Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the Servicer may remove the Trustee. If the Depositor or the Servicer removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.

Appears in 20 contracts

Samples: Pooling and Servicing Agreement (Equifirst Mortgage Loan Trust 2005-1), Pooling and Servicing Agreement (Soundview Home Loan Trust 2006-1), Pooling and Servicing Agreement (Soundview Home Loan Trust 2005-3)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Master Servicer and ~~each~~ the Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 60 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the ~~Depositor~~ Depositor, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor ~~or the Servicer~~ may remove the Trustee. If the Depositor or the Master Servicer removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor ~~trustee~~Trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Master Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor ~~trustee~~ Trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.

Appears in 19 contracts

Samples: Pooling and Servicing Agreement (PHHMC Series 2007-5 Trust), Pooling and Servicing Agreement (PHHMC Series 2007-6 Trust), Pooling and Servicing Agreement (PHHMC Series 2007-4 Trust)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the NIMS Insurer, the Depositor, the Master Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the ~~Depositor~~ Depositor, the Master Servicer or the ~~Servicer~~ NIMS Insurer may remove the Trustee. If the ~~Depositor~~ Depositor, the Master Servicer or the ~~Servicer~~ NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Depositor, with the consent of the NIMS Insurer, shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee. The Majority Certificateholders (or the NIMS Insurer upon the failure of the Trustee to perform its obligations hereunder) may at any time remove the Trustee by written instrument or instruments delivered to the Master Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor trustee acceptable to the NIMS Insurer in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.

Appears in 16 contracts

Samples: Pooling and Servicing Agreement (Option One Mortgage Loan Trust 2005-2), Pooling and Servicing Agreement (Option One Mortgage Loan Trust 2006-1 Asset-Backed Certificates, Series 2006-1), Pooling and Servicing Agreement (Option One Mortgage Loan Trust Series 2006-2)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the NIMS Insurer, the Depositor, the Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the ~~Depositor~~ Depositor, the Servicer or the ~~Servicer~~ NIMS Insurer may remove the Trustee. If the ~~Depositor~~ Depositor, the Servicer or the ~~Servicer~~ NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Depositor, with the consent of the NIMS Insurer, shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee. The Majority Certificateholders (or the NIMS Insurer upon the failure of the Trustee to perform its obligations hereunder) may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor trustee acceptable to the NIMS Insurer in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.

Appears in 14 contracts

Samples: Pooling and Servicing Agreement (Greenpoint Mortgage Funding Trust 2005-Hy1), Pooling and Servicing Agreement (Soundview Home Loan Trust 2005-Opt2), Pooling and Servicing Agreement (Fremont Home Loan Trust 2006-1)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the ~~Depositor, the~~ Servicer and ~~each Rating Agency~~the Company. Upon receiving such notice of resignation, the ~~Depositor~~ Company shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to each of the ~~resigning Trustee~~ Servicer and the Company and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ shall have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section ~~8.06~~ 11.07 and shall fail to resign after written request therefor by the ~~Depositor~~ Company, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the ~~Depositor or the Servicer~~ Company may remove the Trustee. If the ~~Depositor or the Servicer removes~~ Company shall have removed the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Company shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ 11.08 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section ~~8.08~~11.09.

Appears in 13 contracts

Samples: Pooling and Servicing Agreement (Green Tree Financial Corp), Pooling and Servicing Agreement (Green Tree Financial Corp), Pooling and Servicing Agreement (Conseco Finance Securitizations Corp)

Resignation or Removal of Trustee. The Trustee may ~~at any time~~ resign and be discharged from the trusts hereby created by giving written notice thereof to ~~the Depositor, the Servicer and each Rating Agency~~CitiMortgage. Upon receiving such notice of resignation, ~~the Depositor shall~~ CitiMortgage will promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument ~~shall~~ will be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee ~~shall~~ will have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If ~~at any time~~ the Trustee ~~shall cease~~ ceases to be eligible in accordance with the provisions of ~~Section 8.06~~ section 8.6 and ~~shall~~ will fail to resign after written request therefor by ~~the Depositor~~ CitiMortgage, or if ~~at any time~~ the Trustee ~~shall be~~ is legally unable to act, or ~~shall be~~ is adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property ~~shall be~~ is appointed, or any public officer ~~shall take~~ takes charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, ~~conservation~~ conversion or liquidation, then ~~the Depositor or the Servicer~~ CitiMortgage may remove the Trustee. If ~~the Depositor or the Servicer~~ it removes the Trustee under the authority of the immediately preceding sentence, ~~the Depositor shall~~ CitiMortgage will promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument ~~shall~~ will be delivered to the Trustee so removed and one copy to the successor ~~trustee~~Trustee. The ~~Majority Certificateholders~~ Trustee may ~~at any time remove~~ also be removed (i) by CitiMortgage, (a) if the Trustee ceases to be eligible to continue as such under this agreement or if the Trustee becomes insolvent, (b) if the Trustee breaches any of its duties under this agreement which materially adversely affects the certificate holders, (c) if through the performance or nonperformance of certain actions by ~~written instrument or instruments delivered~~ the Trustee, the rating assigned to the ~~Servicer,~~ certificates would be lowered or (d) if the ~~Depositor~~ credit rating of the Trustee is downgraded to a level which would result in the rating assigned to the certificates to be lowered; or (ii) by the holders of certificates evidencing more than 50% of the voting interest of the certificates then outstanding and more than 50% of the ~~Trustee;~~ percentage interests of the ~~Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~residual certificates. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this ~~Section 8.07 shall~~ section 8.7 will not become effective until acceptance of appointment by the successor Trustee as provided in ~~Section 8.08~~section 8.8.

Appears in 11 contracts

Samples: Pooling Agreement (Citicorp Mortgage Securities Inc), Pooling Agreement (Citicorp Mortgage Securities Inc), Pooling Agreement (Citicorp Mortgage Securities Inc)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the ~~Depositor~~ Depositor, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor ~~or the Servicer~~ may remove the Trustee. If the Depositor or the Servicer removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor ~~trustee~~Trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor ~~trustee~~ Trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.

Appears in 11 contracts

Samples: Pooling and Servicing Agreement (Asset Backed Funding Corp), Pooling and Servicing Agreement (Asset Backed Funding Corp C Bass Mor Ln as Bk Ce Se 2004 Cb1), Pooling and Servicing Agreement (Financial Asset Sec Corp C Bass Mort Ln as Bk Cert Se 03 Cb6)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the ~~Depositor, the Servicer and each Rating Agency~~Administrator. Upon receiving such notice of resignation, the ~~Depositor~~ Administrator shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition at the expense of the Administrator any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with ~~the provisions of~~ Section ~~8.06~~ 10.1 and shall fail to resign after written request therefor by the ~~Depositor~~ Administrator, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the ~~Depositor or the Servicer~~ Administrator may remove the Trustee. If the ~~Depositor or the Servicer removes~~ Administrator shall remove the Trustee under the authority of the ~~immediately~~ preceding sentence, the ~~Depositor~~ Administrator shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Trustee so removed and one copy to the successor ~~trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered~~ Trustee, and pay all fees owed to the ~~Servicer, the Depositor and the~~ outgoing Trustee~~; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to ~~any of the provisions of~~ this Section ~~8.07~~ shall not become effective until acceptance of appointment by the successor Trustee ~~as provided in~~ pursuant to Section ~~8.08~~10.3 and payment of all fees and expenses owed to the outgoing Trustee. The Administrator shall provide notice of such resignation or removal of the Trustee to each of the Rating Agencies.

Appears in 10 contracts

Samples: Trust Agreement (CNH Capital Receivables Inc), Trust Agreement (CNH Equipment Trust 2006-A), Trust Agreement (CNH Capital Receivables Inc)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the ~~Depositor, the Servicer and each Rating Agency~~Administrator. Upon receiving such notice of resignation, the ~~Depositor~~ Administrator shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with ~~the provisions of~~ Section ~~8.06~~ 10.1 and shall fail to resign after written request therefor by the ~~Depositor~~ Administrator, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the ~~Depositor or the Servicer~~ Administrator may remove the Trustee. If the ~~Depositor or the Servicer removes~~ Administrator shall remove the Trustee under the authority of the ~~immediately~~ preceding sentence, the ~~Depositor~~ Administrator shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Trustee so removed and one copy to the successor ~~trustee. The Majority Certificateholders may at any time remove the~~ Trustee ~~by written instrument or instruments delivered~~ and payment of all fees owed to the ~~Servicer, the Depositor and the~~ outgoing Trustee~~; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to ~~any of the provisions of~~ this Section ~~8.07~~ shall not become effective until acceptance of appointment by the successor Trustee ~~as provided in~~ pursuant to Section ~~8.08~~10.3 and payment of all fees and expenses owed to the outgoing Trustee. The Administrator shall provide notice of such resignation or removal of the Trustee to each of the Rating Agencies.

Appears in 10 contracts

Samples: Trust Agreement (Case Receivables Ii Inc), Trust Agreement (Case Receivables Ii Inc), Trust Agreement (CNH Capital Receivables Inc)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the ~~Servicer~~ Servicer, the NIMS Insurer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee reasonably acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of ~~its~~ their property shall be appointed, or any public officer shall take charge or control of the Trustee or of ~~its~~ their property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the ~~Servicer~~ NIMS Insurer may remove the Trustee. If the Depositor or the ~~Servicer~~ NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or the NIMS Insurer, as the case may be, shall promptly appoint a successor Trustee (reasonably acceptable to the NIMS Insurer if appointed by the Depositor) by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor ~~trustee~~Trustee. The Majority Certificateholders or the NIMS Insurer may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the ~~Depositor~~ Depositor, the NIMS Insurer and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor ~~trustee~~ Trustee reasonably acceptable to the NIMS Insurer in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.

Appears in 9 contracts

Samples: Pooling and Servicing Agreement (ABFC Asset-Backed Certificates, Series 2005-Wmc1), Pooling and Servicing Agreement (CHEC Loan Trust 2004-2 Asset-Backed Certificates, Series 2004-2), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2005-Ff5)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the ~~Depositor~~ Depositor, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor ~~or the Servicer~~ may remove the Trustee. If the Depositor or the Servicer removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor ~~trustee~~Trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the ~~Trustee~~Trustee and any expenses incurred by the Trustee in connection with such removal shall be reimbursed to it by the Majority Certificateholders promptly upon demand therefor; the Depositor shall thereupon use its best efforts to appoint a successor ~~trustee~~ Trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.

Appears in 8 contracts

Samples: Distribution Instructions (C-Bass Mortgage Loan Trust 2007-Cb3), Pooling and Servicing Agreement (C-Bass 2006-Cb7 Trust), Pooling and Servicing Agreement (C-Bass 2006-Cb7 Trust)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the ~~Depositor, the Servicer and each Rating Agency~~Servicer. Upon receiving such notice of resignation, the ~~Depositor~~ Servicer, with the prior written consent of the Insurer, shall promptly appoint a successor ~~Trustee~~ Trustee, by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section ~~8.06~~ 15.08 and shall fail to resign after written request therefor by the ~~Depositor~~ Servicer, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, ~~conservation~~ conservation, or liquidation, then ~~the Depositor or~~ the Servicer may remove the Trustee. If ~~the Depositor or the Servicer removes~~ it shall remove the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Servicer shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor ~~trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the~~ Trustee~~; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ 15.09 shall not become effective until acceptance of appointment by the successor Trustee ~~as provided in~~ pursuant to Section ~~8.08~~15.10.

Appears in 8 contracts

Samples: Pooling and Servicing Agreement (Bay View Securitization Corp), Pooling and Servicing Agreement (Uacsc 1998-a Auto Trust), Pooling and Servicing Agreement (Uacsc 1999 a Auto Trust)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the ~~Depositor~~ Depositor, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of ~~its~~ their property shall be appointed, or any public officer shall take charge or control of the Trustee or of ~~its~~ their property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor ~~or the Servicer~~ may remove the Trustee. If the Depositor or the Servicer removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor ~~trustee~~Trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the ~~Trustee~~Trustee and any expenses incurred by the Trustee in connection with such removal shall be reimbursed to it by the Majority Certificateholders promptly upon demand therefor; the Depositor shall thereupon use its best efforts to appoint a successor ~~trustee~~ Trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.

Appears in 8 contracts

Samples: Distribution Instructions (Citigroup Mortgage Loan Trust, Series 2005-Cb8, C-Bass Mortgage Loan Asset-Backed Certificates), Distribution Instructions (Citigroup Mortgage Loan Trust Inc), Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc C-Bass Mortgage Loan Asset-Backed Certificates, Series 2004-Cb7)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the ~~Depositor, the~~ Servicer and ~~each Rating Agency~~the Originator. Upon receiving such notice of resignation, the ~~Depositor~~ Originator shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to each of the ~~resigning Trustee~~ Servicer and the Originator and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ shall have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section ~~8.06~~ 11.07 and shall fail to resign after written request therefor by the ~~Depositor~~ Originator, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the ~~Depositor or the Servicer~~ Originator may remove the Trustee. If the ~~Depositor or the Servicer removes~~ Originator shall have removed the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Originator shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ 11.08 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section ~~8.08~~11.09.

Appears in 7 contracts

Samples: Pooling and Servicing Agreement (Conseco Finance Securitizations Corp), Pooling and Servicing Agreement (Conseco Finance Securitizations Corp), Pooling and Servicing Agreement (Conseco Finance Securitizations Corp)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the ~~Depositor, the Servicer and each Rating Agency~~Servicer. Upon receiving such notice of resignation, the ~~Depositor~~ Servicer shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section ~~8.06~~ 10.06 and shall fail to resign after written request therefor by the ~~Depositor~~ Servicer, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the ~~Depositor or the~~ Servicer may remove the Trustee. If the ~~Depositor or the~~ Servicer ~~removes~~ shall remove the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Servicer shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Trustee so removed and one copy to the successor ~~trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered~~ Trustee, and shall pay all fees owed to the ~~Servicer, the Depositor and the~~ outgoing Trustee~~; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ shall not become effective until acceptance of appointment by the successor Trustee ~~as provided in~~ pursuant to Section ~~8.08~~10.08 and payment of all fees and expenses owed to the outgoing Trustee. The Servicer shall provide notice of such resignation or removal of the Trustee to each of the Rating Agencies.

Appears in 6 contracts

Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Funding Ii Inc), Pooling and Servicing Agreement (Ml Asset Backed Corp), Pooling and Servicing Agreement (Usaa Acceptance LLC)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the ~~Depositor, the Servicer and each Rating Agency~~Administrator. Upon receiving such notice of resignation, the ~~Depositor~~ Administrator shall promptly appoint a successor Trustee meeting the eligibility requirements of Section 10.01 by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee; provided, however, that such right to appoint or to petition for the appointment of any such successor shall in no event relieve the resigning Trustee from any obligations otherwise imposed on it under the Basic Documents until such successor has in fact assumed such appointment. If at any time the Trustee shall cease to be or shall be likely to cease to be eligible in accordance with the provisions of Section ~~8.06~~ 10.01 and shall fail to resign after written request therefor by the ~~Depositor~~ Administrator, or if at any time an Insolvency Event with respect to the Trustee shall have occurred and be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidationcontinuing, then the ~~Depositor or the Servicer~~ Administrator may remove the Trustee. If the ~~Depositor or the Servicer removes~~ Administrator shall remove the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Administrator shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Trustee so removed and one copy to the successor ~~trustee. The Majority Certificateholders may at any time remove the~~ Trustee ~~by written instrument or instruments delivered~~ and payment of all fees owed to the ~~Servicer, the Depositor and the~~ outgoing Trustee~~; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ shall not become effective until acceptance of appointment by the successor Trustee ~~as provided in~~ pursuant to Section ~~8.08~~10.03, payment of all fees and expenses owed to the outgoing Trustee and the filing of a certificate of amendment to the Trust's certificate of trust pursuant to Section 3810(b) of the Delaware Statutory Trust Act. The Administrator shall provide notice of such resignation or removal of the Trustee and to each of the Rating Agencies.

Appears in 6 contracts

Samples: Trust Agreement (SLM Education Credit Funding LLC), Trust Agreement (SLM Education Credit Funding LLC), Trust Agreement (SLM Education Credit Funding LLC)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the ~~Depositor, the~~ Servicer and ~~each Rating Agency~~the Company. A copy of any such notice shall be sent to Xxxxx'x and Fitch. Upon receiving such notice of resignation, the ~~Depositor~~ Company shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to each of the ~~resigning Trustee~~ Servicer and the Company and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ shall have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section ~~8.06~~ 11.06 and shall fail to resign after written request therefor by the ~~Depositor~~ Company, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the ~~Depositor or the Servicer~~ Company may remove the Trustee. If the ~~Depositor or the Servicer removes~~ Company shall have removed the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Company shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor ~~trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the~~ Trustee~~; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ 11.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section ~~8.08~~11.08.

Appears in 6 contracts

Samples: Pooling and Servicing Agreement (Green Tree Financial Corp), Pooling and Servicing Agreement (Green Tree Financial Corp), Pooling and Servicing Agreement (Green Tree Financial Corp)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the ~~Depositor, the Servicer and each Rating Agency~~Servicer. Upon receiving such notice of resignation, the ~~Depositor~~ Servicer, with the prior written consent of the Surety Bond Issuer, shall promptly appoint a successor ~~Trustee~~ Trustee, by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section ~~8.06~~ 15.08 and shall fail to resign after written request therefor by the ~~Depositor~~ Servicer, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, ~~conservation~~ conservation, or liquidation, then ~~the Depositor or~~ the Servicer may remove the Trustee. If ~~the Depositor or the Servicer removes~~ it shall remove the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Servicer shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor ~~trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the~~ Trustee~~; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ 15.09 shall not become effective until acceptance of appointment by the successor Trustee ~~as provided in~~ pursuant to Section ~~8.08~~15.10.

Appears in 6 contracts

Samples: Pooling and Servicing Agreement (Uacsc 1997-C Auto Trust), Pooling and Servicing Agreement (Uacsc 1997-D Auto Trust), Pooling and Servicing Agreement (Uacsc 1997-a Auto Trust)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the ~~Depositor, the Servicer and each Rating Agency~~Administrator. Upon receiving such notice of resignation, the ~~Depositor~~ Administrator shall promptly appoint a successor Trustee meeting the eligibility requirements of Section 10.01 by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee; provided, however, that such right to appoint or to petition for the appointment of any such successor shall in no event relieve the resigning Trustee from any obligations otherwise imposed on it under the Basic Documents until such successor has in fact assumed such appointment. If at any time the Trustee shall cease to be or shall be likely to cease to be eligible in accordance with the provisions of Section ~~8.06~~ 10.01 and shall fail to resign after written request therefor by the ~~Depositor~~ Administrator, or if at any time an Insolvency Event with respect to the Trustee shall have occurred and be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidationcontinuing, then the ~~Depositor or the Servicer~~ Administrator may remove the Trustee. If the ~~Depositor or the Servicer removes~~ Administrator shall remove the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Administrator shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Trustee so removed and one copy to the successor ~~trustee. The Majority Certificateholders may at any time remove the~~ Trustee ~~by written instrument or instruments delivered~~ and payment of all fees owed to the ~~Servicer, the Depositor and the~~ outgoing Trustee~~; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ shall not become effective until acceptance of appointment by the successor Trustee ~~as provided in~~ pursuant to Section ~~8.08~~10.03, payment of all fees and expenses owed to the outgoing Trustee and the filing of a certificate of amendment to the Trust’s certificate of trust pursuant to Section 3810(b) of the Delaware Statutory Trust Act. The Administrator shall provide notice of such resignation or removal of the Trustee and to each of the Rating Agencies.

Appears in 6 contracts

Samples: Trust Agreement (SLM Private Credit Student Loan Trust 2006-A), Trust Agreement (SLM Private Credit Student Loan Trust 2006-C), Trust Agreement (SLM Private Credit Student Loan Trust 2005-A)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the ~~Depositor, the~~ Servicer and ~~each Rating Agency~~the Company. A copy of any such notice shall be sent to Xxxxx'x, Standard & Poor's and Fitch. Upon receiving such notice of resignation, the ~~Depositor~~ Company shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to each of the ~~resigning Trustee~~ Servicer and the Company and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ shall have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section ~~8.06~~ 11.06 and shall fail to resign after written request therefor by the ~~Depositor~~ Company, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the ~~Depositor or the Servicer~~ Company may remove the Trustee. If the ~~Depositor or the Servicer removes~~ Company shall have removed the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Company shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor ~~trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the~~ Trustee~~; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ 11.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section ~~8.08~~11.08.

Appears in 6 contracts

Samples: Pooling and Servicing Agreement (Green Tree Financial Corp), Pooling and Servicing Agreement (Green Tree Financial Corp), Pooling and Servicing Agreement (Green Tree Financial Corp)

Resignation or Removal of Trustee. The Trustee may ~~at any time~~ resign and be discharged from the trusts hereby created by giving written notice thereof to ~~the Depositor, the Servicer and each Rating Agency~~CitiMortgage. Upon receiving such notice of resignation, ~~the Depositor shall~~ CitiMortgage will promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument ~~shall~~ will be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee ~~shall~~ will have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If ~~at any time~~ the Trustee ~~shall cease~~ ceases to be eligible in accordance with the provisions of ~~Section 8.06~~ section 8.6 and ~~shall~~ will fail to resign after written request therefor by ~~the Depositor~~ CitiMortgage, or if ~~at any time~~ the Trustee ~~shall be~~ is legally unable to act, or ~~shall be~~ is adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property ~~shall be~~ is appointed, or any public officer ~~shall take~~ takes charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, ~~conservation~~ conversion or liquidation, then ~~the Depositor or the Servicer~~ CitiMortgage may remove the Trustee. If ~~the Depositor or the Servicer~~ it removes the Trustee under the authority of the immediately preceding sentence, ~~the Depositor shall~~ CitiMortgage will promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument ~~shall~~ will be delivered to the Trustee so removed and one copy to the successor ~~trustee~~Trustee. The ~~Majority Certificateholders~~ Trustee may ~~at any time remove~~ also be removed (i) by CitiMortgage, (a) if the Trustee ceases to be eligible to continue as such under this agreement or if the Trustee becomes insolvent, (b) if the Trustee breaches any of its duties under this agreement which materially adversely affects the certificate holders, (c) if through the performance or nonperformance of certain actions by ~~written instrument or instruments delivered to~~ the ~~Servicer~~Trustee, the ~~Depositor~~ rating assigned by any rating agency to any class of certificates would be lowered or (d) if the credit rating of the Trustee is downgraded to a level which would result in the rating assigned to any class of certificates being lowered; or (ii) by the holders of certificates evidencing more than 50% of the voting interest of the certificates then outstanding and more than 50% of the ~~Trustee;~~ percentage interests of the ~~Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~residual certificates. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this ~~Section 8.07 shall~~ section 8.7 will not become effective until acceptance of appointment by the successor Trustee as provided in ~~Section 8.08~~section 8.8.

