Common use of Trustee's Duties on Default Clause in Contracts

Trustee's Duties on Default. No Liability of the Trustee or the Depositor on the Bonds. If an event of default on the Bonds has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it 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. The Trustee shall have the legal power to exercise all of the rights, powers and privileges of a holder of the Bonds in which the Certificates evidence an interest. However, neither the Trustee (except as specifically provided in Section 5.03 or elsewhere herein or in the TIA) nor the Depositor shall be under any obligation whatsoever to appear in, prosecute or defend any action, suit or other proceeding in respect of Bonds or Certificates. The sole obligor with respect to any Bond is the Issuer thereof or any other entity obligated to make payments to or on behalf of the Issuer thereof (or its trustee or other applicable fiduciary) with respect to such Bond. Neither the Trustee nor the Depositor shall have any obligation on or with respect to the Bonds except as provided in this Article V with respect to the Trustee; and their respective obligations with respect to Certificates shall be solely as set forth in this Agreement. If there is an event of default (as defined in the indenture or other document pursuant to which the Bonds were issued) with respect to any Bond and such default is known to the Trustee, the Trustee B-18 29 shall promptly give notice to DTC or, if the Certificates are not then held by DTC or any other depository, directly to Holders thereof as provided in Section 9.04 hereof (and in the manner and to the extent provided in TIA Section 313(c)) within 90 days after such event of default occurs. Such notice shall set forth (a) the identity of the issue of Bonds, (b) the date and nature of such default, (c) the face amount of the Interest, Principal or Callable Principal to which such default relates, (d) the identifying numbers of the class of Certificates, or any combination, as the case may be, evidencing the Interest, Principal or Callable Principal (or portions thereof) described above in clause (c), and (e) any other information which the Trustee may deem appropriate. Except in the case of a default in payment of Principal or Interest (including payments pursuant to a redemption of any Certificate), the Trustee may withhold the notice to Holders if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders. Holders of Certificates shall have no recourse against the Depositor or the Trustee for payment defaults on the Bonds.

Trustee's Duties on Default. No Liability of the Trustee or the Depositor on the Bonds. If an event of default on the Bonds has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it 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. The Trustee shall have the legal power to exercise all of the rights, powers and privileges of a holder of the Bonds in which the Certificates evidence an interest. However, neither the Trustee (except as specifically provided in Section 5.03 or elsewhere herein or in the TIA) nor the Depositor shall be under any obligation whatsoever to appear in, prosecute or defend any action, suit or other proceeding in respect of Bonds or Certificates. The sole obligor with respect to any Bond is the Issuer thereof or any other entity obligated to make payments to or on behalf of the Issuer thereof (or its trustee or other applicable fiduciary) with respect to such Bond. Neither the Trustee nor the Depositor shall have any obligation on or with respect to the Bonds except as provided in this Article V with respect to the Trustee; and their respective obligations with respect to Certificates shall be solely as set forth in this Agreement. If there is an event of default (as defined in the indenture or other document pursuant to which the Bonds were issued) with respect to any Bond and such default is known to the Trustee, the Trustee B-18 29 shall promptly give notice to DTC or, if the Certificates are not then held by DTC or any other depository, directly to Holders thereof as provided in Section 9.04 hereof (and in the manner and to the extent provided in TIA Section 313(c)) within 90 days after such event of default occurs. Such notice shall set forth (a) the identity of the issue of Bonds, (b) the date and nature of such default, (c) the face amount of the Interest, Principal or Callable Principal to which such default relates, (d) the identifying numbers of the class of Certificates, or any combination, as the case may be, evidencing the Interest, Principal or Callable Principal (or portions thereof) described above in clause (c), and (e) any other information which the Trustee may deem appropriate. Except in the case of a default in payment of Principal or Interest (including payments pursuant to a redemption of any Certificate), the Trustee may withhold the notice to Holders if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders. Holders of Certificates shall have no recourse against the Depositor or the Trustee for payment defaults on the Bonds.

Trustee's Duties on Default. No Liability of the Trustee or the Depositor on the Bonds. If an event of default on the Bonds has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Agreement and use the same degree of care and skill in their exercise as a prudent Person person would exercise or use under the circumstances in the conduct of such Personperson's own affairs. The Trustee shall have the legal power to exercise all of the rights, powers and privileges of a holder of the Bonds in which the Certificates evidence an interest. However, neither the Trustee (except as specifically provided in Section 5.03 or elsewhere herein or in the TIA) nor the Depositor shall be under any obligation whatsoever to appear in, prosecute or defend any action, suit or other proceeding in respect of Bonds or Certificates. The sole obligor with respect to any Bond is the Issuer thereof or any other entity obligated to make payments to or on behalf of the Issuer thereof (or its trustee or other applicable fiduciary) with respect to such Bond. Neither the Trustee nor the Depositor shall have any obligation on or with respect to the Bonds except as provided in this Article V with respect to the Trustee; and their respective obligations with respect to Certificates shall be solely as set forth in this Agreement. If there is an event of default (as defined in the indenture or other document pursuant to which the Bonds were issued) with respect to any Bond and such default is known to the Trustee, the Trustee B-18 29 shall promptly give notice to DTC or, if the Certificates are not then held by DTC or any other depository, directly to Holders thereof as provided in Section 9.04 hereof (and in the manner and to the extent provided in TIA Section 313(c)) within 90 days after such event of default occurs. Such notice shall set forth (a) the identity of the issue of Bonds, (b) the date and nature of such default, (c) the face f ace amount of the Interest, Principal or Callable Principal to which such default relates, (d) the identifying numbers of the class of Certificates, or any combination, as the case may be, evidencing the Interest, Principal or Callable Principal (or portions thereof) described above in clause (c), and (e) any other information which the Trustee may deem appropriate. Except in the case of a default in payment of Principal or Interest (including payments pursuant to a redemption of any Certificate)) , the Trustee may withhold the notice to Holders if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders. Holders of Certificates shall have no recourse against the Depositor or the Trustee for payment defaults on the Bonds.