Common use of Claim Against Property for Amounts Owing Clause in Contracts

Claim Against Property for Amounts Owing. Notwithstanding any other provision of this Master Trust Agreement, the Trustee, acting reasonably, shall not be obliged to act upon Directions (including the delivery of any Fund assets to any person) until all the amounts due and owing to the Trustee under this Master Trust Agreement have been paid in full. The Trustee shall give the Manager and/or any Investment Advisor notice of its decision pursuant to the foregoing sentence not to act as soon as practicable thereafter. Without prejudice to any power or right that the Trustee may otherwise have under any Applicable Laws, the Trustee may, in its discretion (upon reasonable prior written notice in the circumstances to the Manager), unless prior payment has been made by the Manager: (a) deduct from the assets of the Fund (which, for the purposes of this Section shall include any account with any third party with whom cash has been deposited by the Trustee on behalf of the Fund) any amounts due and owing to the Trustee under this Master Trust Agreement in respect of the Trustee’s fees, expenses and disbursements; and/or (b) sell, as agent for the Fund, any assets of the Fund on such terms as it thinks fit in its discretion and set-off against and deduct from such proceeds of sale any obligations due and owing to the Trustee under this Master Trust Agreement in respect of the Trustee’s fees, expenses and disbursements, and credit any surplus remaining thereafter to the relevant Fund.

Claim Against Property for Amounts Owing. Notwithstanding any other provision of this Master Trust Agreement, the Trustee, acting reasonably, shall not be obliged to act upon Directions (including the delivery of any Fund assets to any person) until all the amounts due and owing to the Trustee under this Master Trust Agreement have been paid in full. The Trustee shall give the Manager and/or any Investment Advisor notice of its decision pursuant to the foregoing sentence not to act as soon as practicable thereafter. Without prejudice to any power or right that the Trustee may otherwise have under any Applicable Laws, the Trustee may, in its discretion (upon reasonable prior written notice in the circumstances to the Manager), unless prior payment has been made by the Manager: (ai) deduct from the assets of the Fund (which, for the purposes of this Section shall include any account with any third party with whom cash xxxx has been deposited by the Trustee on behalf of the Fund) any amounts due and owing to the Trustee under this Master Trust Agreement in respect of the Trustee’s fees, expenses and disbursements; and/or (bii) sell, as agent for the Fund, any assets of the Fund on such terms as it thinks fit in its discretion and set-off against and deduct from such proceeds of sale any obligations due and owing to the Trustee under this Master Trust Agreement in respect of the Trustee’s fees, expenses and disbursements, and credit any surplus remaining thereafter to the relevant Fund.