Obligations of the Trustee. (a) The Trustee assumes no obligation nor shall it be subject to any liability under this Agreement to any Registered Owner or Beneficial Owner or Depositor (including liability with respect to the worth of the Trust Property), except that the Trustee agrees to perform its obligations specifically set forth in this Agreement without negligence or bad faith.
(b) The Trustee shall not be under any obligation to prosecute any action, suit or other proceeding in respect of any Trust Property or in respect of the Shares on behalf of a Registered Owner, Beneficial Owner, Depositor or other Person.
(c) The Trustee shall not be liable for any action or non-action by it in reliance upon the advice of or information from legal counsel, accountants, any Depositor, any Registered Owner or any other person believed by it in good faith to be competent to give such advice or information.
(d) The Trustee shall not be liable for any acts or omissions made by a successor trustee whether in connection with a previous act or omission of the Trustee or in connection with any matter arising wholly after the resignation of the Trustee, provided that in connection with the issue out of which such potential liability arises the Trustee performed its obligations without negligence or bad faith while it acted as Trustee.
(e) The Trustee shall have no obligation to comply with any direction or instruction from any Registered Owner or Beneficial Owner or Depositor regarding Shares except to the extent specifically provided in this Agreement.
Obligations of the Trustee. (a) The Trustee, before the occurrence of any default with respect to the Trust Preferred Securities and after the curing or waiver of all such defaults that may have occurred, shall undertake to perform only such duties as are specifically set forth in this Trust Agreement and no implied covenants shall be read into this Trust Agreement against the Trustee. In case a default with respect to the Trust Preferred Securities has occurred (that has not been cured or waived pursuant to Section 2.06) of which an officer of the Trustee has actual knowledge, the Trustee shall exercise such of the rights and powers vested in it by this Trust Agreement, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. Subject to these requirements, the Trustee shall be under no obligation to exercise any of the powers vested in it by this Trust Agreement at the request of any Holder, unless such Holder offers the Trustee reasonable indemnity against all costs, expenses and liabilities that might be incurred by exercising those powers.
(b) No provision of this Trust Agreement shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that:
(i) prior to the occurrence of a default with respect to the Trust Preferred Securities and after the curing or waiving of all such defaults that may have occurred:
(A) the duties and obligations of the Trustee shall be determined solely by the express provisions of this Trust Agreement and the Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Trust Agreement, and no implied covenants or obligations shall be read into this Trust Agreement against the Trustee; and
(B) in the absence of bad faith on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Trust Agreement; provided that in the case of any such certificates or opinions that by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Trust Agreement, but need not co...
Obligations of the Trustee. Nothing in this Agreement shall be deemed to release the Trustee from any of its obligations under the Pooling Agreement.
Obligations of the Trustee. The Trustee agrees to hold and disburse the various Assets of the Trust Account in accordance with the provisions expressed herein.
Obligations of the Trustee. The Trustee will forward notification of any change in Accountholder under the Plan to the Specified Minister in prescribed form containing prescribed information on or before the day that is 60 days after the later of:
(i) the day on which the Trustee is advised of the change in Accountholder; and
(ii) the day on which the Trustee is provided with the social insurance number or business number of the new Accountholder. The Minister of National Revenue must approve amendments to the specimen plan under which this Plan is based before the Trustee can amend the Plan terms and conditions. If the Trustee discovers that the Plan is or will likely become noncompliant, the Trustee will notify both the Minister of National Revenue and the Specified Minister of this fact within 30 days after the Trustee becomes aware of possible or factual non-compliance. If the Trustee enters into the Plan with a Qualifying Family Member (who is a Qualifying Person solely because of conditions a) to e) under the Qualifying Person definition) the Trustee will be required to:
a) so notify the Beneficiary under the Plan without delay in writing and include in the notification information setting out the circumstances in which the Accountholder of the Plan may be replaced under section 146.4(1.5) or 146.4(1.6) of the ITA.
b) collect and use any information provided by the Accountholder that is relevant to the administration and operation of the Plan. If the Trustee fails to comply with these obligations, the Trustee is liable to penalties as set out in subsection 162(7) of the ITA. The Trustee will exercise the care, diligence and skill of a reasonably prudent person to minimize the possibility that the Plan holds a non-qualified investment. The Trustee will not be held liable for entering into the Plan with a Qualifying Family Member if at the time the Plan was entered into, the Trustee had made reasonable enquiry into the Beneficiary’s contractual competence and it was the Trustee’s opinion that the Beneficiary’s contractual competence was in doubt.
Obligations of the Trustee. The Trustee does not assume any obligation nor shall it be subject to any liability under this Trust Agreement or any Capital Security to Holders of Capital Securities other than that it agrees to use good faith in the performance of such duties as are specifically assigned to the Trustee in this Trust Agreement. The Trustee shall not be under any obligation to appear in, prosecute or defend any action, suit or other proceeding with respect to Preferred Securities or Capital Securities that in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expense and liability be furnished as often as may be required.
Obligations of the Trustee. 4.2.1 The trustee shall comply with the provisions hereof, fulfill its duties, perform its obligation of being honest, trustworthy and cautious and managing effectively, manage the trust property in a way specified in the trust contracts at all levels signed with the trustors, and handle the trust affairs to the best interest of the beneficiaries. In case of a conflict of interests among the beneficiaries at all levels, priority is given to the interests of senior trustors. The trustee shall not exercise any right, power or discretion beyond the scope of authorization of the trustors prescribed herein.
4.2.2 The trustee shall not use the trust property to seek interests except the trustee remuneration agreed herein.
4.2.3 The trustee shall manage and keep accounts the trust property and its inherent property separately and shall not convert the trust property into its inherent property.
4.2.4 The trustee must keep a complete record of the handling of the trust affairs and report the trust property and its management, use, income and expenditures to the trustors and beneficiaries according to the provisions hereof.
4.2.5 The trustee shall issue the trust earnings under this Trust to beneficiaries according to the provisions hereof.
4.2.6 The trustee shall appoint two or more trust managers, responsible to manage the trust property and acting as contact persons to handle all the matters under this Contract and any other agreement related to this Contract on behalf of the trustee. The trustee shall grant the trust managers all the powers necessary for the handling of such matters.
4.2.7 Without the separate consent of the trustor/subordinated beneficiary, the trustee shall not allow any party through a power of attorney or any other means in any period to exercise all or any of the rights, powers, privileges, and discretions that this Contract grants to the trustee.
4.2.8 Other obligations specified in this Contract and the trust laws. FOTIC China Foreign Economy and Trade Trust Co., Ltd.
Obligations of the Trustee. The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Participants or beneficial owners of interests in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. The Trustee shall have no responsibility for the actions or omissions of the Depository, or the accuracy of the books and records of the Depository.
Obligations of the Trustee. (a) A reference to the Trustee in each of clauses 3.6 other than the first sentence, 5, 11.1(i), 11.1(j), 31.1, 31.5 and 32.1 is a reference to the Trust Manager on behalf of the Trustee and, failing action by the Trust Manager in accordance with the relevant clause (including any requirement to take such action within a specified time), the Trustee.
(b) The Trustee shall not be liable for any act or omission by the Trust Manager where it is acting on behalf of the Trust Manager under sub- paragraph (a).
Obligations of the Trustee. In fulfilling the purposes of the Trust, the Trustee shall proceed as follows, in addition to that provided for in other Sections of this Trust Agreement:
