Compensation; Fees; Indemnity. The Depositor agrees (1) to pay to the Trustees from time to time reasonable compensation for all services rendered by the Trustees hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); (2) except as otherwise expressly provided herein, to reimburse the Trustees upon request for all reasonable expenses, disbursements and advances reasonably incurred or made by the Trustees in accordance with any provision of this Trust Agreement (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence (gross negligence, in the case of any Administrative Trustee), bad faith or willful misconduct; and (3) to indemnify each Trustee for, and to hold each Trustee harmless against, any and all loss, damage, claims, liability or expense incurred without negligence (gross negligence, in the case of any Administrative Trustee), bad faith or willful misconduct on its part, arising out of or in connection with the acceptance or administration of this Trust Agreement, including the reasonable costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. As security for the performance of the obligations of the Depositor under this Section, each of the Trustees shall have a lien prior to the Trust Securities upon all property and funds held or collected by such Trustee as such, except funds held in trust for the payment of Distributions on the Trust Securities. The provisions of this Section shall survive the termination of this Trust Agreement.
Appears in 7 contracts
Samples: Trust Agreement (Mp&l Capital I), Trust Agreement (Tu Electric Capital V), Trust Agreement (Tu Electric Capital Ii)
Compensation; Fees; Indemnity. The Depositor agrees:
(1a) to pay to the Trustees from time to time reasonable compensation for all services rendered by the Trustees hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);
(2b) except as otherwise expressly provided herein, to reimburse the Trustees upon request for all reasonable expenses, disbursements and advances reasonably incurred or made by the Trustees in accordance with any provision of this Trust Agreement (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence (gross negligence, in the case of any Administrative Trustee), bad faith or willful misconduct; and
(3c) to indemnify each Trustee for, and to hold each Trustee harmless against, any and all loss, damage, claims, liability or expense incurred without negligence (gross negligence, in the case of any Administrative Trustee), bad faith or willful misconduct on its part, arising out of or in connection with the acceptance or administration of the trust or trusts under this Trust Agreement, including the reasonable costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. As security for the performance of the obligations of the Depositor under this Section, each of the Trustees shall have a lien prior to the Trust Securities upon all property and funds held or collected by such Trustee as such, except funds held in trust for the payment of Distributions on the Trust Securities. The provisions of this Section shall survive the termination of this Trust Agreement.
Appears in 3 contracts
Samples: Trust Agreement (Txu Capital Iv), Trust Agreement (Txu Electric Capital Viii), Trust Agreement (Allete Capital Iii)
Compensation; Fees; Indemnity. The Depositor agrees
(1) to pay to the Trustees from time to time reasonable compensation for all services rendered by the Trustees hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);
(2) except as otherwise expressly provided herein, to reimburse the Trustees upon request for all reasonable expenses, disbursements and advances reasonably incurred or made by the Trustees in accordance with any provision of this Trust Agreement (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence (gross negligence, in the case of any Administrative Trustee), bad faith or willful misconduct; and
(3) to indemnify each Trustee for, and to hold each Trustee harmless against, any and all loss, damage, claims, liability or expense incurred without negligence (gross negligence, in the case of any Administrative Trustee), bad faith or willful misconduct on its part, arising out of or in connection with the acceptance or administration of this Trust Agreement, including the reasonable costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. As security for the performance of the obligations of the Depositor under this Section, each of the Trustees shall have a lien prior to the Trust Securities upon all property and funds held or collected by such Trustee as such, except funds held in trust for the payment of Distributions on the Trust Securities. The provisions of this Section shall survive the termination of this Trust Agreement.
