Common use of Not Bound to Act Clause in Contracts

Not Bound to Act. The Trustee shall retain the right not to act and shall not be liable for refusing to act if, due to a lack of information or for any other reason whatsoever, the Trustee, in its sole judgment, determines that such act might cause it to be in non-compliance with any applicable anti-money laundering or anti-terrorist legislation, regulation or guideline. Further, should the Trustee, in its sole judgment, determine at any time that its acting under this Indenture has resulted in its being in non-compliance with any applicable anti-money laundering or anti-terrorist legislation, regulation or guideline, then it shall have the right to resign on 10 days written notice to the Company, provided (i) that the Trustee's written notice shall describe the circumstances of such non-compliance; and (ii) that if such circumstances are rectified to the Trustee's satisfaction within such 10-day period, then such resignation shall not be effective.

Appears in 1 contract

Samples: Special Warrant Indenture (Nord Resources Corp)

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Not Bound to Act. The Trustee shall retain the right not to act and shall not be liable for refusing to act if, due to a lack of information or for any other reason whatsoever, the Trustee, in its sole judgment, determines that such act might cause it to be in non-compliance with any applicable anti-money laundering or anti-terrorist legislation, regulation or guideline. Further, should the Trustee, in its sole judgment, determine at any time that its acting under this Indenture Agreement has resulted in its being in non-compliance with any applicable anti-money laundering or anti-terrorist legislation, regulation or guideline, then it shall have the right to resign on 10 days written notice to the Company, provided (i) that the Trustee's ’s written notice shall describe the circumstances of such non-compliance; and (ii) that if such circumstances are rectified to the Trustee's ’s satisfaction within such 10-10 day period, then such resignation shall not be effective.

Appears in 1 contract

Samples: Subscription Receipt Agreement (Catalyst Paper Corp)

Not Bound to Act. The Trustee shall retain the right not to act and shall not be liable for refusing to act if, due to a lack of information or for any other reason whatsoever, the Trustee, in its sole judgment, determines that such act might cause it to be in non-compliance with any applicable anti-money laundering or anti-terrorist legislation, regulation or guideline. Further, should the Trustee, in its sole judgment, determine at any time that its acting under this Indenture or the Security Agreements has resulted in its being in non-compliance with any applicable anti-money laundering or anti-terrorist legislation, regulation or guideline, then it shall have the right to resign on 10 days written notice to the Company, provided (i) that the Trustee's written notice shall describe the circumstances of such non-compliance; and (ii) that if such circumstances are rectified to the Trustee's satisfaction within such 10-10 day period, then such resignation shall not be effective.

Appears in 1 contract

Samples: Trust Indenture (Security Devices International Inc.)

Not Bound to Act. The Trustee shall retain the right not to act and shall not be liable for refusing to act if, due to a lack of information or for any other reason whatsoever, the Trustee, in its sole judgment, determines that such act might cause it to be in non-compliance with any applicable anti-money laundering or anti-terrorist legislation, regulation or guideline. Further, should the Trustee, in its sole judgment, determine at any time that its acting under this Indenture has resulted in its being in non-compliance with any applicable anti-money laundering or anti-terrorist legislation, regulation or guideline, then it shall have the right to resign on 10 days written notice to the CompanyIssuer, provided that (i) that the such Trustee's ’s written notice shall describe the circumstances of such non-compliance; and (ii) that if such circumstances are rectified to the such Trustee's ’s satisfaction within such 10-10 day period, then such resignation shall not be effective.

Appears in 1 contract

Samples: Indenture

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Not Bound to Act. The Trustee Warrant Agent shall retain the right not to act and shall not be liable for refusing to act if, due to a lack of information or for any other reason whatsoever, the TrusteeWarrant Agent, in its sole judgment, determines that such act might cause it to be in non-compliance with any applicable anti-money laundering or anti-terrorist legislation, regulation or guideline. Further, should the TrusteeWarrant Agent, in its sole judgment, determine at any time that its acting under this Indenture Agreement has resulted in its being in non-compliance with any applicable anti-money laundering or anti-anti- terrorist legislation, regulation or guideline, then it shall have the right to resign on 10 days written notice to the Company, provided (i) that the Trustee's Warrant Agentís written notice shall describe the circumstances of such non-compliance; and (ii) that if such circumstances are rectified to the Trustee's Warrant Agentís satisfaction within such 10-10 day period, then such resignation shall not be effective.

Appears in 1 contract

Samples: Warrant Indenture

Not Bound to Act. The Trustee shall retain the right not to act and shall not be liable for refusing to act if, due to a lack of information or for any other reason whatsoever, the Trustee, in its sole judgment, determines that such act might cause it to be in non-compliance with any applicable anti-money laundering or anti-terrorist legislation, regulation or guideline. Further, should the Trustee, in its sole judgment, determine at any time that its acting under this Indenture has resulted in its being in non-compliance with any applicable anti-money laundering or anti-terrorist legislation, regulation or guideline, then it shall have the right to resign on 10 days ten (10) days’ written notice to the CompanyCorporation, provided (i) that the Trustee's ’s written notice shall describe the circumstances of such non-compliance; and (ii) that if such circumstances are rectified to the Trustee's ’s satisfaction within such ten (10-) day period, then such resignation shall not be effective.

Appears in 1 contract

Samples: Trust Indenture (Endeavour Silver Corp)

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