Common use of Appointment of REMIC Administrators Clause in Contracts

Appointment of REMIC Administrators. (a) The Trustee may appoint one or more REMIC Administrators, which shall be authorized to act on behalf of the Trustee in performing the functions set forth in Sections 3.17 and 10.01 herein. Each REMIC Administrator must be acceptable to the Trustee and must be organized and doing business under the laws of the United States of America or of any State and be subject to supervision or examination by federal or state authorities.

Appointment of REMIC Administrators. (a) The Trustee may appoint one or more REMIC Administrators, which shall be authorized to act on behalf of the Trustee in performing the functions set forth in Sections 3.17 and 10.01 herein. Each REMIC Administrator must be acceptable to the Trustee Master Servicer and must be organized and doing business under the laws of the United States of America or of any State and be subject to supervision or examination by federal or state authorities. The Trustee hereby initially appoints Bankers Trust Company as a REMIC Administrator hereunder and Bankers Trust Company hereby accepts such appointment.