GENERAL DUTIES OF TRUSTEE. The Trustee shall discharge its duties hereunder with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent man acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims. The Trustee shall not be liable for any loss sustained by the Trust Fund by reason of the purchase, retention, sale or exchange of any investment in good faith and in accordance with the provisions of this Agreement and any applicable law. The Trustee's duties and obligations shall be limited to those expressly imposed upon it by this Agreement notwithstanding any reference herein to the Plan.
GENERAL DUTIES OF TRUSTEE. In addition to the specific powers and duties of the Trustee set forth in Articles III, IV, V and VI, the Trustee shall have the following duties:
GENERAL DUTIES OF TRUSTEE. In addition to all its other duties and responsibilities under this Article IX and other provisions of this Agreement, the Trustee shall -
(1) Receive, collect, hold, safeguard, administer and retain, temporarily or permanently, the cash and other property originally or at any time comprising all or part of the Trust Fund, together with such income, rents, issues and profits as shall from time to time be produced thereby or arise therefrom.
(2) Make such payments and distributions, and take such further action, as shall be proper to effectuate benefits under the Plan and to carry out this Agreement.
(3) Maintain complete records and accounts of the Trust, including those which the Company or Committee may direct, and the Company or Committee may examine the same at all reasonable times during business hours.
(4) Render such periodic accountings and reports, including but not limited to those hereafter described in this Article IX, as the Company or Committee may reasonably require.
(5) Carry out the proper directions and instructions of the Committee and, insofar as may be proper under this Agreement, make determinations, participate in consultations and conferences, and give or withhold approvals and consents.
GENERAL DUTIES OF TRUSTEE. (a) The Trustee shall receive, hold, manage, invest and reinvest the Trust Fund pursuant to the provisions of this Section and Section 4 in accordance with the directions of the Employer. The Trustee shall take no action except pursuant to directions received by it from the Employer, and shall have no duty to determine any facts or the propriety of any action taken or omitted by it in good faith pursuant to instructions from such persons.
(b) The Trustee shall be responsible only for such assets as are actually received by it as Trustee hereunder. The Trustee shall have no duty or authority to ascertain whether any contributions should be made to it pursuant to the Plan or to bring any action to enforce any obligation to make any such contribution, nor shall it have any responsibility concerning the amount of any contribution or the application of the Plan's contribution formula.
(c) The duties and obligations of the Trustee hereunder shall be limited to those expressly imposed upon it by this Trust Agreement notwithstanding any reference herein to the Plan, and no further duties or obligations of the Trustee, such as a duty to value Plan investments, determine the prudence of any Plan investment, or diversify Plan investments, shall be implied. The Trustee shall not be liable in discharging its duties hereunder if it acts in good faith and in accordance with the terms of this Trust Agreement and in accordance with applicable Federal or state laws, rules and regulations.
GENERAL DUTIES OF TRUSTEE. The Trustee shall hold all property received by it under this Agreement, which, together with any income, gains and additions, shall constitute the Trust Fund. The Trustee shall manage, invest and reinvest the Trust Fund (except as otherwise provided in this Agreement), collect the income, and make payments as provided in this Agreement. The Trustee shall be responsible only for the property actually received by it under this Agreement. It shall have no duty or authority to compute any amount to be paid to it by the Company or to bring any action or proceeding to enforce the collection from the Company of any contribution to the Trust Fund.
GENERAL DUTIES OF TRUSTEE. 11.1 The Trustee shall discharge its duties under this Agreement solely in the interest of the Participants and their beneficiaries and (a) for the exclusive purpose of providing benefits to such Participants and their beneficiaries and defraying reasonable expenses of administering this Trust; and (b) with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims.
(a) The Company shall notify the Trustee of any facts of which its officers have knowledge which have caused the occurrence of a Change in Control.
(b) The Trustee is responsible for ascertaining whether a Change in Control has occurred.
11.3 The Trustee may consult with counsel, who may be counsel for the Company prior to a Change in Control or for the Trustee in its individual capacity, and shall not be deemed imprudent by reason of its taking or refraining from taking any action in accordance with the opinion of counsel.
GENERAL DUTIES OF TRUSTEE. 3.1 It shall be the duty of the Trustee to hold, invest, reinvest and manage the Trust in accordance with the terms of this Agreement and in accordance with the investment policy established by the Company. The Trustee shall have full discretion in and sole responsibility for investment, management and control of Trust assets, subject to Paragraphs 3.3, 3.4 and 13.3 hereof. The Trustee shall have no duty or authority to determine the correctness of any contribution to the Trust, nor to enforce collection of such contribution.
GENERAL DUTIES OF TRUSTEE. The Trustee shall hold all payments and property received by it hereunder, together with the income and gains therefrom and additions thereto (the "Trust Fund"). Unless otherwise directed by the Company, the Trustee shall invest any cash at its discretion in any marketable short and medium term fixed income securities, United States Treasury Bills, other short and medium term government obligations, commercial paper or money market instru- 63 ments ("Short-Term Investments"), or may maintain cash balances consistent with the liquidity needs of the Trust as determined by the Trustee. The Trustee shall manage, invest and reinvest the Trust Fund, collect the income thereon, and make distributions therefrom, all as hereinafter provided. The Trustee shall be responsible only for the property actually received by it hereunder and not for any amount which the Company is required to contribute to the Trust Fund hereunder. The Trustee shall have no duty or authority to compute any amount to be contributed to the Trust Fund or to bring any action or proceeding to enforce the collection of any contribution required to be made to the Trust Fund. The rights, duties and obligations of the Trustee hereunder shall be solely as set forth herein, without regard to the terms of any of the Agreements or any other document which is not part of this Agreement.
GENERAL DUTIES OF TRUSTEE. 10.1 Subject to Article 16 the Trustee shall discharge its duties under this Trust Agreement solely in the interest of the Participants in the Plans and (a) for the exclusive purpose of providing benefits to such Participants, safeguarding the assets of the Trust and defraying reasonable expenses of administering the Trust, and (b) with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims.
10.2 The Company will notify the Trustee in writing of any facts of which its officers have knowledge which have caused the commencement of or termination of a Threatened Change in Control Period or whether a Change in Control has occurred.
10.3 The Trustee may consult with counsel, who may be counsel for the Company prior to a Change in Control or for the Trustee in its individual capacity, and shall not be deemed imprudent by reason of its taking or refraining from taking any action in accordance with the opinion of counsel.
GENERAL DUTIES OF TRUSTEE. 20 Article 11 Indemnification....................................21 Article 12 Accounts...........................................23 Article 13 Administration of the Plans; Communications........24 Article 14 Resignation or Removal of Trustee..................26
