Common use of Conditions Precedent to Trustee’s Obligation to Act Clause in Contracts

Conditions Precedent to Trustee’s Obligation to Act. The Trustee shall not be bound to give any notice or do or take any act, action or proceeding by virtue of the powers conferred on it hereby unless and until it shall have been required so to do under the terms hereof; nor shall the Trustee be required to take or be deemed to have notice, actual or constructive, of any default hereunder, unless and until notified in writing of such default, which notice shall distinctly specify that the notice is in respect of this Indenture and the default desired to be brought to the attention of the Trustee and, in the absence of any such notice, the Trustee may for all purposes of this Indenture conclusively assume that the Company is not in default hereunder or in the observance or performance of any of the covenants, agreements or conditions contained herein. Any such notice or requisition shall in no way limit any discretion herein given to the Trustee to determine whether or not the Trustee shall take action with respect to any default or take action without any such requisition. Subject to the Trustee's duty to act with the requisite standard of care, the obligation of the Trustee to commence or continue any act, action or proceeding for the purpose of enforcing any rights of the Trustee or the Warrantholders hereunder shall be conditional upon the Warrantholders furnishing, when required by notice in writing by the Trustee, sufficient funds to commence or continue such act, action or proceeding and indemnity reasonably satisfactory to the Trustee to protect and hold harmless the Trustee against the costs, charges and expenses and liabilities to be incurred thereby and any loss and damage it may suffer by reason thereof. None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties or in the exercise of any of its rights or powers. The Trustee may, before commencing or at any time during the continuance of any such act, action or proceeding, require the Warrantholders at whose instance it is acting to deposit with the Trustee the Warrants held by them, for which the Trustee shall issue receipts. The Trustee shall be liable only for its acts, errors or omissions in performing its duties and exercising its powers hereunder where such acts, errors or omissions are attributable solely to its own gross negligence or its own wilful misconduct, except that:

Conditions Precedent to Trustee’s Obligation to Act. (a) The Trustee shall not be bound to give any notice notice, or to do, observe or perform or see to the observance or performance by the Issuer of any of the obligations imposed under the Indenture or to supervise or interfere with any of the activities of the Issuer, or to do or take any act, action or proceeding Proceeding by virtue of the powers conferred on it hereby by this Indenture, unless and until it shall have been required so to do so under the terms hereofof this Indenture; nor shall the Trustee be required to take or be deemed to have notice, actual or constructive, notice of any default hereunderor Event of Default, other than in payment of any moneys required by this Indenture to be paid to the Trustee, unless and until notified in writing of such defaultdefault or Event of Default by the Issuer or by any Holder, which notice shall distinctly specify that the notice is in respect such default or Event of this Indenture Default, and the default desired to be brought to the attention of the Trustee and, in the absence of any such notice, notice the Trustee may for all purposes of this Indenture conclusively assume that the Company is not in no default hereunder or in the observance or performance Event of any of the covenants, agreements or conditions contained hereinDefault has occurred. Any such notice or requisition shall in no way limit any discretion herein given to the Trustee in this Indenture to determine whether or not the Trustee shall to take action with respect to any default or take action without Event of Default or with respect to any such requisition. Subject to the Trustee's duty to act with the requisite standard of care, the (b) The obligation of the Trustee to do any of the actions referred to in subsection (a), including to commence or to continue any act, action Proceeding or proceeding for the purpose of enforcing any rights right of the Trustee or the Warrantholders hereunder Holders, shall be conditional upon the Warrantholders Holders furnishing, when required by notice in writing by the Trustee, sufficient funds to commence or continue such act, action or proceeding and an indemnity reasonably satisfactory to the Trustee to protect and hold harmless the Trustee against the costs, charges and charges, expenses and liabilities to be incurred thereby which may result from such action and any loss and damage it the Trustee may suffer by reason thereofof such action. None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties or in the exercise of any of its rights or powers. The Trustee may, before commencing or at any time during the continuance of any such act, action or proceeding, require the Warrantholders at whose instance it is acting to deposit with the Trustee the Warrants held by them, for which the Trustee shall issue receipts. The Trustee shall be liable only for its acts, errors or omissions in performing its duties and exercising its powers hereunder where such acts, errors or omissions are attributable solely to its own gross negligence or its own wilful misconduct, except that:13.9

Conditions Precedent to Trustee’s Obligation to Act. The Trustee shall not be bound to give any notice or do or take any act, action or proceeding by in virtue of the powers conferred on it hereby unless and until it shall have been required so to do under the terms hereof; nor nor, subject to any default which may come to the attention of the Trustee by virtue of the Company’s compliance with or non-compliance with subsection 7.01(3), shall the Trustee be required to take or be deemed to have notice, actual or constructive, notice of any default hereunder, other than in payment of any moneys required by any provision hereof to be paid to it, unless and until notified in writing of such default, which notice shall distinctly specify that the notice is in respect of this Indenture and the default desired to be brought to the attention of the Trustee andTrustee, and in the absence of any such notice, notice the Trustee may for all purposes of this Indenture conclusively assume that the Company is not in default hereunder and that no default has been made with respect to the payment of principal or interest on the Debentures or in the observance or performance of any of the covenants, agreements or conditions contained herein. Any such notice or requisition shall in no way limit any discretion herein given to the Trustee to determine whether or not the Trustee shall take action with respect to any default or take action without any such requisition. Subject to the Trustee's duty to act with the requisite standard of care, the The obligation of the Trustee to commence or continue any act, action or proceeding for the purpose of enforcing any rights right of the Trustee or the Warrantholders Debentureholders hereunder shall be conditional upon the Warrantholders Debentureholders’ furnishing, when required by notice in writing by the Trustee, sufficient funds to commence or continue such act, action or proceeding and an indemnity reasonably satisfactory to the Trustee to protect and hold harmless the Trustee and its officers, directors and employees against the costs, charges and expenses and liabilities to be incurred thereby and any loss and damage it may suffer by reason thereof. None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties or in the exercise of any of its rights or powerspowers unless indemnified as aforesaid. The Trustee may, before commencing or at any time during the continuance of any such act, action or proceeding, require the Warrantholders Debentureholders at whose instance it is acting to deposit with the Trustee the Warrants Debentures held by them, for which Debentures the Trustee shall issue receipts. The Trustee shall be liable only for its acts, errors or omissions in performing its duties and exercising its powers hereunder where such acts, errors or omissions are attributable solely to its own gross negligence or its own wilful misconduct, except that:.

