Common use of Duties of Trustee and Securities Administrator Clause in Contracts

Duties of Trustee and Securities Administrator. (a) The Trustee, prior to the occurrence of an Event of Default (of which a Responsible Officer of the Trustee shall have actual knowledge) and after the curing or waiver of all Events of Default which may have occurred, and the Securities Administrator each undertake to perform such duties and only such duties as are specifically set forth in this Agreement as duties of the Trustee and the Securities Administrator, respectively. If an Event of Default has occurred (of which a Responsible Officer of the Trustee shall have actual knowledge) and has not been cured or waived, the Trustee shall exercise such of the rights and powers vested in it by this Agreement, and subject to Section 8.02 (b) use the same degree of care and skill in their exercise, as a prudent person would exercise under the circumstances in the conduct of his own affairs, unless the Trustee is acting as successor Master Servicer, in which case it shall use the same degree of care and skill as the Master Servicer hereunder.

Duties of Trustee and Securities Administrator. (a) The Trustee, prior to except during the occurrence continuance of an Event of Default (of which a Responsible Officer of the Trustee shall have actual knowledge) and after the curing or waiver of all Events of Default which may have occurred), and the Securities Administrator each undertake to perform such duties and only such duties as are specifically set forth in this Agreement as duties of the Trustee and the Securities Administrator, respectively. Any permissive right of the Trustee or the Securities Administrator provided for in this Agreement shall not be construed as a duty of the Trustee or the Securities Administrator, respectively. If an Event of Default has occurred (of which a Responsible Officer of the Trustee shall have actual knowledge) has occurred and has not otherwise been cured or waived, the Trustee shall exercise such of the rights and powers vested in it by this Agreement, Agreement and subject to Section 8.02 (b) use the same degree of care and skill in their exercise, exercise as a prudent person Person would exercise or use under the circumstances in the conduct of his such Person’s own affairs, affairs unless the Trustee is acting as successor Master Servicer, in which case it shall use the same degree of care and skill as the Master Servicer hereunder.