee or Delaware Trustee, as the case may be, shall be eligible under the provisions of pursuant to Section 6.05.
(c) 10.1 above. Upon acceptance of appointment by a successor trustee of appointment Owner Trustee or Delaware Trustee, as provided in the case may be, pursuant to this SectionSection 10.3, the Master Servicer Indenture Trustee shall mail notice of the succession successor of such trustee hereunder Owner Trustee or Delaware Trustee to all Holders of Certificates at their addresses as shown in the Certificate Register Transferor, the Noteholders and to the Rating Agencies. The expenses If the Indenture Trustee fails to mail such notice within 10 days after acceptance of such mailing shall be borne appointment by the predecessor trusteesuccessor Owner Trustee or Delaware Trustee, as the case may be, the successor Owner Trustee or Delaware Trustee shall cause such notice to be mailed at the expense of the Indenture Trustee. Any successor Delaware Trustee shall promptly file a certificate of amendment identifying the name and principal plan of business of the Delaware Trustee in the State of Delaware.
Appears in 2 contracts
Sources: Trust Agreement (HFC Revolving Corp Household Home Equity Ln Tr 2003 1), Trust Agreement (HFC Revolving Corp Household Home Equity Loan Trust 2003 2)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Group 1 Swap Counterparty, the Group 1 Cap Counterparty, the Balance Guaranteed Cap Counterparty, the Group 2 Cap Counterparty, the Master Servicer Servicer, the Certificate Insurer and any NIMS Insurer and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein. The predecessor trustee (or its custodian) shall deliver to the Trustee or any successor trustee (or assign to the Trustee its interest under the each Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this SectionSection 6.07, the Master Servicer predecessor trustee shall mail notice of the succession of such trustee hereunder to the Certificate Insurer and all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses of such mailing shall be borne by the predecessor trustee.
(d) Upon the resignation or removal of the Trustee pursuant to this Section 6.07, the Trustee shall deliver the amounts held in its possession for the benefit of the Certificateholders and the Certificate Insurer to the successor trustee upon the appointment of such successor trustee.
Appears in 2 contracts
Sources: Trust Agreement (Lehman XS Trust 2007-10h), Trust Agreement (Lehman XS Trust 2007-10h)
Successor Trustee. (a) Any Trustee may resign by an instrument in writing addressed to State Farm, or Trustee may be removed at any time with or without cause by an instrument in writing executed by State Farm. In case of the death, resignation, removal or disqualification of Trustee or if for any reason State Farm shall deem it desirable to appoint a substitute or successor trustee appointed as Trustee to act instead of the herein named Trustee or any substitute or successor Trustee, then State Farm shall have the right and is hereby authorized and empowered to appoint a successor Trustee, or a substitute Trustee, without formality other than appointment and designation in writing executed by State Farm and the authority hereby conferred shall extend to the appointment of other successor and substitute Trustees successively until the Indebtedness has been paid in full or until the Premises is sold hereunder. In the event the Indebtedness is owned by more than one person or entity, the holders of not less than a majority in the amount of such Indebtedness shall have the right and authority to make the appointment of a successor or substitute Trustee provided for in Section 6.06 the preceding sentence. Such appointment and designation by State Farm or by the holder or holders of not less than a majority of the Indebtedness shall executebe full evidence of the right and authority to make the same and of all facts therein recited. If of State Farm such appointment is executed on behalf of State Farm by an officer of State Farm, acknowledge such appointment shall be conclusively presumed to be executed with authority and shall be valid and sufficient without proof of any action by the board of directors or any superior officer of the association or corporation. Upon the making of any such appointment and designation, all of the estate and title of Trustee in the Premises shall vest in the named successor or substitute Trustee and he shall thereupon succeed to and shall hold, possess and execute all the rights, powers, privileges, immunities and duties herein conferred upon Trustee; but nevertheless, upon the written request of State Farm or of the successor or substitute Trustee, Trustee ceasing to act shall execute and deliver to the Depositor, the Master Servicer and to its predecessor trustee an instrument accepting transferring to such appointment hereunder, and thereupon the resignation successor or removal substitute Trustee all of the predecessor trustee shall become effective estate and such successor trustee, without any further title in the Premises of Trustee so ceasing to act, deed or conveyance, shall become fully vested together with all the rights, powers, privileges, immunities and duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein. The predecessor trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files held by it hereunderherein conferred upon Trustee, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such deliver any of the record properties and moneys held by said Trustee hereunder to said successor or copies thereof maintained by substitute Trustee. All references herein to Trustee shall be deemed to refer to Trustee (including any successor or substitute appointed and designated as herein provided) from time to time acting hereunder. Grantor hereby ratifies and confirms any and all acts which the predecessor trustee herein named Trustee or his successor or successors, substitute or substitutes, in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trusteetrust, shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligationslawfully by virtue hereof.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance by a successor trustee of appointment as provided in this Section, the Master Servicer shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the Rating Agencies. The expenses of such mailing shall be borne by the predecessor trustee.
Appears in 2 contracts
Sources: Deed of Trust and Security Agreement (Behringer Harvard Short Term Opportunity Fund I Lp), Deed of Trust and Security Agreement (Behringer Harvard Reit I Inc)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 8.07 shall execute, acknowledge and deliver to the Depositor, the Master Servicer, the Special Servicer and to its the predecessor trustee an instrument accepting such appointment hereunder, hereunder 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 its predecessor hereunder, with the like effect as if originally named as trustee herein. The predecessor trustee shall deliver to the successor trustee (at the expense of the Certificateholders that effected the removal, if the Trustee has been removed in accordance with Section 8.07(c) without cause or assign if such expenses are not paid by such Certificateholders within ninety (90) days after they are incurred, at the expense of the Trust, provided that such Certificateholders shall remain liable to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunderTrust for such expenses) all Mortgage Files and related documents and statements related to each Mortgage Files held by it hereunderhereunder (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), and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In additionDepositor, the Master Servicer, the Special Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations, and to enable the successor trustee to perform its obligations hereunder.
(b) No successor trustee shall accept appointment as provided in this Section 8.08, unless at the time of such appointment acceptance such successor trustee shall be eligible under the provisions of Section 6.058.06.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this SectionSection 8.08, the Master Servicer such successor trustee shall mail notice of the succession of such trustee hereunder to the Depositor, the Master Servicer, the Special Servicer and the Certificateholders and the Companion Loan Noteholders.
(d) Any and all Holders costs and expenses associated with transferring the duties of Certificates at their addresses a Trustee that has resigned or been removed or terminated, as shown in contemplated by Section 8.07, to a successor Trustee, including those associated with transfer of the Certificate Register Mortgage Files and to the Rating Agencies. The expenses of such mailing shall be borne other documents and statements held by the predecessor trusteeTrustee to the successor Trustee, as contemplated by Section 8.07(a), shall be paid by: (i) the predecessor Trustee, if such predecessor Trustee has resigned in accordance with Section 8.07(a) or has been removed in accordance with Sections 8.07(b); (ii) the Certificateholders that effected the removal, if the predecessor Trustee has been removed without cause in accordance with Section 8.07(c); and (iii) the Trust, if such costs and expenses are not paid by the predecessor Trustee or the subject Certificateholders, as contemplated by the immediately preceding clauses (i) and (ii), within ninety (90) days after they are incurred (provided that such predecessor Trustee or such subject Certificateholders, as applicable, shall remain liable to the Trust for such costs and expenses).
