Right Not to Act. The Trustee shall retain the right not to act and shall not be liable for refusing to act if, due to a lack of information or for any other reason whatsoever, the Trustee, acting reasonably, determines that such act might cause it to be in non-compliance with any applicable anti-money laundering or anti-terrorist legislation, regulation or guideline. Further, should the Trustee, acting reasonably, determine at any time that its acting under this Agreement has resulted in its being in non- compliance with any applicable anti-money laundering or anti-terrorist legislation, regulation or guideline, then it shall have the right to resign on ten (10) days written notice to the other party to this Agreement, provided that: 15.4.1 the Trustee's written notice shall describe the circumstances of such non-compliance; and 15.4.2 if such circumstances are rectified to the Trustee's satisfaction within such ten (10) day period, then such resignation shall not be effective.
Appears in 3 contracts
Sources: Trust Agreement, Trust Agreement, Trust Agreement