Common use of Investment of Trust Property Clause in Contracts

Investment of Trust Property. 7.1 Subject to the terms of this Article, the Trustees shall have the right and power to purchase and sell Authorized Investments. 7.2 The Trustees shall ensure that the Trust Property is invested only in such investments or securities as are permitted by this Agreement, the Investment Policy and the principles governing the prudent investment of Trust Property as set out in Schedule “B”. The Trustees may, pending the long term investment of any Trust Property, deposit or invest any Trust Property, for a time that is reasonable in the circumstances, in any Financial Institution in which the Institution or the Institution’s agent or advisor may benefit therefrom and, in particular, it shall not be improper for the Trustees to deposit or invest the Trust Property in the Institution or its affiliate, subsidiary, holding or related companies. 7.3 The Trustees are authorized and empowered to carry out the trust in respect of the purchase of Authorized Investments in accordance with the following procedures: (a) with the assistance of an Investment Consultant and the Institution, the Trustees shall develop and may amend, from time to time, an Investment Policy that is consistent with this Agreement, and approved by the Council, and, until the Investment Policy has been developed, the Trustees shall only be permitted to purchase those Authorized Investments listed in Part I of Schedule “B” in accordance with section 7.4; and (b) following the development of the Investment Policy, the Trust Property shall be invested in those Authorized Investments permitted in Part 2 of Schedule “B” and as allowed under the Investment Policy. 7.4 Until such time as the Trustees have entered into an Investment Management Agreement(s) covering the Trust Property, the Trustees may: (a) direct the Institution to purchase Authorized Investments by delivering to the Institution a completed Trust Account Investment Direction as set out in Schedule “E”; and (b) dispose of Authorized Investments by delivering to the Institution a completed Release Direction as set out in Schedule “G”. The Trustees shall ensure the Institution deposits all funds received from the disposition of the Authorized Investments to the Trust Account or Authorized Expense Account, as the case may be. 7.5 The Trustees are authorized and empowered and shall take all necessary steps to delegate the ability to make decisions on the types and timing of the purchase and sale of Authorized Investments, on all or a portion of the Trust Property, to one or more Investment Managers, selected by the Trustees on the following conditions: (a) such delegation is approved by the Council, such approval to be evidenced by a Council Resolution; (b) an Investment Policy has been developed; (c) the Investment Manager has entered into an Investment Management Agreement with the Trustees; and (d) the Trustees have provided the Institution with a completed Trust Account Investment Direction as set out in Schedule “E”. 7.6 Prior to entering into an Investment Management Agreement and at such times as it deems necessary, the Trustees shall have reviewed the terms of the Investment Management Agreement to ensure the agreement is consistent with this Agreement, the Investment Policy and the current state of the law. 7.7 The Trustees shall cause to be provided by each Investment Manager retained, a report, which report shall also be provided to the First Nation, on a quarterly basis and on an annual basis, or more frequently if requested by the Trustees, documenting the market value and performance of the portfolio and confirming that the Authorized Investments comply with Schedule “B” and the Investment Policy. For the purposes of this section, it is acceptable for an Investment Manager to provide a report or compliance statement that confirms that the Investment Manager is in compliance with their pooled investment vehicle policies, provided that the pooled investment vehicle’s investment constitutes an Authorized Investment and complies with Schedule “B” and the Investment Policy. 7.8 The Trustees shall obtain from each Investment Manager retained a compliance report to ensure that the Authorized Investments purchased comply with Schedule “B” and the Investment Policy and, in the event of any non-compliance, the Trustees shall promptly notify the Council and shall ensure that the Investment Manager takes remedial action to correct any non-compliance. 7.9 The Institution or any agent retained by the Institution shall hold, in accordance with industry standards, custody of the certificates, instruments, documents or other written materials that evidence any Authorized Investments. 7.10 The Trustees shall cause the Investment Managers performance to be evaluated at least every third year or sooner if the Trustees and the Council deem it necessary, by an Investment Consultant against industry standards for portfolios with similar policies, objectives and investment guidelines, and the Trustees shall have the Investment Consultant advise the First Nation of the findings promptly following the completion of such performance evaluation.

