Common use of Powers of the Trustee Clause in Contracts

Powers of the Trustee. Except as set forth in Section 1.03(a) and this Article II, the duty and authority to manage the business and affairs of the Trust is hereby vested exclusively in the Sponsor, which duty and authority the Sponsor may delegate as provided herein, all pursuant to Section 3806(b)(7) of the Delaware Trust Statute. The Trustee shall not be entitled to exercise any of the powers of the Sponsor as described in this Trust Agreement. The Trustee shall have no responsibility or liability for the vesting of managerial authority as aforesaid, shall have no duty to supervise or monitor the Sponsor’s performance of its duties and responsibilities hereunder, and the Trustee shall not have any of the duties and responsibilities of the Sponsor described in this Trust Agreement. The Trustee shall be a Trustee for the sole and limited purpose of fulfilling the requirements of Section 3807 of the Delaware Trust Statute. The Trustee shall have only the rights, obligations and liabilities specifically provided for herein and shall have no implied rights, duties, obligations and liabilities with respect to the business and affairs of the Trust or otherwise. The Trustee shall have the power and authority to execute and file certificates as required by the Delaware Trust Statute and to accept service of process on the Trust in the State of Delaware. The Trustee shall provide prompt notice to the Sponsor of its performance of any of the acts referred to in the immediately preceding sentence. The Sponsor shall reasonably keep the Trustee informed of any actions taken by the Sponsor with respect to the Trust that would reasonably be expected to affect the rights, obligations or liabilities of the Trustee hereunder or under the Delaware Trust Statute.