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (COBALT CMBS Commercial Mortgage Trust 2007-C2), Pooling and Servicing Agreement (COBALT CMBS Commercial Mortgage Trust 2007-C3)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 11.6 shall execute, acknowledge and deliver to the Depositor, the Master Servicer, the Servicer and to its predecessor trustee an instrument accepting such appointment hereunder, 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 its predecessor hereunder, with like effect as if originally named as trustee Trustee herein. The A predecessor trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the Custodial Agreementtrustee, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.0511.5.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer predecessor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses of such mailing shall be borne by the predecessor trustee.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (First NLC Securitization, Inc.), Pooling and Servicing Agreement (FBR Securitization, Inc.)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 8.07 shall execute, acknowledge and deliver to the Depositor, the Mortgage Loan Sellers, the Master Servicer Servicer, the Special Servicer, the REMIC Administrator and to its predecessor trustee an instrument accepting such appointment hereunder, 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 its predecessor hereunder, with the like effect as if originally named as trustee herein. The predecessor trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and related documents and statements related to each Mortgage Files held by it hereunderhereunder (other than any Mortgage Files and related documents and statements at the time held on its behalf by a Custodian, which Custodian shall become the agent of the successor trustee), and shall duly assignthe Depositor, transferthe Mortgage Loan Sellers, deliver the Master Servicer, the Special Servicer, the REMIC Administrator and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations, and to enable the successor trustee to perform its obligations hereunder. If such predecessor trustee was removed as Trustee under this Agreement without cause, the cost of any such execution, delivery or action shall be at the expense of the Trust.
(b) No successor trustee shall accept appointment as provided in this Section 8.08 unless at the time of such appointment acceptance such successor trustee shall be eligible under the provisions of Section 6.058.06.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this SectionSection 8.08, the Master Servicer successor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register Depositor and to the Rating Agencies. The expenses of such mailing shall be borne by the predecessor trusteeCertificateholders.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Commercial Mortgage Pass-Through Certificate Series 2000-1), Pooling and Servicing Agreement (Banc of Amercia Com Mort Pas Thru Cer Series 2000-2)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Master Servicer and to its predecessor trustee an instrument accepting such appointment hereunder, 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 its predecessor hereunder, with like effect as if originally named as trustee hereintrustee. The predecessor trustee (or its custodian) shall deliver to the successor trustee (or assign to the Trustee successor trustee its interest under the each Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee Trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, Trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer shall mail notice of the succession of such trustee hereunder Trustee and to all Holders of Certificates at their addresses as shown in the Certificate Register and to the Rating Agencies. The expenses of such mailing shall be borne by the predecessor trusteeMaster Servicer.
Appears in 2 contracts
Sources: Trust Agreement (Structured Asset Securities Corp Mort Pas THR Cert Se 03 2a), Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-9a)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Master Servicer Depositor and to its predecessor trustee an instrument accepting such appointment hereunderhereunder , and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein. The predecessor trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) all Trustee Mortgage Files and documents and statements related to each Trustee Mortgage Files File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer Depositor and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations. The predecessor trustee shall also deliver to the Depositor the Back-up Certificate with respect to the portion of the calendar year in which the predecessor trustee acted as Trustee hereunder.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment trustee, as provided in this Section, the Master Servicer predecessor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses of such mailing shall be borne by the predecessor trusteeTrustee.
Appears in 2 contracts
Sources: Pooling Agreement (Sequoia Mortgage Trust 2010-H1), Pooling Agreement (Sequoia Mortgage Trust 2010-H1)
Successor Trustee. (a) Any successor trustee Trustee appointed as provided in Section 6.06 8.07 shall execute, acknowledge and deliver to the Depositor, the Master Servicer, the Special Servicer and to its predecessor trustee Trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee Trustee shall become effective and such successor trustee, Trustee 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 Trustee herein. The predecessor trustee Trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and related documents and statements related to each Mortgage Files held by it hereunderhereunder (other than any Mortgage Files at the time held on its behalf by a Custodian, which Custodian, at Custodian's option shall become the agent of the successor Trustee), and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In additionDepositor, the Master Servicer, the Special Servicer and the predecessor trustee, Trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee Trustee all such rights, powers, duties and obligations, and to enable the successor Trustee to perform its obligations hereunder.
(b) No successor trustee shall accept appointment as provided in this Section 8.08 unless at the time of such appointment acceptance such successor trustee shall be eligible under the provisions of Section 6.058.06 and the appointment of such successor trustee would not, as evidenced in writing by S&P, result in a qualification, downgrading or withdrawal of any of the ratings assigned to the Certificates.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this SectionSection 8.08, the Master Servicer shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the Rating AgenciesDepositor and the Certificateholders. The expenses If the Master Servicer fails to mail such notice within 10 days after receipt of such mailing shall be borne notice of the acceptance of appointment by the predecessor successor trustee, such successor trustee shall cause such notice to be mailed at the expense of the Master Servicer.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Trust 2007-Ldp11), Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Trust 2007-Ldp11)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, Depositor and the Master Servicer and any NIMS Insurer and to its predecessor trustee (i) an instrument accepting such appointment hereunderhereunder and (ii) if such successor trustee is appointed at any time during the period that a Form 10-K is being filed with respect to the Trust in accordance with the Exchange Act and the rules and regulations of the Commission, the certification required pursuant to the first sentence of Section 6.01(k) indicating which Servicing Criteria are applicable to such successor trustee, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein. The predecessor trustee (or its custodian) shall deliver to the successor trustee (or assign to the Trustee its interest under the each Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer predecessor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses of such mailing shall be borne by the predecessor trustee.
Appears in 2 contracts
Sources: Trust Agreement (Lehman XS Trust 2006-1), Trust Agreement (Lehman XS Trust 2006-5)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Master Servicer Servicer, the NIMS Insurer and to its predecessor trustee an instrument accepting such appointment hereunder, 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 its predecessor hereunder, with like effect as if originally named as trustee herein. The predecessor trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the each Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer predecessor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses of such mailing shall be borne by the predecessor trustee.
Appears in 2 contracts
Sources: Trust Agreement (Structured Ass Sec Cor a R Col Tr MRT Ps THR CRT Ser 01-Bc6), Trust Agreement (Structured Asset Securities Corp Mor Pas THR Cer Se 2001-Bc5)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Master Servicer Servicer, any NIMS Insurer and to its predecessor trustee trustee, an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein. The A predecessor trustee shall deliver to the Trustee or any successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) ), all Mortgage Files and documents and statements related to each Mortgage Files File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment trustee, as provided in this Section, the Master Servicer predecessor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses of such mailing shall be borne by the predecessor trusteeresigning or removed Trustee.
Appears in 2 contracts
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003 Ff3), Trust Agreement (Aames Mortgage Tr Mort Pas Thru Cert Sers 2003-1)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Swap Counterparty, the Cap Counterparty, the Master Servicer and any NIMS Insurer and to its predecessor trustee (i) an instrument accepting such appointment hereunderhereunder and (ii) if such successor trustee is appointed at any time during the period that a Form 10-K is being filed with respect to the Trust in accordance with the Exchange Act and the rules and regulations of the Commission, the certification required pursuant to the first sentence of Section 6.01(k) indicating which Servicing Criteria are applicable to such successor trustee, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein. The predecessor trustee (or its custodian) shall deliver to the Trustee or any successor trustee (or assign to the Trustee its interest under the each Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this SectionSection 6.07, the Master Servicer predecessor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses of such mailing shall be borne by the predecessor trustee.
(d) Upon the resignation or removal of the Trustee pursuant to this Section 6.07, the Trustee shall deliver the amounts held in its possession for the benefit of the Certificateholders to the successor trustee upon the appointment of such successor trustee.
Appears in 2 contracts
Sources: Trust Agreement (Lehman XS Trust 2007-1), Trust Agreement (LXS 2007-3)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Master Servicer Servicer, any NIMS Insurer, the Swap Counterparty and to its predecessor trustee an instrument accepting such appointment hereunder, 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 its predecessor hereunder, with like effect as if originally named as trustee herein. The A predecessor trustee (or its custodian) shall deliver to the any successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) ), all Mortgage Files and documents and statements related to each Mortgage Files File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer predecessor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses of such mailing shall be borne by the predecessor trustee.
