Common use of Appointment of Trust Paying Agent Clause in Contracts

Appointment of Trust Paying Agent. The Owner Trustee hereby appoints Norwest Bank Minnesota, National Association, as Trust Paying Agent under this Agreement. The Trust Paying Agent shall make distributions to Certificateholders from the Certificate Distribution Account pursuant to Section 5.2 and shall report to the Owner Trustee on the Payment Date via facsimile transmission of a distribution statement the amounts of such distributions to the Certificateholders. The Trust Paying Agent shall have the revocable power to withdraw funds from the Certificate Distribution Account for the purpose of making the distributions referred to above. In the event that Norwest Bank Minnesota, National Association, shall no longer be the Trust Paying Agent hereunder, the Owner Trustee shall appoint a successor to act as Trust Paying Agent (which shall be a bank or trust company) acceptable to the Certificateholders and the Note Insurer. The Owner Trustee shall cause such successor Trust Paying Agent or any additional Trust Paying Agent appointed by the Owner Trustee to execute and deliver to the Owner Trustee an instrument in which such successor Trust Paying Agent or additional Trust Paying Agent shall agree with the Owner Trustee that as Trust Paying Agent, such successor Trust Paying Agent or additional Trust Paying Agent will hold all sums, if any, held by it for payment to the Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such sums shall be paid to such Certificateholders. After one year from the date of receipt, the Trust Paying Agent shall promptly return all unclaimed funds to the Owner Trustee, and upon removal of a Trust Paying Agent, such Trust Paying Agent shall also return all funds in its possession to the Owner Trustee. The provisions of Sections 7.1, 7.3(b), 7.4, 8.1, and 10.2 as to resignations, shall apply to the Trust Paying Agent to the same extent as if it were named therein and, to the extent applicable, to any other paying agent appointed hereunder. Any reference in this Agreement to the Trust Paying Agent shall include any co-paying agent unless the context requires otherwise.

Appointment of Trust Paying Agent. The Owner Trustee hereby appoints Norwest Bank Minnesota, National Association, as Trust Paying Agent under this Agreement. The Trust Paying Agent shall make distributions to Certificateholders from the Certificate Distribution Account pursuant to Section 5.2 and shall report to the Owner Trustee on the Payment Date via facsimile transmission of a distribution statement the amounts of such distributions to the Certificateholders. The Trust Paying Agent shall have the revocable power to withdraw funds from the Certificate Distribution Account for the purpose of making the distributions referred to above. In the event that Norwest Bank Minnesota, National Association, shall no longer be the Trust Paying Agent hereunder, the Owner Trustee shall appoint a successor to act as Trust Paying Agent (which shall be a bank or trust company) acceptable to the Certificateholders and the Note InsurerCertificateholders. The Owner Trustee shall cause such successor Trust Paying Agent or any additional Trust Paying Agent appointed by the Owner Trustee to execute and deliver to the Owner Trustee an instrument in which such successor Trust Paying Agent or additional Trust Paying Agent shall agree with the Owner Trustee that as Trust Paying Agent, such successor Trust Paying Agent or additional Trust Paying Agent will hold all sums, if any, held by it for payment to the Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such sums shall be paid to such Certificateholders. After one year from the date of receipt, the Trust Paying Agent shall promptly return all unclaimed funds to the Owner Trustee, and upon removal of a Trust Paying Agent, such Trust Paying Agent shall also return all funds in its possession to the Owner Trustee. The provisions of Sections 7.1, 7.3(b), 7.4, 8.1, and 10.2 as to resignations, shall apply to the Trust Paying Agent to the same extent as if it were named therein and, to the extent applicable, to any other paying agent appointed hereunder. Any reference in this Agreement to the Trust Paying Agent shall include any co-paying agent unless the context requires otherwise.

Appointment of Trust Paying Agent. The Owner Trustee hereby appoints Norwest Bank Minnesota, National Association, as Trust Paying Agent under this Agreement. The Trust Paying Agent shall make distributions to Certificateholders from the Certificate Distribution Account pursuant to Section 5.2 and shall report to the Owner Trustee on the Payment Date via facsimile transmission of a distribution statement the amounts of such distributions to the Certificateholders. The Trust Paying Agent shall have the revocable power to withdraw funds from the Certificate Distribution Account for the purpose of making the distributions referred to above. In the event that Norwest Bank Minnesota, National Association, shall no longer be the Trust Paying Agent hereunder, the Owner Trustee shall appoint a successor to act as Trust Paying Agent (which shall be a bank or trust company) acceptable to the Certificateholders and the Note Bond Insurer. The Owner Trustee shall cause such successor Trust Paying Agent or any additional Trust Paying Agent appointed by the Owner Trustee to execute and deliver to the Owner Trustee an instrument in which such successor Trust Paying Agent or additional Trust Paying Agent shall agree with the Owner Trustee that as Trust Paying Agent, such successor Trust Paying Agent or additional Trust Paying Agent will hold all sums, if any, held by it for payment to the Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such sums shall be paid to such Certificateholders. After one year from the date of receipt, the Trust Paying Agent shall promptly return all unclaimed funds to the Owner Trustee, and upon removal of a Trust Paying Agent, such Trust Paying Agent shall also return all funds in its possession to the Owner Trustee. The provisions of Sections 7.1, 7.3(b), 7.4, 8.1, and 10.2 as to resignations, shall apply to the Trust Paying Agent to the same extent as if it were named therein and, to the extent applicable, to any other paying agent appointed hereunder. Any reference in this Agreement to the Trust Paying Agent shall include any co-paying agent unless the context requires otherwise.