Common use of Trustee's Duties Clause in Contracts

Trustee's Duties. The Trustee must: (a) devote as much of the Trustee’s time and attention as is reasonably required, having regard to the services provided by agents, delegates and nominees, for the management, operation and administration of the business and affairs of the Trust; (b) manage, operate and administer the business and affairs of the Trust in a proper and efficient manner and, subject to the provisions of this Deed and the Unit Holders Deed, in the best interests of the Unit Holders; (c) perform its obligations under this Deed: (i) honestly; and (ii) with the degree of care and diligence of a reasonable prudent person of business; (d) not make use of information acquired from any other person as a result of the Trustee being the trustee of the Trust in order to: (i) gain an improper advantage for the Trustee or another person; or (ii) cause detriment to the Unit Holders or any Class of Unit Holders; and (e) have a reasonable basis for forming opinions; (f) act impartially and independently; (g) maintain a written record of any conflict of interest of the Trustee in respect of the Trust (setting out the nature of the conflict and its extent and the date on which the Trustee notified the Unit Holders of the conflict of interest); and (h) give notice of the nature and extent of a conflict of interest of the Trustee in respect of the Trust to each Unit Holder promptly on becoming aware of that conflict of interest of the Trustee, except to the extent that the conflict has already been disclosed to Unit Holders (including in or under this Deed or an Other Transaction Document or in any report or notice given to the Preference Unit Holders under this Deed or an Other Transaction Document).