Appears in 5 contracts

Samples: Pooling Agreement (Citicorp Mortgage Securities Inc), Pooling and Servicing Agreement (Citicorp Mortgage Securities Inc), Pooling Agreement (Citicorp Mortgage Securities Trust, Series 2007-6)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the NIMS Insurer, the Depositor, the Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the ~~Depositor~~ Depositor, the Servicer or the ~~Servicer~~ NIMS Insurer may remove the Trustee. If the ~~Depositor~~ Depositor, the Servicer or the ~~Servicer~~ NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Depositor, with the consent of the NIMS Insurer, shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee. The Majority Certificateholders (or the NIMS Insurer upon the failure of the Trustee to perform its obligations hereunder) may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor trustee acceptable to the NIMS Insurer in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08. Any Person appointed as successor trustee pursuant to this Agreement shall also be required to serve as successor supplemental interest trust trustee under the Interest Rate Swap Agreement.

Appears in 5 contracts

Samples: Pooling and Servicing Agreement (Option One Mortgage Loan Trust 2007-4), Pooling and Servicing Agreement (Option One Mortgage Loan Trust 2007-2), Pooling and Servicing Agreement (Option One Mortgage Loan Trust 2007-3)

Resignation or Removal of Trustee. The Trustee (including the Trustee as Certificate Registrar) may at any time resign and be discharged from the ~~trusts~~ trust hereby created by giving written notice thereof to the Trustee, the Depositor, the ~~Servicer~~ Seller, the Certificate Insurer and ~~each~~ the Rating Agency. Upon receiving such notice of ~~resignation~~resignation of the Trustee, the Depositor shall promptly appoint a successor Trustee that meets the requirements in Section 8.06 by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 ~~and shall fail to resign after written request therefor by the Depositor~~ hereof or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor ~~or the Servicer~~ may remove the Trustee. If the Depositor ~~or the Servicer~~ removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Trustee that meets the requirements of Section 8.06, by written instrument, in ~~duplicate~~triplicate, one copy of which instrument shall be delivered to the Trustee so ~~removed~~ removed, and one copy to the successor ~~trustee~~Trustee and one copy to the Certificate Insurer. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the ~~Servicer, the~~ Depositor and the Trustee; the Depositor or the Trustee shall thereupon use its best efforts to appoint a successor ~~trustee~~ Trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section ~~8.08~~8.08 hereof. As long as the Certificate Insurance Policy is in effect, the Trustee will send a written notice to the Certificate Insurer of any such resignation, removal or appointment.

Appears in 5 contracts

Samples: Pooling Agreement (Mortgage Loan Pass-Through Certificates Series 2005-12), Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc), Pooling Agreement (Greenwich Capital Acceptance Inc)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the ~~Depositor~~ Depositor, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of ~~its~~ their property shall be appointed, or any public officer shall take charge or control of the Trustee or of ~~its~~ their property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor ~~or the Servicer~~ may remove the Trustee. If the Depositor or the Servicer removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor ~~trustee~~Trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor ~~trustee~~ Trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.

Appears in 5 contracts

Samples: Pooling and Servicing Agreement (Abfc Asset Backed Certificates Series 2002-Sb1), Pooling and Servicing Agreement (Asset Backed Funding Corp Abfc Asset Backed Ser 2004-Ahl1), Pooling and Servicing Agreement (Abfc Asset Backed Certificates Series 2003-Ahl1)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the ~~Depositor, the~~ Servicer and ~~each Rating Agency~~the Company. A copy of any such notice shall be sent to Standard & Poor's and Fitch. Upon receiving such notice of resignation, the ~~Depositor~~ Company shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to each of the ~~resigning Trustee~~ Servicer and the Company and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ shall have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section ~~8.06~~ 11.06 and shall fail to resign after written request therefor by the ~~Depositor~~ Company, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the ~~Depositor or the Servicer~~ Company may remove the Trustee. If the ~~Depositor or the Servicer removes~~ Company shall have removed the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Company shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor ~~trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the~~ Trustee~~; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ 11.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section ~~8.08~~11.08.

Appears in 5 contracts

Samples: Pooling and Servicing Agreement (Green Tree Financial Corp), Pooling and Servicing Agreement (Green Tree Financial Corp), Pooling and Servicing Agreement (Green Tree Financial Corp)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the NIMS Insurer, the Depositor, the Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the ~~Depositor~~ Depositor, the NIMS Insurer or the Servicer may remove the Trustee. If the ~~Depositor~~ Depositor, the NIMS Insurer or the Servicer removes the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Depositor, with the consent of the NIMS Insurer, shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee. The Majority Certificateholders (or the NIMS Insurer upon the failure of the Trustee to perform its obligations hereunder) may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor trustee acceptable to the NIMS Insurer in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2005-Ffh3), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2005-Ffh3), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2005-Ffh4)

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2006-Wf2), Pooling and Servicing Agreement (Soundview Home Loan Trust 2007-Ns1), Pooling and Servicing Agreement (Soundview Home Loan Trust 2006-Wf1)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Master Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the ~~Depositor~~ Depositor, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of ~~its~~ their property shall be appointed, or any public officer shall take charge or control of the Trustee or of ~~its~~ their property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor ~~or the Servicer~~ may remove the Trustee. If the Depositor ~~or the Servicer~~ removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor ~~trustee~~Trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Master Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor ~~trustee~~ Trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (Asset Backed Funding Corp Abfc Asset Back Cert Ser 2003 Opt1), Pooling and Servicing Agreement (Abfc Asset-Backed Certificates Series 2004-Opt2), Pooling and Servicing Agreement (Abfc Asset-Backed Certificates Series 2004-Opt1)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the ~~Servicer~~ Master Servicer, the NIMS Insurer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee reasonably acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of ~~its~~ their property shall be appointed, or any public officer shall take charge or control of the Trustee or of ~~its~~ their property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the ~~Servicer~~ NIMS Insurer may remove the Trustee. If the Depositor or the ~~Servicer~~ NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or the NIMS Insurer, as the case may be, shall promptly appoint a successor Trustee (reasonably acceptable to the NIMS Insurer if appointed by the Depositor) by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor ~~trustee~~Trustee. The Majority Certificateholders or the NIMS Insurer may at any time remove the Trustee by written instrument or instruments delivered to the Master Servicer, the ~~Depositor~~ Depositor, the NIMS Insurer and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor ~~trustee~~ Trustee reasonably acceptable to the NIMS Insurer in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (Asset-Backed Funding Corp. ABFC Asset Backed Certificates, Series 2004-Opt4), Pooling and Servicing Agreement (Asset-Backed Funding Corp. ABFC Asset Backed Certificates, Series 2004-Opt5), Pooling and Servicing Agreement (Asset Backed Funding Corp. ABFC Asset Backed Certificates Series 2004-Opt3)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the ~~Depositor, the~~ Servicer and ~~each Rating Agency~~the Originator. A copy of any such notice shall be sent to Standard & Poor's, Xxxxx'x and Fitch. Upon receiving such notice of resignation, the ~~Depositor~~ Originator shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to each of the ~~resigning Trustee~~ Servicer and the Originator and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ shall have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section ~~8.06~~ 11.06 and shall fail to resign after written request therefor by the ~~Depositor~~ Originator, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the ~~Depositor or the Servicer~~ Originator may remove the Trustee. If the ~~Depositor or the Servicer removes~~ Originator shall have removed the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Originator shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor ~~trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the~~ Trustee~~; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ 11.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section ~~8.08~~11.08.

Appears in 4 contracts

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the ~~Depositor, the~~ Servicer and ~~each Rating Agency~~the Certificate Insurer. Upon receiving such notice of resignation, the ~~Depositor shall~~ Servicer shall, with the consent of the Certificate Insurer, promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section ~~8.06~~ 10.8 and shall fail to resign after written request therefor by the ~~Depositor~~ Servicer or the Certificate Insurer, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, ~~conservation~~ conservation, or liquidation, then the ~~Depositor~~ Servicer or the ~~Servicer~~ Certificate Insurer may remove the Trustee. If ~~the Depositor or the Servicer removes~~ it shall remove the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Servicer shall promptly appoint a successor Trustee that meets the eligibility requirements of Section 10.8 by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor ~~trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the~~ Trustee~~; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ 10.9 shall not become effective without the consent of the Certificate Insurer and until acceptance of appointment by the successor Trustee ~~as provided in~~ pursuant to Section ~~8.08~~10.10.

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (Chevy Chase Bank FSB), Pooling and Servicing Agreement (Chevy Chase Bank FSB), Pooling and Servicing Agreement (Chevy Chase Bank FSB)

Resignation or Removal of Trustee. The Trustee may resign at any time ~~resign~~ and be discharged from the trusts hereby created by giving written notice thereof to the ~~Depositor, the Servicer and each Rating Agency~~Servicer. Upon receiving such notice of resignation, the ~~Depositor~~ Servicer shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section ~~8.06~~ 10.06 and shall fail to resign after written request therefor by the ~~Depositor~~ Servicer, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the ~~Depositor or the~~ Servicer may remove the Trustee. If the ~~Depositor or the~~ Servicer ~~removes~~ shall remove the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Servicer shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Trustee so removed and one copy to the successor ~~trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered~~ Trustee, and shall pay all fees owed to the ~~Servicer, the Depositor and the~~ outgoing Trustee; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (Goldman Sachs Asset Backed Securities Corp), Pooling and Servicing Agreement (Gs Mortgage Securities Corp), Pooling and Servicing Agreement (Goldman Sachs Asset Backed Securities Corp)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the ~~Servicer~~ Seller, the Servicer, the Master Servicer, the Securities Administrator and ~~each~~ the Rating ~~Agency~~Agencies. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 ~~and shall fail to resign after written request therefor by the Depositor~~ hereof or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor ~~or the Servicer~~ may remove the Trustee. If the Depositor ~~or the Servicer~~ removes the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Seller shall promptly appoint a successor ~~Trustee~~ Trustee, with the consent of the Depositor, which consent shall not be unreasonably withheld, by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Master Servicer, the Securities Administrator, the Depositor and the Trustee; the ~~Depositor~~ Seller, with the consent of the Depositor, which consent shall not be unreasonably withheld, shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section ~~8.08~~8.08 hereof.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc), Pooling and Servicing Agreement (Provident Funding Mortgage Loan Trust 2005-1), Pooling and Servicing Agreement (Greenwich Capital Acc Inc Provident Fund Mort Loan Tr 2004 1)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor ~~Trustee~~ Trustee, by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the ~~Depositor~~ Depositor, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor ~~or the Servicer~~ may remove the Trustee. If the Depositor or the Servicer removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor ~~trustee~~Trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor ~~trustee~~ Trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (C-Bass Mortgage Loan Asset-Backed Certificates, Series 2005-Cb6), Pooling and Servicing Agreement (C-Bass Mortgage Loan Asset-Backed Certificates, Series 2005-Cb3), Pooling and Servicing Agreement (C-Bass Mortgage Loan Asset-Backed Series 2006-Cb4)

