Common use of Trustees Powers and Duties Clause in Contracts

Trustees Powers and Duties. 1. The Trustee shall use reasonable and prudent care and reasonable and prudent diligence in the exercise of his/her powers and the performance of his/her duties as Trustee. 2. With respect to the Fund, the Trustee shall have the following duties and powers, in addition to and not in limitation of the powers granted or conferred by law, all of which shall be exercised in a fiduciary capacity: (a) to collect and receive any and all money and other property of whatever kind or nature due or owing or belonging to the Fund and to give full discharge and acquittance therefor, and to extend for a reasonable period of time, the time of payment of any obligation at any time owing to the Fund. (b) to disburse Income or Corpus only pursuant to the conditions set forth in Articles 16, 21, and 22 of this Agreement. 3. The Trustee shall follow the written directions of the Trust Fund Committee with respect to the retention, purchase, sale or encumbrance of trust property and the investment and reinvestment of Principal and Income held hereunder, the sole authority and discretion for which shall belong to the Trust Fund Committee (provided, however, that the Trust Fund Committee shall not be authorized to direct the Trustee to purchase any asset that would violate federal, state or local law, or the provisions of this Agreement). The Trust Fund Committee shall have full authority to direct the Trustee to take any action with respect to the trust assets that the Trustee is authorized to take under this Agreement. 4. The Trustee shall not be accountable for any loss or depreciation in value sustained by reason of action taken pursuant to direction of the Trust Fund Committee. 5. The Trustee shall have the entire care and custody of all of the assets comprising the Fund and shall have sole responsibility for: (a) making all payment of liabilities and administration expenses; and, (b) effecting all distributions pursuant to the instruction of the Trust Fund Committee, whether of Principal or of Income, to the Republic of the Xxxxxxxx Islands under this Agreement. 6. The Trustee shall maintain full and accurate books of account and records of all financial transactions relative to the Fund, which shall be available at all reasonable times for inspection by the Trust Fund Committee or its representatives. 7. The Trustee shall make quarterly reports to the Trust Fund Committee on performance and activity of the Fund. 8. The Trustee shall be entitled to reasonable fees and expenses as compensation for his services as Trustee hereunder. Such fees shall be subject to the prior written agreement and approval by the Trust Fund Committee. Such fees and expenses shall be paid from Income or, when necessary, from the Corpus, pursuant to the terms of Article 16.

Trustees Powers and Duties. 1. The Trustee shall use reasonable and prudent care and reasonable and prudent diligence in the exercise of his/her powers and the performance of his/her duties as Trustee. 2. With respect to the Fund, the Trustee shall have the following duties and powers, in addition to and not in limitation of the powers granted or conferred by law, all of which shall be exercised in a fiduciary capacity: (a) to To collect and receive any and all money and other property of whatever kind or nature due or owing or belonging to the Fund and to give full discharge and acquittance therefor, and to extend for a reasonable period of time, the time of payment of any obligation at any time owing to the Fund. (b) to To disburse Income or Corpus only pursuant to the conditions set forth in Articles 1615, 2120, and 22 21 of this Agreement. 3. The Trustee shall follow the written directions of the Joint Trust Fund Committee with respect to the retention, purchase, sale or encumbrance of trust property and the investment and reinvestment of Principal and Income held hereunder, the sole authority and discretion for which shall belong to the Joint Trust Fund Committee (provided, however, that the Joint Trust Fund Committee shall not be authorized to direct the Trustee to purchase any asset that would violate federal, state or local law, or the provisions of this Agreement). The Joint Trust Fund Committee shall have full authority to direct the Trustee to take any action with respect to the trust assets that the Trustee is authorized to take under this Agreement. 4. The Trustee shall not be accountable for any loss or depreciation in value sustained by reason of action taken pursuant to direction of the Joint Trust Fund Committee. 5. The Trustee shall have the entire care and custody of all of the assets comprising the Fund and shall have sole responsibility for: (a) making all payment of liabilities and administration expenses; and, (b) effecting all distributions pursuant to the instruction of the Joint Trust Fund Committee, whether of Principal or of Income, to the Republic Federated States of the Xxxxxxxx Islands Micronesia under this Agreement. 6. The Trustee shall maintain full and accurate books of account and records of all financial transactions relative to the Fund, which shall be available at all reasonable times for inspection by the Joint Trust Fund Committee or its representatives. 7. The Trustee shall make quarterly reports to the Trust Fund Committee on performance and activity of the Fund. 8. The Trustee shall be entitled to reasonable fees and expenses as compensation for his services as Trustee hereunder. Such fees shall be subject to the prior written agreement and approval by the Joint Trust Fund Committee. Such fees and expenses shall be paid from Income or, when necessary, from the Corpus, pursuant to the terms of Article 1615.

