Common use of Representations and Warranties of Property Trustee Clause in Contracts

Representations and Warranties of Property Trustee. The Trustee that acts as initial Property Trustee represents and warrants to the Trust and to the Sponsor at the date of this Agreement, and each Successor Property Trustee represents and warrants to the Trust and the Sponsor at the time of the Successor Property Trustee's acceptance of its appointment as Property Trustee that: (a) (i) in the case of the initial Property Trustee, it is a New York banking corporation with trust powers, duly organized, validly existing and in good standing under the laws of the State of New York, with corporate power and authority to execute and deliver, and to carry out and perform its obligations under the terms of, the Agreement and (ii) in the case of any Successor Property Trustee, it satisfies the requirements of Section 5.3(a) herein; (b) the execution, delivery and performance by the Property Trustee of the Agreement has been duly authorized by all necessary corporate action on the part of the