Resignation or Removal of Trustee. The Trustee (including the Trustee as Certificate Registrar) may at any time resign and be discharged from the ~~trusts~~ trust hereby created by giving written notice thereof to the Trustee, the Depositor, the ~~Servicer~~ Seller, and ~~each~~ the Rating Agency. Upon receiving such notice of ~~resignation~~resignation of the Trustee, the Depositor shall promptly appoint a successor Trustee that meets the requirements in Section 8.06 by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 ~~and shall fail to resign after written request therefor by the Depositor~~ hereof or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor ~~or the Servicer~~ may remove the Trustee. If the Depositor ~~or the Servicer~~ removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Trustee that meets the requirements of Section 8.06, by written instrument, in ~~duplicate~~triplicate, one copy of which instrument shall be delivered to the Trustee so ~~removed~~ removed, and one copy to the successor ~~trustee~~Trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the ~~Servicer, the~~ Depositor and the Trustee; the Depositor or the Trustee shall thereupon use its best efforts to appoint a successor ~~trustee~~ Trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section ~~8.08~~8.08 hereof.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2004-9), Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2004-11), Pooling and Servicing Agreement (Greenwich HarborView Mortgage Loan Trust 2005-1)

Resignation or Removal of Trustee. The Trustee may resign at any time ~~resign and be discharged from the trusts hereby created~~ by ~~giving~~ written notice ~~thereof~~ to the ~~Depositor~~Employer, which resignation shall be effective 60 days after delivery to the Employer. The Trustee may be removed by the Employer by written notice to the Trustee, which removal shall be effective 60 days after delivery to the Trustee. Upon resignation or removal of the Trustee, the ~~Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly~~ Employer may appoint a successor trustee. Any such successor trustee will, upon written acceptance of his appointment, become vested with the estate, rights, powers, discretion, duties and obligations of the Trustee ~~by written instrument~~hereunder as if he had been originally named as Trustee in this Agreement. Upon resignation or removal of the Trustee, the Employer will no longer participate in ~~duplicate~~this prototype plan and will be deemed to have adopted an individually designed plan. In such event, ~~one copy~~ the Employer shall appoint a successor trustee within said 60-day period and the Trustee will transfer the assets of ~~which instrument shall be delivered to~~ the ~~resigning Trustee and one copy~~ Trust to the successor trustee upon receipt of sufficient evidence (such as a determination letter or opinion letter from the Internal Revenue Service or an opinion of counsel satisfactory to the Trustee) that such trust will be a qualified trust under the Code. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the The appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or if at any time the Trustee trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the Servicer may remove the Trustee. If the Depositor or the Servicer removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Trustee accomplished by ~~written instrument, in duplicate, one copy of which instrument shall be delivered~~ delivery to the Trustee ~~so removed~~ of written notice that the Employer has appointed such successor trustee, and ~~one copy to~~ written acceptance of such appointment by the successor trustee. The ~~Majority Certificateholders may at any time remove~~ Trustee may, upon transfer and delivery of the ~~Trustee by written instrument or instruments delivered~~ Trust Fund to ~~the Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint~~ a successor ~~trustee in accordance with this Section~~trustee, reserve such reasonable amount as it shall deem necessary to provide for its fees, compensation, costs and expenses, or for the payment of any other liabilities chargeable against the Trust Fund for which it may be liable. ~~Any resignation or removal of the~~ The Trustee ~~and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07~~ shall not ~~become effective until acceptance~~ be liable for the acts or omissions of ~~appointment by the~~ any successor ~~Trustee as provided in Section 8.08~~trustee.

Appears in 3 contracts

Samples: Adoption Agreement (Lawter International Inc), Adoption Agreement (Extended Systems Inc), Jaymark Inc

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the ~~Servicer~~ Servicers and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the ~~Servicer~~ Servicers may remove the Trustee. If the Depositor or the ~~Servicer~~ Servicers removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the ~~Servicer~~Servicers, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2005-2), Pooling and Servicing Agreement (Soundview Home Loan Trust 2005-B), Pooling and Servicing Agreement (Soundview Home Loan Trust 2005-A)

Resignation or Removal of Trustee. (a) The Trustee may at any time resign and be discharged from the ~~trusts~~ trust hereby created by giving written notice thereof to the ~~Depositor,~~ Transferor and the ~~Servicer and each Rating Agency~~Servicer. Upon receiving such notice of resignation, the ~~Depositor~~ Transferor shall promptly appoint a successor ~~Trustee~~ trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor ~~Trustee~~trustee. If no successor ~~Trustee~~ trustee shall have been so appointed and ~~having~~ have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor ~~Trustee~~trustee. (b) If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section ~~8.06~~ 11.6 and shall fail to resign after ~~written~~ request therefor by the ~~Depositor~~ Servicer, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or if a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the ~~Depositor or the~~ Servicer may remove the ~~Trustee. If the Depositor or the Servicer removes the~~ Trustee ~~under the authority of the immediately preceding sentence, the Depositor shall~~ and promptly appoint a successor ~~Trustee~~ trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section. (c) Any resignation or removal of the Trustee and appointment of a successor ~~Trustee~~ trustee pursuant to any of the provisions of this Section ~~8.07~~ shall not become effective until acceptance of appointment by the successor ~~Trustee~~ trustee as provided in Section ~~8.08.~~11.8. (d) No Trustee under this Agreement shall be personally liable for any action or omission of any successor trustee. Section 11.8

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Partners First Credit Card Master Trust), Pooling and Servicing Agreement (Partners First Receivables Funding Corp), Pooling and Servicing Agreement (Partners First Receivables Funding Corp)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the ~~Depositor~~Master Servicer, the ~~Servicer~~ Depositor and ~~each~~ the Rating ~~Agency~~Agencies. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to each of the ~~resigning Trustee~~ Master Servicer and the Depositor and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ shall have accepted appointment within 30 thirty (30) days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If If, at any ~~time~~ time, the Trustee shall cease to be eligible in accordance with the provisions of Section ~~8.06~~ 11.06 and shall fail to resign after written request therefor by the ~~Depositor~~ Depositor, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor ~~or the Servicer~~ may remove the Trustee. If the Depositor ~~or the Servicer removes~~ shall have removed the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor ~~trustee~~Trustee. ~~The Majority Certificateholders may at~~ Upon appointment of any ~~time remove~~ successor Trustee, the Trustee ~~by written instrument or instruments delivered~~ being replaced shall change the name of the Certificate Account to the ~~Servicer, the Depositor and the~~ name of such successor Trustee~~; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ 11.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section ~~8.08~~11.08.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Cit Home Equity Loan Trust 2002-1), Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Acceptance Corp), Pooling and Servicing Agreement (Cit Home Equity Loan Trust 2003-1)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the ~~trusts~~ trust hereby created by giving written notice thereof to the ~~Depositor, the Servicer and each Rating Agency~~Servicer. Upon ~~receiving~~ giving such notice of resignation, the ~~Depositor~~ Trustee shall promptly appoint a successor Trustee by written ~~instrument, in duplicate, one copy of~~ instrument which instrument shall be delivered ~~to the resigning Trustee and one copy~~ to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. The Servicer shall provide notice to the Rating Agencies of any resignation of the Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section ~~8.06 and shall fail to resign after written request therefor by the Depositor~~ 13.9 or ~~if at any time the Trustee~~ shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, ~~conservation~~ conservation, or liquidation, then the ~~Depositor or the Servicer may remove the Trustee~~Trustee shall promptly resign. ~~If the Depositor or the Servicer removes the~~ The Trustee ~~under the authority of the immediately preceding sentence, the Depositor~~ shall promptly appoint a successor Trustee by written ~~instrument~~instrument which instrument shall be delivered to the successor Trustee. If the Trustee fails to resign, the Certificateholders shall remove the Trustee and appoint a successor Trustee by written instrument in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor ~~trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the~~ Trustee~~; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ 13.10 shall not become effective until acceptance of appointment by the successor Trustee ~~as provided in~~ pursuant to Section ~~8.08~~13.11.

Appears in 3 contracts

Samples: Supplement Agreement (Usaa Acceptance LLC), Supplement Agreement (Usaa Acceptance LLC), Supplement Agreement (Usaa Acceptance LLC)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Master Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee; provided, however, that any such successor Trustee shall be subject to the prior written approval of the Master Servicer. If no successor Trustee shall have been so appointed and ~~having~~ have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section ~~8.06~~ 9.06 and shall fail to resign after written request therefor by the ~~Depositor~~ Depositor, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor ~~or the Servicer~~ may remove the Trustee. If the Depositor ~~or the Servicer~~ removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor ~~trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the~~ Trustee~~; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ shall not become effective until acceptance of appointment by the successor Trustee as provided in Section ~~8.08~~9.08.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (HFC Revolving Corp), Pooling and Servicing Agreement (HFC Revolving Corp), Pooling and Servicing Agreement (HFC Revolving Corp)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Master Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 60 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the ~~Depositor~~ Depositor, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor ~~or the Servicer~~ may remove the Trustee. If the Depositor or the Master Servicer removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor ~~trustee~~Trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Master Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor ~~trustee~~ Trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (PHHMC Mortgage Pass-Through Certificates, Series 2005-4), Pooling and Servicing Agreement (Cendant Mortgage Capital LLC), Pooling and Servicing Agreement (CDMC Mortgage Pass-Through Certificates Series 2003-1)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Master Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the Master Servicer may remove the Trustee. If the Depositor or the Master Servicer removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Master Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Option One Mortgage Acceptance Corp Ass Back Cert Ser 2000 4), Pooling and Servicing Agreement (Option One Mort Accep Corp Asset Backed Cert Ser 2000-1), Pooling and Servicing Agreement (Option One Mort Accept Corp Asset Backed Cert Ser 2000-2)

Resignation or Removal of Trustee. The Trustee (including the Trustee as Certificate Registrar) may at any time resign and be discharged from the ~~trusts~~ trust hereby created by giving written notice thereof to the Trustee, the Depositor, the Seller, the Servicer and ~~each~~ the Rating ~~Agency~~Agencies. Upon receiving such notice of ~~resignation~~resignation of the Trustee, the Depositor shall promptly appoint a successor Trustee that meets the requirements in Section 8.06 by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 ~~and shall fail to resign after written request therefor by the Depositor~~ hereof or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor ~~or the Servicer~~ may remove the Trustee. If the Depositor ~~or the Servicer~~ removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Trustee that meets the requirements of Section 8.06, by written instrument, in ~~duplicate~~triplicate, one copy of which instrument shall be delivered to the Trustee so ~~removed~~ removed, and one copy to the successor ~~trustee~~Trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the ~~Servicer~~Depositor, the ~~Depositor~~ Servicer and the Trustee; the Depositor or the Trustee shall thereupon use its best efforts to appoint a successor ~~trustee~~ Trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section ~~8.08~~8.08 hereof.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc), Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2005-5)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the ~~Depositor, the Servicer~~ Seller and each ~~Rating Agency~~Certificateholder. Upon receiving such notice of resignation, the ~~Depositor~~ Majority Certificateholders shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section ~~8.06~~ 11.08 and shall fail to resign after written request therefor by the ~~Depositor~~ Seller, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the ~~Depositor or the Servicer~~ Majority Certificateholders may remove the Trustee. If the ~~Depositor or the Servicer removes~~ Majority Certificateholders shall remove the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Majority Certificateholders shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Trustee so removed and one copy to the successor ~~trustee. The Majority Certificateholders may at any time remove the~~ Trustee ~~by written instrument or instruments delivered~~ and payment of all fees and expenses owed to the ~~Servicer, the Depositor and the~~ outgoing Trustee~~; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ 11.09 shall not become effective until acceptance of appointment by the successor Trustee ~~as provided in~~ pursuant to Section ~~8.08~~11.10 and payment of all fees and expenses owed to the outgoing Trustee or upon order of a court of competent jurisdiction.

