Common use of Trustee's Duties Clause in Contracts

Trustee's Duties. The Issuer shall deliver written notice to the Trustee as soon as practicable but no later than thirty (30) days of becoming aware of the occurrence of an Enforcement Event. In case of an Enforcement Event under this Indenture of which a Responsible Officer of the Trustee shall have received written notice at the corporate trust office of the Trustee, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, 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. For these purposes, an “Enforcement Event” shall occur (i) upon the occurrence of a Winding-Up Event, or (ii) if default is made by the Issuer in the payment of any principal or interest due in respect of the Notes or any of them and the default continues for a period of 14 days in either case, as described under Section 8.1 (Enforcement Events and Remedies). The Majority Holders, through a decision taken by the Holders in accordance with this Indenture, may not waive any past Enforcement Event specified in clauses (i) and (ii) in the preceding sentence. If an Enforcement Event occurs and is continuing with respect to the Notes, the Trustee will have no obligation to take any action at the direction of any Holders of the Notes, unless they have offered the Trustee security or indemnity satisfactory to the Trustee in its sole discretion. The Majority Holders, through a decision taken by the Holders in accordance with the provisions of Section 9.1 (Acts of Holders), shall have the right to direct the time, method and place of conducting any proceeding in the name of and on the behalf of the Trustee for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to such securities. However, this direction (a) must not be in conflict with any rule of Applicable Law or this Indenture and (b) must not be unjustly prejudicial to the Holder(s) of such Notes not taking part in the direction, in the case of either (a) or (b) as determined by the Trustee in its sole discretion. The Trustee will, within ninety (90) days of an Enforcement Event with respect to the Notes, give to each affected Holder of the Notes notice of any Enforcement Event known to the Trustee, unless the Enforcement Event has been cured or waived.

Trustee's Duties. The Issuer shall deliver written notice to the Trustee as soon as practicable but no later than thirty (30) days of becoming aware of the occurrence of an Enforcement Event. In case of an Enforcement Event under this Indenture of which a Responsible Officer of the Trustee shall have received written notice at the corporate trust office not be liable for any error of the judgment or act done by Trustee, or be otherwise responsible or accountable under any circumstances whatsoever, except if the result of Trustee’s gross negligence or willful misconduct. Trustee shall exercise such of the rights and powers vested in it by this Indenture, 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. For these purposes, an “Enforcement Event” shall occur (i) upon the occurrence of a Winding-Up Event, or (ii) if default is made by the Issuer in the payment of any principal or interest due in respect of the Notes or any of them and the default continues for a period of 14 days in either case, as described under Section 8.1 (Enforcement Events and Remedies). The Majority Holders, through a decision taken by the Holders in accordance with this Indenture, may not waive any past Enforcement Event specified in clauses (i) and (ii) in the preceding sentence. If an Enforcement Event occurs and is continuing with respect to the Notes, the Trustee will have no obligation to take any action at the direction of any Holders of the Notes, unless they have offered the Trustee security or indemnity satisfactory to the Trustee in its sole discretion. The Majority Holders, through a decision taken by the Holders in accordance with the provisions of Section 9.1 (Acts of Holders), shall have the right to direct rely on any instrument, document or signature authorizing or supporting any action taken or proposed to be taken by him/her hereunder and believed by him/her to be genuine. Trustee shall be entitled to reimbursement for reasonable expenses incurred by him/her in the performance of his/her duties hereunder and to reasonable compensation for such of his/her services hereunder as shall be rendered. Grantor will, from time to time, method reimburse Trustee for and place of conducting save and hold him/her harmless from and against any proceeding and all loss, cost, liability, damage and expense whatsoever incurred by him/her in the name performance of his/her duties. All monies received by Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated in any manner from any other monies (except to the extent required by law) and Trustee shall be under no liability for interest on any monies received by him/her hereunder. Trustee may resign by giving of notice of such resignation in writing to Agent. If Trustee shall die, resign or become disqualified from acting in the behalf execution of this trust or shall fail or refuse to exercise the same when requested by Agent or if for any or no reason and without cause Agent shall prefer to appoint a substitute trustee to act instead of the original Trustee for named herein, or any remedy available prior successor or substitute trustee, Agent shall, without any formality or notice to Grantor or any other person, have full power to appoint a substitute trustee and, if Agent so elects, several substitute trustees in succession who shall succeed to all the estate, rights, powers and duties of the aforenamed Trustee, expressly including the power of sale. Any new Trustee appointed pursuant to any of the provisions hereof shall, without any further act, deed or conveyance, become vested with all the estates, properties, rights, powers and trusts of its or his/her predecessor in the rights hereunder, expressly including the power of sale, with like effect as if originally named as Trustee herein; but, nevertheless, upon the written request of Agent or his/her successor trustee, Trustee ceasing to act shall execute and deliver an instrument transferring to such successor trustee, upon the trust herein expressed, all the estates, properties, rights, powers and trusts of Trustee so ceasing to act, expressly including the power of sale, and shall duly assign, transfer and deliver any of the property and monies held by Trustee to the Trustee or exercising any trust or power conferred on the Trustee with respect to such securities. However, this direction (a) must not be in conflict with any rule of Applicable Law or this Indenture and (b) must not be unjustly prejudicial to the Holder(s) of such Notes not taking part in the direction, in the case of either (a) or (b) as determined by the Trustee successor trustee so appointed in its sole discretionor his/her place. The Trustee willmay authorize one or more parties to act on his/her behalf to perform the ministerial functions required of him/her hereunder, within ninety (90) days of an Enforcement Event with respect to including without limitation, the Notes, give to each affected Holder of the Notes notice transmittal and posting of any Enforcement Event known to the Trustee, unless the Enforcement Event has been cured or waivednotices.