Appears in 3 contracts
Samples: Trust Agreement (Texas Utilities Electric Co), Trust Agreement (Tu Electric Capital I), Trust Agreement (Tu Electric Capital Ii)
Compensation; Fees; Indemnity. The Depositor Guarantor agrees:
(1a) to pay to the Trustees Guarantee Trustee from time to time reasonable compensation for all services rendered by the Trustees Guarantee Trustee hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);
(2b) except as otherwise expressly provided herein, to reimburse the Trustees Trustee upon request for all reasonable expenses, disbursements and advances reasonably incurred or made by the Trustees Guarantee Trustee in accordance with any provision of this Trust Guarantee Agreement (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence (gross negligence, in the case of any Administrative Trustee), or bad faith or willful misconduct; andfaith;
(3c) to indemnify each the Guarantee Trustee (which for purposes of this Section 3.3 shall include its directors, officers, employees and agents) for, and to hold each the Guarantee Trustee harmless against, any and all loss, damage, claims, liability or expense incurred without negligence (gross negligence, in the case of any Administrative Trustee), or bad faith or willful misconduct on its part, arising out of or in connection with the acceptance or administration of this Trust Guarantee Agreement, including the reasonable costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. As security ;
(d) in no event shall the Guarantee Trustee be liable for any indirect, special, punitive or consequential loss or damage of any kind whatsoever, including, but not limited to, lost profits, even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action; and
(e) in no event shall the Guarantee Trustee be liable for any failure or delay in the performance of its obligations hereunder because of circumstances beyond its control, including, but not limited to, acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, embargo, government action, including any laws, ordinances, regulations, governmental action or the obligations like which delay, restrict or prohibit the providing of the Depositor under services contemplated by this Section, each of the Trustees shall have a lien prior to the Trust Securities upon all property and funds held or collected by such Trustee as such, except funds held in trust for the payment of Distributions on the Trust SecuritiesGuarantee Agreement. The provisions of this Section 3.3 shall survive the payment in full of the Debentures, the termination of this Trust AgreementGuarantee Agreement or the resignation or removal of the Guarantee Trustee for a period equal to the statute of limitations applicable to a claim based hereon.
Appears in 1 contract
Samples: Junior Subordinated Debentures Guarantee Agreement (American Safety Insurance Group LTD)
Compensation; Fees; Indemnity. The Depositor agrees:
(1i) to pay to the Trustees from time to time reasonable compensation for all services rendered by the Trustees hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);
(2ii) except as otherwise expressly provided herein, to reimburse the Trustees upon request for all reasonable expenses, disbursements and advances reasonably incurred or made by the Trustees in accordance with any provision of this Trust Agreement (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence (gross negligence, in the case of any Administrative Trustee), bad faith or willful misconduct; and
(3iii) to indemnify each Trustee for, and to hold each Trustee harmless against, any and all loss, damage, claims, liability or expense incurred without negligence (gross negligence, in the case of any Administrative Trustee), bad faith or willful misconduct on its part, arising out of or in connection with the acceptance or administration of the trust or trusts under this Trust Agreement, including the reasonable costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. As security for the performance of the obligations of the Depositor under this Section, each of the Trustees shall have a lien prior to the Trust Securities upon all property and funds held or collected by such Trustee as such, except funds held in trust for the payment of Distributions on the Trust Securities. The provisions of this Section shall survive the termination of this Trust Agreement.
Appears in 1 contract
Compensation; Fees; Indemnity. (a) The Depositor agrees:
(1i) to pay to the Trustees from time to time reasonable compensation for all services rendered by the Trustees hereunder in accordance with a separate fee agreement between the Depositor and the Trustees, if any (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);
(2ii) except as otherwise expressly provided herein, to reimburse the Trustees upon request for all reasonable expenses, disbursements and advances reasonably incurred or made by the Trustees in accordance with any provision of this Trust Agreement (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence (gross negligence, in the case of any Administrative Trustee), bad faith or willful misconduct; and
(3iii) to indemnify each Trustee Indemnified Person for, and to hold each Trustee Indemnified Person harmless against, any and all loss, damage, claims, liability or expense incurred without negligence (gross negligence, in the case of any Administrative Trustee), bad faith or willful misconduct on its part, arising out of or in connection with the acceptance or administration of this Trust Agreement, including the reasonable costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. .
(b) As security for the performance of the obligations of the Depositor under this Section, each of the Trustees shall have a lien prior to the Trust Securities upon all property and funds held or collected by such Trustee as such, except funds held in trust for the payment of Distributions on the Trust Securities. .
(c) The provisions of this Section 8.06 shall survive the termination of this Trust Agreement.
Appears in 1 contract
Compensation; Fees; Indemnity. The Depositor Guarantor agrees:
(1a) to pay to the Trustees Trustee from time to time reasonable compensation for all services rendered by the Trustees Trustee hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);
(2b) except as otherwise expressly provided herein, to reimburse the Trustees Trustee upon request for all reasonable expenses, disbursements and advances reasonably incurred or made by the Trustees Trustee in accordance with any provision of this Trust Guarantee Agreement (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence (gross negligence, in the case of any Administrative Trustee), or bad faith or willful misconduct; andfaith;
(3c) to indemnify each the Trustee for, and to hold each the Trustee harmless against, any and all loss, damage, claims, liability or expense incurred without negligence (gross negligence, in the case of any Administrative Trustee), or bad faith or willful misconduct on its part, arising out of or in connection with the acceptance or administration of this Trust Guarantee Agreement, including the reasonable costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. As security ;
(d) in no event shall the Trustee be liable for any indirect, special, punitive or consequential loss or damage of any kind whatsoever, including, but not limited to, lost profits, even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action; and
(e) in no event shall the Trustee be liable for any failure or delay in the performance of its obligations hereunder because of circumstances beyond its control, including, but not limited to, acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, embargo, government action, including any laws, ordinances, regulations, governmental action or the obligations like which delay, restrict or prohibit the providing of the Depositor under services contemplated by this Section, each of the Trustees shall have a lien prior to the Trust Securities upon all property and funds held or collected by such Trustee as such, except funds held in trust for the payment of Distributions on the Trust SecuritiesGuarantee Agreement. The provisions of this Section 3.03 shall survive the termination of this Trust Guarantee Agreement.
