Common use of Powers Exercisable on Direction from the Manager or Investment Advisor Clause in Contracts

Powers Exercisable on Direction from the Manager or Investment Advisor. The Trustee may, on Direction from the Manager or an Investment Advisor: (a) with any cash held by it, purchase, or otherwise acquire, any securities, currencies or other property of a kind permitted as aforesaid and to purchase, hold and retain the same in trust hereunder; (b) enter into and settle foreign exchange transactions on behalf of the Funds with such counterparts as the Trustee may choose in its sole discretion including its affiliates; (c) sell, convey, exchange for other securities or other property, convert, transfer, assign, pledge, encumber or otherwise dispose of any assets held by it at any time, by any means considered reasonable by the Trustee, and to receive the consideration and grant discharges therefor; (d) lend money whether secured or unsecured; (e) engage in activities specified in Section 7.2(b) to (e); (f) to 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; provided, however, that the Trustee shall not be obliged or required to do so unless it has been indemnified to its satisfaction against all expenses and liabilities sustained or anticipated by the Trustee by reason thereof; (g) complete and process such Voting Materials and process Corporate Actions, provided that the Manager or Investment Advisor has provided Directions to the Trustee within the time frames specified by the Trustee in its notice relating to such Voting Materials or Corporate Actions. Where Directions have not been provided by the Manager or Investment Advisor within such time frames, the Trustee will take no action except only in the case of Corporate Actions and where a default exists, a Fund will receive such default option as outlined in the notice. In the event that Directions have been provided after such time frames, the Trustee shall use reasonable efforts to process such Voting Materials or Corporate Actions but the Trustee shall have no liability for failure to process such Voting Materials or Corporate Actions; (h) renew or extend or participate in the renewal or extension of any securities or other property, upon such terms as it may deem advisable, and to agree to a reduction in the rate of interest on any security or other property or of any guarantee pertaining thereto, in any manner and to any extent that it may deem advisable; to waive any default whether in the performance of any covenant or condition of any security or other property, or in the performance of any guarantee, or to enforce rights in respect of any such default in such manner and to such extent as it may deem advisable; to exercise and enforce any and all rights of foreclosure, to bid on property on sale or foreclosure with or without paying a consideration therefor and in connection therewith to release the obligation on the covenant secured by such security and to exercise and enforce in any action, suit or proceeding at law or in equity any rights or remedies in respect of any such security or guarantee pertaining thereto; (i) make, execute, acknowledge and deliver any and all deeds, leases, mortgages, conveyances, contracts, waivers, releases or other documents of transfer and any and all other instruments in writing that may be necessary or proper for the accomplishment of any of the powers herein granted, whether for a term extending beyond the office of the Trustee or beyond the possible termination of any Fund or for a lesser term; (j) hold such portion of the property of the Funds in cash as the Manager, from time to time, may deem to be in the best interests of the applicable Fund and to retain the cash balances on deposit with the Trustee or any of its affiliates or with a chartered bank or other depository, in such account or accounts as the Trustee in its sole discretion determines, whether or not such deposits will draw interest, or to invest such cash balances in the guaranteed investment certificates of the Trustee or any of its affiliates or to invest such cash balances in units of such short term investment funds as may be established by the Trustee or its affiliates by declaration of trust or otherwise provided a copy of the applicable declaration of trust or other documentation is provided to the Manager; (k) subject to section 9.2(k), purchase, hold and sell gold, silver and other precious metals; and, (l) borrow securities on behalf of a Fund pursuant to an agreement with a financial institution, including the Trustee, and in connection therewith to accept securities and deliver collateral in accordance with such agreement.