Acceptance of the Trusts. The Issuer hereby appoints the Eligible Lender Trustee to act as its “eligible lender trustee” to hold legal title to the Financed Eligible Loans pursuant to the Higher Education Act, the Indenture and this Eligible Lender Trust Agreement. The Eligible Lender Trustee shall hold legal title to the Financed Eligible Loans, for the benefit of the Issuer, subject to the pledge of the Indenture, pursuant to the Higher Education Act, the Indenture and this Eligible Lender Trust Agreement. The Eligible Lender Trustee hereby accepts the trusts granted to it by this Eligible Lender Trust Agreement and agrees to perform said trusts, but only upon and subject to the following express terms and conditions:
(a) The Eligible Lender Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Eligible Lender Trust Agreement, and no implied covenants or obligations shall be read into this Eligible Lender Trust Agreement against the Eligible Lender Trustee.
(b) In the absence of bad faith on its part, the Eligible Lender Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Eligible Lender Trustee and conforming to the requirements of this Eligible Lender Trust Agreement; but in the case of any such certificates or opinions which by any provisions hereof are specifically required to be furnished to the Eligible Lender Trustee, the Eligible Lender Trustee shall be under a duty to examine the same to determine whether or not they conform as to form with the requirements of this Eligible Lender Trust Agreement and whether or not they contain the statements required under this Eligible Lender Trust Agreement.
(c) The Eligible Lender Trustee, in exercising the rights and powers vested in it by this Eligible Lender Trust Agreement, shall use the same degree of care and skill in their exercise as a prudent man would exercise or use under the circumstances in the conduct of his own affairs.
Acceptance of the Trusts. The Trustee hereby accepts the trusts imposed upon it by this Indenture, and agrees to perform said trusts, but only upon and subject to the following express terms and conditions and no implied covenants or conditions shall be read into this Indenture against the Trustee:
(a) The Trustee, prior to the occurrence of an Event of Default and after the curing of all Events of Default which may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. In case an Event of Default has occurred (which has not been cured or waived) the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a reasonable person would exercise or use under the circumstances in the conduct of his or her own affairs.
(b) The Trustee may execute any of the trusts or powers hereof and perform any of its duties by or through attorneys, agents, receivers or employees but shall not be answerable for the conduct of the same if appointed with reasonable care, and shall be entitled to advice of counsel concerning all matters of the trusts hereof and the duties hereunder, and may in all cases pay such reasonable compensation to all such attorneys, agents, receivers and employees as may reasonably be employed in connection with the trusts hereof. The Trustee may act upon the opinion or advice of any attorneys (who may be the attorney or attorneys for the Issuer, the Borrower or Xxxxxx Xxx) approved by the Trustee in the exercise of reasonable care. The Trustee shall not be responsible for any loss or damage resulting from any action or non-action taken in good faith in reliance upon such opinion or advice.
(c) The Trustee shall not be responsible for any recital herein, or in the Bonds (except in respect to the certificate of the Trustee endorsed on the Bonds), or for insuring the Project or collecting any insurance moneys, or for the registration, filing or recording or re-registration, re-filing or re-recording of this Indenture or the Mortgage or any financing statements relating hereto or thereto or for the validity of the execution by the Issuer of this Indenture or of any supplements hereto or instruments of further assurance, or for the sufficiency of the security for the Bonds issued hereunder or intended to be secured hereby, or for the value or title of the Project or otherwise as to the maintenance of the security hereof. The Truste...
Acceptance of the Trusts. The Trustee hereby accepts the trusts imposed upon it by this Indenture, but only upon and subject to the following express terms and conditions, and no implied covenants or obligations shall be read into this Indenture against the Trustee:
Acceptance of the Trusts. By the execution hereof, the ------------------------ Delaware Trustee accepts the trusts created hereinabove and in Section 2.01. Except as otherwise expressly required by Section 7.02, the Delaware Trustee shall not have any duty or liability with respect to the administration of the Trust, the investment of the Trust's property or the payment of dividends or other distributions of income or principal to the Certificateholders.
