Common use of Joint Trustees Clause in Contracts

Joint Trustees. The rights, powers, duties and obligations conferred and imposed upon the Trustees are conferred and imposed upon and shall be exercised and performed by the U.S. Trustee and the Canadian Trustee jointly, except to the extent otherwise provided herein and except to the extent that, under Trust Indenture Legislation, either Trustee shall be incompetent or unqualified to perform such act, in which event such rights, powers, duties and obligations shall be exercised and performed by the Trustee which is not so incompetent or unqualified. If the Trustees are unable to agree jointly to act or refrain from acting with respect to any right, power, duty or obligation conferred jointly upon the Trustees hereunder, the reasonable decision of the U.S. Trustee to act or refrain from acting shall be binding upon the Canadian Trustee.

Joint Trustees. The rights, powers, duties and obligations conferred and imposed upon the Trustees are conferred and imposed upon and shall be exercised and performed by the U.S. Trustee and the Canadian Trustee jointlyindividually, except to the extent otherwise provided herein and except to the extent that, Trustees are required under Trust Indenture LegislationLegislation to perform such acts jointly, either and neither Trustee shall be incompetent liable or unqualified to perform such act, in which event such rights, powers, duties and obligations shall be exercised and performed by responsible for the Trustee which is not so incompetent acts or unqualifiedomissions of the other Trustee. If the Trustees are unable to agree jointly to act or refrain from acting with respect to any right, power, duty or obligation conferred jointly upon the Trustees hereunder, the reasonable decision of the U.S. Trustee to act or refrain from acting shall be binding upon the Canadian Trustee.