Appears in 2 contracts

Samples: Master Trust Agreement (Aegis Consumer Funding Group Inc), Master Trust Agreement (Aegis Consumer Funding Group Inc)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Master Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the ~~Depositor~~ Depositor, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor ~~or the Servicer~~ may remove the Trustee. If the Depositor or the Master Servicer removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor ~~trustee~~Trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Master Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor ~~trustee~~ Trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc), Pooling and Servicing Agreement (Cendant Mortgage Capital LLC)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the ~~Depositor~~Servicer, the ~~Servicer~~ Seller and each ~~Rating Agency~~Certificateholder. Upon receiving such notice of resignation, with the ~~Depositor~~ prior written consent of the Rating Agency and the Majority Certificateholders the Servicer shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ have accepted appointment within 30 60 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section ~~8.06~~ 10.7 and shall fail to resign after written request therefor by the ~~Depositor~~ Servicer, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the ~~Depositor or the~~ Servicer may remove the Trustee. If the ~~Depositor or the~~ Servicer ~~removes~~ shall remove the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Servicer shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Trustee so removed and one copy to the successor ~~trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered~~ Trustee, and pay all fees owed to the ~~Servicer, the Depositor and the~~ outgoing Trustee~~; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ 10.8 shall not become effective until acceptance of appointment by the successor Trustee ~~as provided in~~ pursuant to Section ~~8.08~~10.9 and payment of all fees and expenses owed to the outgoing Trustee. The Servicer shall provide notice of such resignation or removal of the Trustee to the Rating Agency then rating the Certificates.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Asta Funding Inc), Pooling and Servicing Agreement (Asta Funding Inc)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the ~~Depositor, the Servicer and each Rating Agency~~Company. Upon receiving such notice of resignation, the ~~Depositor~~ Company shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section ~~8.06~~ 10.01 and shall fail to resign after written request therefor by the ~~Depositor~~ Company, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the ~~Depositor or the Servicer~~ Company may remove the Trustee. If the ~~Depositor or the Servicer removes~~ Company shall remove the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Company shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Trustee so removed and one copy to the successor ~~trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered~~ Trustee, and shall pay all fees owed to the ~~Servicer, the Depositor and the~~ outgoing Trustee~~; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ shall not become effective until acceptance of appointment by the successor Trustee ~~as provided in~~ pursuant to Section ~~8.08~~10.03 and payment of all fees and expenses owed to the outgoing Trustee. The Company shall provide notice of such resignation or removal of the Trustee to each of the Rating Agencies.

Appears in 2 contracts

Samples: Trust Agreement (Goldman Sachs Asset Backed Securities Corp), Trust Agreement (Gs Mortgage Securities Corp)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the ~~Depositor, the Servicer and each Rating Agency~~Servicer. Upon receiving such notice of resignation, the ~~Depositor~~ Servicer shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section ~~8.06~~ 20.09 and shall fail to resign after written request therefor by the ~~Depositor~~ Servicer, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the ~~Depositor or the~~ Servicer may remove the Trustee. If ~~the Depositor or the Servicer removes~~ it shall remove the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Servicer shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which ~~instrument~~ shall be delivered to the Trustee so removed and one copy to the successor ~~trustee. The Majority Certificateholders may at any time remove the~~ Trustee ~~by written instrument or instruments delivered~~ and payment of all fees owed to the ~~Servicer, the Depositor and the~~ outgoing Trustee~~; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to ~~any of the provisions of~~ this Section ~~8.07~~ shall not become effective until acceptance of appointment by the successor Trustee ~~as provided in~~ pursuant to Section ~~8.08~~20.11.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Fleetwood Credit Receivables Corp), Pooling and Servicing Agreement (Fleetwood Credit Receivables Corp)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Transferor, the Depositor, the ~~Servicer~~ Master Servicer, the Credit Enhancer and each Rating Agency. Upon receiving such notice of resignation, the ~~Depositor~~ Transferor shall promptly appoint a successor Trustee (approved in writing by the Credit Enhancer, so long as such approval is not unreasonably withheld) by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee (who shall deliver a copy to the Master Servicer) and one copy to the successor Trustee; provided, however, that any such successor Trustee shall be subject to the prior written approval of the Transferor. If no successor Trustee shall have been so appointed and ~~having~~ have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section ~~8.06~~ 9.06 and shall fail to resign after written request therefor by the ~~Depositor~~ Transferor or the Credit Enhancer, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, ~~then~~ or if a tax is imposed or threatened with respect to the ~~Depositor~~ Trust Fund by any state in which the Trustee or the ~~Servicer may remove~~ Trust Fund is located (which tax cannot be vacated by the Trustee. If the Depositor or the Servicer removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a ~~successor~~ co-Trustee or separate trustee pursuant ~~to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.~~to

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Cwabs Inc), Pooling and Servicing Agreement (Cwabs Inc)

Resignation or Removal of Trustee. The Trustee may resign at any time ~~resign and be discharged from the trusts hereby created by giving~~ with or without cause upon written notice ~~thereof~~ to the ~~Depositor, the Servicer and each Rating Agency~~Grantor. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within Resignation will take effect 30 days after the ~~giving of such~~ date the notice is sent, unless a successor trustee is duly appointed before that date. The Trustee may be removed at any time with or without cause by the Grantor on 30 days’ written notice to the Trustee. Such effective date may be changed upon written mutual agreement. The Grantor’s notice of ~~resignation,~~ removal of the ~~resigning~~ Trustee ~~may petition any court~~ to be effective must include notice of ~~competent jurisdiction for~~ the appointment of a successor ~~Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions~~ trustee and a written acceptance of ~~Section 8.06 and shall fail to resign after written request therefor~~ such appointment by the Depositor or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the Servicer may remove the Trustee. If the Depositor or the Servicer removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee. ~~The Majority Certificateholders may at any~~ If, by the effective date of either the Trustee’s resignation, removal, or such longer time ~~remove~~ as the Trustee ~~by written instrument or instruments delivered to the Servicer~~may agree to, the ~~Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint~~ Grantor has not appointed a successor trustee which has duly accepted such appointment, the Trustee shall terminate the Grantor’s Trust Account which shall be effective by distributing all assets in ~~accordance with this Section~~the Grantor’s Trust Account in a single sum in cash or in kind to the Grantor, subject to the Trustee’s right to reserve funds as provided herein. ~~Any~~ Upon the resignation or removal of the Trustee or termination, the Trustee shall be entitled to deduct from the Trust such reasonable amount as it deems necessary to provide for expenses in the settlement of its account, the amount of compensation due to it, and ~~appointment~~ any taxes or other sums chargeable against the Trust for which it may be liable. If the Trust is not sufficient for such purposes, the Trustee shall have the right to a settlement of ~~a successor Trustee pursuant to any~~ its account, which, at the option of the ~~provisions~~ Trustee, may be by judicial settle- ment in an action the Trustee institutes in a court of competent jurisdiction; or by a settlement agreement between the Trustee and the Grantor (or Beneficiary or Beneficiaries if the Grantor has died). Upon settlement under this ~~Section 8.07~~ section 9.20, all right, title and interest of the Trustee in the assets of the Trust shall ~~not become effective until acceptance of appointment by~~ vest in the successor trustee. At that time, all future liability of the Trustee ~~as provided~~ shall terminate under the Trust; provided, how- ever, the Trustee shall execute, acknowledge and deliver all documents and written instruments necessary to transfer and convey the right, title and interest in ~~Section 8.08~~the assets of the Trust, to the successor trustee.

Appears in 2 contracts

Samples: www-us.computershare.com, cda.computershare.com

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the ~~trusts~~ trust hereby created by giving written notice thereof to the ~~Depositor, the Servicer and each Rating Agency~~Servicer. Upon ~~receiving~~ giving such notice of resignation, the ~~Depositor~~ Trustee shall promptly appoint a successor Trustee by written ~~instrument, in duplicate, one copy of~~ instrument which instrument shall be delivered ~~to the resigning Trustee and one copy~~ to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. The Servicer shall provide notice to the Rating Agencies of any resignation of the Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section ~~8.06 and shall fail to resign after written request therefor by the Depositor~~ 20.9 or ~~if at any time the Trustee~~ shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, ~~conservation~~ conservation, or liquidation, then the ~~Depositor or the Servicer may remove the Trustee~~Trustee shall promptly resign. ~~If the Depositor or the Servicer removes the~~ The Trustee ~~under the authority of the immediately preceding sentence, the Depositor~~ shall promptly appoint a successor Trustee by written ~~instrument~~instrument which instrument shall be delivered to the successor Trustee. If the Trustee fails to resign, the Certificateholders shall remove the Trustee and appoint a successor Trustee by written instrument in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor ~~trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the~~ Trustee~~; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ 20.10 shall not become effective until acceptance of appointment by the successor Trustee ~~as provided in~~ pursuant to Section ~~8.08~~20.11.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Usaa Federal Savings Bank), Pooling and Servicing Agreement (Usaa Federal Savings Bank)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the ~~Depositor, the Servicer and each Rating Agency~~Servicer. Upon receiving such notice of resignation, the ~~Depositor~~ Servicer shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. The Servicer shall provide notice to the Rating Agencies of any resignation of the Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section ~~8.06~~ 10.8 and shall fail to resign after written request therefor by the ~~Depositor~~ Servicer, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, ~~conservation~~ conservation, or liquidation, then ~~the Depositor or~~ the Servicer may remove the Trustee. If ~~the Depositor or the Servicer removes~~ it shall remove the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Servicer shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor ~~trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the~~ Trustee~~; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ 10.9 shall not become effective until acceptance of appointment by the successor Trustee ~~as provided in~~ pursuant to Section ~~8.08~~10.10.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Chase Manhattan Bank Usa National Association), Pooling and Servicing Agreement (Chase Manhattan Bank Usa)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the ~~Depositor,~~ Transferor and the ~~Servicer and each Rating Agency~~Certificate Insurer. Upon receiving such notice of resignation, the ~~Depositor~~ Transferor, with the written consent of the Certificate Insurer, shall promptly appoint a successor ~~Trustee~~ Trustee. Such appointment shall be by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. Any such successor Trustee shall be approved in writing by the Servicer, which shall not withhold such approval if the proposed successor Trustee satisfies the eligibility requirements set forth herein. If no successor Trustee shall have been so appointed and ~~having~~ have accepted appointment within 30 thirty (30) days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section ~~8.06~~ 9.6 and shall fail to resign after written request therefor by the ~~Depositor~~ Transferor or the Certificate Insurer, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, ~~then~~ the ~~Depositor or the Servicer~~ Transferor may remove the Trustee. If the ~~Depositor or the Servicer~~ Transferor removes the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Transferor shall promptly appoint a successor ~~Trustee~~ Trustee. Such appointment will be by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor ~~trustee~~Trustee. ~~The Majority Certificateholders may at any time remove the Trustee by written~~ A copy of such instrument ~~or instruments~~ shall be delivered to the ~~Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~Certificate Insurer. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ 9.7 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section ~~8.08~~9.8.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Chevy Chase Bank FSB), Pooling and Servicing Agreement (Chevy Chase Bank FSB)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the NIMS Insurer, the Depositor, the Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the ~~Depositor~~ Depositor, the Servicer or the ~~Servicer~~ NIMS Insurer may remove the Trustee. If the ~~Depositor~~ Depositor, the Servicer or the ~~Servicer~~ NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Depositor, with the consent of the NIMS Insurer, shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee. The Majority Certificateholders (or the NIMS Insurer upon the failure of the Trustee to perform its obligations hereunder) may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor trustee acceptable to the NIMS Insurer in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Option One Mortgage Loan Trust 2006-3), Pooling and Servicing Agreement (Option One Mortgage Loan Trust 2006-3)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the ~~Depositor, the Servicer and each Rating Agency~~Administrator. Upon receiving such notice of resignation, the ~~Depositor~~ Administrator shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition at the expense of the Administrator any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with ~~the provisions of~~ Section ~~8.06~~ 10.1 and shall fail to resign after written request therefor by the ~~Depositor~~ Administrator, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the ~~Depositor or the Servicer~~ Administrator may remove the Trustee. If the ~~Depositor or the Servicer removes~~ Administrator shall remove the Trustee under the authority of the ~~immediately~~ preceding sentence, the ~~Depositor~~ Administrator shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Trustee so removed and one copy to the successor ~~trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered~~ Trustee, and pay all fees owed to the ~~Servicer, the Depositor and the~~ outgoing Trustee~~; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to ~~any of the provisions of~~ this Section ~~8.07~~ shall not become effective until acceptance of appointment by the successor Trustee ~~as provided in~~ pursuant to Section ~~8.08~~10.3 and payment of all fees and expenses owed to the outgoing Trustee. The Administrator shall provide notice of such resignation or removal of the Trustee to each of the Rating Agencies and the Counterparty.

