General Duties of the Trustees Sample Clauses

General Duties of the Trustees. (a) The Trustees shall hold, manage, invest and reinvest the Trust Fund, collect the income thereof and make payments therefrom, all as herein provided.
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General Duties of the Trustees. It shall be the duty of the Trustees to hold the funds received from time to time from the Employer; to manage, invest and reinvest the Trust Fund pursuant to the provisions hereinafter set forth; and to collect the income therefrom. Upon receipt by the Trustees, such funds shall become a part of the corpus of the Trust Fund, and shall be invested and reinvested as such. The Trustees shall make payments from the Trust Fund pursuant to the directions of the Administrator as hereinafter provided. The Trustees shall be responsible only for such sums as shall actually be received by them as Trustees. It shall not be the duty of the Trustees to collect any sum from any Employer, nor to determine or verify the accuracy thereof. The Trustees shall not be concerned with the determination of the benefits payable under the Plan to any Member. The Trustees shall use ordinary care and reasonable diligence in the exercise of their powers and the performance of their duties as Trustees hereunder. The Trustees shall not be liable for: any mistake of judgment; any action taken in good faith; or any loss, unless resulting from their own negligence or willful misconduct; all, however, subject to the applicable responsibilities imposed upon the Trustees under ERISA.
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General Duties of the Trustees. It shall be the duty of the Trustees to hold the funds and assets delivered to them from time to time pursuant to the terms of the Governmental 401(a) Special Pay Plan (a Volume Submitter plan) and any and all funds derived therefrom (all of which are sometimes hereinafter referred to generally as the “Trust Fund”), subject to the terms hereof and upon the uses and trust and for the purposes herein set forth; and, as provided in Section 1.4 hereof, to make payments out of the funds at any time held by them under this Agreement. The Trustees shall be authorized to receive assets that were held under a qualified trust or qualified custodian arrangement. The Trustees shall be responsible only for such funds and assets as shall actually be received by them as Trustees hereunder. It shall not be the duty of the Trustees to compute any amount that should be paid to them pursuant to the Plan or to enforce collection of such funds or to require the delivery to them of any such assets. In addition, the Trustees shall in no way assume responsibility with respect to the adequacy of the assets of the Trust being sufficient to fund the obligations of the Plan. The Trustees shall suitably record in their books and accounts pertaining to the Trust and the Trust Fund the contributions received from them by the Plan.
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Related to General Duties of the Trustees

  • Duties of the Trustee The Trustee, before the occurrence of an Event of Default and after the curing of all Events of Default that may have occurred, shall undertake to perform such duties and only such duties as are specifically set forth in this Agreement. In case an Event of Default has occurred and remains uncured, the Trustee shall exercise such of the rights and powers vested in it by this Agreement, and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person's own affairs. The Trustee, upon receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Trustee that are specifically required to be furnished pursuant to any provision of this Agreement shall examine them to determine whether they are in the form required by this Agreement. The Trustee shall not be responsible for the accuracy or content of any such resolution, certificate, statement, opinion, report, document, order, or other instrument. No provision of this Agreement shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act or its own willful misconduct; provided, however, that, unless an Event of Default known to the Trustee has occurred and is continuing,

  • Certain Duties and Responsibilities of Trustee (a) The Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing of all Events of Default with respect to the Securities of that series that may have occurred, shall undertake to perform with respect to the Securities of such series such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants shall be read into this Indenture against the Trustee. In case an Event of Default with respect to the Securities of a series has occurred (that has not been cured or waived), the Trustee shall exercise with respect to Securities of that series such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs.

  • Duties of Trustee (a) If an Event of Default has occurred and is continuing, the Trustee will exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.

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