Common use of Duties of the Trust Administrator Clause in Contracts

Duties of the Trust Administrator. (a) The Trust Administrator is hereby appointed and authorized to act as agent for the Owner of the COLT 20__-SN_ Secured Notes and in such capacity shall administer the COLT 20__-SN_ Secured Notes with reasonable care, using that degree of skill and attention that the Trust Administrator exercises with respect to comparable property that it administers for itself or others. The Trust Administrator hereby accepts such appointment and authorization and agrees to perform the duties of Trust Administrator with respect to the COLT 20__-SN_ Secured Notes set forth herein and in the Further Transfer and Administration Agreements. (b) The Trust Administrator’s duties shall include posting of all payments on the COLT 20__-SN_ Secured Notes, accounting for collections and furnishing monthly and annual statements to XXXX and any other Persons designated herein with respect to distributions, generating federal income tax information, giving any required notices or instructions to XXXX or the CARAT Owner Trustee and performing the other duties specified herein. Subject to the provisions of Section 3.02, the Trust Administrator shall follow its customary standards, policies and procedures and shall have full power and authority, acting alone, to do any and all things in connection with such administration that it may deem necessary or desirable. (c) Without limiting the generality of the foregoing, the Trust Administrator is hereby authorized and empowered by the Owner of the COLT 20__-SN_ Secured Notes, pursuant to this Section 3.01, to execute and deliver, on behalf of all Interested Parties, or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the COLT 20__-SN_ Secured Notes. The Trust Administrator is hereby authorized to commence, in its own name or in the name of the Owner of such COLT 20__-SN_ Secured Note a legal proceeding, whether through judicial process or (with respect to repossession of any Vehicle related to a Series 20__-SN_ Lease Asset) non-judicial process, to enforce all obligations of Ally Financial and XXXX under this Agreement and under the Further Transfer and Administration Agreements or to commence or participate in a legal proceeding (including a bankruptcy proceeding) relating to or involving a COLT 20__-SN_ Secured Note. If the Trust Administrator commences or participates in such a legal proceeding in its own name, the Owner of such COLT 20__-SN_ Secured Note shall be deemed to have automatically assigned such COLT 20__-SN_ Secured Note to the Trust Administrator for the benefit of the Interested Parties for purposes of commencing or participating in any such proceeding as a party or claimant. Upon such automatic assignment, the Trust Administrator will be, and will have all the rights and duties of, a secured party under the UCC and other applicable law with respect to such COLT 20__-SN_ Secured Note. At the Trust Administrator’s request from time to time, the Owner of a COLT 20__-SN_ Secured Note assigned under this Section 3.01 shall provide the Trust Administrator with evidence of the assignment in trust for the benefit of the Interested Parties as may be reasonably necessary for the Trust Administrator to take any of the actions set forth in the following sentence. (d) The Trust Administrator is hereby authorized and empowered by the Owner of a COLT 20__-SN_ Secured Note to execute and deliver in the Trust Administrator’s name any notices, demands, claims, complaints, responses, affidavits or other documents or instruments in connection with any such proceeding. Any Owner of COLT 20__-SN_ Secured Notes shall furnish the Trust Administrator with any powers of attorney and other documents and take any other steps which the Trust Administrator may deem necessary or appropriate to enable the Trust Administrator to carry out its administrative duties under this Agreement and the Further Transfer and Administration Agreements. Except to the extent required by the preceding two sentences, the authority and rights granted to the Trust Administrator in this Section 3.01 shall be nonexclusive and shall not be construed to be in derogation of the retention by the Owner of a COLT 20__-SN_ Secured Note of equivalent authority and rights.

Duties of the Trust Administrator. (a) The Trust Administrator is hereby appointed and authorized to act as agent for the Owner of the COLT 20__-SN_ 2005-SN1 Secured Notes and in such capacity shall administer the COLT 20__-SN_ 2005-SN1 Secured Notes with reasonable care, using that degree of skill and attention that the Trust Administrator exercises with respect to comparable property that it administers for itself or others. The Trust Administrator hereby accepts such appointment and authorization and agrees to perform the duties of Trust Administrator with respect to the COLT 20__-SN_ 2005-SN1 Secured Notes set forth herein and in the Further Transfer and Administration Agreements. (b) The Trust Administrator’s 's duties shall include posting of all payments on the COLT 20__-SN_ 2005-SN1 Secured Notes, accounting for collections and furnishing monthly and annual statements to XXXX and any other Persons designated herein with respect to distributions, generating federal income tax information, giving any required notices or instructions to XXXX or the CARAT Owner Trustee and performing the other duties specified herein. Subject to the provisions of Section 3.02, the Trust Administrator shall follow its customary standards, policies and procedures and shall have full power and authority, acting alone, to do any and all things in connection with such administration that it may deem necessary or desirable. (c) Without limiting the generality of the foregoing, the Trust Administrator is hereby authorized and empowered by the Owner of the COLT 20__-SN_ 2005-SN1 Secured Notes, pursuant to this Section 3.01, to execute and deliver, on behalf of all Interested Parties, or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the COLT 20__-SN_ 2005-SN1 Secured Notes. The Trust Administrator is hereby authorized to commence, in its own name or in the name of the Owner of such COLT 20__-SN_ 2005-SN1 Secured Note a legal proceeding, whether through judicial process or (with respect to repossession of any Vehicle related to a Series 20__-SN_ Lease Asset) non-judicial process, proceeding to enforce all obligations of Ally Financial GMAC and XXXX under this Agreement and under the Further Transfer and Administration Agreements or to commence or participate in a legal proceeding (including a bankruptcy proceeding) relating to or involving a COLT 20__-SN_ 2005-SN1 Secured Note. If the Trust Administrator commences or participates in such a legal proceeding in its own name, the Owner of such COLT 20__-SN_ 2005-SN1 Secured Note shall be deemed to have automatically assigned such COLT 20__-SN_ 2005-SN1 Secured Note to the Trust Administrator for the benefit of the Interested Parties for purposes of commencing or participating in any such proceeding as a party or claimant. Upon such automatic assignment, the Trust Administrator will be, and will have all the rights and duties of, a secured party under the UCC and other applicable law with respect to such COLT 20__-SN_ 2005-SN1 Secured Note. At the Trust Administrator’s 's request from time to time, the Owner of a COLT 20__-SN_ 2005-SN1 Secured Note assigned under this Section 3.01 shall provide the Trust Administrator with evidence of the assignment in trust for the benefit of the Interested Parties as may be reasonably necessary for the Trust Administrator to take any of the actions set forth in the following sentence. (d) The Trust Administrator is hereby authorized and empowered by the Owner of a COLT 20__-SN_ 2005-SN1 Secured Note to execute and deliver in the Trust Administrator’s 's name any notices, demands, claims, complaints, responses, affidavits or other documents or instruments in connection with any such proceeding. Any Owner of COLT 20__-SN_ 2005-SN1 Secured Notes shall furnish the Trust Administrator with any powers of attorney and other documents and take any other steps which the Trust Administrator may deem necessary or appropriate to enable the Trust Administrator to carry out its administrative duties under this Agreement and the Further Transfer and Administration Agreements. Except to the extent required by the preceding two sentences, the authority and rights granted to the Trust Administrator in this Section 3.01 shall be nonexclusive and shall not be construed to be in derogation of the retention by the Owner of a COLT 20__-SN_ 2005-SN1 Secured Note of equivalent authority and rights.

