Common use of Trustees’ Employment of Experts; Delaware Trustee’s Employment of Counsel Clause in Contracts

Trustees’ Employment of Experts; Delaware Trustee’s Employment of Counsel. (a) The Trustees may, but shall not be required to, retain and/or consult with counsel, accountants, appraisers, auditors, forecasters, experts, financial and investment advisors and such other parties deemed by the Trustees to be qualified as experts on the matters submitted to them (the “Trust Professionals”), and in the absence of gross negligence, the written opinion of or information provided by any such party deemed by the Trustees to be an expert on the particular matter submitted to such party shall be full and complete authorization and protection in respect of any action taken or not taken by the Trustees hereunder in good faith and in accordance with the written opinion of or information provided by any such party. (b) The Delaware Trustee shall be permitted to retain counsel only in such circumstances as required in the exercise of its obligations hereunder and compliance with the advice of such counsel shall be full and complete authorization and protection for actions taken or not taken by the Delaware Trustee in good faith in compliance with such advice.

Appears in 3 contracts

Samples: Asbestos Pi Trust Agreement (W R Grace & Co), Asbestos Property Damage Settlement Trust Agreement (W R Grace & Co), Settlement Agreement

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Trustees’ Employment of Experts; Delaware Trustee’s Employment of Counsel. (a) The Trustees Trustee may, but shall not be required to, retain and/or consult with counsel, accountants, appraisers, auditors, forecasters, experts, financial and investment advisors and such other parties deemed by the Trustees Trustee to be qualified as experts on the matters submitted to them (the “Trust Professionals”), and in the absence of gross negligence, the written opinion of or information provided by any such party deemed by the Trustees Trustee to be an expert on the particular matter submitted to such party shall be full and complete authorization and protection in respect of any action taken or not taken by the Trustees Trustee hereunder in good faith and in accordance with the written opinion of or information provided by any such party. (b) The Delaware Trustee shall be permitted to retain counsel only in such circumstances as required in the exercise of its obligations hereunder and compliance with the advice of such counsel shall be full and complete authorization and protection for actions taken or not taken by the Delaware Trustee in good faith in compliance with such advice.

Appears in 2 contracts

Samples: Asbestos Personal Injury Trust Agreement, Trust Agreement (Motors Liquidation Co)

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Trustees’ Employment of Experts; Delaware Trustee’s Employment of Counsel. (a) The Trustees may, but shall not be required to, retain and/or consult with counsel, accountants, appraisers, auditors, forecasters, experts, financial and investment advisors advisors, and such other parties deemed by the Trustees to be qualified as experts on the matters submitted to them (the “Trust Professionals”)them, and and, in the absence of gross negligence, the written opinion of or information provided by any such party deemed by the Trustees to be an expert on the particular matter submitted to such party him or her by the Trustees shall be full and complete authorization and protection in respect of any action taken or not taken by the Trustees hereunder in good faith and in accordance with the written opinion of or information provided by any such party. (b) The Delaware Trustee shall be permitted to retain counsel only in such circumstances as required in the exercise of its obligations hereunder and compliance with the advice of such counsel shall be full and complete authorization and protection for actions taken or not taken by the Delaware Trustee in good faith in compliance with such advice.

Appears in 1 contract

Samples: Asbestos Personal Injury Trust Agreement (Owens Corning/Fibreboard Asbestos Personal Injury Trust)

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