Common use of Discretionary Actions by Administrative Trustee; Consultation Clause in Contracts

Discretionary Actions by Administrative Trustee; Consultation. (a) The Administrative Trustee may, with the consent of the Sponsor, undertake any action that it deems to be necessary or desirable to protect the Trust or the interests of the Registered Owners. The expenses incurred by the Administrative Trustee in connection with taking any such action (including the fees and disbursements of legal counsel) shall be expenses of the Trust, and the Administrative Trustee shall be entitled to be reimbursed for those expenses by the Trust. (b) The Administrative Trustee shall notify and consult with the Sponsor if the Administrative Trustee becomes aware of any development or event that affects the administration of the Trust but is not contemplated or provided for in this Agreement. (c) The Sponsor shall notify and consult with the Administrative Trustee (i) prior to undertaking any action described in the last sentence of Section 5.11(d) or (ii) if the Sponsor becomes aware of any development or event that affects the administration of the Trust but is not contemplated or provided for in this Agreement.

Discretionary Actions by Administrative Trustee; Consultation. (a) The Administrative Trustee may, with the consent of the Sponsorin its discretion, undertake any action that it deems to be considers necessary or desirable to protect the Trust or the interests of the Registered Owners. The expenses incurred by the Administrative Trustee in connection with taking any such action under the immediately preceding sentence (including the fees and disbursements of legal counsel) shall be expenses of the Trust, and the Administrative Trustee shall be entitled to be reimbursed for those expenses by the Trust. (b) The Administrative Trustee shall notify and consult with the Sponsor before undertaking any action under Section 5.12(a) or if the Administrative Trustee becomes aware of any development or event that affects the administration of the Trust but is not contemplated or provided for in this Agreement. (c) The Sponsor shall notify and consult with the Administrative Trustee (i) prior to before undertaking any action described in under the last sentence of Section 5.11(d5.7(d) or (ii) if the Sponsor becomes aware of any development or event that affects the administration of the Trust but is not contemplated or provided for in this Agreement.