Appointment of Co-Trustee, Separate Trustee, or Nominee. (a) Notwithstanding any other provision of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any Trust Asset may at the time be located, the related Series Servicer and a Trustee, acting jointly, shall have the power to execute and deliver all instruments to appoint one or more Persons approved by such Series Servicer and Trustee to act as co-trustee, jointly with such Trustee, or as a separate trustee or nominee, of all or any part of the Titling Trust, and to vest in such Person, in such capacity and for the benefit of the related Certificateholder and their permitted assignee(s), such title to the Trust Assets, or any part thereof, and, subject to the other provisions of this Section 6.6, such powers, duties, obligations, rights and trusts as such Persons may consider necessary or desirable. No co-trustee, separate trustee, or nominee under this Agreement shall be required to meet the terms of eligibility as a successor trustee pursuant to Section 6.2, except that no co-trustee, separate trustee or nominee under this Agreement may be the Settlor or any Affiliate thereof. (b) Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions: (i) all rights, powers, duties and obligations conferred or imposed upon the applicable Trustee shall be conferred upon and exercised or performed by such Trustee and such separate trustee and co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without such Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed (whether as a Trustee under this Agreement or as successor to any Series Servicer under this Agreement or any Series Servicing Agreement), such Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Titling Trust or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of such Trustee; (ii) no trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement; and (iii) the Settlor and the applicable Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee. (c) Any notice, request or other writing given to a Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this Section 6.6. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with a Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, such Trustee. Each such instrument shall be filed with such Trustee and a copy thereof given to each Series Servicer. Any separate trustee or co-trustee may at any time appoint the applicable Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts relating to this Agreement and the Trust Assets shall vest in and be exercised by the applicable Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. Notwithstanding anything to the contrary in this Agreement, the appointment of any separate trustee or co-trustee shall not relieve the applicable Trustee of its obligations and duties under this Agreement.
Appears in 3 contracts
Samples: Trust Agreement (ACAR Leasing Ltd.), Trust Agreement (ACAR Leasing Ltd.), Trust Agreement (ACAR Leasing Ltd.)
Appointment of Co-Trustee, Separate Trustee, or Nominee. (a) Notwithstanding any other provision of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any Trust Asset may at the time be located, the related Series Servicer with respect to the applicable beneficial interest and a Trustee, acting jointly, shall have the power to execute and deliver all instruments to appoint one or more Persons approved by such Series Servicer and Trustee to act as co-trustee, jointly with such Trustee, or as a separate trustee or nominee, of all or any part of the Titling Trust, and to vest in such Person, in such capacity and for the benefit of the related Certificateholder holder of the Certificate representing such beneficial interest and their its permitted assignee(s), such title to the Trust Assets, or any part thereof, and, subject to the other provisions of this Section 6.6, such powers, duties, obligations, rights and trusts as such Persons may consider necessary or desirable. No co-trustee, separate trustee, or nominee under this Agreement shall be required to meet the terms of eligibility as a successor trustee pursuant to Section 6.2, except that no co-trustee, separate trustee or nominee with respect to the UTI, any UTI Assets, any SUBI or any SUBI Assets under this Agreement may be the Settlor Initial Beneficiary or any Affiliate thereof.
(b) Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions:
(i) all rights, powers, duties and obligations conferred or imposed upon the applicable Trustee shall be conferred upon and exercised or performed by such Trustee and such separate trustee and co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without such Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed (whether as a Trustee under this Agreement or as successor to any Series Servicer under this Agreement or any Series Servicing Agreement), such Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Titling Trust or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of such Trustee;
(ii) no trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement; and
(iii) the Settlor Initial Beneficiary (or the holder of a UTI Certificate or a SUBI Certificate for a separate trustee or co-trustee acting with respect to the UTI Portfolio or the related SUBI Portfolio) and the applicable a Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee.
