Common use of Powers Exercisable at the Discretion of the Trustee Clause in Contracts

Powers Exercisable at the Discretion of the Trustee. The Trustee, in its own discretion, may: (a) commence, defend, adjust or settle suits or legal proceedings in connection with the Funds and to represent the Funds in any such suits or legal proceedings and to keep the Manager informed thereof; (b) incur and pay out the property of the Funds any charges or expenses and disburse any funds of the Funds, which charges, expenses or disbursements are, in the opinion of the Trustee, necessary or incidental to or desirable for the carrying out of any of the purposes of the Fund or conducting the business of the applicable Fund including, without limitation, taxes or other governmental levies, charges and assessments of whatever kind or nature, imposed upon or against the Trustee in connection with the applicable Fund or the property of the applicable Fund or upon or against the property of the applicable Fund or any part thereof and for any of the purposes herein; (c) deposit any property forming part of the Funds, including securities and documents of title held by it hereunder, with any bank branch or other depository, including the Trustee or any of its affiliates; (d) borrow (including the right to borrow from itself or any of its affiliates) money against the assets of the Funds, on such terms and conditions as the Trustee may determine, provided that the principal of and interest charged on such borrowing shall be paid out of the applicable Funds and shall constitute a charge against the applicable Funds; (e) employ such counsel, auditors, advisors, agents or other persons as the Trustee may deem necessary from time to time for the purpose of discharging its duties hereunder and to pay out of the applicable Fund or Funds their reasonable expenses and compensation; (f) delegate any of the powers and duties of the Trustee to any one or more agents, representatives, officers, employees, independent contractors or other persons without liability to the Manager or the Funds except as provided in this Master Trust Agreement; (g) hold, in trust, any securities, currencies or other assets that it may acquire hereunder, and generally, exercise, either personally or by general or limited power of attorney, any of the powers of an owner with respect to such securities or other assets held in a Fund; (h) do all such acts, take all such proceedings and exercise all such rights and privileges, although not specifically mentioned herein, as the Trustee, may deem necessary to administer the Funds, and to carry out the purposes of this trust. Without limiting the foregoing, subject to meeting its standard of care as described in Section 9.1, the Trustee may rely and act upon any statement, report or opinion prepared by or any advice received from the Auditor, solicitors or other professional advisors of each of the Funds and shall not be responsible nor held liable for any loss or damage resulting from so relying or acting if the advice was within the area of professional competence of the person from whom it was received, the Trustee acted in good faith in relying thereon and the professional advisor was aware that the Trustee was receiving the advice in its capacity as trustee of the Funds.