Common use of Duties and Responsibilities of the Trustee Clause in Contracts

Duties and Responsibilities of the Trustee. DURING DEFAULT; PRIOR TO DEFAULT....................... 46 SECTION 7.2. CERTAIN RIGHTS OF THE TRUSTEE...................................................................... 48 SECTION 7.3. TRUSTEE NOT RESPONSIBLE FOR RECITALS, DISPOSITION OF SECURITIES OR APPLICATION OF PROCEEDS THEREOF................................................................................... 49 SECTION 7.4. TRUSTEE AND AGENTS MAY HOLD SECURITIES; COLLECTIONS, ETC........................................... 49 SECTION 7.5. MONEYS HELD BY TRUSTEE............................................................................. 49 SECTION 7.6. COMPENSATION AND INDEMNIFICATION OF TRUSTEE AND ITS PRIOR CLAIM.................................... 49 SECTION 7.7. RIGHT OF TRUSTEE TO RELY ON OFFICERS' CERTIFICATE, ETC............................................. 50 SECTION 7.8. QUALIFICATION OF TRUSTEE; CONFLICTING INTERESTS.................................................... 50 SECTION 7.9. PERSONS ELIGIBLE FOR APPOINTMENT AS TRUSTEE........................................................ 50 SECTION 7.10. RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR TRUSTEE......................................... 51 SECTION 7.11. ACCEPTANCE OF APPOINTMENT BY SUCCESSOR TRUSTEE.................................................... 52 SECTION 7.12. MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS OF TRUSTEE............................ 53 SECTION 7.13. PREFERENTIAL COLLECTION OF CLAIMS AGAINST THE ISSUER.............................................. 53 SECTION 7.14. AUTHENTICATING AGENT.............................................................................. 57

Duties and Responsibilities of the Trustee. DURING DEFAULTDuring Default; PRIOR TO DEFAULT....................... 46 SECTION 7.2. CERTAIN RIGHTS OF THE TRUSTEE...................................................................... Prior to Default...................................... 48 SECTION 7.3. TRUSTEE NOT RESPONSIBLE FOR RECITALS, DISPOSITION OF SECURITIES OR APPLICATION OF PROCEEDS THEREOF................................................................................... 6.2 Certain Rights of the Trustee................... 49 SECTION 7.4. TRUSTEE AND AGENTS MAY HOLD SECURITIES; COLLECTIONS6.3 Trustee Not Responsible for Recitals, ETC........................................... 49 SECTION 7.5. MONEYS HELD BY TRUSTEE............................................................................. 49 SECTION 7.6. COMPENSATION AND INDEMNIFICATION OF TRUSTEE AND ITS PRIOR CLAIM.................................... 49 SECTION 7.7. RIGHT OF TRUSTEE TO RELY ON OFFICERS' CERTIFICATE, ETC............................................. 50 SECTION 7.8. QUALIFICATION OF TRUSTEE; CONFLICTING INTERESTS.................................................... 50 SECTION 7.9. PERSONS ELIGIBLE FOR APPOINTMENT AS TRUSTEE........................................................ 50 SECTION 7.10. RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR TRUSTEE......................................... Disposition of the Notes or Application of Proceeds Thereof................. 51 SECTION 7.11. ACCEPTANCE OF APPOINTMENT BY SUCCESSOR TRUSTEE.................................................... 6.4 Trustee and Agents May Hold Notes; Collections, etc................................ 51 SECTION 6.5 Moneys Held by Trustee.......................... 51 SECTION 6.6 Compensation and Indemnification of Trustee and Its Prior Claim.................. 52 SECTION 7.12. MERGER6.7 Right of Trustee to Rely on Officers' Certificate, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS OF TRUSTEE............................ etc................................ 53 SECTION 7.13. PREFERENTIAL COLLECTION OF CLAIMS AGAINST THE ISSUER.............................................. 6.8 Qualification of Trustee; Conflicting Interests....................................... 53 SECTION 7.14. AUTHENTICATING AGENT.............................................................................. 576.9 Persons Eligible for Appointment as Trustee...................................... 61 SECTION 6.10 Resignation and Removal; Appointment of Successor Trustee............................ 61 SECTION 6.11 Acceptance of Appointment by Successor Trustee............................... 63 SECTION 6.12 Merger, Conversion, Consolidation or Succession to Business of Trustee............... 64 SECTION 6.13 Preferential Collection of Claims Against the Issuer.............................. 65 SECTION 6.14 Appointment of Authenticating Agent........................................... 70 ARTICLE SEVEN CONCERNING THE NOTEHOLDERS SECTION 7.1 Evidence of Action Taken by Noteholders..................................... 71

