Common use of Duties of Note Trustee Clause in Contracts

Duties of Note Trustee. (a) If an Event of Default has occurred and is subsisting, and a Responsible Officer of the Note Trustee has received written notice of such from the Trustee and the Manager, the Note Trustee shall exercise the rights and powers vested in it by this deed 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 while an Event of Default subsists: (i) the Note Trustee undertakes to perform such duties and only such duties as are specifically set forth in this deed and no implied covenants or obligations shall be read into this deed against the Note Trustee; and (ii) in the absence of bad faith on its part, the Note 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 Note Trustee and conforming to the requirements of this deed; however, the Note Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this deed. (c) The Note Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own wilful misconduct, except that: (i) this paragraph does not limit the effect of paragraph (a) of this clause; and (ii) the Note Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved that the Note Trustee was negligent in ascertaining the pertinent facts. (d) Section 315(d)(3) of the TIA is expressly excluded by this deed.

Duties of Note Trustee. NOTE TRUSTEE'S GENERAL DUTIES 15.1 The Note Trustee must comply with the duties imposed on it by this deed, the Class A Notes (aincluding the Class A Note Conditions) If an Event of Default has occurred and is subsisting, and a Responsible Officer each other Transaction Document in respect of the Note Trustee has received written notice Trust to which it is a party and must in the exercise of such from the Trustee and the Manager, the Note Trustee shall exercise the rights and powers all discretions vested in it by this deed and use all other Transaction Documents in respect of the same degree Trust except where expressly provided otherwise, have regard to the interest 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.Class A Noteholders. DUTIES PRIOR TO AN EVENT OF DEFAULT (b) Except while 15.2 Prior to an Event of Default subsistsin respect of the Trust: (ia) the Note Trustee undertakes to perform such duties and only shall not be liable except for the performance of such duties as are specifically set forth out in this deed and no implied covenants deed, the Class A Notes (including the Class A Note Conditions) or obligations shall be read into this deed against the Note Trustee; andany other (iib) in (subject to the absence mandatory requirements of bad faith on its part, the TIA) the Note Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, in the absence of bad faith on the part of the Note Trustee, upon certificates or opinions furnished to the Note Trustee and conforming to the requirements of this deed; however, deed provided that the Note Trustee shall examine examine, where applicable, the certificates and opinions evidence furnished to it pursuant to any provision of this deed to determine whether or not they conform such evidence conforms to the requirements of this deed. (c) The Note Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own wilful misconduct, except that: (i) this paragraph does not limit the effect of paragraph (a) of this clause; and (ii) the Note Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved that the Note Trustee was negligent in ascertaining the pertinent facts. (d) Section 315(d)(3) of the TIA is expressly excluded by this deed.

Duties of Note Trustee. (a) If an Event of Default has occurred and is subsisting, and of which a Responsible Officer of the Note Trustee has received written notice of such from the Trustee and the Manageractual knowledge, the Note Trustee shall exercise the rights and powers vested in it by this deed 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 while an Event of Default subsists: (i) the Note Trustee undertakes to perform such duties and only such duties as are specifically set forth in this deed and no implied covenants or obligations shall be read into this deed against the Note Trustee; and (ii) in the absence of bad faith on its part, the Note 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 Note Trustee and conforming to the requirements of this deed; however, the Note Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this deed. (c) The Note Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own wilful misconduct, except that: (i) this paragraph does not limit the effect of paragraph (a) of this clause; and (ii) the Note Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved that the Note Trustee was negligent in ascertaining the pertinent facts. (d) Section 315(d)(3) of the TIA is expressly excluded by this deed.

Duties of Note Trustee. NOTE TRUSTEE'S GENERAL DUTIES 15.1 The Note Trustee must comply with the duties imposed on it by this deed, the Class A Notes (aincluding the Class A Note Conditions) If an Event of Default has occurred and is subsisting, and a Responsible Officer each other Transaction Document in respect of the Note Trustee has received written notice Trust to which it is a party and must in the exercise of such from the Trustee and the Manager, the Note Trustee shall exercise the rights and powers all discretions vested in it by this deed and use all other Transaction Documents in respect of the same degree Trust except where expressly provided otherwise, have regard to the interest 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 while Class A Note Holders. DUTIES PRIOR TO AN EVENT OF DEFAULT 15.2 Prior to an Event of Default subsistsin respect of the Trust: (ia) the Note Trustee undertakes to perform such duties and only shall not be liable except for the performance of such duties as are specifically set forth out in this deed deed, the Class A Notes (including the Class A Note Conditions) or any other Transaction Document in respect of the Trust to which it is a party and no implied covenants or obligations shall on the part of the Note Trustee are to be read into this deed against (subject to the Note Trusteemandatory requirements of the TIA); and (iib) in (subject to the absence mandatory requirements of bad faith on its part, the TIA) the Note Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, in the absence of bad faith on the part of the Note Trustee, upon certificates or opinions furnished to the Note Trustee and conforming to the requirements of this deed; however, deed provided that the Note Trustee shall examine examine, where applicable, the certificates and opinions evidence furnished to it pursuant to any provision of this deed to determine whether or not they conform such evidence conforms to the requirements of this deed. (c) The Note Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own wilful misconduct, except that: (i) this paragraph does not limit the effect of paragraph (a) of this clause; and (ii) the Note Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved that the Note Trustee was negligent in ascertaining the pertinent facts. (d) Section 315(d)(3) of the TIA is expressly excluded by this deed.