Common use of Directed Powers of Trustee Clause in Contracts

Directed Powers of Trustee. In addition to the general powers enumerated previously, the Trustee shall have and exercise the following powers and authority in the administration of the Account: (a) Upon the written direction of MIIX or an Authorized Party of MIIX, settle purchases and sales and engage in other transactions, including free receipts and deliveries, exchanges, and other voluntary corporate actions, with respect to securities or other property received by the Trustee; (b) Upon the written direction of MIIX or an Authorized Party of MIIX, execute proxies for any securities held in the Account; and (c) Upon the written direction of MIIX and the Company, immediately take any and all steps necessary to transfer absolutely and unequivocally all right, title and interest in the Account assets to MIIX and deliver physical custody of such assets to MIIX. Settlements of transactions may be effected in trading and processing practices customary in the jurisdiction or market where the transaction occurs. MIIX and the Company acknowledge that this may, in certain circumstances, require the delivery of cash, securities, or other property without the concurrent receipt of securities, other property or cash. In such circumstances, the Trustee shall have no responsibility for nonreceipt of payment, late payment or nondelivery of securities or other property, or late delivery by the counterparty.