Duties and Responsibilities of the Trustee. DURING DEFAULTDuring Default; PRIOR TO DEFAULTPrior to Default............. 32 SECTION 6.2 Certain Rights of the Trustee................ 33 SECTION 6.3 Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof............................. 34 SECTION 6.4 Trustee and Agents May Hold Securities or Coupons; Collections, etc.................... 35 SECTION 6.5 Monies Held by Trustee....................... 46 35 SECTION 7.2. CERTAIN RIGHTS OF THE TRUSTEE...................................................................... 48 6.6 Compensation and Indemnification of Trustee and Its Prior Claim.......................... 35 SECTION 7.3. TRUSTEE NOT RESPONSIBLE FOR RECITALS6.7 Right of Trustee to Rely on Officers' Certificate, DISPOSITION OF SECURITIES OR APPLICATION OF PROCEEDS THEREOF................................................................................... 49 etc............................. 36 SECTION 7.4. TRUSTEE AND AGENTS MAY HOLD SECURITIES6.8 Persons Eligible for Appointment as Trustee.. 36 SECTION 6.9 Resignation and Removal; COLLECTIONSAppointment of Successor Trustee; Conflicting Interests..... 36 SECTION 6.10 Acceptance of Appointment by Successor Trustee...................................... 38 SECTION 6.11 Merger, ETC........................................... 49 Conversion, Consolidation or Succession to Business of Trustee............ 39 SECTION 7.5. MONEYS HELD BY TRUSTEE............................................................................. 49 6.12 Preferential Collection of Claims Against the Issuer................................... 39 SECTION 7.6. COMPENSATION AND INDEMNIFICATION OF TRUSTEE AND ITS PRIOR CLAIM.................................... 49 SECTION 7.7. RIGHT OF TRUSTEE TO RELY ON OFFICERS' CERTIFICATE, ETC............................................. 50 SECTION 7.8. QUALIFICATION OF TRUSTEE; CONFLICTING INTERESTS.................................................... 50 SECTION 7.9. PERSONS ELIGIBLE FOR APPOINTMENT AS TRUSTEE........................................................ 50 SECTION 7.10. RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR TRUSTEE......................................... 51 SECTION 7.11. ACCEPTANCE OF APPOINTMENT BY SUCCESSOR TRUSTEE.................................................... 52 SECTION 7.12. MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS OF TRUSTEE............................ 53 SECTION 7.13. PREFERENTIAL COLLECTION OF CLAIMS AGAINST THE ISSUER.............................................. 53 SECTION 7.14. AUTHENTICATING AGENT.............................................................................. 576.13 Appointment of Authenticating Agent.......... 39

Duties and Responsibilities of the Trustee. DURING DEFAULTDuring Default; PRIOR TO DEFAULT....................... 46 Prior to Default.....................................................................36 SECTION 7.2. CERTAIN RIGHTS OF THE TRUSTEE...................................................................... 48 6.2 Certain Rights of the Trustee.........................................................37 SECTION 7.3. TRUSTEE NOT RESPONSIBLE FOR RECITALS6.3 Trustee Not Responsible for Recitals, DISPOSITION OF SECURITIES OR APPLICATION OF PROCEEDS THEREOF................................................................................... 49 Disposition of Securities or Application or Proceeds Thereof......................................................38 SECTION 7.4. TRUSTEE AND AGENTS MAY HOLD SECURITIES6.4 Trustee and Agents May Hold Securities or Coupons; COLLECTIONSCollections, ETC........................................... 49 etc.....................................................................38 SECTION 7.5. MONEYS HELD BY TRUSTEE............................................................................. 49 6.5 Moneys Held by Trustee................................................................38 SECTION 7.6. COMPENSATION AND INDEMNIFICATION OF TRUSTEE AND ITS PRIOR CLAIM.................................... 49 6.6 Compensation and Indemnification of Trustee and Its Prior Claim......................................................................39 SECTION 7.7. RIGHT OF TRUSTEE TO RELY ON OFFICERS' CERTIFICATE6.7 Right of Trustee to Rely on Officer's Certificate, ETC............................................. 50 etc................................39 SECTION 7.8. QUALIFICATION OF TRUSTEE6.8 Indentures Not Creating Potential Conflicting Interests for the Trustee......................................................................39 SECTION 6.9 Persons Eligible for Appointment as Trustee...........................................39 SECTION 6.10 Resignation and Removal; CONFLICTING INTERESTS.................................................... 50 Appointment of Successor Trustee.............................40 SECTION 7.9. PERSONS ELIGIBLE FOR APPOINTMENT AS TRUSTEE........................................................ 50 6.11 Acceptance of Appointment by Successor Trustee........................................41 SECTION 7.10. RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR TRUSTEE......................................... 51 6.12 Merger, Conversion, Consolidation or Succession to Business of Trustee...........................................................................42 SECTION 7.11. ACCEPTANCE OF APPOINTMENT BY SUCCESSOR TRUSTEE.................................................... 52 6.13 Preferential Collection of Claims Against the Issuer..................................43 SECTION 7.12. MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS OF TRUSTEE............................ 53 SECTION 7.13. PREFERENTIAL COLLECTION OF CLAIMS AGAINST THE ISSUER.............................................. 53 SECTION 7.14. AUTHENTICATING AGENT.............................................................................. 576.14