The Owner Trustee Clause Samples
The "Owner Trustee" clause defines the role, powers, and responsibilities of the trustee who holds legal title to the trust assets on behalf of the trust's beneficiaries. Typically, this clause outlines the trustee's authority to act, the limitations on their actions, and the procedures for making decisions or executing documents related to the trust. For example, it may specify that the trustee acts only at the direction of certain parties or is not personally liable for obligations of the trust. The core function of this clause is to clarify the trustee's duties and protect the trustee from personal liability, ensuring proper administration and risk allocation within the trust structure.
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The Owner Trustee. It is expressly understood and agreed by the parties hereto that (i) this Agreement is executed and delivered by Wilmington Trust, National Association on behalf of the Trust not individually or personally but solely as owner trustee of the Trust under the Trust Agreement of the Trust dated the date hereof in the exercise of the powers and authority conferred upon and vested in Wilmington Trust, National Association as owner trustee of the Trust under such Trust Agreement, (ii) each of the representations, undertakings and agreements herein made on the part of the Trust is made and intended not as the personal representation, undertaking or agreement of Wilmington Trust, National Association, but is made and intended for the purpose of binding only the Trust and (iii) nothing herein contained shall be construed as creating any liability on the part of Wilmington Trust, National Association, individually or personally, to perform any covenant or obligation of the Trust, either expressed or implied, contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto.
The Owner Trustee. 12
6.1 Duties of Owner Trustee............................................12 6.2
The Owner Trustee. Section 3.01.
The Owner Trustee. 7 SECTION 6.01. Acceptance of Trusts and Duties................................ 7 SECTION 6.02. Absence of Certain Duties...................................... 7 SECTION 6.03. No Representations or Warranties as to Certain Matters..................................................... 8 SECTION 6.04. No Segregation of Monies; Interest............................. 8 SECTION 6.05. Reliance Upon Certificates, Counsel and Agents................. 9 SECTION 6.06. Not Acting in Individual Capacity.............................. 9 SECTION 6.07.
The Owner Trustee. 14 Section 6.1 Duties of Owner Trustee......................................................14 Section 6.2 Rights of Owner Trustee......................................................15 Section 6.3 Acceptance of Trusts and Duties..............................................15 Section 6.4 Action upon Instruction by Certificateholders................................17 Section 6.5 Furnishing of Documents....................................................
The Owner Trustee. 13 SECTION 6.1 Acceptance of Trust and Duties..........................................................13 SECTION 6.2
The Owner Trustee. 7 SECTION 6.01 Acceptance of Trusts and Duties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 SECTION 6.02 Absence of Certain Duties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 SECTION 6.03 No Representations or Warranties as to Certain Matters . . . . . . . . . . . . . . . . . . . . 8 SECTION 6.04 No Segregation of Monies; Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 SECTION 6.05 Reliance Upon Certificates, Counsel and Agents . . . . . . . . . . . . . . . . . . . . . . . . 9 SECTION 6.06 Not Acting in Individual Capacity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
The Owner Trustee. It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by Wilmington Trust Company, not individually or personally but solely as Owner Trustee under the Trust Agreement, in the exercise of the powers and authority conferred and vested in it as the Owner Trustee, (b) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is made and intended for the purpose for binding only the Trust Property, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the Servicer, Trustee and by any Person claiming by, through or under the Servicer and Trustee and (d) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Trustee or be liable for the breach or failure of any obligation, representations, warranty or covenant made or undertaken by the Issuer under this Agreement.
The Owner Trustee. 8 Section 5.1 Acceptance of Trusts and Duties.......................... 8 Section 5.2 No Representations or Warranties as to Equipment or Documents..............................
The Owner Trustee. 16 SECTION 6.1