(d) Upon the resignation or removal of the Trustee pursuant to this Section 6.06, the Trustee shall deliver the amounts held in its possession for the benefit of the Certificateholders to the successor trustee or the successor trustee’s designee upon the appointment of the successor trustee.
Appears in 2 contracts
Sources: Trust Agreement (BNC Mortgage Loan Trust 2007-3), Trust Agreement (BNC CORP Mortgage Loan Trust 2007-Bnc4)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, Depositor and the Master Servicer and to its predecessor trustee trustee, an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein. The predecessor trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the each Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment trustee, as provided in this Section, the Master Servicer predecessor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses of such mailing shall be borne by the predecessor trusteeMaster Servicer.
Appears in 2 contracts
Sources: Trust Agreement (Amoritizing Residential Col Tr Mor Pas Thru Cer Ser 2002-Bc6), Trust Agreement (Structured Asset Securities Corp)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 11.07 hereof shall execute, acknowledge and deliver to the DepositorNAFCO, the Master Servicer Administrator, the Certificateholders and to its the predecessor trustee Trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall Trustee shall, upon payment of its fees and expenses and other amounts owed to it pursuant to Section 11.05, 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 its predecessor hereunder, with like effect as if originally named as trustee Trustee herein. The predecessor trustee Trustee shall deliver to the successor trustee (trustee, at the expense of the Administrator, all documents or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents copies thereof and statements related to each Mortgage Files held by it hereunder, ; and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer NAFCO and the predecessor trustee, Trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more for fully vesting and certainly vest and confirm confirming in the successor trustee all such rights, powers, duties and obligations. The Administrator shall promptly give notice to the Applicable Rating Agencies upon the appointment of a successor trustee.
(b) No successor trustee shall accept appointment as provided in this Section 11.08 unless at the time of such appointment acceptance such successor trustee shall be eligible to become the Trustee under the provisions of Section 6.0511.06 hereof.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this SectionSection 11.08, the Master Servicer such successor trustee shall mail notice of the such succession of such trustee hereunder to all Holders of Certificates Certificateholders at their addresses as shown in the Certificate Register and to the Rating Agencies. Register.
(d) The expenses retiring Trustee shall not be liable for any acts or omissions of such mailing shall be borne by the predecessor any successor trustee.
Appears in 2 contracts
Sources: Pooling and Administration Agreement (National Auto Finance Co Inc), Pooling and Administration Agreement (National Auto Finance Co Inc)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 8.07 shall execute, acknowledge and deliver to the Depositor, the Master Servicer Depositor and to its predecessor trustee and the Master Servicer an instrument accepting such appointment hereunder, hereunder 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 its predecessor hereunder, with the like effect as if originally named as trustee herein. The predecessor trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In additionThe Depositor, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to for more fully and certainly vest vesting and confirm confirming in the successor trustee all such rights, powers, duties duties, and obligations.
(b) . In addition, if a Swap Contract is still outstanding, the Person appointed as successor trustee shall execute, acknowledge and deliver to the predecessor trustee, Countrywide and the Master Servicer an instrument accepting the appointment as successor Swap Contract Administrator under the Swap Contract Administration Agreement and as successor Swap Trustee. No successor trustee shall accept appointment as provided in this Section 8.08 unless at the time of such appointment acceptance such successor trustee shall be eligible under the provisions of Section 6.05.
(c) 8.06 hereof, is reasonably acceptable to the NIM Insurer, its appointment shall not adversely affect the then-current ratings of the Certificates and has provided to the Depositor in writing and in form and substance reasonably satisfactory to the Depositor, all information reasonably requested by the Depositor in order to comply with its reporting obligation under Item 6.02 of Form 8-K with respect to a replacement Trustee. Upon acceptance of appointment by a successor trustee of appointment as provided in this SectionSection 8.08, the Master Servicer Depositor shall mail notice of the succession of such trustee hereunder to the NIM Insurer and all Holders of Certificates at their addresses as shown in Certificates. If the Certificate Register and Depositor fails to the Rating Agencies. The expenses mail such notice within 10 days after acceptance of such mailing shall be borne appointment by the predecessor successor trustee, the successor trustee shall cause such notice to be mailed at the expense of the Depositor.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Alternative Loan Trust 2007-Oh3), Pooling and Servicing Agreement (Alternative Loan Trust 2007-Oh2)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Master Servicer Servicer, the Cap Counterparty and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein. The predecessor trustee (or its custodian) shall deliver to the any successor trustee (or assign to the Trustee its interest under the each Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer predecessor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses of such mailing shall be borne by the predecessor trustee.
(d) Upon the resignation or removal of the Trustee pursuant to this Section 6.07, the Trustee shall deliver the amounts held in its possession for the benefit of the Certificateholders to the successor trustee or the successor trustee’s designee upon the appointment of such successor trustee.
Appears in 2 contracts
Sources: Trust Agreement (Lehman Mortgage Trust 2006-3), Trust Agreement (LMT 2006-4)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 8.07 shall execute, acknowledge and deliver to the DepositorSponsor, the Mortgage Loan Seller, the Additional Warranting Party, the Master Servicer Servicer, the Special Servicer, the REMIC Administrator and to its predecessor trustee an instrument accepting such appointment hereunder, 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 its predecessor hereunder, with the like effect as if originally named as trustee herein. The predecessor trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and related documents and statements related to each Mortgage Files held by it hereunderhereunder (other than any Mortgage Files and related documents and statements at the time held on its behalf by a Custodian, which Custodian shall become the agent of the successor trustee), and shall duly assignthe Sponsor, transferthe Mortgage Loan Seller, deliver the Additional Warranting Party (at the direction of and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such on behalf of the record or copies thereof maintained by Mortgage Loan Seller), the Master Servicer, the Special Servicer, the REMIC Administrator and the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations, and to enable the successor trustee to perform its obligations hereunder. If such predecessor trustee was removed as Trustee under this Agreement without cause, the cost of any such execution, delivery or action shall be at the expense of the Trust Fund.
(b) No successor trustee shall accept appointment as provided in this Section 8.08 unless at the time of such appointment acceptance such successor trustee shall be eligible under the provisions of Section 6.058.06.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this SectionSection 8.08, the Master Servicer shall mail notice of the succession of such trustee hereunder to all Holders the Sponsor and the Certificateholders. If the Master Servicer fails to mail such notice within 10 days after acceptance of Certificates at their addresses as shown in the Certificate Register and to the Rating Agencies. The expenses of such mailing shall be borne appointment by the predecessor successor trustee, the successor trustee shall cause such notice to be mailed at the expense of the Master Servicer.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Mortgage Capital Funding Inc), Pooling and Servicing Agreement (Mortgage Capital Funding Inc)
Successor Trustee. (a) Any Every successor trustee Trustee appointed as provided in Section 6.06 hereunder shall execute, acknowledge and deliver to its predecessor, and also to the DepositorAuthority and the Borrower, the Master Servicer and to its predecessor trustee an instrument in writing accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, Trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powersimmunities, powers and trusts, and subject to all the duties and obligations obligations, of its predecessors; but such predecessor shall, nevertheless, on the written request of its successor or of the Authority and upon payment of the expenses, charges and other disbursements of such predecessor which are payable pursuant to the provisions of Section 906 hereof, execute and deliver an instrument transferring to such successor Trustee all the rights, immunities, powers and trusts of such predecessor hereunder, with like effect as if originally named as trustee herein. The ; and every predecessor trustee Trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) all Mortgage Files property and documents and statements related to each Mortgage Files moneys held by it hereunderhereunder to its successor, subject, nevertheless, to its preference, if any, provided for in Sections 902 and shall duly assign906 hereof, transfer, deliver and pay over to Should any instrument in writing from the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, shall execute and deliver such other instruments and do such other things as may reasonably Authority be required to by any successor Trustee for more fully and certainly vest vesting in such Trustee the rights, immunities, powers and confirm trusts hereby vested or intended to be vested in the successor trustee all predecessor Trustee, any such rightsinstrument in writing shall and will, powerson request, be executed, acknowledged and delivered by the Authority. ---Notwithstanding any of the foregoing provisions of this Article, any bank or trust company having power to perform the duties and obligations.