Investment of Trust Property. 7.1 Subject 8.1 The Trustee shall, on the instructions of the Managing Committee under Clause 7.5 of this Trust Deed, have the power to invest the proceeds of liquidation of Restricted Shares pursuant to Clause 7.4 of this Trust Deed, or any other part of the Trust Property excluding Restricted Shares which have Vested and dividends paid on the Restricted Shares and the Trustee shall not be liable for any loss arising from such investments or from acting on any recommendation or instructions from the Managing Committee thereof unless such loss is caused by the Trustee's own fraud, gross negligence or wilful misconduct. 8.2 For the avoidance of doubt, the Trustee shall have no obligation or duty to invest any dividend arising from the Restricted Shares subject to this Trust in any manner whatsoever. 8.3 The Trustee may at any time or times during the Trust Period accumulate the whole or any part of the income of the Trust Property so far as it is not paid or applied for the purposes of the Trust herein declared and shall stand possessed of any such accumulations as an accretion to the terms capital of this Articlethe Trust Property. 8.4 The Trustee shall hold: 8.4.1 any unutilised cash balance; and 8.4.2 any income therefrom, upon trust as part of the Trustees Trust Property and shall have the right and power to purchase and sell Authorized Investments. 7.2 The Trustees shall ensure that apply the same in accordance with the recommendations or instructions of the Managing Committee and/or towards its expenses of administering the Trust Property is invested only in such investments or securities as are permitted established by this Agreement, Trust Deed (including taxes chargeable in respect of any income earned by or in connection with the Investment Policy and the principles governing the prudent investment of Trust Property as set out in Schedule “B”. The Trustees may, pending the long term investment sale or acquisition of any Trust Property), deposit or invest any Trust Property, for a time that is reasonable and shall in all cases promptly notify the circumstances, Managing Committee of such expenses thereof. The Managing Committee shall be entitled to be informed in any Financial Institution in which writing of the Institution or imposition of taxes by the Institution’s agent or advisor may benefit therefrom and, in particular, it shall not be improper for the Trustees to deposit or invest the Trust Property in the Institution or its affiliate, subsidiary, holding or related companies. 7.3 The Trustees are authorized and empowered to carry out the trust relevant Singapore tax authority in respect of the purchase of Authorized Investments any income earned by or in accordance connection with the following procedures: (a) with the assistance sale or acquisition of an Investment Consultant and the Institution, the Trustees shall develop and may amend, from any Trust Property within a reasonable time to time, an Investment Policy that after such tax claim is consistent with this Agreement, and approved asserted by the Council, and, until relevant Singapore tax authority in that all information and correspondence relating to such taxes to the Investment Policy has been developed, extent provided by the Trustees shall only be permitted relevant tax authorities to purchase those Authorized Investments listed in Part I of Schedule “B” in accordance with section 7.4; and (b) following the development of the Investment Policy, the Trust Property Trustee shall be invested in those Authorized Investments permitted in Part 2 of Schedule “B” and as allowed under given to the Investment PolicyManaging Committee. 7.4 Until such time as the Trustees have entered into an Investment Management Agreement(s) covering the 8.5 Subject to Clause 6 of this Trust PropertyDeed, the Trustees may: (a) direct the Institution to purchase Authorized Investments by delivering to the Institution a completed Trust Account Investment Direction as set out in Schedule “E”; and (b) dispose of Authorized Investments by delivering to the Institution a completed Release Direction as set out in Schedule “G”. The Trustees shall ensure the Institution deposits all funds received from the disposition of the Authorized Investments where any Restricted Shares are subject to the Trust Account created by this Trust Deed, the Trustee may concur in any scheme or Authorized Expense Account, as arrangement for: 8.5.1 the case may be. 7.5 The Trustees are authorized and empowered and shall take all necessary steps to delegate the ability to make decisions on the types and timing reconstruction of the purchase and Company; 8.5.2 the sale of Authorized Investments, on all any or a portion any part of the Trust Property, property and undertaking of the Company to one or more Investment Managers, selected by the Trustees on the following conditions: (a) such delegation is approved by the Council, such approval to be evidenced by a Council Resolutionanother company; (b) an Investment Policy has been developed8.5.3 the acquisition of the securities of the Company, or of control thereof, by another company; (c) 8.5.4 the Investment Manager has entered into an Investment Management Agreement with the Trustees; and (d) the Trustees have provided the Institution with a completed Trust Account Investment Direction as set out in Schedule “E”. 