Responsibilities of Trustee. The Trustee shall prosecute, settle, or otherwise resolve the Anadarko Litigation, subject to the provisions of Section 4(c), timely distribute any Trust Property Then Available For Distribution in accordance with the terms set forth herein, and not unduly prolong the duration of the Litigation Trust. In so doing, the Trustee will exercise its reasonable business judgment in prosecuting the Anadarko Litigation. Except as otherwise expressly set forth in this Litigation Trust Agreement, and subject in all respects to the provisions of Sections 4(c), 8 and 13, the Trustee shall have absolute discretion to pursue or not to pursue any and all claims, rights, or causes of action, as it determines are in the best interests of the holders of the Litigation Trust Interests and consistent with the purposes of the Litigation Trust, and shall have no liability for the outcome of its decision. Subject to the provision of Section 4(c), the Trustee may incur any reasonable and necessary expenses in performing its duties under this Litigation Trust Agreement.
Responsibilities of Trustee. It shall be no part of the duty of the Trustee to see to any recording, filing or registration of this instrument or of any instrument supplemental hereto or to see to the payment of or be under any duty in respect to any tax or assessment or other governmental charge which may be levied or assessed on the Mortgaged Property or against Mortgagor or to see to the performance or observance by Mortgagor of any of the covenants or agreements herein contained. The Trustee shall not be responsible for the execution, acknowledgment or validity of this instrument or of any instrument supplemental hereto or of the Notes or for the sufficiency of the security purported to be created hereby, and the Trustee makes no representation in respect thereof or in respect of those rights of the holders of any of the Notes. The Trustee shall have the right to consult with counsel upon any matters arising hereunder and shall be fully protected in relying as to legal matters on the advice of such counsel. The Trustee shall not incur any personal liability hereunder except for his own gross negligence, willful misconduct or bad faith, and the Trustee shall have the right to rely on any instrument, document or signature authorizing or supporting any action taken or proposed to be taken by him hereunder which is believed by him in good faith to be genuine.
Responsibilities of Trustee. Notwithstanding anything to the contrary that may be set out in this Perpetual Subordinated Indenture any other document relating to the Securities:
Responsibilities of Trustee. The Trustee, in the administration of this Trust Account, is to be bound solely by the express provisions herein, and such further written and signed directions and certifications as the appropriate party or parties may, under the conditions herein provided, deliver to the Trustee. The Trustee shall be under no obligation to enforce the Grantor's obligations under this Agreement, except as otherwise expressly provided or directed pursuant hereto; the Trustee's responsibilities shall be limited to the safe holding of the Assets comprising the Trust Account, and the Trustee shall be liable only for its own negligence, willful misconduct, lack of good faith or breach of fiduciary duty. The Trustee further agrees to forward upon request to the Beneficiary and upon request to the Grantor, a certified list and valuation of all Assets held under this Trust Agreement.
Responsibilities of Trustee. (a) The recitals of fact contained herein and in the Bonds (other than the certificate of authentication) shall be taken as the statements of the Issuer and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of any Bonds issued hereunder or as to the security afforded by this Indenture or the tax-exempt status of the Bonds, and Trustee shall be under no responsibility or duty with respect to the application of any money paid to it except as provided herein or as otherwise expressly agreed by the Trustee. Notwithstanding any other provision hereof, the Trustee shall be under no obligation or duty to perform any act that would involve it in expense or liability or to institute or defend any suit in respect of this Indenture or relating to the issuance, offering, sale or delivery of the Bonds or the rehabilitation, design, occupancy, maintenance, ownership or use of the Project or to advance any of its own money, unless indemnified by the Owners or the Borrower to its reasonable satisfaction. Subject to the provisions of subsection (b) of this Section 9.02, the Trustee shall not be liable in connection with the performance of its duties under this Indenture except only for its own gross negligence, willful misconduct, or criminal activity.
