Common use of Duties of COLT Indenture Trustee Clause in Contracts

Duties of COLT Indenture Trustee. (a) If an Event of Default has occurred and is continuing, the COLT Indenture Trustee shall exercise the rights and powers vested in it by this COLT Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person's own affairs. (b) Except during the continuance of an Event of Default, the COLT Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this COLT Indenture and the COLT Servicing Agreement and no implied covenants or obligations shall be read into this COLT Indenture or the COLT Servicing Agreement against the COLT Indenture Trustee; and (c) In the absence of bad faith on its part, the COLT Indenture 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 COLT Indenture Trustee and conforming to the requirements of this COLT Indenture; provided, however, that the COLT Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this COLT Indenture. (d) The COLT Indenture Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct or bad faith, except that: (i) this Section 6.1(d) does not limit the effect of Section 6.1(b); (ii) the COLT Indenture Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved that the COLT Indenture Trustee was negligent in ascertaining the pertinent facts; and (iii) the COLT Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to any provision of this COLT Indenture or any other COLT 2005-SN1 Basic Document. (e) The COLT Indenture Trustee shall not be liable for interest on any money received by it except as the COLT Indenture Trustee may agree in writing with COLT. (f) Money held in trust by the COLT Indenture Trustee need not be segregated from other funds except to the extent required by law or the terms of this COLT Indenture, the COLT Servicing Agreement or the other COLT 2005-SN1 Basic Documents. (g) No provision of this COLT Indenture or any other COLT 2005-SN1 Basic Document shall require the COLT Indenture Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayments of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. (h) Every provision of this COLT Indenture and each other COLT 2005-SN1 Basic Document relating to the COLT Indenture Trustee shall be subject to the provisions of this Section 6.1 and to the provisions of the TIA. (i) The COLT Indenture Trustee shall have no liability or responsibility for the acts or omissions of any other party to any of the COLT 2005-SN1 Basic Documents. (j) In no event shall the COLT Indenture Transfer be liable for any damages in the nature of special, indirect or consequential damages, however styled, including lost profits, even if the COLT Indenture Trustee has been advised of the likelihood of such loss or damage.

Duties of COLT Indenture Trustee. (a) If an Event of Default has occurred and is continuing, the COLT Indenture Trustee shall exercise the rights and powers vested in it by this COLT Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person's own affairs. (b) Except during the continuance of an Event of Default, the COLT Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this COLT Indenture and the COLT Servicing Agreement and no implied covenants or obligations shall be read into this COLT Indenture or the COLT Servicing Agreement against the COLT Indenture Trustee; and (c) In the absence of bad faith on its part, the COLT Indenture 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 COLT Indenture Trustee and conforming to the requirements of this COLT Indenture; provided, however, that the COLT Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this COLT Indenture. (d) The COLT Indenture Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct or bad faith, except that: (i) this Section 6.1(d) does not limit the effect of Section 6.1(b); (ii) the COLT Indenture Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved that the COLT Indenture Trustee was negligent in ascertaining the pertinent facts; and (iii) the COLT Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to any provision of this COLT Indenture or any other COLT 2005-SN1 200_-_ Basic Document. (e) The COLT Indenture Trustee shall not be liable for interest on any money received by it except as the COLT Indenture Trustee may agree in writing with COLT. (f) Money held in trust by the COLT Indenture Trustee need not be segregated from other funds except to the extent required by law or the terms of this COLT Indenture, the COLT Servicing Agreement or the other COLT 2005-SN1 200_-_ Basic Documents. (g) No provision of this COLT Indenture or any other COLT 2005-SN1 200_-_ Basic Document shall require the COLT Indenture Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayments of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. (h) Every provision of this COLT Indenture and each other COLT 2005-SN1 200_-_ Basic Document relating to the COLT Indenture Trustee shall be subject to the provisions of this Section 6.1 and to the provisions of the TIA. (i) The COLT Indenture Trustee shall have no liability or responsibility for the acts or omissions of any other party to any of the COLT 2005-SN1 200_-_ Basic Documents. (j) In no event shall the COLT Indenture Transfer be liable for any damages in the nature of special, indirect or consequential damages, however styled, including lost profits, even if the COLT Indenture Trustee has been advised of the likelihood of such loss or damage.

