Modification of the Trust Deed Clause Samples
The "Modification of the Trust Deed" clause defines the process and conditions under which the terms of a trust deed can be changed after its initial creation. Typically, this clause outlines who has the authority to propose and approve amendments—such as the settlor, trustees, or beneficiaries—and may require certain procedures like written consent or a formal resolution. Its core practical function is to provide flexibility for the trust to adapt to changing circumstances or legal requirements, while also ensuring that modifications are made transparently and with appropriate oversight.
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Modification of the Trust Deed. 41.1 The Trustee and the Management Company acting together shall be entitled to modify, alter or add to the provisions of this Deed in such manner and to such extent as they may consider expedient for any purpose, subject only to the approval of SECP, if so required. Provided that, the Trustee and the Management Company shall certify in writing that, in their opinion such modification, alteration or addition is required pursuant to any amendment in the Rules and the Regulations or to ensure compliance with any fiscal or statutory requirement or to enable the provisions of this Deed to be more conveniently or economically managed or to enable the Units to be dealt in or quoted on the Stock Exchange or other wise for the benefit of the Holders and that it does not prejudice the interests of the Holders or any of them or operate to release the Trustee or the Management Company from any responsibility to the Holders.
41.2 Where this Deed has been altered or supplemented the Management Company shall notify the Holders immediately by publication in a widely circulated newspaper in Pakistan.
41.3 If the Commission modifies the Rules and/or Regulations these shall deem to have been included in this Trust Deed without requiring any modifications as such and shall prevail in case of conflict with the provisions of the Trust Deed.
41.4 If at any time, any Clause of this Deed is and/ or becomes in whole or in part, illegal, invalid or unenforceable under the laws of any applicable jurisdiction, neither the legality, validity and enforceability of the remaining Clauses of this Deed hereof, nor the legality, validity or enforceability of such Clause under the law of any other jurisdiction shall in any way be affected or impaired thereby.
Modification of the Trust Deed. 14.1 The Trustee and the Management Company acting together shall be entitled by deed supplemental hereto to modify, alter or add to the provisions of this Deed in such manner and to such extent as they may consider expedient for any purpose, subject to the approval of the SECP. Provided that, the Trustee and the Management Company shall certify in writing that, in their opinion such modification, alteration or addition is required pursuant to any amendment in the Rules and Regulations or to ensure compliance with any fiscal or statutory requirement or to enable the provisions of this Deed to be more efficiently, conveniently or economically managed or to enable the Units to be dealt in or quoted on Stock Exchange or otherwise for the benefit of the Unit Holder(s) and that it does not prejudice the interests of the Unit Holders or any of them or operate to release the Trustee or the Management Company from any responsibility to the Unit Holder(s).
14.2 The amended or supplemented Deed shall be binding on the Unit Holder(s) from the date of such amended or supplemented Deed. Where this Deed has been amended or supplemented the Management Company shall notify the Unit Holder(s) immediately. Failure to notify the Unit Holder(s) immediately of any amended or supplemented Deed shall not prejudice the validity or enforceability of the amended or supplemented Deed against the Unit Holder(s).
14.3 The Management Company may from time to time, under intimation to the Trustee, frame procedures for conducting the business of the Trust or in respect of any other matter incidental thereto; provided that such procedures are not inconsistent with the provisions of this Deed or the Offering Document.
14.4 If the Commission modifies the Rules and Regulations to allow any relaxations or exemptions, these will be deemed to have been included in this Trust Deed without requiring any modification as such.
14.5 If, at any time, any Clause of this Trust Deed is, or becomes, in whole or in part, illegal, invalid or unenforceable under the laws of any applicable jurisdiction, neither the legality, validity and enforceability of the remaining Clauses of this Trust Deed, nor the legality, validity or enforceability of such Clause under the law of any other jurisdiction shall in any way be affected or impaired thereby.
14.6 Where this Deed has been altered or supplemented, the Management Company shall notify the Unit Holders.
Modification of the Trust Deed. 20.1 In case the amendments are proposed in the fundamental attribute of the Constitutive Document of an open end scheme including category of scheme, investment objective and policy, increase in management fee and increase in contingent load, the asset management company must give at least ninety days prior notice to each Unit Holder about the proposed change and the Unit Holders shall be given an option to exit at the applicable Net Asset Value without charge of any Exit Load.
