Common use of Duties of the Trustee Clause in Contracts

Duties of the Trustee. On the Closing Date, the Trustee will act as disbursement agent and will distribute the proceeds from the sale of the Offered Certificates according to the closing settlement statement provided by the Seller. If a Servicing Default 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 its exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.

Appears in 9 contracts

Samples: Pooling and Servicing Agreement (NovaStar Mortgage Funding Trust, Series 2004-3), Pooling and Servicing Agreement (NovaStar Mortgage Funding Trust, Series 2004-4), Pooling and Servicing Agreement (NovaStar Mortgage Funding Trust, Series 2005-2)

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Duties of the Trustee. On the Closing Date, the Trustee will act as disbursement paying agent and will distribute the proceeds from the sale of the Offered Certificates according to the closing settlement statement provided by the SellerSponsor. If a Servicing Default 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 its exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.

Appears in 6 contracts

Samples: Pooling and Servicing Agreement (Novastar Mortgage Funding Trust, Series 2007-1), Pooling and Servicing Agreement (NovaStar Certificates Financing CORP), Pooling and Servicing Agreement (NovaStar Certificates Financing CORP)

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Duties of the Trustee. On the Closing Date, the Trustee will act as disbursement agent and will distribute the proceeds from the sale of the Offered Certificates according to the closing settlement statement provided by the SellerSponsor. If a Servicing Default 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 its exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (NovaStar Certificates Financing CORP), Pooling and Servicing Agreement (NovaStar Certificates Financing CORP)

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