Conditions Precedent to Trustee’s Obligation to Act. The Trustee shall not be bound to give any notice or do or take any act, action or proceeding by in virtue of the powers conferred on it hereby unless and until it shall have been required so to do under the terms hereof; nor nor, subject to any default which may come to the attention of the Trustee by virtue of the Corporation's compliance with or non-compliance with subsection 4.01(4), shall the Trustee be required to take or be deemed to have notice, actual or constructive, notice of any default hereunder, other than in payment of any moneys required by any provision hereof to be paid to it, unless and until notified in writing of such default, which notice shall distinctly specify that the notice is in respect of this Indenture and the default desired to be brought to the attention of the Trustee andTrustee, and in the absence of any such notice, notice the Trustee may for all purposes of this Indenture conclusively assume that the Company Corporation is not in default hereunder and that no default has been made with respect to the payment of principal or interest on the Notes or in the observance or performance of any of the covenants, agreements or conditions contained herein. Any such notice or requisition shall in no way limit any discretion herein given to the Trustee to determine whether or not the Trustee shall take action with respect to any default or take action without any such requisition. Subject to the Trustee's duty to act with the requisite standard of care, the The obligation of the Trustee to commence or continue any act, action or proceeding for the purpose of enforcing any rights right of the Trustee or the Warrantholders holders hereunder shall be conditional upon the Warrantholders such holders' furnishing, when required by notice in writing by the Trustee, sufficient funds to commence or continue such act, action or proceeding and an indemnity reasonably satisfactory to the Trustee to protect and hold harmless the Trustee against the costs, charges and expenses and liabilities to be incurred thereby and any loss and damage it may suffer by reason thereof. None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties or in the exercise of any of its rights or powerspowers unless indemnified as aforesaid. The Trustee may, before commencing or at any time during the continuance of any such act, action or proceeding, require the Warrantholders Registered Noteholders at whose instance it is acting to deposit with the Trustee the Warrants Notes held by them, for which Notes the Trustee shall issue receipts. The Trustee shall be liable only for its acts, errors or omissions in performing its duties and exercising its powers hereunder where such acts, errors or omissions are attributable solely to its own gross negligence or its own wilful misconduct, except that:.

Conditions Precedent to Trustee’s Obligation to Act. The Trustee shall not be bound to give any notice notice, or to do, observe or perform or see to the observance or performance by the Company of any of the obligations imposed under the Indenture or to supervise or interfere with any of the activities of the Company, or to do or take any act, action or proceeding by virtue of the powers conferred on it hereby by this Indenture, unless and until it shall have been required so to do so under the terms hereofof this Indenture; nor shall the Trustee be required to take or be deemed to have notice, actual or constructive, notice of any default hereunderDefault or Event of Default, other than in payment of any moneys required by this Indenture to be paid to the Trustee, unless and until notified in writing of such defaultan Event of Default by the Company or by any Holder, which notice shall distinctly specify that the notice is in respect such an Event of this Indenture Default, and the default desired to be brought to the attention of the Trustee and, in the absence of any such notice, notice the Trustee may for all purposes of this Indenture conclusively assume that the Company is not in default hereunder or in the observance or performance no Event of any of the covenants, agreements or conditions contained hereinDefault has occurred. Any such notice or requisition shall in no way limit any discretion herein given to the Trustee in this Indenture to determine whether or not the Trustee shall to take action with respect to any default Event of Default or take action without with respect to any such requisition. Subject to the Trustee's duty to act with the requisite standard of care, the The obligation of the Trustee to do any of the actions referred to in this Section including to commence or to continue any act, action proceeding or proceeding for the purpose of enforcing any rights right of the Trustee or the Warrantholders hereunder Holders, shall be conditional upon the Warrantholders Holders furnishing, when required by notice in writing by the Trustee, sufficient funds to commence or continue such act, action or proceeding and an indemnity reasonably satisfactory to the Trustee to protect and hold harmless the Trustee against the costs, charges and charges, expenses and liabilities to be incurred thereby which may result from such action and any loss and damage it the Trustee may suffer by reason thereofof such action. None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties or obligations or in the exercise of any of its rights or powerspowers unless funded and indemnified as aforesaid. The Trustee may, before commencing or at any time during the continuance of any such act, action or proceeding, require the Warrantholders Holders at whose instance it is acting to deposit with the Trustee the Warrants Debentures held by them, for which Debentures the Trustee shall issue receipts. The Trustee shall be liable only for its acts, errors or omissions in performing its duties and exercising its powers hereunder where such acts, errors or omissions are attributable solely to its own gross negligence or its own wilful misconduct, except that:.