Trustees Powers and Duties. 1. The Trustee shall use reasonable and prudent care and reasonable and prudent diligence in the exercise of his/her powers and the performance of his/her duties as Trustee. 2. With respect to the Fund, the Trustee shall have the following duties and powers, in addition to and not in limitation of the powers granted or conferred by law, all of which shall be exercised in a fiduciary capacity: (a) to To collect and receive any and all money and other property of whatever kind or nature due or owing or belonging to the Fund and to give full discharge and acquittance therefor, and to extend for a reasonable period of time, the time of payment of any obligation at any time owing to the Fund. (b) to To disburse Income or Corpus only pursuant to the conditions set forth in Articles 16, 21, and 22 of this Agreement. 3. The Trustee shall follow the written directions of the Joint Trust Fund Committee with respect to the retention, purchase, sale or encumbrance of trust property and the investment and reinvestment of Principal and Income held hereunder, the sole authority and discretion for which shall belong to the Joint Trust Fund Committee (provided, however, that the Joint Trust Fund Committee shall not be authorized to direct the Trustee to purchase any asset that would violate federal, state or local law, or the provisions of this Agreement). The Joint Trust Fund Committee shall have full authority to direct the Trustee to take any action with respect to the trust assets that the Trustee is authorized to take under this Agreement. 4. The Trustee shall not be accountable for any loss or depreciation in value sustained by reason of action taken pursuant to direction of the Joint Trust Fund Committee. 5. The Trustee shall have the entire care and custody of all of the assets comprising the Fund and shall have sole responsibility for: (a) making all payment of liabilities and administration expenses; and, (b) effecting all distributions pursuant to the instruction of the Joint Trust Fund Committee, whether of Principal or of Income, to the Republic Federated States of the Xxxxxxxx Islands Micronesia under this Agreement. 6. The Trustee shall maintain full and accurate books of account and records of all financial transactions relative to the Fund, which shall be available at all reasonable times for inspection by the Joint Trust Fund Committee or its representatives. 7. The Trustee shall make quarterly reports to the Trust Fund Committee on performance and activity of the Fund. 8. The Trustee shall be entitled to reasonable fees and expenses as compensation for his services as Trustee hereunder. Such fees shall be subject to the prior written agreement and approval by the Joint Trust Fund Committee. Such fees and expenses shall be paid from Income or, when necessary, from the Corpus, pursuant to the terms of Article 16.

