Duties and Powers of the Trustee. A. The Trustee shall act with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent man acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims; provided, however, that the Trustee shall incur no liability to anyone for any action taken pursuant to a direction, request, or approval given by the Company or the Trust Beneficiaries contemplated by and complying with the terms of this Agreement and/or the Plan, and to that extent shall be relieved of the prudent man rule for investments.
Duties and Powers of the Trustee. 4.1 The Trustee shall act with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims, provided, however, that the Trustee shall incur no liability to any person for any action taken pursuant to a direction, request or approval given by the Bank or the Administrator which is contemplated by, and in conformity with, the terms of the Plan or this Trust and is given in writing by the Bank or the Administrator. In the event of a dispute between the Bank and a party, the Trustee may apply to a court of competent jurisdiction to resolve the dispute.
Duties and Powers of the Trustee. 4.1 The Trustee shall act with the care, skill, prudence and diligence under the circumstance then prevailing that a prudent person acting in like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims, provided, however, that the Trustee shall incur no liability to any person for any action taken pursuant to a direction, request or approval given by the Company or the Committee which is contemplated by, and in conformity with, the terms of the Plan or this Trust and is given in writing by the Company or the Committee. In the event of a dispute between the Company and a party, the Trustee may apply to a court of competent jurisdiction to resolve the dispute.
Duties and Powers of the Trustee. 10.1.1 The Trustee shall comply with the provisions of this Deed and the Rules, for any act or matter to be done by it in the performance of its duties and such acts or matters may also be performed on behalf of the Trustee by any officer or responsible official of the Trustee or by any nominee or agent appointed by the Trustee in consultation with the Investment Adviser. Provided that the Trustee shall be responsible for the acts and omissions of all persons to whom it may delegate any of its duties, as if these were its own acts and omissions and shall account to the Trust for any loss in value of the Fund Property where such loss has been caused by negligence or any reckless act and/or omission of the Trustee or any of its directors, officers, nominees or agents.
Duties and Powers of the Trustee. The duties and powers of the Trustee are specified in the Trust Agreement and by the laws of the State of Delaware, except as modified by the Trust Agreement. The Trust Agreement provides that the Trustee shall not have any duties or liabilities, including fiduciary duties, except as expressly set forth in the Trust Agreement and the duties and liabilities of the Trustee as set forth in the Trust Agreement replace any other duties and liabilities, including fiduciary duties, to which the Trustee might otherwise be subject. The Trustee’s principal duties consist of: • collecting cash proceeds attributable to the Royalty Interests; • paying expenses, charges and obligations of the Trust from the Trust’s assets; • determining whether cash distributions exceed subordination or incentive thresholds, and making cash distributions to the unitholders and Chesapeake (with respect to incentive distributions) in accordance with the Trust Agreement; • causing to be prepared and distributed a Schedule K-1 for each Trust unitholder and preparing and filing tax returns on behalf of the Trust; and • causing to be prepared and filed reports required to be filed under the Securities Exchange Act of 1934, as amended, and by the rules of any securities exchange or quotation system on which the Trust units are listed or admitted to trading. Chesapeake will provide administrative and other services to the Trust in fulfillment of certain of the foregoing duties pursuant to the administrative services agreement. The Trustee may create a cash reserve to pay for future expenses of the Trust. If the Trustee determines that the cash on hand and the cash to be received are insufficient to cover the Trust’s expenses, the Trustee may cause the Trust to borrow funds required to pay the expenses. The Trust may borrow the funds from any person, including the Trustee or its affiliates or, as described below, Chesapeake. The terms of such indebtedness, if funds were loaned by the entity serving as Trustee or Delaware Trustee, must be similar to the terms which such entity would grant to a 10-K similarly situated, unaffiliated commercial customer, and such entity shall be entitled to enforce its rights with respect to any such indebtedness as if it were not then serving as Trustee or Delaware Trustee. If the Trust borrows funds, the Trust unitholders will not receive distributions until the borrowed funds are repaid (except in certain circumstances, where the Trust borrows funds from Chesapea...
Duties and Powers of the Trustee. Enumerates the duties and powers of the Trustee including: (1) the duty to maintain accurate records, (2) the right to employ agents to assist in the performance of the Trustees' duties under the agreement, (3) the right to allocate duties among multiple trustees, (4) interaction with custodians and co-trustees, and (5) the general powers necessary or desirable to properly perform its duties under the Trust Agreement. Addresses the Administrator's right to appoint an investment manager or direct the Trustee with respect to the investment of Fund assets.
Duties and Powers of the Trustee. 7 5.1 Accounting, Records and Certificates 7 5.2 Agents 8 5.3 Allocation of Duties 8
Duties and Powers of the Trustee. 10 6.1 Accounting, Reports, Records and Certificates.......... 10 6.2 Agents................................................. 11 6.3 General Powers of the Trustee.......................... 11 6.4 Investment Powers of the Trustee....................... 11 6.5 Liability of the Trustee............................... 14 6.6
Duties and Powers of the Trustee. In the first para under sub-clause 7.1, the words “with the written approval of the Management Company” shall be deleted. For the sake of clarity, it is stated that after the said amendment, the first para under sub-clause
Duties and Powers of the Trustee. 5.1.The Trustee shall comply with the provisions of this Deed and the Regulations for any act or matter to be done by it in the performance of its duties and such acts or matters may also be performed on behalf of the Trustee by any officer or responsible official of the Trustee or by any nominee or agent appointed by the Trustee with the approval of the RMC: Provided that the Trustee shall be responsible for the acts and omissions of all persons to whom it may delegate any of its duties, as if these were its own acts and omissions and shall account to the Trust for any loss in value of the REIT Assets where such loss has been caused by negligence or any reckless act or wilful and/or omission of the Trustee or any of its directors, officers, nominees or agents.