(c) Any notice, request or other writing given to a Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this Section 6.6. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with a Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, such Trustee. Each such instrument shall be filed with such Trustee and a copy thereof given to each Series Servicer. Any separate trustee or co-trustee may at any time appoint the applicable Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts relating to this Agreement and the Trust Assets shall vest in and be exercised by the applicable Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. Notwithstanding anything to the contrary in this Agreement, the appointment of any separate trustee or co-trustee shall not relieve the applicable Trustee of its obligations and duties under this Agreement.
Appears in 2 contracts
Samples: Trust Agreement (Volkswagen Auto Lease/Loan Underwritten Funding, LLC), Trust Agreement (Volkswagen Auto Lease/Loan Underwritten Funding, LLC)
Appointment of Co-Trustee, Separate Trustee, or Nominee. (a) Notwithstanding any other provision of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any Trust Asset may at the time be located, the related Series Servicer with respect to the applicable beneficial interest and a Trustee, acting jointly, shall have the power to execute and deliver all instruments to appoint one or more Persons approved by such Series Servicer and Trustee to act as co-trustee, jointly with such Trustee, or as a separate trustee or nominee, of all or any part of the Titling Trust, and to vest in such Person, in such capacity and for the benefit of the related Certificateholder holder of the Certificate representing such beneficial interest and their its permitted assignee(s), such title to the Trust Assets, or any part thereof, and, subject to the other provisions of this Section 6.6, such powers, duties, obligations, rights and trusts as such Persons may consider necessary or desirable. No co-trustee, separate trustee, or nominee under this Agreement shall be required to meet the terms of eligibility as a successor trustee pursuant to Section 6.2, except that no co-trustee, separate trustee or nominee with respect to the UTI, any UTI Assets, any SUBI or any SUBI Assets under this Agreement may be the Settlor Initial Beneficiary or any Affiliate thereof.
(b) Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions:
(i) all rights, powers, duties and obligations conferred or imposed upon the applicable Trustee shall be conferred upon and exercised or performed by such Trustee and such separate trustee and co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without such Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed (whether as a Trustee under this Agreement or as successor to any Series Servicer under this Agreement or any Series Servicing Agreement), such Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Titling Trust or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of such Trustee;
(ii) no trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement; and
(iii) the Settlor Initial Beneficiary (or the holder of a UTI Certificate or a SUBI Certificate for a separate trustee or co-trustee acting with respect to the UTI Portfolio or the related SUBI Portfolio) and the applicable a Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee.
(c) Any notice, request or other writing given to a Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this Section 6.6. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with a Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, such Trustee. Each such instrument shall be filed with such Trustee and a copy thereof given to each Series Servicer. Any separate trustee or co-trustee may at any time appoint the applicable Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts relating to this Agreement and the Trust Assets shall vest in and be exercised by the applicable Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. Notwithstanding anything to the contrary in this Agreement, the appointment of any separate trustee or co-trustee shall not relieve the applicable Trustee of its obligations and duties under this Agreement.each
Appears in 2 contracts
Samples: Trust Agreement (Volkswagen Auto Lease Underwritten Funding LLC), Trust Agreement (Volkswagen Public Auto Loan Securitization LLC)
Appointment of Co-Trustee, Separate Trustee, or Nominee. (a) Notwithstanding any other provision provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any Trust Asset may at the time be located, the related Series Initial Beneficiary or the holder of or the Servicer with respect to the applicable SUBI and a Trustee, acting jointly, shall have the power to execute and deliver all instruments to appoint one or more Persons approved by such Series Servicer and Trustee Persons to act as co-trustee, jointly with such Trustee, or as a separate trustee or nominee, of all or any part of the Titling Trust, and to vest in such Person, in such capacity and for the benefit of the related Certificateholder Initial Beneficiary and their its permitted assignee(s)) , such title to the Trust Assets, or any part thereof, and, subject to the other provisions of this Section 6.6Section, such powers, duties, obligations, rights and trusts as such Persons may consider necessary or desirable. No co-trustee, separate trustee, or nominee under this Agreement shall be required to meet the terms of eligibility as a successor trustee pursuant to Section 6.2, except that no co-trustee, separate trustee or nominee with respect to any SUBI or any SUBI Assets under this Agreement may be the Settlor Initial Beneficiary or any Affiliate thereof.