7.6 Prior to entering into an Investment Management Agreement and at such times as it deems necessary, the Trustees shall have reviewed the terms amalgamation of the Investment Management Agreement to ensure Company with another company; and/or 8.5.5 the agreement is consistent with this Agreementrelease, the Investment Policy and the current state modification or variation of the law. 7.7 The Trustees shall cause to be provided by each Investment Manager retainedany rights, a report, which report shall also be provided privileges or liabilities attached to the First Nation, on a quarterly basis and on an annual basis, Restricted Shares or more frequently if requested by the Trustees, documenting the market value and performance any of the portfolio and confirming that the Authorized Investments comply with Schedule “B” and the Investment Policy. For the purposes of this section, it is acceptable for an Investment Manager to provide a report or compliance statement that confirms that the Investment Manager is in compliance with their pooled investment vehicle policies, provided that the pooled investment vehicle’s investment constitutes an Authorized Investment and complies with Schedule “B” and the Investment Policy. 7.8 The Trustees shall obtain from each Investment Manager retained a compliance report to ensure that the Authorized Investments purchased comply with Schedule “B” and the Investment Policy andthem, in the event like manner as if the Trustee was entitled to the Restricted Shares beneficially, with power to accept any securities of any non-compliance, denomination or description of the Trustees shall promptly notify the Council and shall ensure that the Investment Manager takes remedial action to correct any non-compliance. 7.9 The Institution reconstructed or purchasing or new company in lieu of or in exchange for all or any agent retained by the Institution shall hold, in accordance with industry standards, custody of the certificates, instruments, documents or other written materials that evidence any Authorized InvestmentsRestricted Shares. 7.10 The Trustees shall cause the Investment Managers performance to be evaluated at least every third year or sooner if the Trustees and the Council deem it necessary, by an Investment Consultant against industry standards for portfolios with similar policies, objectives and investment guidelines, and the Trustees shall have the Investment Consultant advise the First Nation of the findings promptly following the completion of such performance evaluation.

Investment of Trust Property. 7.1 6.1 Subject to the terms of this Article, the Trustees Trustee shall have the right and power to use Trust Property to purchase and sell Authorized Investments. 7.2 The Trustees shall ensure that the Trust Property is invested only in Investments providing such investments or securities as are permitted by this Agreement, the Investment Policy and the principles governing the prudent investment of Trust Property as set out in Schedule “B”the Trustee Act. The Trustees Trustee may, pending the long term investment of any Trust Property, deposit or invest any Trust Property, for a time that is reasonable in the circumstances, in any Financial Institution in which notwithstanding that the Institution Trustee or the InstitutionTrustee’s agent or advisor may benefit therefrom and, in particular, it shall not be improper for the Trustees Trustee to deposit or invest the Trust Property in the Institution its trust company or its affiliateaffiliated, subsidiary, subsidiary holding or related companies. 7.3 6.2 The Trustees are authorized and empowered to carry out the trust in respect of the purchase of Authorized Investments in accordance with the following procedures: (a) with the assistance of an Investment Consultant and the Institution, the Trustees Council shall develop approve and may amend, from time to time, an Investment Policy upon receipt of advice from an Investment Consultant and/or Investment Manager and the Trustee setting out the policy, objectives and framework for the investment of Trust Property in Authorized Investments providing that such Investment Policy is consistent with this Agreement, Agreement and approved by the Council, and, until principles governing the Investment Policy has been developed, the Trustees shall only be permitted to purchase those Authorized Investments listed in Part I prudent investment of Schedule “B” in accordance with section 7.4; and (b) following the development of the Investment Policy, the Trust Property shall be invested in those Authorized Investments permitted in Part 2 of Schedule “B” and as allowed under the Investment Policy. 