Common use of Appointment of Delaware Trustee Clause in Contracts

Appointment of Delaware Trustee. The Depositor appoints the Delaware Trustee to serve as the trustee of the Issuer in the State of Delaware for the sole purpose of satisfying Section 3807 of the Delaware Statutory Trust Act that the Issuer have at least one trustee with a principal place of business in Delaware. The duties of the Delaware Trustee are limited to (a) accepting legal process served on the Issuer in the State of Delaware and (b) at the Owner Trustee’s direction, executing and filing certificates required to be filed with the Secretary of State of the State of Delaware under Section 3811 of the Delaware Statutory Trust Act. The Delaware Trustee will notify the Owner Trustee after it takes either of those actions. The Delaware Trustee does not have the powers, duties and liabilities of the Owner Trustee. The Delaware Trustee is not liable for any act or failure to act of the Owner Trustee, the Depositor, the holder of the Residual Interest or the Issuer. To the extent that, at law or in equity, the Delaware Trustee has duties (including fiduciary duties) or liabilities to the Issuer, the Depositor or any holder of the Residual Interest, it is agreed by the parties that such duties and liabilities are replaced by the duties and liabilities of the Delaware Trustee stated in this Agreement.

Appointment of Delaware Trustee. The Depositor appoints the Delaware Trustee to serve as the trustee of the Issuer in the State of Delaware for the sole purpose of satisfying Section 3807 of the Delaware Statutory Trust Act that the Issuer have at least one trustee with a principal place of business in Delaware. The duties of the Delaware Trustee are limited to (a) accepting legal process served on the Issuer in the State of Delaware and (b) at the Owner Trustee’s 's direction, executing and filing certificates required to be filed with the Secretary of State of the State of Delaware under Section 3811 of the Delaware Statutory Trust Act. The Delaware Trustee will notify the Owner Trustee after it takes either of those actions. The Delaware Trustee does not have the powers, duties and liabilities of the Owner Trustee. The Delaware Trustee is not liable for any act or failure to act of the Owner Trustee, the Depositor, the holder of the Residual Interest or the Issuer. To the extent that, at law or in equity, the Delaware Trustee has duties (including fiduciary duties) or liabilities to the Issuer, the Depositor or any holder of the Residual Interest, it is agreed by the parties that such duties and liabilities are replaced by the duties and liabilities of the Delaware Trustee stated in this Agreement.

Appointment of Delaware Trustee. The Depositor appoints the Delaware Trustee to serve as the trustee of the Issuer in the State of Delaware for the sole purpose of satisfying Section 3807 of the Delaware Statutory Trust Act that the Issuer have at least one trustee with a principal place of business in Delaware. The duties of the Delaware Trustee are limited to (a) accepting legal process served on the Issuer in the State of Delaware and (b) at the Owner Trustee’s direction, executing and filing certificates required to be filed with the Secretary of State of the State of Delaware under Section 3811 of the Delaware Statutory Trust Act. The Delaware Trustee will notify the Owner Trustee after it takes either of those actions. The Delaware Trustee does not have the powers, duties and liabilities of the Owner Trustee. The Delaware Trustee is not liable for any act or failure to act of the Owner Trustee, the Depositor, the holder Holder of the Residual Interest or the Issuer. To the extent that, at law or in equity, the Delaware Trustee has duties (including fiduciary duties) or liabilities to the Issuer, the Depositor or any holder of the Residual InterestHolder, it is agreed by the parties that such duties and liabilities are replaced by the duties and liabilities of the Delaware Trustee stated in this Agreement.

Appointment of Delaware Trustee. The Depositor appoints the Delaware Trustee to serve as the trustee of the Issuer in the State of Delaware for the sole purpose of satisfying Section 3807 of the Delaware Statutory Trust Act that the Issuer have at least one trustee with a principal place of business in Delaware. The duties of the Delaware Trustee are limited to (a) accepting legal process served on the Issuer in the State of Delaware and (b) at the Owner Trustee’s 's direction, executing and filing certificates required to be filed with the Secretary of State of the State of Delaware under Section 3811 of the Delaware Statutory Trust Act. The Delaware Trustee will notify the Owner Trustee after it takes either of those actions. The Delaware Trustee does not have the powers, duties and liabilities of the Owner Trustee. The Delaware Trustee is not liable for any act or failure to act of the Owner Trustee, the Depositor, the holder of the Residual Interest or the Issuer. To the extent that, at law or in equity, the Delaware Trustee has duties (including fiduciary duties) or liabilities to the Issuer, the Depositor or any holder of the Residual Interest, it is agreed by the parties that such duties and liabilities are replaced by the duties and liabilities of the Delaware Trustee stated in this Agreement.]