Responsibilities of Trustee. The Trustee shall not be responsible for ascertaining or monitoring whether or not the Restructuring Event, a Negative Rating Event or a Rating Downgrade in relation to the Company has occurred and, unless and until it has actual knowledge to the contrary, shall be entitled to assume that no such event has occurred.
Responsibilities of Trustee. If the Trustee shall have appointed a Depositary, the Trustee's responsibilities with respect to the funds, properties and rights held by the Depositary shall only be to maintain and administer the accounting of the Disbursement Trust Account, and the Depositary shall have the exclusive custody, responsibility for and possession of the funds, properties and rights held by it.
Responsibilities of Trustee. 5.1 Trustee shall act with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims (the "Prudent Man Standard of Care"), provided however, that Trustee shall incur no liability to any person for any action taken pursuant to a direction, request or approval given by PPL or the Accounting Party which is contemplated by, and in conformity with, the terms of the Plan or this Trust and is given in writing by PPL or the Accounting Party. In the event of a dispute between PPL and a party, Trustee may apply to a court of competent jurisdiction to resolve the dispute. The Trustee shall not be responsible for the title, validity or genuineness of any property or evidence of title thereto received by it or delivered by it pursuant to this Trust Agreement and shall be held harmless in acting upon any notice, request, direction, instruction, consent, certification or other instrument believed by it to be genuine and delivered by the proper party or parties. Under no circumstances shall Trustee be liable for consequential, special, or speculative damages under the Trust Agreement even if the Trustee is advised as to the possibility thereof. It is understood and agreed that Trustee shall be under no duty to take any action other than herein specified with respect to any securities or other property at any time deposited hereunder unless specifically agreed to by the Trustee in writing or as otherwise provided in this Trust Agreement. Subject to the Accounting Party's power of investment direction under Article X, the Trustee shall have exclusive authority and discretion to hold, manage, care for and protect the Trust Fund and shall have the following powers and discretions in addition to those conferred bylaw:
Responsibilities of Trustee. (a) Trustee, in the administration of the Reinsurance Trust Account, is to be bound solely by the express provisions herein, and such further written and signed directions as the appropriate Party or Parties may, under the conditions herein provided, deliver to Trustee. Trustee shall be under no obligation to enforce Grantor’s obligations under this Reinsurance Trust Agreement, except as otherwise expressly provided herein. Trustee shall be restricted to holding, operating and collecting the Assets comprising the Reinsurance Trust Account and the payment and distribution thereof for the purposes set forth in this Reinsurance Trust Agreement and the conservation and protection of such Assets and the administration thereof in accordance with the provisions of this Reinsurance Trust Agreement. Trustee is prohibited from using the corpus of the Reinsurance Trust Account for the purposes of paying compensation to, or reimbursing the expenses of, Trustee. Upon written request of Grantor or Beneficiary, Trustee further agrees to promptly forward to such Party a certified list and valuation of all Assets held in the Reinsurance Trust Account.
Responsibilities of Trustee. The recitals contained in this Trust Agreement and in the Certificates shall be taken as the statements of the State and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representations as to the validity or sufficiency of this Trust Agreement or the Certificates or with respect to the security afforded by this Trust Agreement, and the Trustee shall incur no liability with respect thereto. Except as otherwise expressly provided in this Trust Agreement, the Trustee shall have no responsibility or duty with respect to: (i) the issuance of the Certificates for value; (ii) the application of the proceeds thereof, except to the extent that such proceeds are received by it in its capacity as Trustee; (iii) the application of any moneys paid to the State or others in accordance with this Trust Agreement except as to the application of any moneys paid to it in its capacity as Trustee; or (iv) any arbitrage or rebate calculations or determinations. The Trustee accepts and agrees to execute the trusts imposed on it by this Trust Agreement, but only on the terms and conditions set forth herein, to all of which the parties hereto and the Certificate Holders agree. The duties and obligations of the Trustee shall be determined by the express provisions of this Trust Agreement, and the Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Trust Agreement. The Trustee shall not be liable for any action taken or omitted by it in the performance of its duties under this Trust Agreement except for its own gross negligence, default or willful misconduct.
