Custodian May Resign; Trustee May Remove Custodian. (a) The Custodian may resign from the obligations and duties hereby imposed upon it as such obligations and duties relate to its acting as Custodian of any or all of the Mortgage Loans by giving 60 days’ written notice thereof to the Trustee. Upon receiving such notice of resignation, the Trustee shall either (i) take custody of the Mortgage Files itself and give prompt notice thereof to Custodian or (ii) promptly appoint a successor Custodian by written instrument, in duplicate, which instrument shall be delivered to the resigning Custodian and to the successor Custodian. If the Trustee shall not have taken custody of the Mortgage Files and no successor Custodian shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Custodian may petition any court of competent jurisdiction for the appointment of a successor Custodian. Any and all fees and expenses incurred by the Custodian relating to any such petition shall be paid by the Custodian.
Appears in 17 contracts
Samples: Custodial Agreement, Custodial Agreement (Sequoia Mortgage Trust 2012-5), Custodial Agreement (Sequoia Mortgage Trust 2012-5)
Custodian May Resign; Trustee May Remove Custodian. (a) The Custodian may resign from the obligations and duties hereby imposed upon it as such obligations and duties relate to its acting as Custodian of any or all of the Mortgage Loans by giving 60 days’ written notice thereof to the Depositor, the Master Servicers, and the Trustee. Upon receiving such notice of resignation, the Trustee shall either either: (i1) take custody of the Mortgage Files itself and give prompt notice thereof to the Depositor, the Master Servicers, and the Custodian or (ii2) promptly appoint a successor Custodian by written instrument, in duplicate, which instrument shall be delivered to the resigning Custodian and to the successor Custodian. If the Trustee shall not have taken custody of the Mortgage Files and no successor Custodian shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Custodian may petition any court of competent jurisdiction for the appointment of a successor Custodian. Any and all fees and expenses incurred by the Custodian relating to any such petition shall be paid by the Custodian.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Ast Bk Fl Rte Cer Se 1997-Aq2), Pooling and Servicing Agreement (Salomon Brothers MRT Sec Vii Inc Ast Bk Fl Rt CRT Sr 1997lb3), Pooling and Servicing Agreement (Asset-Backed Certificates Series 1997-Lb6)
Custodian May Resign; Trustee May Remove Custodian. (a) The Custodian may resign from the obligations and duties hereby imposed upon it as such obligations and duties relate to its acting as Custodian of any or all of the Mortgage Loans by giving 60 days’ written notice thereof to the Depositor, the Master Servicer and the Trustee. Upon receiving such notice of resignation, the Trustee shall either (i) take custody of the Mortgage Files itself and give prompt notice thereof to the Depositor, the Master Servicer and the Custodian or (ii) promptly appoint a successor Custodian custodian by written instrument, in duplicate, which instrument shall be delivered to the resigning Custodian and to the successor Custodiancustodian. If the Trustee shall not have taken custody of the Mortgage Files and no successor Custodian custodian shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Custodian may petition any court of competent jurisdiction for the appointment of a successor Custodian. Any and all fees and expenses incurred by the Custodian relating to any such petition shall be paid by the Custodiancustodian.
Appears in 2 contracts
Samples: Reference Agreement (Gs Mortgage Securities Corp), Reference Agreement (Goldman Sachs Asset Backed Securities Corp)
