Obligations of the Trustee. (a) The Trustee, before the occurrence of any default with respect to the Trust Preferred Securities and after the curing or waiver of all such defaults that may have occurred, shall undertake to perform only such duties as are specifically set forth in this Trust Agreement and no implied covenants shall be read into this Trust Agreement against the Trustee. In case a default with respect to the Trust Preferred Securities has occurred (that has not been cured or waived pursuant to Section 2.06) of which an officer of the Trustee has actual knowledge, the Trustee shall exercise such of the rights and powers vested in it by this Trust Agreement, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. Subject to these requirements, the Trustee shall be under no obligation to exercise any of the powers vested in it by this Trust Agreement at the request of any Holder, unless such Holder offers the Trustee reasonable indemnity against all costs, expenses and liabilities that might be incurred by exercising those powers.
Appears in 10 contracts
Samples: Trust Agreement (UBS Preferred Funding Trust VIII), Trust Agreement (Ubs Preferred Funding Co LLC I), Trust Agreement (UBS Preferred Funding Trust VIII)