Appears in 1 contract
Samples: Preferred Securities Guarantee Agreement (Southern Co)
Compensation; Fees; Indemnity. The Depositor and the Trust each agrees:
(1) to pay to the Trustees from time to time reasonable such compensation as the Depositor and the Trustees shall from time to time agree in writing for all services rendered by the Trustees hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);
(2) except as otherwise expressly provided herein, to reimburse the Trustees upon request for all reasonable expenses, disbursements and advances reasonably incurred or made by the Trustees in accordance with any provision of this Trust Agreement (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence (gross negligence, in the case of any Administrative Trustee), or bad faith or willful misconductfaith; and
and (3) to indemnify each of the Trustees or any predecessor Trustee for, and to hold each Trustee the Trustees harmless against, any and all loss, damage, claims, liability liability, penalty or expense expense, including taxes, other than taxes based on the income of the Trustee or withholding taxes imposed with respect to payments on the Trust Securities, incurred without negligence (gross negligence, in the case of any Administrative Trustee), or bad faith or willful misconduct on its part, arising out of or in connection with the acceptance or administration of this Trust Agreement, including the reasonable costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. As security for the performance of the obligations of the Depositor under this Section, each of the Trustees shall have a lien prior to the Trust Securities upon all property and funds held or collected by such Trustee as such, except funds held in trust for the payment of Distributions on the Trust Securities. The provisions of this Section 8.06 shall survive the termination of this Trust Agreement, and to secure the same, the Property Trustee shall have a lien against the Trust Property which lien shall be prior to the claims of the Securityholders.
Appears in 1 contract
Compensation; Fees; Indemnity. The Depositor agrees
(1) to pay to the Trustees from time to time reasonable compensation for all services rendered by the Trustees hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);
(2) except as otherwise expressly provided herein, to reimburse the Trustees upon request for all reasonable expenses, disbursements and advances reasonably incurred or made by the Trustees in accordance with any provision of this Trust Agreement (including the reasonable compensation and the expenses and disbursements of its their agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence their negligence, bad faith or willful misconduct (gross negligenceor, in the case of the Administrative Trustees or the Delaware Trustee, any Administrative Trustee)such expense, disbursement or advance as may be attributable to its, his or her gross negligence, bad faith or willful misconduct); and
(3) to indemnify each Trustee the Trustees for, and to hold each Trustee the Trustees harmless against, any and all loss, damage, claims, liability or expense incurred without negligence (gross negligence, in the case of any Administrative Trustee), bad faith or willful misconduct on its partexpense, arising out of or in connection with the acceptance or administration of this Trust Agreement, including the reasonable costs and expenses of defending itself themselves against any claim or liability in connection with the exercise or performance of any of its their powers or duties hereunder. As security for hereunder except any such expense, disbursement or advance as may be attributable to such Trustee's negligence, bad faith or willful misconduct (or, in the performance case of the obligations of Administrative Trustees or the Depositor under this SectionDelaware Trustee, each of the Trustees shall have a lien prior any such expense, disbursement or advance as may be attributable to the Trust Securities upon all property and funds held its, his or collected by such Trustee as suchher gross negligence, except funds held in trust for the payment of Distributions on the Trust Securitiesbad faith or willful misconduct). The provisions of this Section 8.06 shall survive the termination of this Trust AgreementAgreement or the resignation or removal of any Trustee.