(b) Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions:
(i) all rights, powers, duties and obligations conferred or imposed upon the applicable Trustee shall be conferred upon and exercised or performed by such Trustee and such separate trustee and co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without such Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed (whether as a Trustee under this Agreement or as successor to any Series Servicer under this Agreement or any Series Servicing Agreement), such Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Titling Trust or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of such Trustee;
(ii) no trustee Trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee Trustee under this Agreement; and
(iii) the Settlor Initial Beneficiary (or the holder of a SUBI Certificate for a separate trustee or co-trustee acting with respect to the related SUBI Portfolio) and the applicable a Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee.
(c) Any notice, request or other writing given to a Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this Section 6.6Section. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with a Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, such Trustee. Each such instrument shall be filed with such Trustee and a copy thereof given to each Series the Servicer. Any separate trustee or co-trustee may at any time appoint the applicable Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts relating to this Agreement and the Trust Assets shall vest in and be exercised by the applicable Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. Notwithstanding anything to the contrary in this Agreement, the appointment of any separate trustee or co-trustee shall not relieve the applicable Trustee of its obligations and duties under this Agreement.
Appears in 1 contract
Appointment of Co-Trustee, Separate Trustee, or Nominee. (a) Notwithstanding any other provision of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which relating to or governing any Trust Asset may at the time be locatedAsset, the related Series Servicer and a Trustee, acting jointlyUTI Beneficiary, shall have the power to execute and deliver all instruments to appoint one or more Persons approved by such Series Servicer and Trustee the UTI Beneficiary to act as co-trustee, jointly with such Trustee, trustee or as a separate trustee or nominee, of all or any part of the Titling Trust, and to vest in such Person, in such capacity and for the benefit of the related Certificateholder UTI Beneficiary and their permitted assignee(s)the holders of any SUBI, such title to the Trust Assets, or any part thereof, and, subject to the other provisions of this Section 6.6, such powers, duties, obligations, rights and trusts as such Persons may consider necessary or desirable. No co-trustee, separate trustee, or nominee under this Agreement shall be required to meet the terms of eligibility as a successor trustee pursuant to Section 6.2, except that no co-trustee, separate trustee or nominee under this Agreement may be the Settlor UTI Beneficiary or any Affiliate thereof.
(b) Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions:
(i) all rights, powers, duties and obligations conferred or imposed upon the applicable Trustee shall be conferred upon and exercised or performed by such the Trustee and such separate trustee and co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without such the Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed (whether as a Trustee under this Agreement or as successor to any Series Servicer under this Agreement or any Series Servicing Agreement)performed, such the Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Titling Trust or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of such the Trustee;
(ii) no trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement; and
(iii) the Settlor UTI Beneficiary and the applicable Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee.
(c) Any notice, request or other writing given to a the Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this Section 6.6. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with a the Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, such the Trustee. Each such instrument shall be filed with such the Trustee and a copy thereof given to each Series Servicer. Any separate trustee or co-trustee may at any time appoint the applicable Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts relating to this Agreement and the Trust Assets shall vest in and be exercised by the applicable Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. Notwithstanding anything to the contrary in this Agreement, the appointment of any separate trustee or co-trustee shall not relieve the applicable Trustee of its obligations and duties under this Agreement.
