Common use of Authority of Manager Clause in Contracts

Authority of Manager. The Principal hereby authorizes the Manager, upon the terms and subject to the conditions of this Agreement, to engage in any of the following activities: a) To sell, purchase, transfer or otherwise acquire or dispose of, whether through brokerage transactions or otherwise, investments for the Account; b) To collect and credit to the Account all dividends, interest and other income on the Investments; c) To collect and credit to the Account all proceeds from the sale, redemption or other disposition of the Investments; d) To reinvest any dividends or interest earned by the Principal in additional shares of the Investments on behalf of the Principal; e) To hold in the Account all funds deposited with the Manager and Investments purchased with such funds on behalf of Principal and the Participants. The Account shall be established with a “qualified bank” as defined below: (i) A national bank, state bank or trust company that at all times is no less than adequately capitalized as determined by standards adopted by United States banking regulators and that either is regulated by state banking laws or is a member of the Federal Reserve System; or (ii) A bank or trust company incorporated or organized under the laws of a country other than the United States that is regulated as a bank or trust company by that country’s government or an agency thereof and that at all times is no less than adequately capitalized as determined by the standards adopted by international banking authorities; and f) To arrange for the automatic investment of any and all cash in the Account in Short-Term Obligations.

Authority of Manager. The Principal hereby authorizes the Manager, upon the terms and subject to the conditions of this Agreement, to engage in any of the following activities: a) To sell, purchase, transfer or otherwise acquire or dispose of, whether through brokerage transactions or otherwise, investments for the Account; b) To collect and credit to the Account all dividends, interest and other income on the Investments; c) To collect and credit to the Account all proceeds from front the sale, redemption or other disposition of the Investments; d) To reinvest any dividends or interest earned by the Principal in additional shares of the Investments on behalf of the Principal; e) To hold in the Account all funds deposited with the Manager and Investments purchased with such funds on behalf of Principal and the Participants. The Account shall be established with a “qualified bank” as defined below: (i) A national bank, state bank or trust company that at all times is no less than adequately capitalized as determined by standards adopted by United States banking regulators and that either is regulated by state banking laws or is a member of the Federal Reserve System; or (ii) A bank or trust company incorporated or organized under the laws of a country other than the United States that is regulated as a bank or trust company by that country’s government or an agency thereof and that at all times is no less than adequately capitalized as determined by the standards adopted by international banking authorities; and f) To arrange for the automatic investment of any and all cash in the Account in Short-Term Obligations.