Common use of Expenses of the Trust Fund Clause in Contracts

Expenses of the Trust Fund. The Trustee shall pay out of the Trust Fund: (a) all brokerage fees and transfer tax expenses and other expenses incurred in connection with the sale or purchase of investments; (b) all real and personal property taxes, income taxes and other taxes of any kind at any time levied or assessed under any present or future law upon, or with respect to, the Trust Fund or any property included in the Trust Fund; (c) the Trustee’s compensation and expenses as provided in Section 6.03, unless promptly paid by the Company; and (d) unless promptly paid by the Company, all other reasonable expenses of administering the Trust. Notwithstanding the foregoing, the Trustee shall, at Company expense and direction, contest the validity of any taxes in any manner deemed appropriate by the Company or its counsel, but only if it has received an indemnity bond or other security satisfactory to it to pay any expenses of such contest; provided, however, that the Trustee shall have no obligation to contest if it receives an opinion of counsel of its choice to the effect that there is no basis in law or fact for such contest. Alternatively, the Company may itself contest the validity of any such taxes.

Expenses of the Trust Fund. The Trustee -------------------------- shall pay out of the Trust Fund: (a) all brokerage fees and transfer tax expenses and other expenses incurred in connection with the sale or purchase of investments; (b) all real and personal property taxes, income taxes and other taxes of any kind at any time levied or assessed under any present or future law upon, or with respect to, the Trust Fund or any property included in the Trust Fund; (c) the Trustee’s 's compensation and expenses as provided in Section 6.03, unless promptly paid by the Company; and (d) unless promptly paid by the Company, all other reasonable expenses of administering the Trust. Notwithstanding the foregoing, the Trustee shall, at Company expense and direction, contest the validity of any taxes in any manner deemed appropriate by the Company or its counsel, but only if it has received an indemnity bond or other security satisfactory to it to pay any expenses of such contest; provided, however, that the Trustee shall have no obligation to contest if it receives an opinion of counsel of its choice to the effect that there is no basis in law or fact for such contest. Alternatively, the Company may itself contest the validity of any such taxes.