Appears in 2 contracts

Samples: Trust Agreement (CNH Equipment Trust 2006-B), Trust Agreement (CNH Equipment Trust 2007-A)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the ~~Depositor, the~~ Servicer and ~~each Rating Agency~~the Company. A copy of any such notice shall be sent to Standard & Poor's and Xxxxx'x. Upon receiving such notice of resignation, the ~~Depositor~~ Company shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to each of the ~~resigning Trustee~~ Servicer and the Company and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ shall have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section ~~8.06~~ 11.06 and shall fail to resign after written request therefor by the ~~Depositor~~ Company, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the ~~Depositor or the Servicer~~ Company may remove the Trustee. If the ~~Depositor or the Servicer removes~~ Company shall have removed the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Company shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor ~~trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the~~ Trustee~~; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ 11.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section ~~8.08~~11.08.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Green Tree Financial Corp), Pooling and Servicing Agreement (Green Tree Financial Corp)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Trust Administrator, the Master Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by written instrument, ~~in duplicate, one copy~~ copies of which instrument shall be delivered to the resigning Trustee and ~~one copy to~~ the successor Trustee; provided, however, that any such successor Trustee shall be subject to the prior written approval of the Master Servicer. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the Master Servicer may remove the Trustee. If the Depositor or the Master Servicer removes the Trustee under the authority of the immediately preceding sentence, the Depositor or the Master Servicer shall promptly appoint a successor Trustee by written instrument, ~~in duplicate, one copy~~ copies of which instrument shall be delivered to the resigning Trustee ~~so removed~~ and ~~one copy to~~ the successor ~~trustee~~Trustee. ~~The Majority Certificateholders may at any time remove~~ If the ~~Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts~~ Master Servicer fails to appoint a successor ~~trustee in accordance with this Section~~Trustee within 30 days after the giving of such notice of removal to the Trustee, the Trustee being removed may petition any court of competent jurisdiction for the appointment of a successor Trustee. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American General MRT Ln Asst BCKD Ps THR CRTS Sr 2003-1), Pooling and Servicing Agreement (American General MRT Ln Asst BCKD Ps THR CRTS Sr 2003-1)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the ~~Depositor, the~~ Servicer and ~~each Rating Agency~~the Company. A copy of any such notice shall be sent to Xxxxx'x and Standard & Poor's. Upon receiving such notice of resignation, the ~~Depositor~~ Company shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to each of the ~~resigning Trustee~~ Servicer and the Company and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ shall have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section ~~8.06~~ 11.06 and shall fail to resign after written request therefor by the ~~Depositor~~ Company, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the ~~Depositor or the Servicer~~ Company may remove the Trustee. If the ~~Depositor or the Servicer removes~~ Company shall have removed the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Company shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor ~~trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the~~ Trustee~~; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ 11.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section ~~8.08~~11.08.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Green Tree Financial Corp), Pooling and Servicing Agreement (Green Tree Financial Corp)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the ~~Depositor~~ Depositor, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the Servicer may remove the Trustee. If the Depositor or the Servicer removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2004-Ff5), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2004-Ff11 Asset-Backed Certificates, Series 2004-Ff11)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the ~~Servicer~~ Servicers, the Custodian and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section ~~8.06~~ 6.06 and shall fail to resign after written request therefor by the ~~Depositor~~ Depositor, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor ~~or the Servicer~~ may remove the Trustee. If the Depositor ~~or the Servicer~~ removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor ~~trustee~~Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after such removal, the removed Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the ~~Trustee;~~ Trustee and the Depositor shall thereupon use its best efforts to appoint a successor ~~trustee~~ Trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee or pursuant to any of the provisions of this Section ~~8.07~~ 6.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section ~~8.08~~6.08.

Appears in 2 contracts

Samples: Pooling Agreement (Morgan Stanley Abs Capital I Inc Trust Series 2004-Sd1), Pooling Agreement (Morgan Stanley ABS Capital I Inc. Trust, Series 2004-Sd2)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Master Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the Master Servicer may remove the Trustee. If the Depositor or the Master Servicer removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one 119 copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Master Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Option One Mort Accept Corp Asset Backed Cert Series 2000-3), Pooling and Servicing Agreement (Option One Mort Accept Corp Asset Backed Cert Series 2000-3)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the ~~Depositor, the Servicer and each Rating Agency~~Servicer. Upon receiving such notice of resignation, the ~~Depositor~~ Servicer shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section ~~8.06~~ 11.09 and shall fail to resign after written request therefor by the ~~Depositor~~ Servicer, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, ~~conservation~~ conservation, or liquidation, then ~~the Depositor or~~ the Servicer may remove the Trustee. If ~~the Depositor or the Servicer removes~~ it shall remove the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Servicer shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor ~~trustee. The Majority Certificateholders may at any time remove the~~ Trustee ~~by written instrument or instruments delivered~~ and shall promptly pay all fees owed to the ~~Servicer, the Depositor and the~~ outgoing Trustee~~; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ 11.10 shall not become effective until acceptance of appointment by the successor Trustee ~~as provided in~~ pursuant to Section ~~8.08~~11.11 and payment of all fees and expenses owed and any other amounts due hereunder to the outgoing Trustee. The Servicer shall provide notice of such resignation or removal of the Trustee to each of the Rating Agencies.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Nissan Auto Receivables Corp Ii), Pooling and Servicing Agreement (Nissan Auto Receivables Corp Ii)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the Servicer may remove the Trustee. If the Depositor or the Servicer removes the Trustee under the authority of the immediately preceding sentence, the 123 Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2003-Ff2), Pooling and Servicing Agreement (Financial Asset Sec Corp First Franklin Mort Ln Tr 03 Ff1)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the ~~Depositor~~Master Servicer, the ~~Servicer~~ Company and ~~each~~ the Rating ~~Agency~~Agencies. Upon receiving such notice of resignation, the ~~Depositor~~ Company shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to each of the ~~resigning Trustee~~ Master Servicer and the Company and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ shall have accepted appointment within 30 thirty (30) days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If If, at any ~~time~~ time, the Trustee shall cease to be eligible in accordance with the provisions of Section ~~8.06~~ 11.06 and shall fail to resign after written request therefor by the ~~Depositor~~ Company, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the ~~Depositor or the Servicer~~ Company may remove the Trustee. If the ~~Depositor or the Servicer removes~~ Company shall have removed the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Company shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor ~~trustee~~Trustee. ~~The Majority Certificateholders may at~~ Upon appointment of any ~~time remove~~ successor Trustee, the Trustee ~~by written instrument or instruments delivered~~ being replaced shall change the name of the Certificate Account to the ~~Servicer, the Depositor and the~~ name of such successor Trustee~~; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ 11.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section ~~8.08~~11.08.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Cit Group Securitization Corp Iii), Pooling and Servicing Agreement (Cit Home Equity Loan Trust 1997-1)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the ~~Depositor, the Servicer and each Rating Agency~~Administrator. Upon receiving such notice of resignation, the ~~Depositor~~ Administrator, on behalf of the Trust, shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with ~~the provisions of~~ Section ~~8.06~~ 10.1 and shall fail to resign after written request therefor by the ~~Depositor~~ Administrator, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the ~~Depositor or~~ Administrator, on behalf of the ~~Servicer~~ Trust, may remove the Trustee. If the ~~Depositor or~~ Administrator, on behalf of the ~~Servicer removes~~ Trust, shall remove the Trustee under the authority of the ~~immediately~~ preceding sentence, the ~~Depositor~~ Administrator, on behalf of the Trust, shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Trustee so removed and one copy to the successor ~~trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered~~ Trustee, and pay all fees owed to the ~~Servicer, the Depositor and the~~ outgoing Trustee~~; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to ~~any of the provisions of~~ this Section ~~8.07~~ shall not become effective until acceptance of appointment by the successor Trustee ~~as provided in~~ pursuant to Section ~~8.08~~10.3 and payment of all fees and expenses owed to the outgoing Trustee. The Administrator shall provide notice of such resignation or removal of the Trustee to each of the Rating Agencies.

Appears in 2 contracts

Samples: Trust Agreement (GE Capital Credit Card Master Note Trust), Trust Agreement (Cef Equipment Holding LLC)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the ~~Depositor, the~~ Servicer and ~~each~~ the Company. A copy of any such notice shall be sent to the Rating ~~Agency~~Agencies. Upon receiving such notice of resignation, the ~~Depositor~~ Company shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to each of the ~~resigning Trustee~~ Servicer and the Company and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ shall have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section ~~8.06~~ 11.06 and shall fail to resign after written request therefor by the ~~Depositor~~ Company, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the ~~Depositor or the Servicer~~ Company may remove the Trustee. If the ~~Depositor or the Servicer removes~~ Company shall have removed the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Company shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor ~~trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the~~ Trustee~~; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ 11.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section ~~8.08~~11.08.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Green Tree Financial Corp), Pooling and Servicing Agreement (Green Tree Financial Corp)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the ~~trusts~~ trust hereby created by giving written notice thereof to the NIMS Insurer, the Depositor, the Master Servicer and ~~each Rating Agency~~the Certificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, ~~one copy of~~ which instrument shall be delivered to the resigning Trustee and ~~one copy~~ to the successor ~~Trustee~~Trustee acceptable to the NIMS Insurer and to the Holders of Certificates entitled to at least 51% of the Voting Rights. A copy of such instrument shall be delivered to the Certificateholders and the Master Servicer by the Depositor. If no successor Trustee shall have been so appointed and ~~having~~ have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer, or if at any time the Trustee shall ~~be legally unable to act~~become incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, 133 or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the ~~Servicer~~ NIMS Insurer, may remove the ~~Trustee. If~~ Trustee and the Depositor ~~or the Servicer removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly~~ may appoint a successor ~~Trustee~~ Trustee, acceptable to the NIMS Insurer and to the Holders of Certificates entitled to at least 51% of the Voting Rights, by written instrument, in duplicate, ~~one copy of~~ which instrument shall be delivered to the Trustee so removed and ~~one copy~~ to the successor ~~trustee~~Trustee. A copy of such instrument shall be delivered to the Certificateholders and the Master Servicer by the Depositor. The ~~Majority Certificateholders~~ Holders of Certificates entitled to at least 51% of the Voting Rights, with the consent of the NIMS Insurer, may at any time remove the Trustee and appoint a successor Trustee by written instrument or instruments, in triplicate, signed by the NIMS Insurer or such Holders, as applicable, or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered to the ~~Servicer~~Depositor, one complete set to the Trustee so removed and one complete set to the successor so appointed. A copy of such instrument shall be delivered to the NIMS Insurer, the ~~Depositor~~ Certificateholders and the ~~Trustee;~~ Master Servicer by the ~~Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~Depositor. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Long Beach Securities Corp Certs Series 2003-4)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or if at any time 119 the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the Servicer may remove the Trustee. If the Depositor or the Servicer removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Financial Asset Securities Corp Asset Back Cert Ser 2003-1)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the Servicer may remove the Trustee. If the Depositor or the Servicer removes the Trustee under the authority of the immediately preceding sentence, the 130 Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2003-FFC)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the ~~Depositor, the~~ Servicer and ~~each Rating Agency~~the Originator. A copy of any such notice shall be sent to Standard & Poor's, Fitch and Xxxxx'x. Upon receiving such notice of resignation, the ~~Depositor~~ Originator shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to each of the ~~resigning Trustee~~ Servicer and the Originator and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ shall have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section ~~8.06~~ 11.06 and shall fail to resign after written request therefor by the ~~Depositor~~ Originator, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the ~~Depositor or the Servicer~~ Originator may remove the Trustee. If the ~~Depositor or the Servicer removes~~ Originator shall have removed the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Originator shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor ~~trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the~~ Trustee~~; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ 11.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section ~~8.08~~11.08.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Conseco Finance Securitizations Corp)

