The Trustee and the Certificate Administrator Sample Clauses
This clause defines the roles and responsibilities of the Trustee and the Certificate Administrator within the context of a trust or securitization agreement. It typically outlines the duties each party must perform, such as managing trust assets, processing payments, maintaining records, and ensuring compliance with the terms of the agreement. For example, the Trustee may be responsible for safeguarding assets and distributing funds to certificate holders, while the Certificate Administrator may handle administrative tasks like reporting and communication. The core function of this clause is to clearly allocate duties and authority between these two key parties, thereby reducing confusion and ensuring the smooth operation of the trust structure.
The Trustee and the Certificate Administrator. Section 8.01. Duties of the Trustee and the Certificate Administrator.......................................86 Section 8.02. Rights of Trustee and Certificate Administrator...............................................88 Section 8.03. Individual Rights of Trustee and Certificate Administrator....................................90 Section 8.04. Trustee's and Certificate Administrator's Disclaimer..........................................90 Section 8.05. Notice of Servicing Default...................................................................90 Section 8.06. [Reserved]....................................................................................90 Section 8.07. Compensation and Indemnity....................................................................90 Section 8.08. Replacement of Trustee or Certificate Administrator...........................................91 Section 8.09. Successor Trustee or Certificate Administrator by Merger......................................92 Section 8.10. Appointment of Co-Trustee or Separate Trustee.................................................92 Section 8.11. Eligibility; Disqualification.................................................................93 Section 8.12. [Reserved]....................................................................................93 Section 8.13.
The Trustee and the Certificate Administrator. Section 8.01. Duties of the Trustee and the Certificate Administrator. ------------------------------------------------------- If a Servicing Default has occurred and is continuing, each of the Trustee and the Certificate Administrator shall exercise the rights and powers vested in each of them by this Agreement and 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 such person's own affairs.
(a) Except during the continuance of a Servicing Default:
(i) each of the Trustee and the Certificate Administrator undertake to perform such duties and only such duties as are specifically set forth in this Agreement with respect to the Trustee and the Certificate Administrator, respectively, and no implied covenants or obligations shall be read into this Agreement against the Trustee or the Certificate Administrator; and
(ii) in th e absence of bad faith on its part, each of the Trustee and the Certificate Administrator, as the case may be, may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and/or the Certificate Administrator, as applicable, and conforming to the requirements of this Agreement; provided, however, that each of the Trustee and the Certificate Administrator, as the case may be, shall examine the certificates and opinions delivered to it to determine whether or not they conform to the requirements of this Agreement, provided, further, however, that the Trustee shall have no duty or responsibility to review any document, certificate, instrument or opinion delivered solely to the Certificate Administrator.
(b) Neither the Trustee nor the Certificate Administrator may be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that:
(i) this paragraph does not limit the effect of paragraph (b) of this Section 8.01;
(ii) the Trustee and the Certificate Administrator shall not be liable for any error of judgment made in good faith by its respective Responsible Officer unless it is proved that the Trustee or the Certificate Administrator, respectively, was negligent in ascertaining the pertinent facts; and
(iii) neither the Trustee nor the Certificate Administrator shall be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by i...
The Trustee and the Certificate Administrator. Section 8.01 Duties of Trustee and Certificate Administrator ............... Section 8.02 Certain Matters Affecting the Trustee and the Certificate Administrator ................................................. Section 8.03 Trustee and the Certificate Administrator Not Liable for Certificates or Mortgage Loans ................................ Section 8.04 Trustee and the Certificate Administrator May Own Certificates Section 8.05 Seller to Pay Trustee Fees and Expenses ....................... Section 8.06 Eligibility Requirements for Trustee and the Certificate Administrator ................................................. Section 8.07 Resignation or Removal of Trustee or Certificate Administrator Section 8.08 Successor Trustee or Certificate Administrator ................ Section 8.09 Merger or Consolidation of Trustee or Certificate Administrator Section 8.10 Appointment of Co-Trustee or Separate Trustee ................. Section 8.11
The Trustee and the Certificate Administrator