Acceptance of the Trusts. The Escrow Agent hereby accepts the trusts imposed upon it by this Escrow Agreement, and agrees to perform those trusts.
Acceptance of the Trusts. The Escrow Agent hereby accepts the trusts imposed upon it by this Escrow Agreement, and agrees to perform those trusts. The Commission shall pay directly to the Escrow Agent from the monies deposited with the Escrow Agent, promptly upon receipt of its statements therefor, all reasonable fees for its services hereunder and all reasonable expenses, charges and disbursements incurred by it in the performance of its duties hereunder. If the Escrow Agent is required by a governmental agency or action initiated by a third party to undertake efforts beyond that which is set forth herein but related thereto (other than due to the Escrow Agent’s negligence or willful misconduct), the Escrow Agent shall notify each of the Commission of the same in writing before undertaking such efforts and upon the written approval given by the Commission for the performance by the Escrow Agent of such efforts, the Commission shall promptly pay the Escrow Agent, from the monies deposited with the Escrow Agent, for such extraordinary fees, costs and expenses reasonably and necessarily incurred in connection therewith.
Acceptance of the Trusts. 32 SECTION 12.02. Fees, Charges and Expenses of Trustee.......................................34 SECTION 12.03. [Intentionally omitted].....................................................35 SECTION 12.04. Intervention by Trustee.....................................................35 SECTION 12.05.
Acceptance of the Trusts. The Trustee hereby accepts the trusts imposed upon it by this Indenture, and agrees to perform said trusts and to continue to perform, provided that the Trustee may, in accordance with Section 10.6 hereof, exercise its right to resign from the trusts created hereby; and provided further that the acceptance by the Trustee of the trusts imposed under this Indenture and the agreement to perform said trusts are subject to the following express terms and conditions:
(a) The Trustee agrees to accept receipt, subject to review as stated herein, of the Loans and other assets in the Trust Estate and declares that it holds and will hold the Loans and other assets in the Trust Estate in trust for the benefit of the Noteholders.
(b) The Trustee, prior to the occurrence of an Event of Default and after the curing of all Events of Default which may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no implied duties shall be read into this Indenture against the Trustee. In case an Event of Default has occurred (which has not been cured or waived), the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs.
Acceptance of the Trusts. 60 Section 10.2 Trustee to Give Notice. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61 Section 10.3 Trustee Entitled to Indemnity . . . . . . . . . . . . . . . . . . . . . . . . . 62 Section 10.4 Trustee Not Responsible for Insurance, Taxes, Execution of this Indenture, Acts of the Issuer or Application of the Moneys Applied in Accordance with this Indenture. . . . . . . . . . . . . . . . 63 Section 10.5 Compensation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 Section 10.6 Trustee to Preserve Records . . . . . . . . . . . . . . . . . . . . . . . . . . 64 Section 10.7 Trustee May Be a Bondholder . . . . . . . . . . . . . . . . . . . . . . . . . . 64 Section 10.8 Trustee Not Responsible for Recitals. . . . . . . . . . . . . . . . . . . . . . 64 Section 10.9 No Responsibility for Recording or Filing . . . . . . . . . . . . . . . . . . . 64 Section 10.10 Trustee May Require Information . . . . . . . . . . . . . . . . . . . . . . . . 64 Section 10.11 Trustee May Rely on Certificates. . . . . . . . . . . . . . . . . . . . . . . . 65 Section 10.12 Trustee Bond. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 Section 10.13 Segregation of Funds; Interests . . . . . . . . . . . . . . . . . . . . . . . . 65 Section 10.14 Qualification of the Trustee. . . . . . . . . . . . . . . . . . . . . . . . . . 65 Section 10.15 Resignation and Removal of the Trustee. . . . . . . . . . . . . . . . . . . . . 66 Section 10.16
Acceptance of the Trusts. The Trustee hereby accepts the trusts imposed upon it by this Agreement and signifies its acceptance of the duties and obligations imposed upon it by executing this Agreement and delivering the same to the Government and the Lessee.