Appears in 1 contract
Samples: Trust Agreement (GE TF Trust)
Appointment of Co-Trustee, Separate Trustee, or Nominee. (a) Notwithstanding any other provision provisions of this AgreementMaster Trust Agreement or any SUBI Supplement, if at any time, time the Servicer determines that it is in the best interests of the Master Trust or any Sub-Trust to take any action for the purpose of meeting any legal requirements of any jurisdiction in which any Trust UTI Asset or any SUBI Asset may at the time be locatedlocated or within which such UTI Asset or SUBI Asset is to be acquired or for any other purpose as so determined by the Servicer, each Certificate Holder of the related Series Servicer UTI or the Sub-Trust to which such UTI Asset or SUBI Asset is associated, and a the Trustee, acting jointly, shall have the power to execute and deliver all instruments to appoint one or more Persons approved by the Trustee and such Series Servicer and Trustee Certificate Holder to act as co-trustee, jointly with such the Trustee, or as a separate trustee or nomineenominee holder of legal title, of all or any part of the Titling Trustsuch UTI Assets or SUBI Assets, and to vest in such Person, in such capacity and for the benefit of the related Certificateholder such Certificate Holder and their its permitted assignee(s), such title to the Trust such UTI Assets, SUBI Assets, or any part thereof, and, subject to the other provisions of this Section 6.6Section, such powers, duties, obligations, rights and trusts as such Persons the Servicer may consider necessary or desirable. No co-trustee, separate trustee, or nominee holder of legal title under this Master Trust Agreement shall be required to meet the terms of eligibility as a successor trustee Trustee pursuant to Section 6.26.07, except that no co-trustee, separate trustee or nominee holder of legal title under this Master Trust Agreement may be the Settlor Servicer or any Affiliate thereof.
(b) Each separate trustee and trustee, co-trustee and nominee holder of legal title shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions:
(i) all rights, powers, duties and obligations conferred or imposed upon the applicable Trustee shall be conferred upon and exercised or performed by such the Trustee and such separate trustee and trustee, co-trustee or nominee holder of legal title jointly (it being understood that such separate trustee or trustee, co-trustee or nominee holder of legal title is not authorized to act separately without such the Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed (whether as a Trustee under this Agreement or as successor to any Series Servicer under this Master Trust Agreement or any Series Servicing AgreementSUBI Supplement), such the Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Titling Trust UTI Assets or SUBI Assets or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee, co-trustee or co-trusteenominee holder of legal title, but solely at the direction of such the Trustee;
(ii) no trustee or nominee holder of legal title under this Master Trust Agreement or any SUBI Supplement shall be personally liable by reason of any act or omission of any other trustee or nominee holder of legal title under this AgreementMaster Trust Agreement or any SUBI Supplement; and
(iii) the Settlor Certificate Holders of the UTI and/or of the applicable Sub-Trust, as applicable, and the applicable Trustee acting jointly may at any time accept the resignation of or remove any separate trustee, co-trustee or co-trusteenominee holder of legal title.
(c) Any notice, request or other writing given to a the Trustee shall be deemed to have been given to each of the then separate trustees and trustees, co-trustees and nominee holders of legal title, as effectively as if given to each of them. Every instrument appointing any separate trustee or trustee, co-trustee or other nominee holder of legal title shall refer to this Agreement Master Trust Agreement, the relevant SUBI Supplement, if applicable and the conditions of this Section 6.6Section. Each separate trustee, co-trustee and co-trusteenominee holder of legal title, upon its acceptance of its appointment and the trusts rights, powers, duties and obligations conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with a the Trustee or separately, as may be provided therein, subject to all the provisions of this AgreementMaster Trust Agreement and any applicable SUBI Supplement, specifically including every provision of this Master Trust Agreement and any applicable SUBI Supplement relating to the conduct of, affecting the liability of, or affording protection to, such the Trustee. Each such instrument shall be filed with such the Trustee and a copy thereof given to each Series Servicer. the Servicer and the relevant Certificate Holders.
(d) Any separate trustee or trustee, co-trustee or nominee holder of legal title may at any time appoint the applicable Trustee, Trustee its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Master Trust Agreement and any applicable SUBI Supplement on its behalf and in its name. If any separate trustee or trustee, co-trustee or nominee holder of legal title shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts relating to this Master Trust Agreement and any applicable SUBI Supplement and the Trust UTI Assets or SUBI Assets, as the case may be, shall vest in and be exercised by the applicable Trustee, to the extent permitted by law, without the appointment of a new or successor trusteeTrustee. Notwithstanding anything to the contrary in this Master Trust Agreement, the appointment of any separate trustee or trustee, co-trustee or nominee holder of legal title shall not relieve the applicable Trustee of its obligations and duties under this AgreementMaster Trust Agreement or the applicable SUBI Supplement.