Trustees Powers and Duties. 1In addition to any powers hereinbefore conferred upon the Trustee, and subject to any rights or uses reserved to the beneficiaries, the Trustee is empowered to take any action desirable for the complete administration of the trust created hereunder, including power to sell, at public or private sale, any real or personal property belonging to the trust, at whatever prices and upon whatever terms the Trustee shall deem advisable; to retain, invest and reinvest the said funds in Government securities, insured bank accounts, publicly traded stocks and securities or other like investments as the Trustee, in his/her sole and absolute discretion, shall deem advisable, and without responsibility for diversification; to purchase and own real property; to mortgage real property owned by the trust; to borrow money or to guarantee loans; and to compromise any claim against or in favor of the trust to the extent deemed advisable by the trustee together with any additional powers provided by law. Upon the termination of the Trust, the Trustee may continue to exercise any of the powers described above as he/she shall deem reasonable and necessary to wind up the affairs of the Trust and to distribute the assets of the Trust to the named beneficiaries. The Trustee herein shall use reasonable be permitted to qualify and prudent care and reasonable and prudent diligence in act as such without the exercise giving of his/her powers and a bond for the faithful performance of his/her duties as Trustee. 2. With respect to the Fund, the Trustee shall have the following duties and powers, in addition to and not in limitation of the powers granted or conferred by law, all of which shall be exercised in a fiduciary capacity: (a) to collect and receive any and all money and other property of whatever kind or nature due or owing or belonging to the Fund and to give full discharge and acquittance therefor, and to extend for a reasonable period of time, the time of payment of any obligation at any time owing to the Fund. (b) to disburse Income or Corpus only pursuant to the conditions set forth in Articles 16, 21, and 22 of this Agreement. 3duties. The Trustee shall follow provide the written directions Grantors and/or the Internal Revenue Service, if required by law, with an annual statement of account stating all of the Trust Fund Committee income and expenses of the trust, together with respect to all disbursements and distributions made on behalf of the retention, purchase, sale or encumbrance of trust property and Successor Trustee. In the investment and reinvestment of Principal and Income held hereunder, the sole authority and discretion for which shall belong to the Trust Fund Committee (provided, however, that the Trust Fund Committee shall not be authorized to direct event the Trustee herein is unable to purchase any asset that would violate federalcontinue to serve in such capacity, state whether because of death, disability, resignation or local lawotherwise, or Xxxxx Xxxxxxx shall serve as Successor Trustee. If the provisions said Xxxxx Xxxxxxx undertakes the said office of this Agreement). The Trust Fund Committee shall have full authority to direct the Successor Trustee to take any action with respect to the trust assets that the Trustee is authorized to take under this Agreement. 4. The Trustee shall not be accountable for any loss or depreciation in value sustained by reason of action taken pursuant to direction of the Trust Fund Committee. 5. The Trustee herein, he/she shall have the entire care same obligations, responsibilities and custody of powers as the original Trustee and shall be bound, in all respects, by all of the assets comprising the Fund terms and shall have sole responsibility for: (a) making all payment conditions of liabilities and administration expenses; and, (b) effecting all distributions pursuant to the instruction of the this Trust Fund Committee, whether of Principal or of Income, to the Republic of the Xxxxxxxx Islands under this Agreement. 6. The Trustee shall maintain full and accurate books of account and records of all financial transactions relative to the Fund, which shall be available at all reasonable times for inspection by the Trust Fund Committee or its representatives. 7. The Trustee shall make quarterly reports to the Trust Fund Committee on performance and activity of the Fund. 8. The Trustee shall be entitled to reasonable fees and expenses as compensation for his services as Trustee hereunder. Such fees shall be subject to the prior written agreement and approval by the Trust Fund Committee. Such fees and expenses shall be paid from Income or, when necessary, from the Corpus, pursuant to the terms of Article 16.

Trustees Powers and Duties. 1(a) The Trustee warrants and undertakes that the Client Account(s) and Escrow Account(s), except as otherwise required in the exercise of the Trustee's powers and obligations herein will remain free from charge, lien, mortgage or encumbrance and will be used only for holding monies for third parties in trust and will not be used for any other purpose by the Trustee or any affiliated or subsidiary company of the Trustee (save for the subsequent disbursement of funds under the terms of the Deed of Trust). (b) The Trustee shall be entitled to obtain legal advice from its solicitors for the time being and/or the opinion of counsel on any matter relating to the Trust Property or in relation to the trust hereby constituted or the exercise of the Trustee's power or duties hereunder and this shall be at the expense of the Members and the Developer proportionately. 