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Option One Mortgage Acceptance Loan Trust 2004-2)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the ~~trusts~~ trust hereby created by giving written notice thereof to the ~~Depositor, the Servicer and each Rating Agency~~Servicer. Upon ~~receiving~~ giving such notice of resignation, the ~~Depositor~~ Trustee shall promptly appoint a successor Trustee by written ~~instrument, in duplicate, one copy of~~ instrument which instrument shall be ~~delivered to the resigning Trustee and one copy~~ deliv ered to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. The Servicer shall provide notice to the Rating Agencies of any resignation of the Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section ~~8.06 and shall fail to resign after written request therefor by the Depositor~~ 20.9 or ~~if at any time the Trustee~~ shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, ~~conservation~~ conservation, or liquidation, then the ~~Depositor or the Servicer may remove the Trustee~~Trustee shall promptly resign. ~~If the Depositor or the Servicer removes the~~ The Trustee ~~under the authority of the immediately preceding sentence, the Depositor~~ shall promptly appoint a successor Trustee by written ~~instrument~~instrument which instrument shall be delivered to the successor Trustee. If the Trustee fails to resign, the Certificateholders shall remove the Trustee and appoint a successor Trustee by written instrument in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor ~~trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the~~ Trustee~~; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ 20.10 shall not become effective until acceptance of appointment by the successor Trustee ~~as provided in~~ pursuant to Section ~~8.08~~20.11.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Usaa Federal Savings Bank)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving ten days written notice thereof to each of the ~~Depositor, the Servicer and each Rating Agency~~Owners. Upon receiving such notice of ~~resignation,~~ resignation the ~~Depositor~~ Owners shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the ~~resigning~~ resign- ing Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall ~~cease to be eligible in accordance with the provisions of Section 8.06 and shall~~ fail to resign after written request therefor by the ~~Depositor~~ Owners or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or of affairs for the purpose of rehabilitation, conservation or liquidation, then the ~~Depositor or the Servicer~~ Owners may remove the Trustee. If the ~~Depositor or the Servicer removes~~ Owners shall remove the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Owners shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Trustee so removed and one copy to the successor ~~trustee. The Majority Certificateholders may at any time remove the~~ Trustee ~~by written instrument or instruments delivered~~ and payment of all fees, expenses and other amounts owed to the ~~Servicer, the Depositor and the~~ outgoing Trustee~~; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ 9.1 shall not become effective until acceptance of appointment by the successor Trustee ~~as provided in~~ pursuant to Section ~~8.08~~9.2 and payment of all fees, expenses and other amounts owed to the outgoing Trustee, at which time the retiring Trustee will be fully discharged of its duties and liabilities hereunder, except for liabilities arising prior to the date of such resignation or removal.

Appears in 1 contract

Samples: Unanimous Shareholders Agreement (Installations & Hirings LTD)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Master Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or 117 liquidation, then the Depositor or the Master Servicer may remove the Trustee. If the Depositor or the Master Servicer removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Master Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Asset Backed Certificates Series 2001-Ff2)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Master Servicer [, the Certificate Insurer] and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee; provided, however, that any such successor Trustee shall be subject to the prior written approval of the Master Servicer. If no successor Trustee shall have been so appointed and ~~having~~ have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section ~~8.06~~ 9.06 and shall fail to resign after written request therefor by the Depositor [with the consent of the Certificate Insurer (so long as no Certificate Insurer Default exists) or the Certificate Insurer], or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor [or the ~~Servicer~~ Certificate Insurer] may remove the Trustee. If the Depositor [or the ~~Servicer~~ Certificate Insurer] removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Trustee [(approved in writing by the Certificate Insurer, so long as such approval is not unreasonably withheld)] by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor ~~trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the~~ Trustee~~; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ shall not become effective until acceptance of appointment by the successor Trustee as provided in Section ~~8.08~~9.08. [Notwithstanding anything to the contrary contained herein, so long as no Certificate Insurer Default exists, the Trustee may not be removed by the Depositor or the Certificateholders without the prior written consent of the Certificate Insurer, which consent shall not be unreasonably withheld.]

Appears in 1 contract

Samples: Pooling and Servicing Agreement (HFC Revolving Corp)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the ~~Depositor~~Servicer, the ~~Servicer~~ Seller and each ~~Rating Agency~~Certificateholder. Upon receiving such notice of resignation, with the ~~Depositor~~ prior written consent of the Rating Agency and the Majority Certificateholders the Servicer shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section ~~8.06~~ 10.7 and shall ~~fail~~ fall to resign after written request therefor by the ~~Depositor~~ Servicer, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the ~~Depositor or the~~ Servicer may remove the Trustee. If the ~~Depositor or the~~ Servicer ~~removes~~ shall remove the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Servicer shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Trustee so removed and one copy to the successor ~~trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered~~ Trustee, and pay all fees owed to the ~~Servicer, the Depositor and the~~ outgoing Trustee~~; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ 10.8 shall not become effective until acceptance of appointment by the successor Trustee ~~as provided in~~ pursuant to Section ~~8.08~~10.9 and payment of all fees and expenses owed to the outgoing Trustee. The Servicer shall provide notice of such resignation or removal of the Trustee to the Rating Agency then rating the Certificates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Asta Funding Inc)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the ~~Servicer~~ Servicers and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the ~~Depositor~~ Depositor, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of ~~its~~ their property shall be appointed, or any public officer shall take charge or control of the Trustee or of ~~its~~ their property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor ~~or the Servicer~~ may remove the Trustee. If the Depositor ~~or the Servicer~~ removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor ~~trustee~~Trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the ~~Servicer~~Servicers, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor ~~trustee~~ Trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mid State Capital Corp)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Seller, the Master Servicer and ~~each~~ the Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 ~~and shall fail to resign after written request therefor by the Depositor~~ hereof or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor ~~or the Servicer~~ may remove the Trustee. If the Depositor ~~or the Servicer~~ removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Trustee by written instrument, in ~~duplicate~~triplicate, one copy of which instrument shall be delivered to the Trustee so ~~removed~~ removed, one copy to the successor trustee and one copy to the ~~successor trustee~~Master Servicer. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to ~~the Servicer,~~ the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section ~~8.08~~8.08 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Thornburg Mortgage Sec Tr 2001-1 MRT Ln Ps THR CRT Sr 2001-1)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning 131 Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the Servicer may remove the Trustee. If the Depositor or the Servicer removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Financial Asset Sec Corp Asset Backed Certs Ser 2003-1)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the ~~Depositor, the~~ Servicer and ~~each Rating Agency~~the Originator. Upon receiving such notice of resignation, the ~~Depositor~~ Originator shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to each of the ~~resigning Trustee~~ Servicer, the Backup Servicer, and the Originator and 121 one copy to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ shall have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section ~~8.06~~ 11.07 and shall fail to resign after written request therefor by the ~~Depositor~~ Originator, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the ~~Depositor or the Servicer~~ Originator may remove the Trustee. If the ~~Depositor or the Servicer removes~~ Originator shall have removed the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Originator shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ 11.08 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section ~~8.08~~11.09.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Conseco Finance Securitizations Corp)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the NIMS Insurer, the Depositor, the Master Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer 124 shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the ~~Depositor~~ Depositor, the Master Servicer or the ~~Servicer~~ NIMS Insurer may remove the Trustee. If the ~~Depositor~~ Depositor, the Master Servicer or the ~~Servicer~~ NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Depositor, with the consent of the NIMS Insurer, shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee. The Majority Certificateholders (or the NIMS Insurer upon the failure of the Trustee to perform its obligations hereunder) may at any time remove the Trustee by written instrument or instruments delivered to the Master Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor trustee acceptable to the NIMS Insurer in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Option One Mort Acc Corp Asset Backed Cert Ser 2001-4)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the ~~Servicer~~ Master Servicers and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the 121 resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the ~~Servicer~~ Master Servicers may remove the Trustee. If the Depositor or the ~~Servicer~~ Master Servicers removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the ~~Servicer~~Master Servicers, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Financial Asset Sec Corp Asset Back Certs Ser 2003-2)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Master Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or 123 liquidation, then the Depositor or the Master Servicer may remove the Trustee. If the Depositor or the Master Servicer removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Master Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Financial Assets Sec Corp First Frank Mort Ln Tr 2002-Ff1)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Servicer with a copy to the Depositor, the ~~Servicer~~ Seller, and ~~each Rating Agency~~the Certificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to each of the ~~resigning Trustee~~ Servicer and the Seller and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ shall have accepted such appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of ~~Section 8.06~~ SECTION 12.07 and shall fail to resign after written request therefor by the ~~Depositor~~ Depositor, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor ~~or the Servicer~~ may remove the Trustee. If the Depositor ~~or the Servicer removes~~ shall have removed the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Trustee by written ~~instrument, in duplicate,~~ instrument one copy of which instrument shall be delivered to the Trustee so ~~removed~~ removed, the Depositor and the Seller and one copy to the successor trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this ~~Section 8.07~~ SECTION 12.08 shall not become effective until acceptance of appointment by the successor Trustee as provided in ~~Section 8.08~~SECTION 12.09. Any resigning or removed Trustee shall be entitled to payment of all Trustee's Fees earned and reimbursement for all expenses incurred by it up to the date of resignation. All indemnification obligations of the Servicer and the Seller shall survive such resignation or removal.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Dealer Auto Receivables Corp)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Seller, the Servicer and ~~each~~ the Rating ~~Agency~~Agencies. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 ~~and shall fail to resign after written request therefor by the Depositor~~ hereof or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor ~~or the Servicer~~ may remove the Trustee. If the Depositor ~~or the Servicer~~ removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Trustee by written instrument, in ~~duplicate~~quadruplicate, one copy of which instrument shall be delivered to the Servicer, one copy to the Trustee so removed and one copy to the successor trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section ~~8.08~~8.08 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the NIMS Insurer, the Depositor, the Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the ~~Depositor~~ Depositor, the NIMS Insurer or the Servicer may remove the Trustee. If the ~~Depositor~~ Depositor, the NIMS Insurer or the Servicer removes the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Depositor, with the consent of the NIMS Insurer, shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee. The Majority Certificateholders (or the NIMS Insurer upon the failure of the Trustee to perform its obligations hereunder) may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor trustee acceptable to the NIMS Insurer in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor ~~Trustee~~ trustee as provided in Section 8.08.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2007-Wmc1)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the NIMS Insurer, the Depositor, the ~~Servicer~~ Servicer, the Swap Provider, the Interest Rate Cap Provider, the Basis Risk Cap Provider and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee acceptable to the NIMS Insurer by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the ~~Depositor~~ Depositor, the Servicer or the ~~Servicer~~ NIMS Insurer may remove the Trustee. If the ~~Depositor~~ Depositor, the Servicer or the ~~Servicer~~ NIMS Insurer removes the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Depositor, with the consent of the NIMS Insurer, shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee. The Majority Certificateholders (or the NIMS Insurer upon the failure of the Trustee to perform its obligations hereunder) may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the ~~Depositor~~ Depositor, the Trustee, the Swap Provider, the Interest Rate Cap Provider and the ~~Trustee~~Basis Risk Cap Provider; the Depositor shall thereupon use its best efforts to appoint a successor trustee acceptable to the NIMS Insurer in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2007-Opt5)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Master Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the Master Servicer may remove the Trustee. If the Depositor or 117 the Master Servicer removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Master Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Financial Asset Sec Corp Asset Backed Certs Series 2001 Ff1)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the ~~Depositor, the Servicer and each Rating Agency~~Servicer. Upon receiving such notice of resignation, the ~~Depositor~~ Servicer shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section ~~8.06~~ 19.06 and shall fail to resign after written request therefor by the ~~Depositor~~ Servicer, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the ~~Depositor or the~~ Servicer may remove the Trustee. If the ~~Depositor or the~~ Servicer ~~removes~~ shall remove the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Servicer shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Trustee so removed and one copy to the successor ~~trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered~~ Trustee, and shall pay all fees owed to the ~~Servicer, the Depositor and the~~ outgoing Trustee~~; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ shall not become effective until acceptance of appointment by the successor Trustee ~~as provided in~~ pursuant to Section ~~8.08~~19.08 and payment of all fees and expenses owed to the outgoing Trustee. The Servicer shall provide notice of such resignation or removal of the Trustee to each of the Rating Agencies.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (World Omni Auto Receivables LLC)