Appears in 1 contract
Compensation; Fees; Indemnity. The Depositor agrees
(1) to pay to the Trustees from time to time reasonable compensation for all services rendered by the Trustees hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);
(2) except as otherwise expressly provided herein, to reimburse the Trustees upon request for all reasonable expenses, disbursements and advances reasonably incurred or made by the Trustees in accordance with any provision of this Trust Agreement (including the reasonable compensation and the expenses and disbursements of its their agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence their negligence, bad faith or willful misconduct (gross negligenceor, in the case of the Administrative Trustees or the Delaware Trustee, any Administrative Trustee)such expense, disbursement or advance as may be attributable to its, his or her gross negligence, bad faith or willful misconduct); and
(3) to indemnify each Trustee the Trustees for, and to hold each Trustee the Trustees harmless against, any and all loss, damage, claims, liability or expense incurred without negligence (gross negligence, in the case of any Administrative Trustee), bad faith or willful misconduct on its partexpense, arising out of or in connection with the acceptance or administration of this Trust Agreement, including the reasonable costs and expenses of defending itself themselves against any claim or liability in connection with the exercise or performance of any of its their powers or duties hereunder. As security for hereunder except any such expense, disbursement or advance as may be attributable to such Trustee’s negligence, bad faith or willful misconduct (or, in the performance case of the obligations of Administrative Trustees or the Depositor under this SectionDelaware Trustee, each of the Trustees shall have a lien prior any such expense, disbursement or advance as may be attributable to the Trust Securities upon all property and funds held its, his or collected by such Trustee as suchher gross negligence, except funds held in trust for the payment of Distributions on the Trust Securitiesbad faith or willful misconduct). The provisions of this Section 8.06 shall survive the termination of this Trust AgreementAgreement or the resignation or removal of any Trustee.
Appears in 1 contract
Compensation; Fees; Indemnity. The Depositor agrees
(1) to pay to the Trustees from time to time reasonable compensation for all services rendered by the Trustees hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);
; (2) except as otherwise expressly provided herein, to reimburse the Trustees upon request for all reasonable expenses, disbursements and advances reasonably incurred or made by the Trustees in accordance with any provision of this Trust Agreement (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence (gross negligence, in the case of any Administrative Trustee), bad faith or willful misconduct; and
and (3) to indemnify each Trustee for, and to hold each Trustee harmless against, any and all loss, damage, claims, liability or expense incurred without negligence (gross negligence, in the case of any Administrative Trustee), bad faith or willful misconduct on its part, arising out of or in connection with the acceptance or administration of this Trust Agreement, including the reasonable costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. As security for the performance of the obligations of the Depositor under this Section, each of the Trustees shall have a lien prior to the Trust Securities upon all property and funds held or collected by such Trustee as such, except funds held in trust for the payment of Distributions on the Trust Securities. The provisions of this Section shall survive the termination of this Trust Agreement.
Appears in 1 contract
Compensation; Fees; Indemnity. The Depositor agrees
(1) to pay to the Trustees from time to time reasonable compensation for all services rendered by the Trustees hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);
(2) except as otherwise expressly provided herein, to reimburse the Trustees upon request for all reasonable expenses, disbursements and advances reasonably incurred or made by the Trustees in accordance with any provision of this Trust Agreement (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence (gross negligence, in the case of any Administrative Trustee), bad faith or willful misconduct; and
(3) to indemnify each Trustee, any Affiliate of any Trustee, and any officer, director, shareholder or employee of any Trustee for, and to hold each Trustee of them harmless against, any and all loss, damage, claims, liability or expense as incurred without negligence (gross negligence, in the case of any Administrative Trustee), bad faith or willful misconduct on its part, arising out of or in connection with the acceptance or administration of this Trust Agreement, including the reasonable costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. As security for the performance of the obligations of the Depositor under this Section, each of the Trustees shall have a lien prior to the Trust Securities upon all property and funds held or collected by such Trustee as such, except funds held in trust for the payment of Distributions on the Trust Securities. The provisions of this Section shall survive the termination of this Trust Agreement.
Appears in 1 contract
Compensation; Fees; Indemnity. The Depositor and the Trust each agrees:
(1) to pay to the Trustees from time to time reasonable such compensation as the Depositor and the Trustees shall from time to time agree in writing for all services rendered by the Trustees hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);
(2) except as otherwise expressly provided herein, to reimburse the Trustees upon request for all reasonable expenses, disbursements and advances reasonably incurred or made by the Trustees in accordance with any provision of this Trust Agreement (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence (gross negligence, in the case of any Administrative Trustee), or bad faith or willful misconductfaith; and
(3) to indemnify each of the Trustees or any predecessor Trustee for, and to hold each Trustee the Trustees harmless against, any and all loss, damage, claims, liability liability, penalty or expense expense, including taxes, other than taxes based on the income of the Trustee or withholding taxes imposed with respect to payments on the Trust Securities, incurred without negligence (gross negligence, in the case of any Administrative Trustee), or bad faith or willful misconduct on its part, arising out of or in connection with the acceptance or administration of this Trust Agreement, including the reasonable costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. As security for the performance of the obligations of the Depositor under this Section, each of the Trustees shall have a lien prior to the Trust Securities upon all property and funds held or collected by such Trustee as such, except funds held in trust for the payment of Distributions on the Trust Securities. The provisions of this Section 8.06 shall survive the termination of this Trust Agreement, and to secure the same, the Property Trustee shall have a lien against the Trust Property which lien shall be prior to the claims of the Securityholders.