Appears in 1 contract
Samples: Trust Agreement (Rochdale High Yield Advances Fund LLC)
Appointment of Co-Trustee, Separate Trustee, or Nominee. (a) Notwithstanding any other provision provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any Trust Asset may at the time be located, the related Series Initial Beneficiary or the holder of or the Servicer with respect to the applicable SUBI and a Trustee, acting jointly, shall have the power to execute and deliver all instruments to appoint one or more Persons approved by such Series Servicer and Trustee Persons to act as co-trustee, jointly with such Trustee, or as a separate trustee or nominee, of all or any part of the Titling Trust, and to vest in such Person, in such capacity and for the benefit of the related Certificateholder Initial Beneficiary and their its permitted assignee(s), such title to the Trust Assets, or any part thereof, and, subject to the other provisions of this Section 6.6Section, such powers, duties, obligations, rights and trusts as such Persons may consider necessary or desirable. No co-co- trustee, separate trustee, or nominee under this Agreement shall be required to meet the terms of eligibility as a successor trustee pursuant to Section 6.2, except that no co-trustee, separate trustee or nominee with respect to any SUBI or any SUBI Assets under this Agreement may be the Settlor Initial Beneficiary or any Affiliate thereof.
(b) Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions:
(i) all rights, powers, duties and obligations conferred or imposed upon the applicable Trustee shall be conferred upon and exercised or performed by such Trustee and such separate trustee and co-co- trustee jointly (it being understood that such separate trustee or co-co- trustee is not authorized to act separately without such Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed (whether as a Trustee under this Agreement or as successor to any Series Servicer under this Agreement or any Series Servicing Agreement), such Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Titling Trust or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of such Trustee;
(ii) no trustee Trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee Trustee under this Agreement; and
(iii) the Settlor Initial Beneficiary (or the holder of a SUBI Certificate for a separate trustee or co-trustee acting with respect to the related SUBI Portfolio) and the applicable a Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee.
(c) Any notice, request or other writing given to a Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees co- trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this Section 6.6Section. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with a Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, such Trustee. Each such instrument shall be filed with such Trustee and a copy thereof given to each Series the Servicer. Any separate trustee or co-trustee may at any time appoint the applicable Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts relating to this Agreement and the Trust Assets shall vest in and be exercised by the applicable Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. Notwithstanding anything to the contrary in this Agreement, the appointment of any separate trustee or co-trustee shall not relieve the applicable Trustee of its obligations and duties under this Agreement.
Appears in 1 contract
Samples: Origination Trust Agreement (Greyhound Funding LLC)
Appointment of Co-Trustee, Separate Trustee, or Nominee. (a) Notwithstanding any other provision of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any Trust Asset may at the time be located, the related Series Servicer with respect to the applicable beneficial interest and a Trustee, acting jointly, shall have the power to execute and deliver all instruments to appoint one or more Persons approved by such Series Servicer and Trustee and, if any, the related SUBI Control Party (to the extent such Trust Assets are allocated to a related SUBI Portfolio), to act as co-trustee, jointly with such Trustee, or as a separate trustee or nominee, of all or any part of the Titling Trust, and to vest in such Person, in such capacity and for the benefit of the related Certificateholder holder of the Certificate representing such beneficial interest and their its permitted assignee(s), such title to the Trust Assets, or any part thereof, and, subject to the other provisions of this Section 6.6, such powers, duties, obligations, rights and trusts as such Persons may consider necessary or desirable. No co-trustee, separate trustee, or nominee under this Agreement shall be required to meet the terms of eligibility as a successor trustee pursuant to Section 6.2, except that no co-trustee, separate trustee or nominee with respect to the UTI, any UTI Assets, any SUBI or any SUBI Assets under this Agreement may be the Settlor Initial Beneficiary or any Affiliate thereof.
