Trustees May Resolve Ambiguities Sample Clauses

The "Trustees May Resolve Ambiguities" clause grants trustees the authority to interpret and clarify any unclear or ambiguous terms within the trust document. In practice, if the language of the trust is open to multiple interpretations or lacks specificity, the trustees are empowered to make binding decisions on how such provisions should be understood and applied. This clause ensures that the administration of the trust can proceed smoothly without the need for court intervention, thereby reducing delays and potential disputes among beneficiaries or other interested parties.
Trustees May Resolve Ambiguities. The Trustees may construe any of the provisions of this Declaration insofar as the same may appear to be ambiguous or inconsistent with any other provisions hereof, and any such construction hereof by the Trustees in good faith shall be conclusive as to the meaning to be given to such provisions.
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Related to Trustees May Resolve Ambiguities

  • Recognition of the U.S. Special Resolution Regimes (a) In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States. (b) In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.