20.2 The Trustee and the Management Company acting together shall be entitled by a Supplemental Deed to modify, alter or add to the provisions of this Deed in such manner and to such extent as they may consider expedient for any purpose, subject to the prior approval of the SECP and subject to the condition that it does not prejudice the interests of unit holders.
20.3 If, at any time, any Clause of this Trust Deed is, or becomes, in whole or in part, illegal, invalid or unenforceable under the laws of any applicable jurisdiction, neither the legality, validity and enforceability of the remaining Clauses of this Trust Deed, nor the legality, validity or enforceability of such Clause under the law of any other jurisdiction shall in any way be affected or impaired thereby.
Modification of the Trust Deed. The Trustee may agree, without the consent of the Holders, to (i) any modification of any of these Conditions or any of the provisions of the Trust Deed that is of a formal, minor or technical nature or is made to correct a manifest error, and (ii) any other modification (except as mentioned in the Trust Deed), and any waiver or authorisation of any breach or proposed breach, of any of these Conditions or any of the provisions of the Trust Deed that is in the opinion of the Trustee not materially prejudicial to the interests of the Holders. Any such modification, authorisation or waiver shall be binding on the Holders and, if the Trustee so requires, such modification shall be notified to the Holders as soon as practicable.
Modification of the Trust Deed. The Trustee may, without the consent of the Noteholders or Couponholders, (i) agree to any modification of any of the provisions of the Trust Deed or these Conditions, the Notes or the Coupons that is, in the opinion of the Trustee, of a formal, minor or technical nature or is made to correct a manifest error or to comply with a mandatory provision of the laws of England, and (ii) agree to any other modification (except as mentioned in the Trust Deed), and waive or authorise any breach, continuing breach or proposed breach, of any of the provisions of the Trust Deed or these Conditions that is in the opinion of the Trustee not materially prejudicial to the interests of the Noteholders. Any such modification, authorisation or waiver shall be binding on the Noteholders and the Couponholders and, if the Trustee so requires, such modification shall be notified to the Noteholders as soon as practicable.
Modification of the Trust Deed. 24.1 In case the amendments are proposed in the fundamental attribute of the Constitutive Document of the Dolmen City REIT including category of scheme, investment objective and policy, increase in management fee, the RMC must give at least 30 (Thirty) days prior notice to each Unit Holder about the proposed change(s).
24.2 The Trustee and the RMC acting together shall be entitled by a Supplemental Deed to modify, alter or add to the provisions of this Deed in such manner and to such extent as they may consider expedient for any purpose, subject to the prior approval of the SECP and Shariah Advisor and subject to the condition that it does not prejudice the interests of Unit Holders.
24.3 If, at any time, any Clause of this Deed is, or becomes, in whole or in part, illegal, invalid or unenforceable under the laws of any applicable jurisdiction, neither the legality, validity and enforceability of the remaining Clauses of this Trust Deed, nor the legality, validity or enforceability of such Clause under the law of any other jurisdiction shall in any way be affected or impaired thereby.
Modification of the Trust Deed. 21.1 The Trustee and the Bank may by mutual agreement agree to modify These Presents, provided such modifications are of a routine nature. Provided however that any modification to These Presents which are detrimental to the Debenture Holders shall only be made with the consent of the Debenture Holders of at least three fourth (3/4) of the face value of the Debentures for the time being outstanding.
21.2 Upon a modification being duly made, the Bank shall within seven (7) days of the modification being made inform the Debenture Holders of such modification.
Modification of the Trust Deed. The Trustee may (upon prior notification by the Issuer to the Rating Agencies in the case of Rated Notes) agree with the Issuer and the Guarantor, without the Noteholders’ consent, to any modification of the Conditions or the Trust Deed or any Transaction Agreement that, in its opinion, is:
Modification of the Trust Deed. The Subordinated Noteholders may, by Special Resolution, sanction (inter alia) any modification or compromise of their rights and consent to any modification to this Trust Deed.
Modification of the Trust Deed. Schedule 3 (Provisions for Meetings of Noteholders) of the Trust Deed is hereby modified, with effect on and from the date of this First Supplemental Trust Deed, such that paragraph 15(b) shall be deleted in its entirety and replaced with the following new paragraph 15(b):