(b) No successor trustee shall accept appointment execute the trusts of this Agreement and otherwise qualified to act as provided in this Section unless at Trustee hereunder with or into which the time bank or trust company acting as Trustee, may be converted, merged or consolidated, or to which the corporate trust business assets as a whole or substantially as a whole of such appointment such successor trustee bank or trust company may be sold, shall be eligible under deemed the provisions of Section 6.05.
(c) Upon acceptance by a successor trustee of appointment as provided in this Section, the Master Servicer shall mail notice of the succession Trustee without the execution or filing of such trustee hereunder to all Holders any paper or any further act on the part of Certificates at their addresses as shown in any of the Certificate Register and to the Rating Agencies. The expenses of such mailing shall be borne by the predecessor trusteeparties hereto.
Appears in 2 contracts
Sources: Trust Agreement (Maxxam Inc), Trust Agreement (Maxxam Inc)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 under this Agreement shall execute, acknowledge and deliver to the Depositor, the Master Servicer Holdings and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon appointment. 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 its predecessor hereunderunder this Agreement, with the like effect as if originally named as trustee herein. The predecessor trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, to the Master Servicer and extent required, the predecessor trustee, trustee shall execute and deliver to the successor trustee an instrument of transfer, transferring the Trust Estate to the successor trustee, and shall vest the Trust Estate in the successor trustee and deliver to the successor trustee all books, documents, records and other property whatsoever relating to the Trust Estate. Further, on the written request of Holdings or of the successor trustee, the trustee ceasing to act shall, upon payment of any amounts then due to it pursuant to the provisions of this Agreement, execute and deliver an instrument transferring to such other successor trustee all the rights and powers of the trustee so ceasing to act. Upon the request of any such successor trustee, Holdings and such predecessor trustee shall execute any and all instruments and do such other things as may reasonably be required to in writing for more fully and certainly vest vesting in and confirm in the confirming to such successor trustee all such rightsrights and powers. Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, powersor any corporation resulting from any merger, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at conversion or consolidation to which the time of such appointment such successor trustee Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust or agency business of the Trustee shall be the successor of the Trustee hereunder; provided, that such corporation shall be otherwise eligible under the provisions of Section 6.05.
(c) Upon acceptance by this Agreement to act as a successor trustee Trustee without the execution or filing of appointment as provided in this Section, any paper or any further act on the Master Servicer shall mail notice part of any of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the Rating Agencies. The expenses of such mailing shall be borne by the predecessor trusteeparties hereto.
Appears in 2 contracts
Sources: Voting Trust Agreement, Voting Trust Agreement (Broadcom LTD)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 8.07 shall execute, acknowledge and deliver to the Depositor, the Mortgage Loan Seller, the Additional Warranting Party, the Master Servicer Servicer, the Special Servicer, the REMIC Administrator and to its predecessor trustee an instrument accepting such appointment hereunder, 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 its predecessor hereunder, with the like effect as if originally named as trustee herein. The predecessor trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and related documents and statements related to each Mortgage Files held by it hereunderhereunder (other than any Mortgage Files and related documents and statements at the time held on its behalf by a Custodian, which Custodian shall become the agent of the successor trustee), and shall duly assignthe Depositor, transferthe Mortgage Loan Seller, deliver the Additional Warranting Party (at the direction of and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such on behalf of the record or copies thereof maintained by Mortgage Loan Seller), the Master Servicer, the Special Servicer, the REMIC Administrator and the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations, and to enable the successor trustee to perform its obligations hereunder. If such predecessor trustee was removed as Trustee under this Agreement without cause, the cost of any such execution, delivery or action shall be at the expense of the Trust.
(b) No successor trustee shall accept appointment as provided in this Section 8.08 unless at the time of such appointment acceptance such successor trustee shall be eligible under the provisions of Section 6.058.06.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this SectionSection 8.08, the Master Servicer shall mail notice of the succession of such trustee hereunder to all Holders the Depositor and the Certificateholders. If the Master Servicer fails to mail such notice within 10 days after acceptance of Certificates at their addresses as shown in the Certificate Register and to the Rating Agencies. The expenses of such mailing shall be borne appointment by the predecessor successor trustee, the successor trustee shall cause such notice to be mailed at the expense of the Master Servicer.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Nationslink Funding Corp Comm Mort Pass THR Cert Ser 1998-2), Pooling and Servicing Agreement (Nationslink Funding Corp Comm Mort Pass THR Cert Ser 1998-2)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Master Servicer Servicer, the Guarantor and to its predecessor trustee an instrument accepting such appointment hereunder, 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 its predecessor hereunder, with like effect as if originally named as trustee herein. The predecessor trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the each Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer outgoing Trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register Register, to the Rating Agencies and to the Rating AgenciesGuarantor. The expenses of such mailing shall be borne by the predecessor trusteeoutgoing Trustee.
Appears in 2 contracts
Sources: Trust Agreement (Structured Asset Securities Corp Mo Pa Th Ce Se 2000-Bc2), Trust Agreement (Amortizing Resi Collateral Tr Mor Pas Thru Cert Ser 2000-Bc3)
Successor Trustee. (a) Any successor trustee and successor fiscal agent, if applicable, appointed as provided in Section 6.06 8.07 shall execute, acknowledge and deliver to the Depositor, the Master Servicer Servicer, the Special Servicer, the REMIC Administrator and to its predecessor trustee and predecessor fiscal agent an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee and predecessor fiscal agent shall become effective and such successor trusteetrustee and successor fiscal agent, if 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 hereinherein or fiscal agent. The predecessor trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and related documents and statements related to each Mortgage Files held by it hereunder, and shall duly assignthe Depositor, transferthe Master Servicer, deliver the Special Servicer, the REMIC Administrator and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations, and to enable the successor trustee to perform its obligations hereunder. If such predecessor trustee was removed as Trustee under this Agreement without cause, the cost of any such execution, delivery or action shall be at the expense of the Trust.