Duties of the Trust Administrator. (a) The Trust Administrator is hereby appointed and authorized to act as agent for the Owner of the COLT 20__-SN_ 2007-SN1 Secured Notes and in such capacity shall administer the COLT 20__-SN_ 2007-SN1 Secured Notes with reasonable care, using that degree of skill and attention that the Trust Administrator exercises with respect to comparable property that it administers for itself or others. The Trust Administrator hereby accepts such appointment and authorization and agrees to perform the duties of Trust Administrator with respect to the COLT 20__-SN_ 2007-SN1 Secured Notes set forth herein and in the Further Transfer and Administration Agreements. (b) The Trust Administrator’s 's duties shall include posting of all payments on the COLT 20__-SN_ 2007-SN1 Secured Notes, accounting for collections and furnishing monthly and annual statements to XXXX and any other Persons designated herein with respect to distributions, generating federal income tax information, giving any required notices or instructions to XXXX or the CARAT Owner Trustee and performing the other duties specified herein. Subject to the provisions of Section 3.02, the Trust Administrator shall follow its customary standards, policies and procedures and shall have full power and authority, acting alone, to do any and all things in connection with such administration that it may deem necessary or desirable. (c) Without limiting the generality of the foregoing, the Trust Administrator is hereby authorized and empowered by the Owner of the COLT 20__-SN_ 2007-SN1 Secured Notes, pursuant to this Section 3.01, to execute and deliver, on behalf of all Interested Parties, or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the COLT 20__-SN_ 2007-SN1 Secured Notes. The Trust Administrator is hereby authorized to commence, in its own name or in the name of the Owner of such COLT 20__-SN_ 2007-SN1 Secured Note a legal proceeding, whether through judicial process or (with respect to repossession of any Vehicle related to a Series 20__-SN_ 2007-SN1 Lease Asset) non-judicial process, to enforce all obligations of Ally Financial GMAC and XXXX under this Agreement and under the Further Transfer and Administration Agreements or to commence or participate in a legal proceeding (including a bankruptcy proceeding) relating to or involving a COLT 20__-SN_ 2007-SN1 Secured Note. If the Trust Administrator commences or participates in such a legal proceeding in its own name, the Owner of such COLT 20__-SN_ 2007-SN1 Secured Note shall be deemed to have automatically assigned such COLT 20__-SN_ 2007-SN1 Secured Note to the Trust Administrator for the benefit of the Interested Parties for purposes of commencing or participating in any such proceeding as a party or claimant. Upon such automatic assignment, the Trust Administrator will be, and will have all the rights and duties of, a secured party under the UCC and other applicable law with respect to such COLT 20__-SN_ 2007-SN1 Secured Note. At the Trust Administrator’s 's request from time to time, the Owner of a COLT 20__-SN_ 2007-SN1 Secured Note assigned under this Section 3.01 shall provide the Trust Administrator with evidence of the assignment in trust for the benefit of the Interested Parties as may be reasonably necessary for the Trust Administrator to take any of the actions set forth in the following sentence. (d) The Trust Administrator is hereby authorized and empowered by the Owner of a COLT 20__-SN_ 2007-SN1 Secured Note to execute and deliver in the Trust Administrator’s 's name any notices, demands, claims, complaints, responses, affidavits or other documents or instruments in connection with any such proceeding. Any Owner of COLT 20__-SN_ 2007-SN1 Secured Notes shall furnish the Trust Administrator with any powers of attorney and other documents and take any other steps which the Trust Administrator may deem necessary or appropriate to enable the Trust Administrator to carry out its administrative duties under this Agreement and the Further Transfer and Administration Agreements. Except to the extent required by the preceding two sentences, the authority and rights granted to the Trust Administrator in this Section 3.01 shall be nonexclusive and shall not be construed to be in derogation of the retention by the Owner of a COLT 20__-SN_ 2007-SN1 Secured Note of equivalent authority and rights.