Appears in 1 contract
Compensation; Fees; Indemnity. The Depositor Guarantor agrees:
(1a) to pay to the Trustees Guarantee Trustee from time to time reasonable compensation for all services rendered by the Trustees Guarantee Trustee hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);
(2b) except as otherwise expressly provided herein, to reimburse the Trustees Guarantee Trustee upon request for all reasonable expenses, disbursements and advances reasonably incurred or made by the Trustees Guarantee Trustee in accordance with any provision of this Trust Guarantee Agreement (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence (gross negligence, in the case of any Administrative Trustee), or bad faith or willful misconduct; andfaith;
(3c) to indemnify each the Guarantee Trustee (which for purposes of this Section 3.3 shall include its directors, officers, employees and agents) for, and to hold each the Guarantee Trustee harmless against, any and all loss, damage, claims, liability or expense incurred without negligence (gross negligence, in the case of any Administrative Trustee), or bad faith or willful misconduct on its part, arising out of or in connection with the acceptance or administration of this Trust Guarantee Agreement, including the reasonable costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. As security ;
(d) in no event shall the Guarantee Trustee be liable for any indirect, special, punitive or consequential loss or damage of any kind whatsoever, including, but not limited to, lost profits, even if the performance Guarantee Trustee has been advised of the obligations likelihood of such loss or damage and regardless of the Depositor under this Section, each form of the Trustees shall have a lien prior to the Trust Securities upon all property and funds held or collected by such Trustee as such, except funds held in trust for the payment of Distributions on the Trust Securities. The provisions of this Section shall survive the termination of this Trust Agreement.action; and
Appears in 1 contract
Samples: Preferred Securities Guarantee Agreement (American Safety Insurance Group LTD)
Compensation; Fees; Indemnity. The Depositor agrees
(1) to pay to the Trustees from time to time reasonable compensation for all services rendered by the Trustees hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);
(2) except as otherwise expressly provided herein, to reimburse the Trustees upon request for all reasonable expenses, disbursements and advances reasonably incurred or made by the Trustees in accordance with any provision of this Trust Agreement (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence (gross negligence, in the case of any Administrative Trustee), bad faith or willful misconduct; and
(3) to indemnify each Trustee, any Affiliate of any Trustee, and any officer, director, shareholder or employee of any Trustee for, and to hold each Trustee of them harmless against, any and all loss, damage, claims, liability or expense expenses incurred without negligence (gross negligence, in the case of any Administrative Trustee), bad faith or willful misconduct on its part, arising out of or in connection with the acceptance or administration of this Trust Agreement, including the reasonable costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. As security for the performance of the obligations of the Depositor under this Section, each of the Trustees shall have a lien prior to the Trust Securities upon all property and funds held or collected by such Trustee as such, except funds held in trust for the payment of Distributions on the Trust Securities. The provisions of this Section shall survive the termination of this Trust Agreement.
Appears in 1 contract
Compensation; Fees; Indemnity. The Depositor agrees:
(1) to pay to the Trustees from time to time reasonable such compensation as the Depositor and the Trustees shall from time to time agree in writing for all services rendered by the Trustees hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);
(2) except as otherwise expressly provided herein, to reimburse the Trustees upon request for all reasonable expenses, disbursements and advances reasonably incurred or made by the Trustees in accordance with any provision of this Trust Agreement (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence (gross negligence, in the case of any Administrative Trustee), or bad faith or willful misconductfaith; and
(3) to indemnify each of the Trustees or any predecessor Trustee for, and to hold each Trustee the Trustees harmless against, any and all loss, damage, claims, liability or expense expense, including taxes, other than taxes based on the income of the Trustee or withholding taxes imposed with respect to payments on the Trust Securities, incurred without negligence (gross negligence, in the case of any Administrative Trustee), or bad faith or willful misconduct on its part, arising out of or in connection with the acceptance or administration of this Trust Agreement, including the reasonable costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. As security for the performance of the obligations of the Depositor under this Section, each of the Trustees shall have a lien prior to the Trust Securities upon all property and funds held or collected by such Trustee as such, except funds held in trust for the payment of Distributions on the Trust Securities. The provisions of this Section shall survive the termination of this Trust Agreement.
Appears in 1 contract