Common use of Resignation and Removal of Trustee and Securities Administrator Clause in Contracts

Resignation and Removal of Trustee and Securities Administrator. The Trustee and the Securities Administrator may at any time resign and be discharged from the trust hereby created by giving written notice thereof to the Depositor, to the Master Servicer, to the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and to the Certificateholders. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor trustee or successor securities administrator by written instrument, in duplicate, which instrument shall be delivered to the resigning Trustee or Securities Administrator, as applicable, and to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the Master Servicer by the Depositor. If no successor trustee or successor securities administrator shall have been so appointed and have accepted appointment within thirty (30) days after the giving of such notice of resignation, the resigning Trustee or Securities Administrator, as the case may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee, successor securities administrator, Trustee or Securities Administrator, as applicable.

Resignation and Removal of Trustee and Securities Administrator. The (a) Each of the Trustee and the Securities Administrator may at any time resign and be discharged from the trust hereby created by giving 60 days’ written notice thereof to the DepositorDepositor and, to as applicable, the Master Servicer, to Trustee or the Securities Administrator (or the Trustee, if the Securities Administrator resigns) and to the CertificateholdersAdministrator. Upon receiving such notice of resignation, the Depositor shall will promptly appoint a successor trustee or successor securities administrator administrator, as applicable, by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee or resigning Securities Administrator, as applicable, and one copy to the successor trustee or successor securities administrator, as applicable. A copy of such instrument shall be delivered to the Certificateholders, the Trustee, the Securities Administrator and the Master Servicer by the Depositor. If no successor trustee or successor securities administrator administrator, as applicable, shall have been so appointed and shall have accepted appointment within thirty (30) 30 days after the giving of such notice of resignation, the resigning Trustee or resigning Securities Administrator, as the case applicable, may be, may, at the expense of the Trust Fund, petition any court of competent jurisdiction for the appointment of a successor trustee, trustee or successor securities administrator, Trustee or as applicable. In the case of any such resignation by the Securities Administrator, as applicable.if no successor securities administrator shall have been appointed and shall have accepted appointment within 60 days after the Securities Administrator ceases to be the Securities Administrator pursuant to this