Common use of Rights; Liability; Resignation or Removal Clause in Contracts

Rights; Liability; Resignation or Removal. Each separate trustee and co-trustee will, if permitted by law, be appointed and act subject to the following: (i) all rights, powers and obligations of the Owner Trustee will be exercised or performed by the Owner Trustee and the separate trustee or co-trustee jointly (it being understood that the separate trustee or co-trustee is not authorized to act separately without the Owner Trustee joining in the act), except if under the law of each jurisdiction in which a particular act or acts are to be performed, the Owner Trustee is incompetent or unqualified to perform the act or acts, in which event the rights, powers and obligations (including the holding of title to any Trust Property) may be exercised and performed separately by the separate trustee or co-trustee; (ii) no trustee under this Agreement will be personally liable for any act or failure to act by another trustee under this Agreement; and (iii) the Administrator and the Owner Trustee acting jointly may accept the resignation of or remove a separate trustee or co-trustee.

Rights; Liability; Resignation or Removal. Each separate trustee and co-trustee will, if permitted by lawLaw, be appointed and act subject to the following: (i) all rights, powers and obligations of the Owner Trustee will be exercised or performed by the Owner Trustee and the separate trustee or co-trustee jointly (it being understood that the separate trustee or co-trustee is not authorized to act separately without the Owner Trustee joining in the act), except if under the law Law of each jurisdiction in which a particular act or acts are to be performed, the Owner Trustee is incompetent or unqualified to perform the act or acts, in which event the rights, powers and obligations (including the holding of title to any Trust Property) may be exercised and performed separately by the separate trustee or co-trustee; (ii) no trustee under this Agreement will be personally liable for any act or failure to act by another trustee under this Agreement; and (iii) the Administrator and the Owner Trustee acting jointly may accept the resignation of or remove a separate trustee or co-trustee.