(b) No successor trustee or successor fiscal agent, if applicable, shall accept appointment as provided in this Section 8.08 unless at the time of such appointment acceptance such successor trustee or successor fiscal agent shall be eligible under the provisions of Section 6.058.06.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this SectionSection 8.08, the Master Servicer successor trustee shall mail notice of the succession of such trustee and fiscal agent hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register Depositor and to the Rating Agencies. The expenses of such mailing shall be borne by the predecessor trusteeCertificateholders.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Banc of America Commercial Mortgage Inc), Pooling and Servicing Agreement (Banc of America Commercial Mort Pass Through Cert Ser 2002-2)
Successor Trustee. B2B, upon giving PFSL or any other agent appointed by it pursuant to section 17 hereof at least 90 days’ written notice or such other period of notice as PFSL or any other agent appointed by it pursuant to section 17 hereof may accept or the Applicable RESP Legislation may dictate (a) Any the “Notice Period”), may resign as the trustee of the Plan. PFSL may remove B2B as trustee by giving B2B 30 days’ written notice or such other Notice Period (or no notice if B2B can no longer act as trustee), provided that a successor trustee has been appointed in writing. If B2B stops being a trustee for any reason, B2B will appoint in writing within that 90 day period or that other Notice Period a successor trustee designated by PFSL. However, if PFSL doesn’t recommend a successor trustee within 60 days, or such other period as provided the Applicable RESP Legislation may dictate, after receiving B2B’s written notice of resignation, B2B may do so. The successor trustee must be a corporation resident in Section 6.06 shall execute, acknowledge Canada and deliver authorized under the laws of the province of each Subscriber’s residence indicated in the Application to carry out its duties and responsibilities as trustee under the Plan. B2B will notify the Minister prior to its resignation hereunder and prior to the Depositor, appointment of a replacement trustee in accordance with the Master Servicer terms of the Government Grant agreement between B2B and the Minister. PFSL or any other agent appointed by B2B pursuant to section 17 hereof will notify the Minister prior to effecting B2B’s removal hereunder in accordance with the terms of the Government Grant agreement between PFSL or that agent and the Minister. Notice of the replacement of B2B hereunder will be given by PFSL or B2B to each Subscriber and to its predecessor the Minister of National Revenue. The replacement trustee an instrument accepting such appointment hereunder, and thereupon will enter into a Government Grant agreement with the Minister. Effective upon the resignation or removal of B2B in accordance with the predecessor trustee shall become effective foregoing terms, B2B will execute and such successor trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein. The predecessor trustee shall deliver to the successor replacement trustee (or assign to the Trustee its interest under the Custodial Agreementall conveyances, to the extent permitted thereunder) all Mortgage Files transfers and documents and statements related to each Mortgage Files held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof further assurances as may be requested necessary or desirable to give effect to the appointment of the replacement trustee, and the replacement trustee will thereupon agree to be bound by the successor terms hereof (in which case all references herein to B2B will include the replacement trustee). B2B will transfer all books and records and investments of the Plan to the replacement trustee and in order to permit the orderly administration of the Plan. However, B2B will not transfer any Government Grant monies in the Plan to the replacement trustee until such time as the replacement trustee has entered into a Government Grant agreement with the Minister. Notwithstanding any other provision of this Agreement, any trust company resulting from the merger, amalgamation or continuation of B2B or succeeding to substantially all of the trusteeship business of B2B (either by sale of such business or otherwise) shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, automatically become the Master Servicer and the predecessor trustee, shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance by a successor trustee of appointment as provided in this Section, the Master Servicer shall mail notice of the succession of such replacement trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the Rating Agencies. The expenses of such mailing shall be borne by the predecessor trusteewithout further act or formality.
Appears in 2 contracts
Sources: Primerica Concert Education Savings Plan, Primerica Concert Education Savings Plan
Successor Trustee. (a) Any successor trustee Trustee appointed as provided in Section 6.06 11.08 shall execute, acknowledge and deliver to the DepositorServicer, the Master Servicer Company and to its predecessor trustee Trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee 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 its predecessor hereunder, with like effect as if originally named as trustee hereinTrustee. The predecessor trustee Trustee shall deliver or cause to be delivered to the successor trustee (or assign to Trustee the Trustee its interest under Contracts and the Custodial Agreement, to the extent permitted thereunder) all Mortgage Contract Files and any related documents and statements related to each Mortgage Files held by it hereunder; and, if the Contracts are then held by a Custodian pursuant to a custodial agreement, the predecessor Trustee and the Custodian shall duly assign, transfer, deliver and pay over amend such custodial agreement to make the successor Trustee the successor to the successor trustee predecessor Trustee thereunder; and the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In additionServicer, the Master Servicer Company and the predecessor trustee, Trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more for fully and certainly vest vesting and confirm confirming in the successor trustee Trustee all such rights, powers, duties and obligations.
. If the predecessor Trustee is then the lender of record for purposes of FHA Insurance (b) due to an Event of Termination), the predecessor Trustee shall submit a report to FHA describing the transfer of the FHA-Insured Contracts without recourse, in such form as is then required under FHA Regulations to cause HUD to transfer to the successor Trustee the FHA insurance reserves applicable to the FHA-Insured Contracts. No successor trustee Trustee shall accept appointment as provided in this Section 11.09 unless at the time of such appointment acceptance such successor trustee Trustee shall be eligible under the provisions of Section 6.05.
(c) 11.07. Upon acceptance of appointment by a successor trustee of appointment Trustee as provided in this SectionSection 11.09, the Master Servicer shall mail cause notice of the succession of such trustee Trustee hereunder to all Holders of Certificates be mailed to S&P, to Fitch and to each Certificateholder and the Class C Certificateholder at their addresses as shown in the Certificate Register and Register. If the Servicer fails to the Rating Agencies. The expenses mail such notice within ten days after acceptance of such mailing shall be borne appointment by the predecessor trusteesuccessor Trustee, the successor Trustee shall cause such notice to be mailed at the expense of the Servicer.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Green Tree Financial Corp), Pooling and Servicing Agreement (Green Tree Financial Corp)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Master Servicer and to its predecessor trustee an instrument accepting such appointment hereunder, 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 its predecessor hereunder, with like effect as if originally named as trustee herein. The predecessor trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the each Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer shall mail notice of the succession of such trustee hereunder to the Certificate Insurer and to all Holders of Certificates at their addresses as shown in the Certificate Register and to the Rating Agencies. The expenses of such mailing shall be borne by the predecessor trusteeMaster Servicer.
Appears in 2 contracts
Sources: Trust Agreement (Structured Asset Securities Co Mor Pass-THR Cer Ser 2002-19), Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-15)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Master Servicer Servicer, any NIMS Insurer and to its predecessor trustee trustee, an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein. The A predecessor trustee shall deliver to the Trustee or any successor trustee (or assign to the Trustee its interest under the each Custodial Agreement, to the extent permitted thereunder) ), all Mortgage Files and documents and statements related to each Mortgage Files File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment trustee, as provided in this Section, the Master Servicer predecessor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses of such mailing shall be borne by the predecessor trusteeMaster Servicer.
Appears in 2 contracts
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc4), Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc3)
Successor Trustee. (a) Any successor trustee Trustee appointed as provided in Section 6.06 7.6 shall execute, acknowledge and deliver to the Depositor, the Master Servicer Depositor and to its predecessor trustee Trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee Trustee shall become effective and such successor trusteeTrustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee Trustee herein. The predecessor trustee Trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each the Mortgage Files held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee Trustee the entire Trust FundTrust, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee Trustee in the administration hereof as may be reasonably requested by the successor trustee Trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer Depositor and the predecessor trustee, Trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee Trustee all such rights, powers, duties and obligations. Anything herein to the contrary notwithstanding, in no event shall the combined fees payable to a successor Trustee exceed the Trustee Fee.
(b) No successor trustee Trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee Trustee shall be eligible under the provisions of Section 6.057.5.
(c) Upon acceptance of appointment by a successor trustee of appointment Trustee as provided in this Section, the Master Servicer successor Trustee shall mail notice of the succession of such trustee Trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the Rating AgenciesAgencies (evidence of such mailing to be provided to the Depositor and the Master Servicer). The expenses of such mailing shall be borne by the predecessor trusteesuccessor Trustee.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc), Pooling and Servicing Agreement (Morgan Stanley Capital I Inc Depositor for Series 1999-Fnv1)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 7.06 shall execute, acknowledge and deliver to the Depositor, the Servicer, the Master Servicer Servicer, the Securities Administrator and to its predecessor trustee an instrument accepting such appointment hereunder, 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 its predecessor hereunder, with like effect as if originally named as trustee Trustee herein. The A predecessor trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the Custodial Agreementtrustee, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files File held by it hereunder, if any, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer successor Trustee and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.057.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer predecessor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses of such mailing shall be borne by the predecessor trustee.
