Common use of Duties of the Indenture Trustee Clause in Contracts

Duties of the Indenture Trustee. (a) If the Indenture Trustee has received notice pursuant to Section 7.02 or a Responsible Officer shall otherwise have actual knowledge that an Event of Default has occurred and is continuing, the Indenture Trustee shall, at the direction of the Note Insurer, exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs.

Duties of the Indenture Trustee. (a) If the Indenture Trustee has received notice pursuant to Section 7.02 or a Responsible Officer shall otherwise have actual knowledge that an Event of Default has occurred and is continuing, the Indenture Trustee shall, at the direction of the Note Insurer, exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent man person would exercise or use under the circumstances in the conduct of his own affairs.

Duties of the Indenture Trustee. (a) If the Indenture Trustee has received notice pursuant to Section 7.02 or a Responsible Officer shall otherwise have actual knowledge that an Event of Default has occurred and is continuingcontinuing and a Responsible Officer shall have actual knowledge or written notice of such Event of Default or Servicer Default, the Indenture Trustee shall, at prior to the direction receipt of directions, if any, from the Note InsurerRequired Noteholders, exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its their exercise, as a prudent man person would exercise or use under the circumstances in the conduct of his such person’s own affairs.