Trustee's discretion. The Trustee shall (save as expressly otherwise provided herein) as regards all the trusts, powers, authorities and discretions vested in it by this Trust Deed or by operation of law have absolute and uncontrolled discretion as to the exercise or non-exercise thereof and the Trustee shall not be responsible for any Liability that may result from the exercise or non-exercise thereof but, whenever the Trustee is under the provisions of this Trust Deed bound to act at the request or direction of the Noteholders, the Trustee shall nevertheless not be so bound unless first indemnified and/or secured and/or prefunded to its satisfaction against all actions, proceedings, claims and demands to which it may render itself liable and all costs, charges, damages, expenses and liabilities which it may incur by so doing;
Trustee's discretion the Trustee shall (save as expressly otherwise provided herein) as regards all the trusts, powers, authorities and discretions vested in it by this Trust Deed or by operation of law, have absolute and uncontrolled discretion as to the exercise or non-exercise thereof and the Trustee shall not be responsible for any Liability that may result from the exercise or non-exercise thereof but whenever the Trustee is under the provisions of this Trust Deed bound to act at the request or direction of the Noteholders, the Trustee shall nevertheless not be so bound unless first indemnified and/or provided with security to its satisfaction against all actions, proceedings, claims and demands to which it may render itself liable and all costs, charges, damages, expenses and liabilities which it may incur by so doing. Without limiting the general statement above, the Trustee may refrain from taking any action in any jurisdiction if the taking of such action in that jurisdiction would, in its opinion based upon legal advice in the relevant jurisdiction, be contrary to any law of that jurisdiction or, to the extent applicable, of England. Furthermore, the Trustee may also refrain from taking such action if it would otherwise render it liable to any person in that jurisdiction or England or if, in its opinion based upon such legal advice, it would not have the power to do the relevant thing in that jurisdiction by virtue of any applicable law in that jurisdiction or in England or if it is determined by any court or other competent authority in that jurisdiction or in England that it does not have such power;
Trustee's discretion the Trustee shall (save as expressly otherwise provided herein) as regards all the trusts, powers, authorities and discretions vested in it by this Trust Deed or by operation of law, have absolute and uncontrolled discretion as to the exercise or non- exercise thereof and the Trustee shall not be responsible for any Liability that may result from the exercise or non- exercise thereof but whenever the Trustee is under the provisions of this Trust Deed bound to act at the request or direction of the Noteholders, the Trustee shall nevertheless not be so bound unless first indemnified and/or provided with security and/or pre-funded to its satisfaction against all actions, proceedings, claims and demands to which it may render itself liable and all Liabilities which it may incur by so doing. Notwithstanding anything else contained in this Trust Deed or the other transaction documents, the Trustee may refrain from (a) doing anything which would or might in its opinion be illegal or contrary to any law of any jurisdiction or any directive or regulation of any agency of any state (including, without limitation, section 619 of the Xxxx-Xxxxx Xxxx Street Reform and Consumer Protection Act), or which would or might otherwise render it liable to any Person and may do anything which is, in its opinion, necessary to comply with any such law, directive or regulation or (b) doing anything which may cause the Trustee to be considered a sponsor of a covered fund under section 619 of the X Xxxx-Xxxxx Xxxx Street Reform and Consumer Protection Act and any regulations promulgated thereunder;
Trustee's discretion a) The Trustees shall hold the Trust Fund for the benefit of any one or more of the Potential Beneficiaries and in such shares (or wholly to one) and for such interests (including creating further Trusts) as they shall appoint.
b) Subject to any appointment the Trustees shall accumulate the whole or part of the income (if any) of the Trust Fund. That income shall be added to the Trust Fund.
c) The Trustees have power to apply any sum of income or capital towards the maintenance, education or benefit of any Beneficiary.
d) The Trustees may pay any such sum of income or capital to a minor’s parent or guardian for the minor’s behalf and the receipt of the parent or guardian shall be a complete discharge to the Trustees.
e) Subject to and in default of any appointment, and so far as any such appointment shall not extend or shall fail for any reason, then the Trustees shall hold the Trust Fund on trust for such of the Potential Beneficiaries that are still living at the end of the Trust Period, and if more than one in equal shares absolutely.
f) Subject to that, if there are no Potential Beneficiaries alive at the end of the Trust Period or the Trust Fund is not wholly disposed of, then the Trustees shall hold the Trust Fund and the income thereof for such charities as the Trustees shall determine.
Trustee's discretion. The Trustees shall have the sole and absolute authority to adopt any rules and regulations they deem necessary to carry out the administration of the Plan and to decide any disputes concerning the Employer's obligations under this Participation Agreement and the Plan, Trust Agreement, Collection Procedures, and any other rules and regulations.
Trustee's discretion. Unless specifically limited, all discretions conferred upon the Trustee shall be absolute, and the Trustee's exercise shall be conclusive on all persons interested in the Trusts. With respect to the rights of the Trustee to distribute income and/or principal of any Trust, not otherwise required to be distributed, to or for the use and benefit of any Beneficiary of such Trust, the Trustee deems appropriate, any other income and the financial resources of such Beneficiary, so far as known to the Trustee.
Trustee's discretion. Whenever pursuant to this Indenture, exercises any right given to it to approve or disapprove, or any arrangement or term is to be satisfactory to Trustee, the decision of Trustee to approve or disapprove or to decide whether arrangements or terms are satisfactory or not satisfactory shall (except as is otherwise specifically herein provided) be in the sole discretion of Trustee and shall be final and conclusive. Whenever this Indenture expressly provides that Trustee may not withhold its consent or its approval of an arrangement or term, such provisions shall also be deemed to prohibit Trustee from delaying or conditioning such consent or approval.
Trustee's discretion. The Trustees retain the discretion to revise these standards from time to time.
Trustee's discretion. The decision of the Trustee in exercising any of the discretions granted hereunder shall be conclusive and binding upon all persons.
Trustee's discretion. In exercising any discretion the Trustees may, but shall not be required to, consider and accept as correct any statement that the Trustees believe to be reliable made by any person, including a person interested in the way in which the discretion is exercised. The Trustees, in exercising any discretionary authority given to them under any provision of this Trust Agreement, shall not be required to take into account any other resources of income or of principal available to the person to whom a distribution is under consideration. It is Settlor’s intent that the Trustees exhaust this trust before using the funds in any other trust established by Settlor for the benefit of the beneficiary. Where the Settlor has directed that other resources, including government benefits and entitlement, are to be taken into account, such direction expresses Settlor’s intent that trust benefits shall supplement such government benefits and entitlement, and that the Trustees shall not be obligated to use trust funds to pay for services or benefits provided by such government benefits and entitlement. Except as Settlor’s intent is otherwise expressed by the foregoing provision, Settlor declares that in creating the trust provided for herein, Settlor’s primary purpose has been to benefit the beneficiary of the income and not to preserve the principal for the benefit of the remaindermen, and Settlor directs that this purpose be carried out in determining any questions which may arise between the interests of the beneficiary of the income and the interests of the beneficiaries of the remainder.