Appears in 2 contracts
Sources: Pooling Agreement (Luminent Mortgage Trust 2007-2), Pooling Agreement (Luminent Mortgage Trust 2006-7)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Master Servicer Servicer, the Swap Counterparty and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein. The predecessor trustee (or its custodian) shall deliver to the any successor trustee (or assign to the Trustee its interest under the each Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer predecessor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses of such mailing shall be borne by the predecessor trustee.
(d) Upon the resignation or removal of the Trustee pursuant to this Section 6.07, the Trustee shall deliver the amounts held in its possession for the benefit of the Certificateholders to the successor trustee or the successor trustee’s designee upon the appointment of such successor trustee.
Appears in 2 contracts
Sources: Trust Agreement (Sasco 2006-S3), Trust Agreement (Sasco 2006-S2)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 8.07 shall execute, acknowledge and deliver to the Depositor, the Mortgage Loan Sellers, the Master Servicer Servicer, the Special Servicer, the Tax Administrator and to its predecessor trustee an instrument accepting such appointment hereunder, 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 its predecessor hereunder, with the like effect as if originally named as trustee herein. The predecessor trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and related documents and statements related to each Mortgage Files held by it hereunderhereunder (other than any Mortgage Files and related documents and statements at the time held on its behalf by a Custodian, which Custodian shall become the agent of the successor trustee), and shall duly assignthe Depositor, transferthe Mortgage Loan Sellers, deliver the Master Servicer, the Special Servicer, the Tax Administrator and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations, and to enable the successor trustee to perform its obligations hereunder. If such predecessor trustee was removed as Trustee under this Agreement without cause, the cost of any such execution, delivery or action shall be at the expense of the Trust.
(b) No successor trustee shall accept appointment as provided in this Section 8.08 unless at the time of such appointment acceptance such successor trustee shall be eligible under the provisions of Section 6.058.06.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this SectionSection 8.08, the Master Servicer shall mail notice of the succession of such trustee hereunder to all Holders the Depositor and the Certificateholders. If the Master Servicer fails to mail such notice within ten (10) days after acceptance of Certificates at their addresses as shown in the Certificate Register and to the Rating Agencies. The expenses of such mailing shall be borne appointment by the predecessor successor trustee, the successor trustee shall cause such notice to be mailed at the expense of the Master Servicer.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Salomon Brothers Mort Sec Vii Com Mor Pas THR Cer Se 1999-C1)
Successor Trustee. (a) Any successor trustee Trustee appointed as provided in Section 6.06 11.08 shall execute, acknowledge and deliver to the DepositorServicer, the Master Servicer Company and to its predecessor trustee Trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee 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 its predecessor hereunder, with like effect as if originally named as trustee hereinTrustee. The predecessor trustee Trustee shall deliver or cause to be delivered to the successor trustee (or assign to Trustee the Trustee its interest under Contracts and the Custodial Agreement, to the extent permitted thereunder) all Mortgage Contract Files and any related documents and statements related to each Mortgage Files held by it hereunder; and, if the Contracts are then held by a Custodian pursuant to a custodial agreement, the predecessor Trustee and the Custodian shall duly assign, transfer, deliver and pay over amend such custodial agreement to make the successor Trustee the successor to the successor trustee predecessor Trustee thereunder; and the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In additionServicer, the Master Servicer Company and the predecessor trustee, Trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more for fully and certainly vest vesting and confirm confirming in the successor trustee Trustee all such rights, powers, duties and obligations.
. If the predecessor Trustee is then the lender of record for purposes of FHA Insurance (b) due to an Event of Termination), the predecessor Trustee shall submit a report to FHA describing the transfer of the FHA-Insured Contracts without recourse, in such form as is then required under FHA Regulations to cause HUD to transfer to the successor Trustee the FHA insurance reserves applicable to the FHA-Insured Contracts. No successor trustee Trustee shall accept appointment as provided in this Section 11.09 unless at the time of such appointment acceptance such successor trustee Trustee shall be eligible under the provisions of Section 6.05.
(c) 11.07. Upon acceptance of appointment by a successor trustee of appointment Trustee as provided in this SectionSection 11.09, the Master Servicer shall mail cause notice of the succession of such trustee Trustee hereunder to all Holders of Certificates be mailed to [rating agencies] and to each Certificateholder at their addresses as shown in the Certificate Register and Register. If the Servicer fails to the Rating Agencies. The expenses mail such notice within ten days after acceptance of such mailing shall be borne appointment by the predecessor trusteesuccessor Trustee, the successor Trustee shall cause such notice to be mailed at the expense of the Servicer.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Conseco Finance Securitizations Corp)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Master Servicer and to its predecessor trustee an instrument accepting such appointment hereunder, 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 its predecessor hereunder, with like effect as if originally named as trustee hereintrustee. The predecessor trustee (or its custodian) shall deliver to the successor trustee (or assign to the Trustee successor trustee its interest under the each Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer shall mail notice of the succession of such trustee hereunder and to all Holders of Certificates at their addresses as shown in the Certificate Register and to the Rating Agencies. The expenses of such mailing shall be borne by the predecessor trusteeresigning Trustee.
Appears in 1 contract
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Master Servicer Servicer, the Swap Counterparty and any NIMS Insurer and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein. The predecessor trustee (or its custodian) shall deliver to the successor trustee (or assign to the Trustee its interest under the each Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer predecessor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses of such mailing shall be borne by the predecessor trustee.
Appears in 1 contract
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Master Servicer and to its predecessor trustee an instrument accepting such appointment hereunder, 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 its predecessor hereunder, with like effect as if originally named as trustee herein. The predecessor trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance by a successor trustee of appointment as provided in this Section, the Master Servicer shall mail notice of the succession of such trustee hereunder to the Certificate Insurer and to all Holders of Certificates at their addresses as shown in the Certificate Register and to the Rating Agencies. The expenses of such mailing shall be borne by the predecessor trustee.
Appears in 1 contract
Successor Trustee. (a) Any successor If the herein named Trustee shall die or become disqualified from acting in the execution of this trust, or shall fail or refuse to execute the same when requested by Beneficiary so to do, or if, for any reason, Beneficiary shall prefer to appoint a substitute trustee appointed as provided to act instead of the herein named Trustee, Beneficiary shall have full power to appoint, at any time by written instrument, a substitute trustee, and, if necessary, several substitute trustees in Section 6.06 succession, who shall executesucceed to all the estates, acknowledge rights, powers and deliver to the Depositor, the Master Servicer and to its predecessor trustee an instrument accepting such appointment hereunderduties of Trustee named herein, 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 its predecessor hereunder, with like effect as if originally named as trustee herein. The predecessor trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time no notice of such appointment need be given to Grantors or to any other person or filed for record in any public office. Such appointment may be executed by any authorized agent of Beneficiary; and if Beneficiary is a corporation and such successor trustee appointment is executed in its behalf by any officer of such corporation, such appointment shall be eligible conclusively presumed to be executed with authority and shall be valid and sufficient without proof of any action by the board of directors or any superior officer of the corporation. Grantors, severally, hereby ratify and confirm any and all acts that Trustee, or his successor or successors in this trust, shall do lawfully by virtue hereof. Grantors hereby agree, on behalf of Grantors and of Grantors' respective heirs, legal representatives, successors and assigns, that the recitals contained in any deed or deeds or other instrument executed in due form by any Trustee or substitute trustee, acting under the provisions of Section 6.05.
(c) Upon acceptance this instrument, shall be prima facie evidence of the facts recited, and that it shall not be necessary to prove in any court, otherwise than by a successor trustee of appointment as provided in this Sectionsuch recitals, the Master Servicer shall mail notice existence of the succession facts essential to authorize the execution and delivery of such trustee hereunder deed or deeds or other instrument and the passing of title thereby, and all prerequisites and requirements of any sale or sales shall be conclusively presumed to have been performed, and all Holders of Certificates at their addresses as shown persons subsequently dealing with the mortgaged property purported to be conveyed by such deed or deeds or other instrument, including without limitation, the purchaser or purchasers thereof, shall be fully protected in relying upon the Certificate Register and to the Rating Agencies. The expenses truthfulness of such mailing shall be borne by the predecessor trusteerecitals.
