Common use of Trustee Obligations Clause in Contracts

Trustee Obligations. If you enter into this Master Agreement as a trustee of the Trust you undertake: (a) that, subject to the Trust Deed and any mandatory provisions of any insolvency or other laws, all obligations or payments payable by you under this Master Agreement, any Transaction or any Guarantee shall be paid out to us prior to any distribution or other moneys of whatever nature payable to members or beneficiaries upon the winding up, termination or expiry of the Trust; (b) in your capacity as trustee of the Trust and in your own right: (i) to promptly exercise each right of indemnity you have in relation to the Trust and the assets of the Trust and the beneficiaries in respect of obligations incurred under this Master Agreement, any Transaction or any Guarantee; and (ii) not to do anything, without our consent, which restricts any such right of indemnity or impairs your ability to perform your obligations under this Master Agreement, any Transaction or any Guarantee; (iii) that you will not be a party to and will oppose a re-settlement, transfer or disposition to any other person of the property of the Trust (other than in accordance with the Trust Deed); (iv) to ensure that, at the time each Transaction is entered into, you will identify that the Transaction is entered into by you as trustee of the Trust; and (v) to notify us in writing as soon as practicable after any of the following events: (A) you become aware of the occurrence of any circumstances which would give rise to the Trust ceasing to be solvent or to the termination or winding up of the Trust; (B) if (without our consent) you cease to be the sole trustee of the Trust, or any event occurs or notice is given, which with the passing of time would result in you ceasing to be the sole trustee of the Trust or any other change in the identity of the trustee of the Trust; (C) if there is (without our consent) any alteration to or cancellation or repeal of the Trust Deed; or (D) if there is a breach by you of the Trust Deed, (c) in each case if the event would, or might reasonably be expected to, have a material adverse effect on our ability to enforce our rights under this Master Agreement, any Transaction or any Guarantee.

Trustee Obligations. If you enter into this Master Agreement as a trustee of the Trust you undertake: (a) that, subject to the Trust Deed and any mandatory provisions of any insolvency or other laws, all obligations or payments payable by you under this Master Agreement, any Transaction or any Guarantee shall be paid out to us prior to any distribution or other moneys of whatever nature payable to members or beneficiaries upon the winding up, termination or expiry of the Trust; (b) in your capacity as trustee of the Trust and in your own right: (i) to promptly exercise each right of indemnity you have in relation to the Trust and the assets of the Trust and the beneficiaries in respect of obligations incurred under this Master Agreement, any Transaction or any Guarantee; and (ii) not to do anything, without our consent, which restricts any such right of indemnity or impairs your ability to perform your obligations under this Master Agreement, any Transaction or any Guarantee; (iii) that you will not be a party to and will oppose a re-settlement, transfer or disposition to any other person of the property of the Trust (other than in accordance with the Trust Deed); (iv) to ensure that, at the time each Transaction is entered into, you will identify that the Transaction is entered into by you as trustee of the Trust; and (v) to notify us in writing as soon as practicable after any of the following events: (A) A. you become aware of the occurrence of any circumstances which would give rise to the Trust ceasing to be solvent or to the termination or winding up of the Trust; (B) B. if (without our consent) you cease to be the sole trustee of the Trust, or any event occurs or notice is given, which with the passing of time would result in you ceasing to be the sole trustee of the Trust or any other change in the identity of the trustee of the Trust; (C) C. if there is (without our consent) any alteration to or cancellation or repeal of the Trust Deed; or (D) D. if there is a breach by you of the Trust Deed, (c) in each case if the event would, or might reasonably be expected to, have a material adverse effect on our ability to enforce our rights under this Master Agreement, any Transaction or any Guarantee.