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 individually, except to the extent the Trustees are required under Trust Indenture Legislation to perform such acts jointly, and neither Trustee shall be liable or responsible for the acts or omissions 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 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 individuallyjointly, except to the extent otherwise provided herein and except to the Trustees are required extent that, under Trust Indenture Legislation Legislation, either Trustee shall be incompetent or unqualified to perform such acts jointlyact, in which event such rights, powers, duties and neither Trustee obligations shall be liable exercised and performed by the Trustee which is not so incompetent or responsible for the acts or omissions of the other Trusteeunqualified. 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.