Common use of Situs of the Trust Clause in Contracts

Situs of the Trust. It is the intention of the parties hereto that the Trust constitute a trust under the laws of the State of New York. The Trust will be created and administered in, and all Accounts maintained by the Trustee on behalf of the Trust will be located in, the State of New York (except that certain agents of the Trustee may be located in the State of Texas). The Trust will not have any employees and will not have any real or personal property (other than property acquired pursuant to Section 8.13 hereof and Home Equity Loan Files and certain other documents) located in any state other than in the State of New York. Payments will be received by the Trust only in the State of New York and payments from the Trust will be made only from the State of New York. The Trust's only office will be at the office of the Trustee as set forth in Section 2.02 hereof.