Resignation or Removal of Trustee. ~~The~~ (a) Trustee may at any time resign and be discharged from the ~~trusts~~ Trust hereby created by giving written notice thereof to ~~the Depositor, the Servicer and each Rating Agency~~Servicer. Upon receiving such notice of resignation, ~~the Depositor~~ Servicer shall promptly appoint a successor ~~Trustee~~ trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor ~~Trustee~~trustee. If no successor ~~Trustee~~ trustee shall have been so appointed and ~~having~~ have accepted ~~appointment~~ within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor ~~Trustee~~trustee. (b) If at any time ~~the~~ Trustee shall cease to be eligible in accordance with the provisions of Section ~~8.06~~ 11.6 hereof and shall fail to resign after written request therefor by ~~the Depositor~~ Transferor, or if at any time ~~the~~ Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of ~~the~~ Trustee or of its property shall be appointed, or any public officer shall take charge or control of ~~the~~ Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then ~~the Depositor or the Servicer may~~ Transferor may, but shall not be required to, remove ~~the Trustee. If the Depositor or the Servicer removes the~~ Trustee ~~under the authority of the immediately preceding sentence, the Depositor shall~~ and promptly appoint a successor ~~Trustee~~ trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to ~~the~~ Trustee so removed and one copy to the successor trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section. (c) Any resignation or removal of ~~the~~ Trustee and appointment of a successor ~~Trustee~~ trustee pursuant to any of the provisions of this Section ~~8.07~~ 11.7 shall not become effective until acceptance of appointment by the successor ~~Trustee~~ trustee as provided in Section ~~8.08.~~11.8 hereof and any liability of Trustee arising hereunder shall survive such appointment of a successor trustee. SECTION 11.8

Appears in 1 contract

Samples: Pooling and Servicing Agreement (First National Bank of Commerce)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Master Servicer and ~~each~~ the Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 60 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the ~~Depositor~~ Depositor, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor ~~or the Servicer~~ may remove the Trustee. If the Depositor or the Master Servicer removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor ~~trustee~~Trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Master Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor ~~trustee~~ Trustee in accordance with this Section. 110 Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Cendant Mortgage Capital LLC CDMC Mort Pas THR Ce Se 04 1)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Master Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee; provided, however, that any such successor Trustee shall be subject to the prior written approval of the Master Servicer. If no successor Trustee shall have been so appointed and ~~having~~ have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section ~~8.06~~ 9.06 and shall fail to resign after written request therefor by the ~~Depositor~~ Depositor, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor ~~or the Servicer~~ may remove the Trustee. If the Depositor ~~or the Servicer~~ removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor ~~trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the~~ Trustee~~; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ 9.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section ~~8.08~~9.08.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (HFC Revolving Corp)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the ~~Depositor~~ Depositor, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor ~~or the Servicer~~ may remove the Trustee. If the Depositor or the Servicer removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor ~~trustee~~Trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor ~~trustee~~ Trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.. 126

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the ~~Depositor~~Master Servicer, the ~~Servicer~~ Company and ~~each~~ [Rating Agency]. Upon receiving such notice of resignation, the ~~Depositor~~ Company shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to each of the ~~resigning Trustee~~ Master Servicer and the Company and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ shall have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If If, at any ~~time~~ time, the Trustee shall cease to be eligible in accordance with the provisions of Section ~~8.06~~ 11.06 and shall fail to resign after written request therefor by the ~~Depositor~~ Company, or if at any time the ~~Trustee~~ Trustees shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the ~~Depositor or the Servicer~~ Company may remove the Trustee. If the ~~Depositor or the Servicer removes~~ Company shall have removed the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Company shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor ~~trustee~~Trustee. ~~The Majority Certificateholders may at~~ Upon appointment of any ~~time remove~~ successor Trustee, the Trustee ~~by written instrument or instruments delivered~~ being replaced shall change the name of the Certificate Account to the ~~Servicer, the Depositor and the~~ name of such successor Trustee~~; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ 11.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section ~~8.08~~11.08.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Cit Group Holdings Inc /De/)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Servicer and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor ~~Trustee~~ Trustee, by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the ~~Depositor~~ Depositor, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor ~~or the Servicer~~ may remove the Trustee. If the Depositor or the Servicer removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor ~~trustee~~Trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor ~~trustee~~ Trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.. 121

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Ownit Mortgage Loan Trust, Series 2006-1)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the ~~trusts~~ trust hereby created by giving written notice thereof to the Depositor, the Master Servicer and ~~each Rating Agency~~the Certificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, ~~one copy of~~ which instrument shall be delivered to the resigning Trustee and ~~one copy~~ to the successor ~~Trustee~~Trustee acceptable to the Holders of Certificates entitled to at least 51% of the Voting Rights. A copy of such instrument shall be delivered to the Certificateholders and the Master Servicer by the Depositor. If no successor Trustee shall have been so appointed and ~~having~~ have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor ~~Trustee~~Xxxxxxx. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the ~~Depositor~~ Depositor, or if at any time the Trustee shall ~~be legally unable to act~~become incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor ~~or the Servicer~~ may remove the ~~Trustee. If~~ Trustee and the Depositor ~~or the Servicer removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly~~ may appoint a successor ~~Trustee~~ Trustee, acceptable to the Holders of Certificates entitled to at least 51% of the Voting Rights, by written instrument, in duplicate, ~~one copy of~~ which instrument shall be delivered to the Trustee so removed and ~~one copy~~ to the successor ~~trustee~~Trustee. A copy of such instrument shall be delivered to the Certificateholders and the Master Servicer by the Depositor. The ~~Majority Certificateholders~~ Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor Trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys‑in‑fact duly authorized, one complete set of which instruments shall be delivered to the ~~Servicer~~Depositor, one complete set to the ~~Depositor~~ Trustee so removed and one complete set to the successor so appointed. A copy of such instrument shall be delivered to the Certificateholders and the ~~Trustee;~~ Master Servicer by the ~~Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~Depositor. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-A)

Resignation or Removal of Trustee. The Trustee may at any --------------------------------- time resign and be discharged from the trusts hereby created by giving written notice thereof to the ~~Depositor, the~~ Servicer and ~~each Rating Agency~~the Originator. Upon receiving such notice of resignation, the ~~Depositor~~ Originator shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to each of the ~~resigning Trustee~~ Servicer and the Originator and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and ~~having~~ shall have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section ~~8.06~~ 11.07 and shall fail to resign after written request therefor by the ~~Depositor~~ Originator, or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the ~~Depositor or the Servicer~~ Originator may remove the Trustee. If the ~~Depositor or the Servicer removes~~ Originator shall have removed the Trustee under the authority of the immediately preceding sentence, the ~~Depositor~~ Originator shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the Servicer, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ 11.08 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section ~~8.08~~11.09.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Conseco Finance Corp)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the ~~trusts~~ trust hereby created by giving written notice thereof to the NIMS Insurer, the Guarantor, the Depositor, the Master Servicer and ~~each Rating Agency~~the Certificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, ~~one copy of~~ which instrument shall be delivered to the resigning Trustee and ~~one copy~~ to the successor ~~Trustee~~Trustee acceptable to the NIMS Insurer or the Guarantor, as provided in Section 1.04, and to the Holders of Certificates entitled to at least 51% of the Voting Rights. A copy of such instrument shall be delivered to the Certificateholders and the Master Servicer by the Depositor. If no successor Trustee shall have been so appointed and ~~having~~ have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or the NIMS Insurer or the Guarantor, as provided in Section 1.04, or if at any time the Trustee shall ~~be legally unable to act~~become incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the ~~Servicer~~ NIMS Insurer or the Guarantor, as provided in Section 1.04, may remove the ~~Trustee. If~~ Trustee 154 and the Depositor ~~or the Servicer removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly~~ may appoint a successor ~~Trustee~~ Trustee, acceptable to the NIMS Insurer or the Guarantor, as provided in Section 1.04, and to the Holders of Certificates entitled to at least 51% of the Voting Rights, by written instrument, in duplicate, ~~one copy of~~ which instrument shall be delivered to the Trustee so removed and ~~one copy~~ to the successor ~~trustee~~Trustee. A copy of such instrument shall be delivered to the Certificateholders and the Master Servicer by the Depositor. The ~~Majority Certificateholders~~ Holders of Certificates entitled to at least 51% of the Voting Rights, with the consent of the NIMS Insurer or the Guarantor, as provided in Section 1.04, may at any time remove the Trustee and appoint a successor Trustee by written instrument or instruments, in triplicate, signed by the NIMS Insurer, the Guarantor or such Holders, as applicable, or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered to the ~~Servicer~~Depositor, one complete set to the Trustee so removed and one complete set to the successor so appointed. A copy of such instrument shall be delivered to the NIMS Insurer, the ~~Depositor~~ Guarantor, the Certificateholders and the ~~Trustee;~~ Master Servicer by the ~~Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section~~Depositor. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section ~~8.07~~ shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Long Beach Securities Corp Asset Backed Cert Series 2003-1)

Resignation or Removal of Trustee. The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the ~~Servicer~~ Servicers and each Rating Agency. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and having accepted appointment within 30 days after the giving of such notice of resignation, the 133 resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or if at any time the Trustee shall be legally unable to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the ~~Servicer~~ Servicers may remove the Trustee. If the Depositor or the ~~Servicer~~ Servicers removes the Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee. The Majority Certificateholders may at any time remove the Trustee by written instrument or instruments delivered to the ~~Servicer~~Servicers, the Depositor and the Trustee; the Depositor shall thereupon use its best efforts to appoint a successor trustee in accordance with this Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.08.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2004-1)

Common use of Resignation or Removal of Trustee Clause in Contracts