Common use of Discretionary Actions by Sponsor; Consultation Clause in Contracts

Discretionary Actions by Sponsor; Consultation. (a) The Sponsor may, in its discretion, undertake any action which it may deem necessary or desirable to protect the rights of the Registered Owners. The expenses incurred by the Sponsor in connection with taking any action under the preceding sentence (including the fees and disbursements of legal counsel) shall be expenses of the Trust, and the Sponsor shall be entitled to be promptly reimbursed for those expenses by the Trust. (b) The Sponsor shall promptly notify the Trustee (i) regarding any action it takes pursuant to Section 5.8(a) 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 Sponsor; Consultation. (a) The Sponsor may, in its discretion, undertake any action which that it may deem considers necessary or desirable to protect the rights Trust or the interests of the Registered Owners. The expenses incurred by the Sponsor in connection with taking any action under the preceding sentence (including the fees and disbursements of legal counsel) shall be expenses of the Trust, and the Sponsor shall be entitled to be promptly reimbursed for those expenses by the Trust. (b) The Sponsor shall promptly notify and consult with the Trustee (i) regarding before undertaking any action it takes pursuant to under Section 5.8(a) 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.