Appears in 1 contract
Sources: Deed of Trust and Security Agreement (Seair Group Inc)
Successor Trustee. (a) Any Every successor trustee Trustee appointed as provided in Section 6.06 hereunder shall execute, acknowledge and deliver to its predecessor, and also to the DepositorCompany, the Master Servicer and to its predecessor trustee an instrument in writing accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trusteeTrustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powersimmunities, powers and trusts, and subject to all the duties and obligations obligations, of its predecessor; but such predecessor shall, nevertheless, on the written request of its successor or of the Company and upon payment of the expenses, charges and other disbursements of such predecessor which are payable pursuant to the provisions of Section 906 hereof, execute and deliver an instrument transferring to such successor Trustee all the rights, immunities, powers and trusts of such predecessor hereunder, with like effect as if originally named as trustee herein. The ; and every predecessor trustee Trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) all Mortgage Files property and documents and statements related to each Mortgage Files moneys held by it hereunderhereunder to its successor, subject, nevertheless, to its preference, if any, provided for in Sections 904 and shall duly assign, transfer, deliver and pay over to 906 hereof. Should any instrument in writing from the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, shall execute and deliver such other instruments and do such other things as may reasonably Company be required to by any successor Trustee for more fully and certainly vest vesting in such Trustee the rights, immunities, powers and confirm trusts hereby vested or intended to be vested in the successor trustee all predecessor Trustee, any such rightsinstrument in writing shall and will, powerson request, be executed, acknowledged and delivered by the Company. Notwithstanding any of the foregoing provisions of this Article, any bank or trust company having power to perform the duties and obligations.
(b) No successor trustee shall accept appointment execute the trusts of this Indenture and otherwise qualified to act as provided in this Section unless at Trustee hereunder with or into which the time bank or trust company acting as Trustee, may be merged or consolidated, or to which the assets and business of such appointment such successor trustee bank or trust company may be sold, shall be eligible under deemed the provisions of Section 6.05.
(c) Upon acceptance by a successor trustee of appointment as provided in this Section, the Master Servicer shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the Rating Agencies. The expenses of such mailing shall be borne by the predecessor trusteeTrustee.
Appears in 1 contract
Successor Trustee. (a) Any successor trustee Trustee appointed as provided in Section 6.06 11.08 shall execute, acknowledge and deliver to the DepositorServicer, the Master Servicer Company and to its predecessor trustee Trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee 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 its predecessor hereunder, with like effect as if originally named as trustee hereinTrustee. The predecessor trustee Trustee shall deliver or cause to be delivered to the successor trustee (or assign to Trustee the Trustee its interest under Contracts and the Custodial Agreement, to the extent permitted thereunder) all Mortgage Contract Files and any related documents and statements related to each Mortgage Files held by it hereunder; and, if the Contracts are then held by a Custodian pursuant to a custodial agreement, the predecessor Trustee and the Custodian shall duly assign, transfer, deliver and pay over amend such custodial agreement to make the successor Trustee the successor to the successor trustee predecessor Trustee thereunder; and the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In additionServicer, the Master Servicer Company and the predecessor trustee, Trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more for fully and certainly vest vesting and confirm confirming in the successor trustee Trustee all such rights, powers, duties and obligations.
. If the predecessor Trustee is then the lender of record for purposes of FHA Insurance (b) due to an Event of Termination), the predecessor Trustee shall submit a report to FHA describing the transfer of the FHA-Insured Contracts without recourse, in such form as is then required under FHA Regulations to cause HUD to transfer to the successor Trustee the FHA insurance reserves applicable to the FHA-Insured Contracts. No successor trustee Trustee shall accept appointment as provided in this Section 11.09 unless at the time of such appointment acceptance such successor trustee Trustee shall be eligible under the provisions of Section 6.05.
(c) 11.07. Upon acceptance of appointment by a successor trustee of appointment Trustee as provided in this SectionSection 11.09, the Master Servicer shall mail cause notice of the succession of such trustee Trustee hereunder to all Holders of Certificates be mailed to S&P, to Fitch and to each Certificateholder at their addresses as shown in the Certificate Register and Register. If the Servicer fails to the Rating Agencies. The expenses mail such notice within ten days after acceptance of such mailing shall be borne appointment by the predecessor trusteesuccessor Trustee, the successor Trustee shall cause such notice to be mailed at the expense of the Servicer.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Green Tree Financial Corp)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Swap Counterparty, the Cap Counterparty, the Master Servicer Servicer, the Certificate Insurer and any NIMS Insurer and to its predecessor trustee (i) an instrument accepting such appointment hereunderhereunder and (ii) if such successor trustee is appointed at any time during the period that a Form 10-K is being filed with respect to the Trust in accordance with the Exchange Act and the rules and regulations of the Commission, the certification required pursuant to the first sentence of Section 6.01(k) indicating which Servicing Criteria are applicable to such successor trustee, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein. The predecessor trustee (or its custodian) shall deliver to the Trustee or any successor trustee (or assign to the Trustee its interest under the each Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this SectionSection 6.07, the Master Servicer predecessor trustee shall mail notice of the succession of such trustee hereunder to the Certificate Insurer and all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses of such mailing shall be borne by the predecessor trustee.
(d) Upon the resignation or removal of the Trustee pursuant to this Section 6.07, the Trustee shall deliver the amounts held in its possession for the benefit of the Certificateholders and the Certificate Insurer to the successor trustee upon the appointment of such successor trustee.
Appears in 1 contract
Successor Trustee. (a) Any Every successor trustee Trustee appointed as provided in Section 6.06 hereunder shall execute, acknowledge and deliver to its predecessor, and also to the DepositorAuthority and the Borrower, the Master Servicer and to its predecessor trustee an instrument in writing accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, Trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powersimmunities, powers and trusts, and subject to all the duties and obligations obligations, of its predecessors; but such predecessor shall, nevertheless, on the written request of its successor or of the Authority and upon payment of the expenses, charges and other disbursements of such predecessor which are payable pursuant to the provisions of Section 906 hereof, execute and deliver 96 102 an instrument transferring to such successor Trustee all the rights, immunities, powers and trusts of such predecessor hereunder, with like effect as if originally named as trustee herein. The ; and every predecessor trustee Trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) all Mortgage Files property and documents and statements related to each Mortgage Files monies held by it hereunderhereunder to its successor, subject, nevertheless, to its preference, if any, provided for in Sections 902 and shall duly assign, transfer, deliver and pay over to 906 hereof. Should any instrument in writing from the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, shall execute and deliver such other instruments and do such other things as may reasonably Authority be required to by any successor Trustee for more fully and certainly vest vesting in such Trustee the rights, immunities, powers and confirm trusts hereby vested or intended to be vested in the successor trustee all predecessor Trustee, any such rightsinstrument in writing shall and will, powerson request, be executed, acknowledged and delivered by the Authority. Notwithstanding any of the foregoing provisions of this Article, any bank or trust company having power to perform the duties and obligations.
(b) No successor trustee shall accept appointment execute the trusts of this Agreement and otherwise qualified to act as provided in this Section unless at Trustee hereunder with or into which the time bank or trust company acting as Trustee, may be converted, merged or consolidated, or to which the corporate trust business assets as a whole or substantially as a whole of such appointment such successor trustee bank or trust company may be sold, shall be eligible under deemed the provisions of Section 6.05.
(c) Upon acceptance by a successor trustee of appointment as provided in this Section, the Master Servicer shall mail notice of the succession Trustee without the execution or filing of such trustee hereunder to all Holders any paper or any further act on the part of Certificates at their addresses as shown in any of the Certificate Register and to the Rating Agencies. The expenses of such mailing shall be borne by the predecessor trusteeparties hereto.