7.4 Until such time as the Trustees have entered into an Investment Management Agreement(s) covering the Trust Property, the Trustees may: (a) direct the Institution to purchase Authorized Investments by delivering to the Institution a completed Trust Account Investment Direction as set out in Schedule “E”; andthe Trustee Act. The Investment Policy, and any amendments thereto, must be accepted by the Trustee. 6.3 The Trustee may invest in the securities, shares, obligations or other interests of (bincluding any form of property offered for purchase as an investment by) dispose the Trustee, or an agent of Authorized Investments by delivering or advisor to the Institution a completed Release Direction Trustee, including the Trustee or any affiliated, subsidiary, holding or related company or companies of the Trustee or any agent or advisor to the Trustee, notwithstanding that the Trustee or the Trustee’s agent or advisor, or any one or more of them, may benefit therefrom, and the Trustee shall not be required to account for, or to give up, any such benefit providing that such investment was not contrary to the provisions of this Agreement, the Investment Policy or the principles governing the prudent investment of Trust Property as set out in Schedule “G”. The Trustees shall ensure the Institution deposits all funds received from the disposition of the Authorized Investments to the Trust Account or Authorized Expense Account, as the case may beTrustee Act. 7.5 6.4 The Trustees are Trustee is authorized and empowered and shall take all necessary steps to delegate the ability to make decisions on the types and timing of the purchase and sale of Authorized Investments, on all or a portion of the Trust Property, to one or more Investment Managers, selected by the Trustees on the following conditions: (a) such delegation is Managers approved by the Council, such approval Council pursuant to be evidenced by a Council Resolution; (b) an Investment Policy has been developed; (c) the Investment Manager has entered into , provided that an Investment Management Agreement with the Trustees; and (d) the Trustees have provided the Institution with a completed Trust Account Investment Direction as set out in Schedule “E”. 7.6 Prior to entering has first been entered into an Investment Management Agreement and at such times as it deems necessary, the Trustees shall have reviewed the terms of the Investment Management Agreement to ensure the agreement is consistent with this Agreement, the Investment Policy and the current state of the law. 7.7 The Trustees shall cause to be provided by each Investment Manager retained, a report, which report shall also be provided to the First Nation, on a quarterly basis and on an annual basis, or more frequently if requested by the Trustees, documenting the market value and performance of the portfolio and confirming that the Authorized Investments comply with Schedule “B” Trustee and the Investment PolicyManager. For The authority of the purposes Trustee to delegate in this Article includes the ability of this section, it is acceptable for an Investment Manager to provide a report or compliance statement that confirms that the Investment Manager is in compliance with their pooled investment vehicle policies, provided that the pooled investment vehicle’s investment constitutes an Authorized Investment and complies with Schedule “B” and the Investment Policy. 7.8 The Trustees shall obtain from each Investment Manager retained a compliance report to ensure that the Authorized Investments purchased comply with Schedule “B” and the Investment Policy (i) sub-delegate such discretionary powers and, in the event of any non-compliance, the Trustees shall promptly notify the Council and shall ensure that the Investment Manager takes remedial action to correct any non-compliance. 7.9 The Institution or any agent retained by the Institution shall hold, in accordance with industry standards, custody of the certificates, instruments, documents or other written materials that evidence any Authorized Investments. 7.10 The Trustees shall cause the Investment Managers performance to be evaluated at least every third year or sooner if the Trustees and the Council deem it necessary, by an Investment Consultant against industry standards for portfolios with similar policies, objectives and investment guidelines, and the Trustees shall have the Investment Consultant advise the First Nation of the findings promptly following the completion of such performance evaluation.

