Common use of Investment of the Trust Fund Clause in Contracts

Investment of the Trust Fund. Except as directed by any Investment Manager, the Pension Board or a duly authorized officer of the Company, the Trustee shall have the exclusive responsibility and authority to hold, invest, reinvest and administer the assets of the Trust, hereinafter referred to as the “Fund”, in accordance with the terms of this Trust Agreement. The Trustee shall be under no liability for any loss of any kind that may result when it follows proper written directions of the Pension Board or a duly authorized officer of the Company which are in accordance with the terms of the Trust Agreement and not contrary to law. (a) If an Investment Manager is so appointed by the Pension Board or a duly authorized officer of the Company to manage any portion of the Trust Fund, the Trustee’s only responsibility with respect to such portion shall be: (1) except as otherwise directed by the Pension Board or a duly authorized officer of the Company, to retain custody of the assets of such portion of the Trust Fund; and (2) to follow the written directions of the Investment Manager with respect to such portion of the Trust Fund. (b) The Trustee shall incur no liability with respect to the investment of any portion of the Trust Fund if an Investment Manager has been appointed to manage that portion of the Trust Fund, by the Pension Board or a duly authorized officer of the Company for either: (1) following the written directions of the Investment Manager; or (2) failing to act in the absence of written directions from the Investment Manager. Notwithstanding anything to the contrary herein contained, the Pension Board or a duly authorized officer of the Company may direct the transfer of such part or all of the Fund as it shall deem advisable to The Chase Manhattan Bank as trustee of any trust (“Collective Trust”) maintained by it as a common trust fund as defined under section 584 of the Code, now or hereinafter maintained by it as a medium for the collective investment of assets of trusts and which it may elect to make available to non-qualified benefit trusts, and the Pension Board or a duly authorized officer of the Company may direct the withdrawal of any part or all of the Fund so transferred. To the extent of the interest of the Trust in any Collective Trust, the terms of the agreement or declaration of trust establishing such Collective Trust shall be a part of this Trust as if set forth in full herein, and any assets transferred to any Collective Trust shall be held, invested and administered in accordance with such agreement or declaration of trust, which shall be controlling notwithstanding any contrary provision of this Agreement.

Investment of the Trust Fund. Except as ---------------------------- directed by any Investment Manager, the Pension Board or a duly authorized officer of the Company, the Trustee shall have the exclusive responsibility and authority to hold, invest, reinvest and administer the assets of the Trust, hereinafter referred to as the “"Fund”", in accordance with the terms of this Trust Agreement. The Trustee shall be under no liability for any loss of any kind that may result when it follows proper written directions of the Pension Board or a duly authorized officer of the Company which are in accordance with the terms of the Trust Agreement and not contrary to law. (a) If an Investment Manager is so appointed by the Pension Board or a duly authorized officer of the Company to manage any portion of the Trust Fund, the Trustee’s 's only responsibility with respect to such portion shall be: (1) except as otherwise directed by the Pension Board or a duly authorized officer of the Company, to retain custody of the assets of such portion of the Trust Fund; and (2) to follow the written directions of the Investment Manager with respect to such portion of the Trust Fund. (b) The Trustee shall incur no liability with respect to the investment of any portion of the Trust Fund if an Investment Manager has been appointed to manage that portion of the Trust Fund, by the Pension Board or a duly authorized officer of the Company for either: (1) following the written directions of the Investment Manager; or (2) failing to act in the absence of written directions from the Investment Manager. Notwithstanding anything to the contrary herein contained, the Pension Board or a duly authorized officer of the Company may direct the transfer of such part or all of the Fund as it shall deem advisable to The Chase Manhattan Bank as trustee of any trust (“"Collective Trust”") maintained by it as a common trust fund as defined under section 584 of the Code, now or hereinafter maintained by it as a medium for the collective investment of assets of trusts and which it may elect to make available to non-qualified benefit trusts, and the Pension Board or a duly authorized officer of the Company may direct the withdrawal of any part or all of the Fund so transferred. To the extent of the interest of the Trust in any Collective Trust, the terms of the agreement or declaration of trust establishing such Collective Trust shall be a part of this Trust as if set forth in full herein, and any assets transferred to any Collective Trust shall be held, invested and administered in accordance with such agreement or declaration of trust, which shall be controlling notwithstanding any contrary provision of this Agreement.