Common use of Appointment of Owner Trustee Clause in Contracts

Appointment of Owner Trustee. The Sponsor hereby ratifies the appointment of the Owner Trustee as trustee of the Trust effective as of the date the Certificate of Trust was filed with the Secretary of State, to have all the rights, powers and duties set forth herein and the Owner Trustee hereby affirms its acceptance of such appointment. Effective as of the date hereof, the Owner Trustee shall have only the rights, powers and duties specifically and expressly set forth herein and to the extent not inconsistent herewith, in the Delaware Trust Statute with respect to accomplishing the purposes of the Trust.