Investment of Trust Property. 7.1 5.1 Subject to the terms of this Article, the Trustees Trustee shall have the right and power to use Trust Property to purchase and sell Authorized Investments. 7.2 The Trustees shall ensure that the Trust Property is invested only in Investments providing such investments or securities as are permitted by this Agreement, the Investment Policy and the principles governing the prudent investment of Trust Property as set out in Schedule “B”the Trustee Act. The Trustees Trustee may, pending the long term investment of any Trust Property, deposit or invest any Trust Property, for a time that is reasonable in the circumstances, in any Financial Institution in which notwithstanding that the Institution Trustee or the InstitutionTrustee’s agent or advisor may benefit therefrom and, in particular, it shall not be improper for the Trustees Trustee to deposit or invest the Trust Property in the Institution its trust company or its affiliateaffiliated, subsidiary, subsidiary holding or related companies. 7.3 5.2 The Trustees are authorized and empowered to carry out the trust in respect of the purchase of Authorized Investments in accordance with the following procedures: (a) with the assistance of an Investment Consultant and the Institution, the Trustees Council shall develop approve and may amend, from time to time, an Investment Policy upon receipt of advice from an Investment Consultant and/or Investment Manager and the Trustee setting out the policy, objectives and framework for the investment of Trust Property in Authorized Investments providing that such Investment Policy is consistent with this Agreement, Agreement and approved by the Council, and, until principles governing the Investment Policy has been developed, the Trustees shall only be permitted to purchase those Authorized Investments listed in Part I prudent investment of Schedule “B” in accordance with section 7.4; and (b) following the development of the Investment Policy, the Trust Property shall be invested in those Authorized Investments permitted in Part 2 of Schedule “B” and as allowed under the Investment Policy. 7.4 Until such time as the Trustees have entered into an Investment Management Agreement(s) covering the Trust Property, the Trustees may: (a) direct the Institution to purchase Authorized Investments by delivering to the Institution a completed Trust Account Investment Direction as set out in Schedule “E”; andthe Trustee Act. The Investment Policy, and any amendments thereto, must be accepted by the Trustee. 5.3 The Trustee may invest in the securities, shares, obligations or other interests of (bincluding any form of property offered for purchase as an investment by) dispose the Trustee, or an agent of Authorized Investments by delivering or advisor to the Institution a completed Release Direction Trustee, including the Trustee or any affiliated, subsidiary, holding or related company or companies of the Trustee or any agent or advisor to the Trustee, notwithstanding that the Trustee or the Trustee’s agent or advisor, or any one or more of them, may benefit therefrom, and the Trustee shall not be required to account for, or to give up, any such benefit providing that such investment was not contrary to the provisions of this Agreement, the Investment Policy or the principles governing the prudent investment of Trust Property as set out in Schedule “G”the Trustee Act. Little Red River Cree Nation Sovereign Wealth Fund 5.4 The Trustees shall ensure the Institution deposits all funds received from the disposition of the Authorized Investments to the Trust Account or Authorized Expense Account, as the case may be. 7.5 The Trustees are Trustee is authorized and empowered and shall take all necessary steps to delegate the ability to make decisions on the types and timing of the purchase and sale of Authorized Investments, on all or a portion of the Trust Property, to one or more Investment Managers, selected by the Trustees on the following conditions: (a) such delegation is Managers approved by the Council, such approval Council pursuant to be evidenced by a Council Resolution; (b) an Investment Policy has been developed; (c) the Investment Manager has entered into , provided that an Investment Management Agreement with the Trustees; and (d) the Trustees have provided the Institution with a completed Trust Account Investment Direction as set out in Schedule “E”. 