Common use of Duties of the Trust Collateral Agent and the Custodian Clause in Contracts

Duties of the Trust Collateral Agent and the Custodian. (a) The Trust Collateral Agent and the Custodian, both prior to the occurrence of an Event of Default and after an Event of Default shall have been cured or waived, shall undertake to perform such duties and only such duties as are specifically set forth in this Agreement. If an Event of Default shall have occurred and shall not have been cured or waived, the Trust Collateral Agent and the Custodian may, and at the direction of the Note Insurer (or, if a Note Insurer Default shall have occurred and is continuing, the Majorityholders), shall exercise such of the rights and powers vested in it by this Agreement and shall 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 its own affairs.

Duties of the Trust Collateral Agent and the Custodian. (a) The Trust Collateral Agent and the Custodian, both prior to the occurrence of an Event of Default and after an Event of Default shall have been cured or waived, shall undertake to perform such duties and only such duties as are specifically set forth in this Agreement. If an Event of Default shall have occurred and shall not have been cured or waived, the Trust Collateral Agent and the Custodian may, and at the direction of [the Note Insurer (or, if a Note Insurer Default shall have occurred and is continuing, ,] the Majorityholders), shall exercise such of the rights and powers vested in it by this Agreement and shall 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 its own affairs.