Duties of COLT Indenture Trustee. (a) If an Event of Default has occurred and is continuing, the COLT Indenture Trustee shall exercise the rights and powers vested in it by this COLT Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person's own affairs. (b) Except during the continuance of an Event of Default, the COLT Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this COLT Indenture and the COLT Servicing Agreement and no implied covenants or obligations shall be read into this COLT Indenture or the COLT Servicing Agreement against the COLT Indenture Trustee; and (c) In in the absence of bad faith on its part, the COLT Indenture 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 COLT Indenture Trustee and conforming to the requirements of this COLT Indenture; provided, however, that the COLT Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this COLT Indenture. (d) The COLT Indenture Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct or bad faith, except that: (i) this Section 6.1(d) does not limit the effect of Section 6.1(b); (ii) the COLT Indenture Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved that the COLT Indenture Trustee was negligent in ascertaining the pertinent facts; and (iii) the COLT Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to any provision of this COLT Indenture or any other COLT 2005-SN1 Basic DocumentSection 5.11. (e) The COLT Indenture Trustee shall not be liable for interest on any money received by it except as the COLT Indenture Trustee may agree in writing with COLT. (f) Money held in trust by the COLT Indenture Trustee need not be segregated from other funds except to the extent required by law or the terms of this COLT Indenture, the COLT Servicing Agreement or the other COLT 2005-SN1 200 - Basic Documents. (g) No provision of this COLT Indenture or any other COLT 2005-SN1 Basic Document shall require the COLT Indenture Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayments of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. (h) Every provision of this COLT Indenture and each other COLT 2005-SN1 Basic Document relating to the COLT Indenture Trustee shall be subject to the provisions of this Section 6.1 and to the provisions of the TIA6.1. (i) The COLT Indenture Trustee shall have no liability or responsibility for the acts or omissions of any other party to any of the COLT 2005-SN1 Basic Documents. (j) In no event shall the COLT Indenture Transfer be liable for any damages in the nature of special, indirect or consequential damages, however styled, including lost profits, even if the COLT Indenture Trustee has been advised of the likelihood of such loss or damage.

Duties of COLT Indenture Trustee. (a) If an Event of Default has occurred and is continuing, the COLT Indenture Trustee shall exercise the rights and powers vested in it by this COLT Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person's own affairs. (b) Except during the continuance of an Event of Default, : (i) the COLT Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this COLT Indenture and the COLT Servicing Agreement and no implied covenants or obligations shall be read into this COLT Indenture or the COLT Servicing Agreement against the COLT Indenture Trustee; and (cii) In in the absence of bad faith on its part, the COLT Indenture 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 COLT Indenture Trustee and conforming to the requirements of this COLT Indenture; provided, however, that the COLT Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this COLT Indenture. (dc) The COLT Indenture Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct or bad faith, except that: (i) this Section 6.1(d) does not limit the effect of Section 6.1(b); (ii) the COLT Indenture Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved that the COLT Indenture Trustee was negligent in ascertaining the pertinent facts; and (iii) the COLT Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to any provision of this COLT Indenture or any other COLT 20052007-SN1 Basic Document. (ed) The COLT Indenture Trustee shall not be liable for interest on any money received by it except as the COLT Indenture Trustee may agree in writing with COLT. (fe) Money held in trust by the COLT Indenture Trustee need not be segregated from other funds except to the extent required by law or the terms of this COLT Indenture, the COLT Servicing Agreement or the other COLT 20052007-SN1 Basic Documents. (gf) No provision of this COLT Indenture or any other COLT 20052007-SN1 Basic Document shall require the COLT Indenture Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayments of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. (hg) Every provision of this COLT Indenture and each other COLT 20052007-SN1 Basic Document relating to the COLT Indenture Trustee shall be subject to the provisions of this Section 6.1 and to the provisions of the TIA. (ih) The COLT Indenture Trustee shall have no liability or responsibility for the acts or omissions of any other party to any of the COLT 20052007-SN1 Basic Documents. (ji) In no event shall the COLT Indenture Transfer Trustee be liable for any damages in the nature of special, indirect or consequential damages, however styled, including lost profits, even if the COLT Indenture Trustee has been advised of the likelihood of such loss or damage.