7.6 Prior to entering has first been entered into an Investment Management Agreement and at such times as it deems necessary, the Trustees shall have reviewed the terms of the Investment Management Agreement to ensure the agreement is consistent with this Agreement, the Investment Policy and the current state of the law. 7.7 The Trustees shall cause to be provided by each Investment Manager retained, a report, which report shall also be provided to the First Nation, on a quarterly basis and on an annual basis, or more frequently if requested by the Trustees, documenting the market value and performance of the portfolio and confirming that the Authorized Investments comply with Schedule “B” Trustee and the Investment PolicyManager. For The authority of the purposes Trustee to delegate in this Article includes the ability of this section, it is acceptable for an Investment Manager to provide a report or compliance statement that confirms that the Investment Manager is in compliance with their pooled investment vehicle policies, provided that the pooled investment vehicle’s investment constitutes an Authorized Investment and complies with Schedule “B” and the Investment Policy. 7.8 The Trustees shall obtain from each Investment Manager retained a compliance report to ensure that the Authorized Investments purchased comply with Schedule “B” and the Investment Policy (i) sub-delegate such discretionary powers and, in the event of any non-compliance, the Trustees shall promptly notify the Council and shall ensure that the Investment Manager takes remedial action to correct any non-compliance. 7.9 The Institution or any agent retained by the Institution shall hold, in accordance with industry standards, custody of the certificates, instruments, documents or other written materials that evidence any Authorized Investments. 7.10 The Trustees shall cause the Investment Managers performance to be evaluated at least every third year or sooner if the Trustees and the Council deem it necessary, by an Investment Consultant against industry standards for portfolios with similar policies, objectives and investment guidelines, and the Trustees shall have the Investment Consultant advise the First Nation of the findings promptly following the completion of such performance evaluation.

Investment of Trust Property. 7.1 6.1 Subject to the terms of this Article, the Trustees Trustee shall have the right and power to use Trust Property to purchase and sell Authorized Investments. 7.2 The Trustees shall ensure that the Trust Property is invested only in Investments providing such investments or securities as are permitted by this Agreement, the Investment Policy and the principles governing the prudent investment of Trust Property as set out in Schedule “B”the Trustee Act. The Trustees Trustee may, pending the long term investment of any Trust Property, deposit or invest any Trust Property, for a time that is reasonable in the circumstances, in any Financial Institution in which notwithstanding that the Institution Trustee or the InstitutionTrustee’s agent or advisor may benefit therefrom and, in particular, it shall not be improper for the Trustees Trustee to deposit or invest the Trust Property in the Institution its trust company or its affiliateaffiliated, subsidiary, subsidiary holding or related companies. 7.3 6.2 The Trustees are authorized and empowered to carry out the trust in respect of the purchase of Authorized Investments in accordance with the following procedures: (a) with the assistance of an Investment Consultant and the Institution, the Trustees Council shall develop approve and may amend, from time to time, an Investment Policy upon receipt of advice from an Investment Consultant and/or Investment Manager setting out the policy, objectives and framework for the investment of Trust Property in Authorized Investments providing that such Investment Policy is consistent with this Agreement, Agreement and approved by the Council, and, until principles governing the Investment Policy has been developed, the Trustees shall only be permitted to purchase those Authorized Investments listed in Part I prudent investment of Schedule “B” in accordance with section 7.4; and (b) following the development of the Investment Policy, the Trust Property shall be invested in those Authorized Investments permitted in Part 2 of Schedule “B” and as allowed under the Investment Policy. 7.4 Until such time as the Trustees have entered into an Investment Management Agreement(s) covering the Trust Property, the Trustees may: (a) direct the Institution to purchase Authorized Investments by delivering to the Institution a completed Trust Account Investment Direction as set out in Schedule “E”; andthe Trustee Act. 6.3 The Trustee may invest in the securities, shares, obligations or other interests of (bincluding any form of property offered for purchase as an investment by) dispose the Trustee, or an agent of Authorized Investments by delivering or advisor to the Institution a completed Release Direction Trustee, including the Trustee or any affiliated, subsidiary, holding or related company or companies of the Trustee or any agent or advisor to the Trustee, notwithstanding that the Trustee or the Trustee’s agent or advisor, or any one or more of them, may benefit therefrom, and the Trustee shall not be