Trustee's Duties. The Issuer shall deliver written notice to the Trustee as soon as practicable but no later than thirty (30) days of becoming aware of the occurrence of an Enforcement Event. In case of an Enforcement Event under this Indenture of which a Responsible Officer of the Trustee shall have received written notice at the corporate trust office of the Trustee, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, 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. For these purposes, an “Enforcement Event” shall occur (i) upon the occurrence of a Winding-Up Event, or (ii) if default is made by the Issuer in the payment of any principal or interest due in respect of the Notes or any of them and the default continues for a period of 14 days in either case, as described under Section 8.1 (Enforcement Events and Remedies). The Majority Holders, through a decision taken by the Holders in accordance with this Indenture, may not waive any past Enforcement Event specified in clauses (i) and (ii) in the preceding sentence. sentence.‌‌‌ If an Enforcement Event occurs and is continuing with respect to the Notes, the Trustee will have no obligation to take any action at the direction of any Holders of the Notes, unless they have offered the Trustee security or indemnity satisfactory to the Trustee in its sole discretion. The Majority Holders, through a decision taken by the Holders in accordance with the provisions of Section 9.1 (Acts of Holders), shall have the right to direct the time, method and place of conducting any proceeding in the name of and on the behalf of the Trustee for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to such securities. However, this direction (a) must not be in conflict with any rule of Applicable Law or this Indenture and (b) must not be unjustly prejudicial to the Holder(s) of such Notes not taking part in the direction, in the case of either (a) or (b) as determined by the Trustee in its sole discretion. The Trustee will, within ninety (90) days of an Enforcement Event with respect to the Notes, give to each affected Holder of the Notes notice of any Enforcement Event known to the Trustee, unless the Enforcement Event has been cured or waived.

Trustee's Duties. The Issuer Trustee shall deliver written notice to not be liable for any error of judgment or act done by Trustee, or be otherwise responsible or accountable under any circumstances whatsoever, except if the result of Trustee's gross negligence or willful misconduct. Trustee as soon as practicable but no later than thirty (30) days shall not be personally liable in case of becoming aware entry by him or anyone acting by virtue of the occurrence of an Enforcement Event. In case of an Enforcement Event under this Indenture of which a Responsible Officer powers herein granted him upon the Mortgaged Property for debts contracted or liability or damages or damages incurred in the management or operation of the Mortgaged Property. Trustee shall have received written notice at the corporate trust office of the Trustee, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, 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. For these purposes, an “Enforcement Event” shall occur (i) upon the occurrence of a Winding-Up Event, or (ii) if default is made by the Issuer in the payment of any principal or interest due in respect of the Notes or any of them and the default continues for a period of 14 days in either case, as described under Section 8.1 (Enforcement Events and Remedies). The Majority Holders, through a decision taken by the Holders in accordance with this Indenture, may not waive any past Enforcement Event specified in clauses (i) and (ii) in the preceding sentence. If an Enforcement Event occurs and is continuing with respect to the Notes, the Trustee will have no obligation to take any action at the direction of any Holders of the Notes, unless they have offered the Trustee security or indemnity satisfactory to the Trustee in its sole discretion. The Majority Holders, through a decision taken by the Holders in accordance with the provisions of Section 9.1 (Acts of Holders), shall have the right to direct rely on any instrument, document or signature authorizing or supporting any action taken or proposed to be taken by him hereunder or believed by him to be genuine. Trustee shall be entitled to reimbursement for actual expenses incurred by him in the performance of his duties hereunder and to reasonable compensation for such of his services hereunder as shall be rendered. The Borrower will, from time to time, method reimburse Trustee for and place of conducting save and hold him harmless from and against any proceeding and all loss, cost, liability, damage and expense whatsoever incurred by him in the name performance of his duties. All monies received by Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated in any manner from any other monies (except to the extent required by law) and Trustee shall be under no liability for interest on any monies received by him hereunder. Trustee may resign by giving of notice of such resignation in writing to the behalf Beneficiary. If Trustee shall die, resign or become disqualified from acting in the execution of this trust or shall fail or refuse to exercise the same when requested by the Beneficiary or if for any or no reason and without cause the Beneficiary shall prefer to appoint a substitute trustee to act instead of the original Trustee for named herein, or any remedy available prior successor or substitute trustee, the Beneficiary shall, without any formality or notice to the Borrower or any other person, have full power to appoint a substitute trustee and, if the Beneficiary so elects, several substitute trustees in succession who shall succeed to all the estate, rights, powers and duties of the aforenamed Trustee. Any new Trustee appointed pursuant to any of the provisions hereof shall, without any further act, deed or exercising any trust conveyance, become vested with all the estates, properties, rights, powers and trusts of its or power conferred on his predecessor in the rights hereunder with like effect as if originally named as Trustee with respect herein; but, nevertheless, upon the written request of the Beneficiary or his successor trustee, Trustee ceasing to act shall execute and deliver an instrument transferring to such securities. Howeversuccessor trustee, this direction (a) must not be in conflict with upon the trust herein expressed, all the estates, properties, rights, powers and trusts of Trustee so ceasing to act, and shall duly assign, transfer and deliver any rule of Applicable Law or this Indenture the property and (b) must not be unjustly prejudicial monies held by Trustee to the Holder(s) of such Notes not taking part in the direction, in the case of either (a) or (b) as determined by the Trustee successor trustee so appointed in its sole discretionor his place. The Trustee willmay authorize one or more parties to act on his behalf to perform the ministerial functions required of him hereunder, within ninety (90) days of an Enforcement Event with respect to including without limitation, the Notes, give to each affected Holder of the Notes notice transmittal and posting of any Enforcement Event known to the Trustee, unless the Enforcement Event has been cured or waivednotices.