(b) Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions:
(i) all rights, powers, duties and obligations conferred or imposed upon the applicable Trustee shall be conferred upon and exercised or performed by such Trustee and such separate trustee and co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without such Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed (whether as a Trustee under this Agreement or as successor to any Series Servicer under this Agreement or any Series Servicing Agreement), such Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Titling Trust or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of such Trustee;
(ii) no trustee Trustee under this Agreement shall be personally liable by reason of any act or omission of any other separate trustee or co-trustee appointed under this AgreementAgreement (for the avoidance of doubt, (x) the UTI Trustee shall not be so liable for acts or omissions of the Delaware Trustee, any SUBI Trustee, any separate trustee or any co-trustee, (y) the Delaware Trustee shall not be so liable for acts or omissions of any UTI Trustee, any SUET Trustee, any separate trustee or any co-trustee and (z) each SUBI Trustee shall not be so liable for acts or omissions of the Delaware Trustee, the UTI Trustee, any other SUBI Trustee, any separate trustee or any co-trustee); and
(iii) the Settlor Initial Beneficiary (or the holder of a UTI Certificate for a separate trustee or co-trustee acting with respect to the UTI Portfolio), each SUBI Control Party and the applicable a Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee.
(c) Any notice, request or other writing given to a Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this Section 6.6. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with a Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, such Trustee. Each such instrument shall be filed with such Trustee and a copy thereof given to each Series Servicer. Any separate trustee or co-trustee may at any time appoint the applicable Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts relating to this Agreement and the Trust Assets shall vest in and be exercised by the applicable Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. Notwithstanding anything to the contrary in this Agreement, the appointment of any separate trustee or co-trustee shall not relieve the applicable Trustee of its obligations and duties under this Agreement.
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Samples: Trust Agreement (Seacastle Inc.)
Appointment of Co-Trustee, Separate Trustee, or Nominee. (a) Notwithstanding any other provision of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which relating to or governing any Trust Asset may at the time be locatedAsset, the related Series Servicer and a Trustee, acting jointlyUTI Beneficiary, shall have the power to execute and deliver all instruments to appoint one or more Persons approved by such Series Servicer and Trustee the UTI Beneficiary to act as co-trustee, jointly with such Trustee, trustee or as a separate trustee or nominee, of all or any part of the Titling Trust, and to vest in such Person, in such capacity and for the benefit of the related Certificateholder and their permitted assignee(s)capacity, such title to the Trust Assets, or any part thereof, and, subject to the other provisions of this Section 6.6, such powers, duties, obligations, rights and trusts as such Persons may consider necessary or desirable. No co-trustee, separate trustee, or nominee under this Agreement shall be required to meet the terms of eligibility as a successor trustee pursuant to Section 6.2, except that no co-trustee, separate trustee or nominee under this Agreement may be the Settlor UTI Beneficiary or any Affiliate thereof.
(b) Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions:
(i) all rights, powers, duties and obligations conferred or imposed upon the applicable Trustee shall be conferred upon and exercised or performed by such the Trustee and such separate trustee and co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without such the Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed (whether as a Trustee under this Agreement or as successor to any Series Servicer under this Agreement or any Series Servicing Agreement)performed, such the Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Titling Trust or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of such the Trustee;
(ii) no trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement; and
(iii) the Settlor UTI Beneficiary and the applicable Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee.
(c) Any notice, request or other writing given to a the Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this Section 6.6. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with a the Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, such the Trustee. Each such instrument shall be filed with such the Trustee and a copy thereof given to each Series Servicer. Any separate trustee or co-trustee may at any time appoint the applicable Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts relating to this Agreement and the Trust Assets shall vest in and be exercised by the applicable Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. Notwithstanding anything to the contrary in this Agreement, the appointment of any separate trustee or co-trustee shall not relieve the applicable Trustee of its obligations and duties under this Agreement.
Appears in 1 contract
Appointment of Co-Trustee, Separate Trustee, or Nominee. (a) Notwithstanding any other provision of this Agreement, at any time, including for the purpose of meeting any legal requirements of any jurisdiction in which any Trust Asset Property may at the time be locatedlocated or for purposes of meeting any other Trust activities hereunder, the related Series Servicer and a Trust Sponsor, at the request of the Trustee, acting jointly, shall have the power to execute and deliver all instruments to appoint one or more Persons approved by such Series Servicer and Trustee to act as co-trustee, jointly with such the Trustee, or as a separate trustee or nominee, of all or any part of the Titling Trust, and to vest in such Person, in such capacity and for the benefit of the related Certificateholder and their permitted assignee(s)owner of the Interest, such title to the Trust AssetsProperty, or any part thereof, and, subject to the other provisions of this Section 6.66.5, such powers, duties, obligations, rights and trusts as such Persons may consider necessary or desirable. No co-trustee, separate trustee, or nominee under this Agreement shall be required to meet the terms of eligibility as a successor trustee pursuant to comply with Section 6.2, except that no co-trustee, separate trustee or nominee under this Agreement may be the Settlor or any Affiliate thereof6.1(a).