required to account for, or to give up, any such benefit providing that such investment was not contrary to the provisions of this Agreement, the Investment Policy or the principles governing the prudent investment of Trust Property as set out in Schedule “G”. The Trustees shall ensure the Institution deposits all funds received from the disposition of the Authorized Investments to the Trust Account or Authorized Expense Account, as the case may beTrustee Act. 7.5 6.4 The Trustees are Trustee is authorized and empowered and shall take all necessary steps to delegate the ability to make decisions on the types and timing of the purchase and sale of Authorized Investments, on all or a portion of the Trust Property, to one or more an Investment Managers, selected by the Trustees on the following conditions: (a) such delegation is Manager approved by the Council, such approval Council pursuant to be evidenced by a Council Resolution; (b) an Investment Policy has been developed; (c) the Investment Manager has entered into , provided that an Investment Management Agreement with has first been entered into by the Trustees; and Trustee and the Investment Manager. The authority of the Trustee to delegate in this Article includes the ability of such Investment Manager to (di) sub-delegate such discretionary powers and (ii) to invest the Trustees have provided assets in any form of Authorized Investments that the Institution with a completed Trust Account Trustee is permitted to invest in under the terms of this Agreement. For greater certainty, an Investment Direction as set out Manager may be affiliated or related to the Trustee and any remuneration paid to an Investment Manager shall not be taken into account in Schedule “E”determining the remuneration to be paid to the Trustee. 7.6 6.5 The Trustee may invest the Trust Property in any form of property, whether producing income or not, located in any jurisdiction of the world (including, for greater certainty, mutual funds, pooled funds, common trust funds, segregated funds, index replicating vehicles, or hedge funds) if the Trustee deems it advisable to do so, notwithstanding that such investments may otherwise be considered a delegation of investment discretion. 6.6 Prior to entering into an Investment Management Agreement and at such times as it deems necessary, the Trustees Trustee shall have reviewed review the terms of the Investment Management Agreement to ensure the agreement it is consistent with this Agreement, the Investment Policy and the current state principles governing the prudent investment of the lawTrust Property as set out in the Trustee Act. 7.7 6.7 The Trustees Trustee shall provide, or cause to be provided by each Investment Manager retainedprovided, a report, which report shall also be provided statements to the First Nation, Council on a quarterly basis and on an annual basis, or more frequently if requested by the TrusteesCouncil, documenting the market value and performance of the portfolio and confirming that the Authorized Investments comply with Schedule “B” and the Investment Policy. For the purposes of this section, it is acceptable for an Investment Manager to provide a report or compliance statement that confirms that the Investment Manager is in compliance with their pooled investment vehicle policies, provided that the pooled investment vehicle’s investment constitutes an Authorized Investment and complies with Schedule “B” and the Investment Policy. 7.8 6.8 The Trustees Trustee shall obtain from each monitor, or cause to be monitored, any Investment Manager retained a compliance report to ensure that the any Authorized Investments that are purchased comply with Schedule “B” and the Investment Policy and, in the event of any material non-compliance, the Trustees Trustee shall promptly notify the Council and shall ensure that the Investment Manager takes so that any necessary remedial action to correct any non-compliancemay be taken. 7.9 6.9 The Institution Trustee or any agent retained by the Institution Trustee shall hold, in accordance with industry standards, custody of the certificates, instruments, documents or other written materials that evidence ownership of any Authorized Investments. 7.10 6.10 The Trustees Trustee shall annually evaluate, or cause to be evaluated, the performance of the Authorized Investments made by the Investment Managers performance to be evaluated at least every third year or sooner if the Trustees and the Council deem it necessary, by an Investment Consultant Manager against industry standards relevant market indices for portfolios with similar policies, objectives and investment guidelines, and the Trustees Trustee shall have provide the Investment Consultant advise the First Nation Council with a report of the its findings promptly and recommendations, if any, following the completion of such performance evaluation.