Investment of Cash. Prior to a Change in Control, the Trustee shall keep any cash held hereunder from time to time on deposit in its own banking department or elsewhere as the Trustee elects, consistent with instructions provided by the Investment Officer of the Company regarding specific types of permissible investments and permissible depositories. Prior to a Change in Control, in the absence of contrary instructions from the Investment Officer, and following a Change in Control, in the absence of contrary instructions from the Independent Plan Administrator regarding insurance, retirement income or annuity policies or contracts, and anything herein to the contrary notwithstanding, the Trustee, without obtaining any prior approvals, may at its discretion invest cash balances held by the Trustee from time to time in deposits in its own banking department, in short-term cash equivalents having ready marketability, including but not limited to U.S. Treasury bills, commercial paper rated not less than A1/P1 (including such forms thereof as may be available through the Trustee's own trust department), certificates of deposit, and similar type securities, having a maturity of 18 months or less, including participation in common or collective funds composed thereof. Prior to a Change in Control, the Trustee may sell any such short-term investments as may be necessary to carry out the instructions of the Investment Officer of the Company regarding more permanent type investments or to permit any distributions or transfers directed hereunder. The Trustee may make any such sales it deems appropriate following a Change in Control, including sales necessary to carry out the instructions of the Independent Plan Administrator.
Appears in 4 contracts
Samples: Trust Agreement (Lyondell Petrochemical Co), Benefit Plans Trust Agreement (Lyondell Chemical Co), Trust Agreement (Lyondell Chemical Co)
Investment of Cash. Prior to a Change in Control, the Trustee shall keep any cash held hereunder from time to time on deposit in its own banking department or elsewhere as the Trustee elects, consistent with instructions provided by the Investment Officer of the Company regarding specific types of permissible investments and permissible depositories. Prior to a Change in Control, in the absence of contrary instructions from the Investment Officer, and following a Change in Control, in the absence of contrary instructions from the Independent Plan Administrator regarding insurance, retirement income or annuity policies or contracts, and anything herein to the contrary notwithstanding, the Trustee, without obtaining any prior approvals, may at its discretion invest cash balances held by the Trustee from time to time in deposits in its own banking department, in short-term cash equivalents having ready marketability, including but not limited to U.S. Treasury bills, commercial paper rated not less than A1/P1 (including such forms thereof as may be available through the Trustee's ’s own trust department), certificates of deposit, and similar type securities, having a maturity of 18 months or less, including participation in common or collective funds composed thereof. Prior to a Change in Control, the Trustee may sell any such short-term investments as may be necessary to carry out the instructions of the Investment Officer of the Company regarding more permanent type investments or to permit any distributions or transfers directed hereunder. The Trustee may make any such sales it deems appropriate following a Change in Control, including sales necessary to carry out the instructions of the Independent Plan Administrator.
Appears in 2 contracts
Samples: Trust Agreement (Lyondell Chemical Co), Trust Agreement (Lyondell Chemical Co)