Performance by Trustee Sample Clauses
The 'Performance by Trustee' clause defines the responsibilities and authority of a trustee to fulfill obligations under an agreement or trust. It typically outlines the trustee's duty to act on behalf of the trust or beneficiaries, specifying the actions the trustee is empowered or required to take, such as managing assets, making payments, or executing documents. This clause ensures that there is a clear legal mechanism for the trustee to perform necessary tasks, thereby facilitating the smooth administration of the trust and protecting the interests of all parties involved.
Performance by Trustee. The Trustee, for itself and its successor accepts the Trust of the Indenture as amended by this Supplemental Indenture and agrees to perform the same, but only upon the terms and conditions set forth in the Indenture, including the terms and provisions defining and limiting the liability and responsibility of the Trustee.
Performance by Trustee. If the Calculation Agent for the Bonds of any subseries shall resign, be removed, or be dissolved, or if the property or affairs of the Calculation Agent for the Bonds of any subseries shall be taken under control of any state or federal court or administrative body because of bankruptcy or insolvency or for any other reason, and the Borrower shall not have appointed a successor as Calculation Agent, the Trustee shall ipso facto be deemed to be the Calculation Agent for such Bonds for all purposes of this Bond Indenture, until the appointment by the Borrower of a successor Calculation Agent for such Bonds; provided, however, that the Trustee, in its capacity as Calculation Agent, shall not be required to determine the interest rate on Bonds hereunder if the Trustee should be prohibited by law or prevented by system or other organizational limitations from conducting such activities. If the Borrower fails to appoint a successor Calculation Agent for such Bonds within 30 days after its receipt of notice of any such event, the Trustee may apply to a court of competent jurisdiction for appointment of a successor Calculation Agent for such Bonds.
Performance by Trustee. Upon the Company's failure to perform any of its duties hereunder, Trustee may, but shall not be obligated to, perform any or all of such duties.