(b) Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions:
(i) with respect to each co-trustee, all rights, powers, duties and obligations conferred or imposed upon the applicable Trustee shall be conferred upon and exercised or performed by such Trustee and such separate trustee and co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without such Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed (whether as a Trustee under this Agreement or as successor to any Series Servicer under this Agreement or any Series Servicing Agreement)performed, such Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Titling Trust or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of such Trustee;perform
(ii) no trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement; and
(iii) the Settlor and the applicable Trustee acting jointly Trust Sponsor may at any time accept the resignation of or remove any separate trustee or co-trustee.
(c) Any notice, request or other writing given to a Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this Section 6.6. 6.5 Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with a Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, such Trustee. Each such instrument shall be filed with such Trustee and a copy thereof given to each Series Servicerthe Trust Sponsor. Any separate trustee or co-trustee may at any time appoint the applicable Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts relating to this Agreement and the Trust Assets shall Property may vest in and may be exercised by the applicable Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. Notwithstanding anything to the contrary in this Agreement, the appointment of any separate trustee or co-trustee shall not relieve the applicable Trustee of its obligations and duties under this Agreement.
Appears in 1 contract
Samples: Trust Agreement
Appointment of Co-Trustee, Separate Trustee, or Nominee. (a) Notwithstanding any other provision of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which relating to or governing any Trust Asset may at the time be locatedAsset, the related Series Servicer Initial Beneficiary and a Trustee, acting jointly, shall have the power to execute and deliver all instruments to appoint one or more Persons approved by such Series Servicer the Initial Beneficiary and Trustee to act as co-trustee, jointly with such Trustee, or as a separate trustee or nominee, of all or any part of the Titling Trust, and to vest in such Person, in such capacity and for the benefit of the related Certificateholder holder of the Certificate representing such beneficial interest and their its permitted assignee(s), such title to the Trust Assets, or any part thereof, and, subject to the other provisions of this Section 6.6, such powers, duties, obligations, rights and trusts as such Persons may consider necessary or desirable. No co-trustee, separate trustee, or nominee under this Agreement shall be required to meet the terms of eligibility as a successor trustee pursuant to Section 6.2, except that no co-trustee, separate trustee or nominee with respect to the UTI, any UTI Assets, any SUBI or any SUBI Assets under this Agreement may be the Settlor Initial Beneficiary or any Affiliate thereof.
(b) Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions:
(i) all rights, powers, duties and obligations conferred or imposed upon the applicable Trustee shall be conferred upon and exercised or performed by such Trustee and such separate trustee and co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without such Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed (whether as a Trustee under this Agreement or as successor to any Series Servicer under this Agreement or any Series Servicing Agreement), such Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Titling Trust or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of such Trustee;
(ii) no trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement; and
(iii) the Settlor Initial Beneficiary (or the holder of the UTI Certificate or a SUBI Certificate for a separate trustee or co-trustee acting with respect to the UTI Portfolio or the related SUBI Portfolio) and the applicable a Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee.
(c) Any notice, request or other writing given to a Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this Section 6.6. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with a Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, such Trustee. Each such instrument shall be filed with such Trustee and a copy thereof given to each Series Servicer. Any separate trustee or co-trustee may at any time appoint the applicable Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts relating to this Agreement and the Trust Assets shall vest in and be exercised by the applicable Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. Notwithstanding anything to the contrary in this Agreement, the appointment of any separate trustee or co-trustee shall not relieve the applicable Trustee of its obligations and duties under this Agreement.
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