6.2. The Trustee shall use reasonable and prudent care and reasonable and prudent diligence have the following additional powers: (a) No form of Purchase Agreement or other form of private contract whereby the Developer sells or offers to sell Occupancy Rights may be used other than in the exercise form annexed without the express written approval of his/her powers and the performance Trustee which will not be unreasonably refused. (b) The Trustee or its nominee shall act as Escrow Holder in respect of his/her duties as all monies payable under any contracts whereby any person or firm applies to become a Member of the Club, in accordance with the terms of Clause 4 above, which shall not be altered or amended to the prejudice of any prospective Member without the express written approval of the Trustee. 2. With respect (c) The Trustee shall maintain an up-to-date schedule of the Accommodation together with the value of Points attributable to the FundAccommodation (d) All Points Certificates shall be issued or reissued by the Trustee. The Certificates shall be authenticated in such manner as the Trustee shall from time to time consider appropriate. (e) Notwithstanding the provisions of this Deed the Trustee or any subsidiary or associated company of the Trustee shall not be precluded from acting as Banker to the Developer, the Management Company or the Club nor from making any advances to the Developer, the Management Company or the Club on such terms as may be agreed or from making any contract or entering into any financial or other transaction in the ordinary course of business with the Developer, the Management Company or the Club and shall be entitled to charge interest on overdrawn accounts and to make the usual Banker's charges and shall not be liable to account to the Developer, the Management Company or the Club for any profit made in connection with so acting. In respect of any sums so advanced, the Trustee shall be entitled to have recourse to and be indemnified out of such part of the Trust Property as is held to the order of the Developer, the Management Company or the Club, or the proceeds of sale thereof, and for such purposes shall have all the powers of an absolute owner to sell, let, mortgage or otherwise dispose of same, or any part thereof, unrestricted by clause 3 herein or the Rules. (f) The Trustee shall be entitled to have recourse to, and be indemnified out of, the Trust Property or the proceeds of the sale thereof for all sums expended by the Trustee in or about or in any way in connection with the Trusts of this Deed for all sums (including remuneration) payable to the Trustee herein and to meet and discharge the cost of any indemnity to which it is entitled herein and for such purposes shall have all the powers of an absolute owner to sell, let, mortgage or otherwise dispose of the Trust Property or any part thereof unrestricted by Clause 3 hereof or the Rules. (g) If the Management Company fail to maintain adequate insurance cover for the Accommodation and Trust Property, where applicable, the Trustee shall have the following duties and powers, in addition power to and not in limitation arrange such cover on behalf of the powers granted or conferred by law, all of which shall be exercised in a fiduciary capacity: (a) to collect and receive any and all money and other property of whatever kind or nature due or owing or belonging to the Fund and to give full discharge and acquittance therefor, and to extend for a reasonable period of time, the time of payment of any obligation at any time owing to the FundMembers. (b) to disburse Income or Corpus only pursuant to the conditions set forth in Articles 16, 21, and 22 of this Agreement. 3. The Trustee shall follow the written directions of the Trust Fund Committee with respect to the retention, purchase, sale or encumbrance of trust property and the investment and reinvestment of Principal and Income held hereunder, the sole authority and discretion for which shall belong to the Trust Fund Committee (provided, however, that the Trust Fund Committee shall not be authorized to direct the Trustee to purchase any asset that would violate federal, state or local law, or the provisions of this Agreement). The Trust Fund Committee shall have full authority to direct the Trustee to take any action with respect to the trust assets that the Trustee is authorized to take under this Agreement. 4. The Trustee shall not be accountable for any loss or depreciation in value sustained by reason of action taken pursuant to direction of the Trust Fund Committee. 5. The Trustee shall have the entire care and custody of all of the assets comprising the Fund and shall have sole responsibility for: (a) making all payment of liabilities and administration expenses; and, (b) effecting all distributions pursuant to the instruction of the Trust Fund Committee, whether of Principal or of Income, to the Republic of the Xxxxxxxx Islands under this Agreement. 6. The Trustee shall maintain full and accurate books of account and records of all financial transactions relative to the Fund, which shall be available at all reasonable times for inspection by the Trust Fund Committee or its representatives. 7. The Trustee shall make quarterly reports to the Trust Fund Committee on performance and activity of the Fund. 8. The Trustee shall be entitled to reasonable fees and expenses as compensation for his services as Trustee hereunder. Such fees shall be subject to the prior written agreement and approval by the Trust Fund Committee. Such fees and expenses shall be paid from Income or, when necessary, from the Corpus, pursuant to the terms of Article 16.