Trustee's Duties. The Issuer shall deliver written notice to the Trustee as soon as practicable but no later than thirty (30) days of becoming aware of the occurrence of an Enforcement EventEvent of Default. In case of an Enforcement Event of Default under this Indenture of which a Responsible Officer of the Trustee shall have received written notice at the corporate trust office of the Trustee, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, 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. For these purposes, an “Enforcement Event” shall occur (i) upon the occurrence of a Winding-Up Event, or (ii) if default is made by the Issuer in the payment of any principal or interest due in respect of the Notes or any of them and the default continues for a period of 14 days in either case, as described under Section 8.1 (Enforcement Events and Remedies). The Majority Holders, through a decision taken by the Holders in accordance with this Indenture, may not waive any past Enforcement Event specified in clauses (i) and (ii) in the preceding sentence. If an Enforcement Event of Default occurs and is continuing with respect to the Notes, the Trustee will have no obligation to take any action at the direction of any Holders of the Notes, unless they have offered the Trustee security or indemnity satisfactory to the Trustee in its sole discretion. The Majority Holders, through a decision taken by the Holders in accordance with the provisions of Section 9.1 7.1 (Acts of Holders), shall have the right to direct the time, method and place of conducting any proceeding in the name of and on the behalf of the Trustee for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to such securities. However, this direction (a) must not be in conflict with any rule of Applicable Law or this Indenture and (b) must not be unjustly prejudicial to the Holder(s) of such Notes not taking part in the direction, in the case of either (a) or (b) as determined by the Trustee in its sole discretion. The Trustee will, within ninety (90) days of an Enforcement Event of Default with respect to the Notes, give to each affected Holder of the Notes notice of any Enforcement Event of Default known to the Trustee, unless the Enforcement Event of Default has been cured or waivedwaived Judicial Proceedings Instituted by Trustee.

Trustee's Duties. The Issuer shall deliver written notice to the Trustee as soon as practicable but no later than thirty (30) days of becoming aware of the occurrence of an Enforcement Event. In case of an Enforcement Event under this Indenture of which a Responsible Officer of the Trustee shall have received written notice at the corporate trust office of the Trustee, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, 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. For these purposes, an “Enforcement Event” shall occur (i) upon the occurrence of a Winding-Up Event, or (ii) if default is made by the Issuer in the payment of any principal or interest due in respect of the Notes or any of them and the default continues for a period of 14 days in either case, as described under Section 8.1 (Enforcement Events and Remedies). The Majority Holders, through a decision taken by the Holders in accordance with this Indenture, may not waive any past Enforcement Event specified in clauses (i) and (ii) in the preceding sentence. sentence.‌‌ If an Enforcement Event occurs and is continuing with respect to the Notes, the Trustee will have no obligation to take any action at the direction of any Holders of the Notes, unless they have offered the Trustee security or indemnity satisfactory to the Trustee in its sole discretion. The Majority Holders, through a decision taken by the Holders in accordance with the provisions of Section 9.1 (Acts of Holders), shall have the right to direct the time, method and place of conducting any proceeding in the name of and on the behalf of the Trustee for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to such securities. However, this direction (a) must not be in conflict with any rule of Applicable Law or this Indenture and (b) must not be unjustly prejudicial to the Holder(s) of such Notes not taking part in the direction, in the case of either (a) or (b) as determined by the Trustee in its sole discretion. The Trustee will, within ninety (90) days of an Enforcement Event with respect to the Notes, give to each affected Holder of the Notes notice of any Enforcement Event known to the Trustee, unless the Enforcement Event has been cured or waived. The Issuer is required to furnish to the Trustee annually a statement as to its compliance with all conditions and covenants under this Indenture.