Duties of the Owner Trustee. (a) Subject to Article IV and in accordance with the terms of the Basic Documents, the Certificateholders may by written instruction direct the Owner Trustee in the management of the Issuer. Such direction may be exercised at any time by written instruction of the Certificateholders pursuant to Article IV. The Owner Trustee accepts the trusts xxxxxx created and agrees to perform its duties hereunder with respect to such trusts but only upon the terms of this Agreement. The Owner Trustee, upon receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Owner Trustee that shall be specifically required to be furnished pursuant to any provision of this Agreement, shall examine them to determine whether they conform on their face to the requirements of this Agreement.
(b) No provision of this Agreement shall be construed to relieve the Owner Trustee from liability for its own negligent action, its own negligent failure to act, its own bad faith or its own willful misfeasance; provided, however, that:
(i) the duties and obligations of the Owner Trustee shall be determined solely by the express provisions of this Agreement, the Owner Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Agreement, no implied covenants or obligations shall be read into this Agreement against the Owner Trustee, the permissive right of the Owner Trustee to do things enumerated in this Agreement shall not be construed as a duty and, in the absence of bad faith on the part of the Owner Trustee, the Owner Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Owner Trustee and conforming on their face to the requirements of this Agreement;
(ii) the Owner Trustee shall not be personally liable for an error of judgment made in good faith by an Authorized Officer, unless it shall be proved that the Owner Trustee was negligent in performing its duties in accordance with the terms of this Agreement; and
(iii) the Owner Trustee shall not be personally liable with respect to any action taken, suffered or omitted to be taken in good faith in accordance with the direction of the Holders of the Certificates representing at least a majority of the Certificate Balance (or such larger or smaller percentage of the Certificate Balance as may be requ...
Duties of the Owner Trustee. 10 SECTION 5.1
Duties of the Owner Trustee. Section 5.01.
Duties of the Owner Trustee. 8 SECTION 5.01 Notice of Event of Default..................................8 SECTION 5.02
Duties of the Owner Trustee. 5 SECTION 5.01 Notice of Event of Default . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Duties of the Owner Trustee. Notice of Certain Events; Action by the Owner Trustee 22 SECTION 5.2 Distribution of Reports 22 SECTION 5.3 Action Required Only if Owner Trustee is Indemnified 22 SECTION 5.4 No Duties Except as Specified in Agreement or Instructions 22
Duties of the Owner Trustee. 8 Section 5.01 Notice of Event of Default............................8 Section 5.02
Duties of the Owner Trustee. Notice of Certain Events; Action by the Owner Trustee...
Duties of the Owner Trustee. SECTION 5.1 Notice of Certain Events; Action by the Owner Trustee.........9 SECTION 5.2
Duties of the Owner Trustee. 7 6.1 Documents . . . . . . . . . . . . . . . . . . . . 7 6.2