Appears in 1 contract
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Master Servicer Servicer, any NIMS Insurer and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein. The predecessor trustee (or its custodian) shall deliver to the successor trustee (or assign to the Trustee its interest under the each Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this Section, the Master Servicer predecessor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses of such mailing shall be borne by the predecessor trustee.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Securities Corp. 2005 S-3)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 shall execute, acknowledge and deliver to the Depositor, the Master Servicer Servicer, the NIMS Insurer and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein. The predecessor trustee shall deliver to the successor trustee (or assign to the successor Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files File held by it hereunder, and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record records or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor trustee shall be eligible under the provisions of Section 6.05.
(c) Upon acceptance of appointment by a successor trustee of appointment trustee, as provided in this Section, the Master Servicer successor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register and to the any Rating AgenciesAgency. The expenses of such mailing shall be borne by the predecessor trusteeMaster Servicer.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003 Am1)
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 8.07 shall execute, acknowledge and deliver to the Depositor, the Master Servicer, the Special Servicer and to its predecessor trustee trustee, an instrument accepting such appointment hereunder, 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 its predecessor hereunder, with the like effect as if originally named as trustee herein. The predecessor trustee shall deliver to the successor trustee (or assign to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunder) all Mortgage Files and related documents and statements related to each Mortgage Files held by it hereunderhereunder (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), and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In additionDepositor, the Master Servicer, the Special Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the 258 successor trustee all such rights, powers, duties and obligations, and to enable the successor trustee to perform its obligations hereunder.
(b) No successor trustee shall accept appointment as provided in this Section 8.08, unless at the time of such appointment acceptance such successor trustee shall be eligible under the provisions of Section 6.058.06 and the Rating Agencies have provided confirmation pursuant to such Section.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this SectionSection 8.08, the Master Servicer such successor trustee shall mail notice of the succession of such trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register Depositor and to the Rating Agencies. The expenses of such mailing shall be borne by the predecessor trusteeCertificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Merrill Lynch Comm Mort Ps THR Certs Ser 2003-Key1)
Successor Trustee. (a) Any successor trustee Trustee appointed as provided in Section 6.06 11.8 shall execute, acknowledge and deliver to the DepositorServicer and the Security Insurer, the Master Servicer and to its predecessor trustee Trustee an instrument accepting such appointment hereunderunder this Agreement, and thereupon the resignation or removal of the predecessor trustee Trustee shall become effective and such successor trustee, without any further act, deed or conveyanceconveyance (except as provided below), shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunderunder this Agreement, with like effect as if originally named as trustee herein. The predecessor trustee shall deliver to Trustee; but, on request of the Servicer and the Security Insurer, or the successor trustee, such predecessor Trustee shall, upon payment of its charges then unpaid, execute and deliver an instrument transferring to such successor trustee (or assign to all of the rights, powers and trusts of the Trustee its interest under the Custodial Agreement, so ceasing to the extent permitted thereunder) all Mortgage Files and documents and statements related to each Mortgage Files held by it hereunderact, and shall duly assign, transfertransfer and deliver to such successor trustee all property and money held by such trustee so ceasing to act hereunder. Upon request of any such successor trustee, the Seller, on behalf of the Trust, shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor trustee all such rights, powers and trusts. The predecessor Trustee shall deliver and pay over to the successor trustee the entire Trust Fund, together with Trustee all necessary instruments of transfer documents and assignment statements held by it under this Agreement or other documents properly executed necessary to effect such transfer any Related Document; and such of the record or copies thereof maintained by the predecessor trustee in Trustee and the administration hereof as may be requested by other parties to the Related Documents shall amend any Related Document to make the successor trustee Trustee the successor to the predecessor Trustee thereunder; and shall thereupon be discharged from all duties and responsibilities under this Agreement. In addition, the Master Servicer and the predecessor trustee, Trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more for fully and certainly vest vesting and confirm confirming in the successor trustee Trustee all such rights, powers, duties and obligations.
(b) . No successor trustee Trustee shall accept appointment as provided in this Section 11.9 unless at the time of such appointment acceptance such successor trustee Trustee shall be eligible under the provisions of Section 6.05.
(c) 11.7. Upon acceptance of appointment by a successor trustee of appointment Trustee as provided in this SectionSection 11.9, the Master Servicer Seller shall mail notice by first-class mail of the succession successor of such trustee hereunder Trustee and the address of the successor Trustee's corporate trust office under this Agreement to each Rating Agency, the Security Insurer and all Holders of Certificates at their addresses as shown in the Certificate Register and Register. If the Seller fails to the Rating Agencies. The expenses mail such notice within 10 days after acceptance of such mailing shall be borne appointment by the predecessor trusteesuccessor Trustee, the successor Trustee shall cause such notice to be mailed at the expense of the Seller.
Appears in 1 contract
Successor Trustee. (a) Any successor trustee appointed as provided in Section 6.06 8.07 shall execute, acknowledge and deliver to the Depositor, the Master Servicer, the Special Servicer and to its the predecessor trustee an instrument accepting such appointment hereunder, hereunder 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 its predecessor hereunder, with the like effect as if originally named as trustee herein. The predecessor trustee shall deliver to the successor trustee (at the expense of the Certificateholders that effected the removal, if the Trustee has been removed in accordance with Section 8.07(c) without cause or assign if such expenses are not paid by such Certificateholders within ninety (90) days after they are incurred, at the expense of the Trust, provided that such Certificateholders shall remain liable to the Trustee its interest under the Custodial Agreement, to the extent permitted thereunderTrust for such expenses) all Mortgage Files and related documents and statements related to each Mortgage Files held by it hereunderhereunder (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), and shall duly assign, transfer, deliver and pay over to the successor trustee the entire Trust Fund, together with all necessary instruments of transfer and assignment or other documents properly executed necessary to effect such transfer and such of the record or copies thereof maintained by the predecessor trustee in the administration hereof as may be requested by the successor trustee and shall thereupon be discharged from all duties and responsibilities under this Agreement. In additionDepositor, the Master Servicer, the Special Servicer and the predecessor trustee, trustee shall execute and deliver such other instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations, and to enable the successor trustee to perform its obligations hereunder.
(b) No successor trustee shall accept appointment as provided in this Section 8.08, unless at the time of such appointment acceptance such successor trustee shall be eligible under the provisions of Section 6.058.06.
(c) Upon acceptance of appointment by a successor trustee of appointment as provided in this SectionSection 8.08, the Master Servicer such successor trustee shall mail notice of the succession of such trustee hereunder to the Depositor, the Master Servicer, the Special Servicer, the Certificateholders and the Companion Loan Noteholders.
(d) Any and all Holders costs and expenses associated with transferring the duties of Certificates at their addresses a Trustee that has resigned or been removed or terminated, as shown in contemplated by Section 8.07, to a successor Trustee, including those associated with transfer of the Certificate Register Mortgage Files and to the Rating Agencies. The expenses of such mailing shall be borne other documents and statements held by the predecessor trusteeTrustee to the successor Trustee, as contemplated by Section 8.07(a), shall be paid by: (i) the predecessor Trustee, if such predecessor Trustee has resigned in accordance with Section 8.07(a) or has been removed in accordance with Sections 8.07(b); (ii) the Certificateholders that effected the removal, if the predecessor Trustee has been removed without cause in accordance with Section 8.07(c); and (iii) the Trust, if such costs and expenses are not paid by the predecessor Trustee or the subject Certificateholders, as contemplated by the immediately preceding clauses (i) and (ii), within 90 days after they are incurred (provided that such predecessor Trustee or such subject Certificateholders, as applicable, shall remain liable to the Trust for such costs and expenses).
Appears in 1 contract