Concerning the Owner Trustee. 17 Section 7.01 Acceptance of Trusts and Duties............................................................17 Section 7.02 Furnishing of Documents....................................................................19 Section 7.03
Concerning the Owner Trustee. It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by BNY Mellon Trust of Delaware (“BNY Delaware”), not individually or personally but solely as Owner Trustee of the Issuing Entity and Grantor Trust Trustee of the Grantor Trust, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Issuing Entity or Grantor Trust, as applicable, is made and intended not as personal representations, undertakings and agreements by BNY Delaware but is made and intended for the purpose of binding only the Issuing Entity or Grantor Trust, as applicable, (c) nothing herein contained shall be construed as creating any liability on BNY Delaware, individually or personally, to perform any covenant either expressed or implied contained herein of the Issuing Entity or the Grantor Trust, respectively, as applicable, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (d) BNY Delaware has made no investigation as to the accuracy or completeness of any representations and warranties made by the Issuing Entity or Grantor Trust, as applicable, in this Agreement and (e) under no circumstances shall BNY Delaware be personally liable for the payment of any indebtedness or expenses of the Issuing Entity or Grantor Trust, as applicable, or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuing Entity or Grantor Trust, as applicable, under this Agreement.
Concerning the Owner Trustee. SECTION 7.01 Acceptance of Trusts and Duties 16 SECTION 7.02 Furnishing of Documents 19 SECTION 7.03 Representations and Warranties 20 SECTION 7.04 Reliance; Advice of Counsel 20 SECTION 7.05 Not Acting in Individual Capacity 21 SECTION 7.06 Owner Trustee Not Liable for Certificate or Receivables 21 SECTION 7.07 Owner Trustee May Own Notes 21
Concerning the Owner Trustee. Section 6.01. Acceptance of Trusts and Duties. Section 6.02. Furnishing of Documents. Section 6.03. Books and Records.
Concerning the Owner Trustee. Section 6.01.
Concerning the Owner Trustee. Acceptance of Trusts and Duties.........................23 SECTION 7.2. Furnishing of Documents.................................25 SECTION 7.3. Representations and Warranties..........................25 SECTION 7.4. Reliance; Advice of Counsel.............................25 SECTION 7.5. Not Acting in Individual Capacity.......................26 SECTION 7.6. Owner Trustee Not Liable for Trust Certificates or Loans.........................26
Concerning the Owner Trustee. Section 7.01. Rights of the Owner Trustee 20 Section 7.02. Furnishing of Documents 21 Section 7.03. Representations and Warranties 21 Section 7.04. Reliance; Advice of Counsel 22 Section 7.05. Not Acting in Individual Capacity 22 Section 7.06. Owner Trustee Not Liable for the Certificates or Receivables 23 Section 7.07. Owner Trustee May Own Certificates and Notes 23 Section 7.08. Trust Licenses 23
Concerning the Owner Trustee. (a) Except as otherwise expressly required by Section 1 of this Trust Agreement, the Owner Trustee shall not have any duty or liability with respect to the administration of the Trust, the investment of the Trust’s property or the payment of dividends or other distributions of income or principal to the Trust’s beneficiaries, and no implied obligations shall be inferred from this Trust Agreement on the part of the Owner Trustee. The Owner Trustee shall not be liable for the acts or omissions of the Depositor nor shall the Owner Trustee be liable for any act or omission by it in good faith in accordance with the directions of the Depositor.
(b) The Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder with respect to the same but only upon the terms of this Trust Agreement. The Owner Trustee shall not be personally liable under any circumstances, except for its own willful misconduct or gross negligence. In particular, but not by way of limitation:
(i) The Owner Trustee shall not be personally liable for any error of judgment made in good faith by an officer or employee of the Owner Trustee;
(ii) No provision of this Trust Agreement shall require the Owner Trustee to expend or risk its personal funds or otherwise incur any financial liability in the performance of its rights or duties hereunder, if the Owner Trustee shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it;
(iii) Under no circumstance shall the Owner Trustee be personally liable for any representation, warranty, covenant or indebtedness of the Trust;
(iv) The Owner Trustee shall not be personally responsible for or in respect of the genuineness, form or value of the Trust property, the validity or sufficiency of this Trust Agreement or for the due execution hereof by the Depositor;
(v) In the event that the Owner Trustee is unsure of the course of action to be taken by it hereunder, the Owner Trustee may request instructions from the Depositor and to the extent the Owner Trustee follows such instructions in good faith it shall not be liable to any person. In the event that no instructions are provided within the time requested by the Owner Trustee, it shall have no duty or liability for its failure to take any action or for any action it takes in good faith;
(vi) All funds deposited with the Owner Trustee hereunder may be held in a non-interest...
Concerning the Owner Trustee. 21 Section 6.01.
Concerning the Owner Trustee. 17 Section 6.01. Acceptance of Trusts and Duties..................................17 Section 6.02. Furnishing of Documents..........................................18
