Common use of Duties of Indenture Trustee and Securities Administrator Clause in Contracts

Duties of Indenture Trustee and Securities Administrator. The Indenture Trustee and the Securities Administrator, upon receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Indenture Trustee and the Securities Administrator, which are specifically required to be furnished pursuant to any provision of this Agreement, shall examine them to determine whether they conform to the requirements of this Agreement; provided, however, that neither the Indenture Trustee nor the Securities Administrator will be responsible for the accuracy or content of any such resolutions, certificates, statements, opinions, reports, documents or other instruments. If any such instrument is found not to conform to the requirements of this Agreement in a material manner the Indenture Trustee and the Securities Administrator shall take such action as it deems appropriate to have the instrument corrected. On each Payment Date, the Securities Administrator shall make monthly payments to the Noteholders from funds in the Note Payment Account and to the Certificateholders from funds in the Certificate Distribution Account, in each case as provided in Sections 5.01, 5.09 and 10.01 hereof based on the report of the Securities Administrator. No provision of this Agreement shall be construed to relieve the Indenture Trustee or the Securities Administrator from liability for its own negligent action, its own negligent failure to act or its own willful misconduct; provided, however, that: