Common use of Acceptance of Responsibilities Clause in Contracts

Acceptance of Responsibilities. Concurrently with the Issuer’s setting aside, transferring, assigning, setting over and otherwise conveying the Trust Assets to the Trustee for a Trust: (a) the Trustee (i) accepts the Trust Assets so conveyed, (ii) acknowledges that it holds all of the related Trust Fund in trust for the exclusive benefit of the related Holders and (iii) agrees to administer the related Trust Fund and the related Certificates in accordance with the terms of the related Trust Documents; and (b) the Guarantor agrees to make Guaranty Payments in accordance with the provisions of the related Trust Documents.

Acceptance of Responsibilities. Concurrently with the Issuer’s setting aside, transferring, assigning, setting over and otherwise conveying the Trust Assets to the Trustee for a Trust: (a) the Trustee (i) accepts the Trust Assets so conveyed, (ii) acknowledges that it holds all of the related Trust Fund in trust for the exclusive benefit of the related Holders of the Certificates and (iii) agrees to administer the related Trust Fund and the related such Certificates in accordance with the terms of the related Trust Documents; and (b) the Guarantor agrees to make Guaranty Payments in accordance with the provisions of the related Trust Documents.

Acceptance of Responsibilities. Concurrently with the Issuer’s setting aside, transferring, assigning, setting over and otherwise conveying the Trust Assets Underlying REMIC Securities to the Trustee for a the Trust: (a) the Trustee (i) accepts the Trust Assets Underlying REMIC Securities so conveyed, (ii) acknowledges that it holds all of the related Trust Fund in trust for the exclusive benefit of the related Holders and (iii) agrees to administer the related Trust Fund and the related Certificates in accordance with the terms of the related Trust Documents; and (b) the Guarantor agrees to make Guaranty Payments in accordance with the provisions terms of the related Trust Documents.