Management of Trust Fund Sample Clauses

Management of Trust Fund. The responsibility for making investments of the Trust Fund shall, for the duration of the Trust, repose with the Company and unless and until otherwise directed by the Company in writing, the Trustee shall not be required to take any action in regard to investments and property held in the Trust other than to collect the interest and dividends or other sums payable thereon. Unless otherwise requested in writing by the Company, and subject only to the provisions of Paragraph 2.5, the Trustee shall retain any and all assets of the Trust held by it from time to time hereunder, notwithstanding that the same may not be recognized as legal investments for trust funds under the laws of the state where the Trust Fund is administered or other applicable law. The Trustee shall deposit the assets of the Trust Fund, except to the extent the Trust Fund consists of Letters of Credit, or any part thereof, in one or more such banks (which may include the Trustee) or trust companies in the U.S., or invest and reinvest the Trust Fund, except to the extent the Trust Fund consists of Letters of Credit, or any part thereof, in any such stocks, bonds and securities as the Company shall direct in writing, notwithstanding that such Investments may not be recognized by the laws of the state where the Trust Fund is administered or other applicable law as legal investments for trust funds. The Domiciliary Commissioner and the Chief Regulatory Officer for Insurance in any other state, territory, district, commonwealth or possession of the U.S. where the Company is eligible for excess or surplus lines shall have the right to review the assets in the Trust to determine whether such assets are acceptable. Nothing herein contained is intended to relieve the Company from furnishing investments in the Trust Fund of the quality required by the Surplus Lines or Excess Lines Laws of all states where the Trust Fund is required as a condition of the Company’s eligibility. Each investment instruction from the Company shall be a representation by the Company that the investments specified therein meet such conditions and the conditions imposed by the definitions set forth in this Agreement. The Trustee shall also make or change any deposits and sell and dispose of any negotiable assets of the Trust, other than Letters of Credit, by and with the direction in writing of the Company. The Trustee shall be under no duty to give any investment advice to any person in connection with the Trust Fund but...
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Management of Trust Fund. The assets of the Trust Fund shall be held in trust by the Trustee and accounted for in accordance with this Article 13, arid shall be invested in accordance with Section 13.3 in the Investment Products specified by the Employer in the Plan Agreement and from time to time thereafter in writing (or in such other manner as shall be made available and agreed upon by the Employer and Putnam). The Employer shall have the exclusive authority and discretiox xx xelect the Investment Products available under the Plan. In making that selection, the Employer shall use 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 like character and with like aims. The Employer shall cause the available Investment Products to be diversified sufficiently to minimize the risk of large losses, unless under the circumstances it is clearly prudent no to do so. It is especially intended that the Trustee shall have no discretionary authority to determine the investment of Trust assets. Notwithstanding the foregoing, assets of the Trust Fund shall also be invested in Employer Stock if so elected by the Employer and agreed to by Putnam under the service agreement executed by the Employer and Putnam xxxxxant to the establishment of the Plan.
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Management of Trust Fund. (a) Lloyd’s may, subject to Part 7.3 of the Corporations Law, from time to time direct the Trustee (or such other person as the Trustee may nominate from time to time for the purpose) in accordance with the Operational Agreement and this deed to invest or reinvest any part of the Trust Fund (except to the extent that that part of the Trust Fund consists of Letters of Credit)in a manner permitted under the Act: (1) in any stocks, bonds and securities; (2) by making or changing any deposit; or (3) by selling or disposing of any negotiable assets of the Trust Fund, and the Trustee must, subject to any direction or rule made under the Act in relation to any asset of the Trust Fund, act on such direction. (b) Unless Lloyd’s directs the Trustee under clause 5.3(a) and subject to clause 5.3(e), the Trustee must not make, and has no responsibility to make, and has no liability for omitting to make, any investment of the Trust Fund other than depositing the Trust Fund (except to the extent the Trust Fund consists of Letters of Credit) with a Bank. (c) The Trustee is under no duty to give, and has no liability for omitting to give, any investment advice to any person in connection with the Trust Fund. (d) The Trustee must notify Lloyd’s, in accordance with the Operational Agreement, as soon as reasonably practical after it becomes aware of any rights to conversion, subscription, voting or other rights pertaining to that part of the Trust Fund referred to in clause 5.3(a) and of any default in the payment of principal or interest. The Trustee must exercise all such rights in accordance with the instructions of Lloyd’s. (e) In the absence of instructions from Lloyd’s pursuant to clause 5.3(d) the Trustee may but is not obliged to: (1) in the case of any rights or similar entitlement of a renouncable nature which bear an expiration date, (A) sell, or authorise or direct the issuer to sell, the entitlement; and (B) if the entitlement is sold, promptly deposit the proceeds of sale into the Trust Fund. (2) in the case of: (A) the right to elect whether or not to participate in a dividend reinvestment plan: (B) the right to elect to convert a security to shares or cash; or (C) the right to elect to receive a dividend in cash or in some other form of property (such as shares), elect for cash. (3) in the case of: (A) the right to exercise a call or a put option or a warrant; (B) the right to accept a takeover or similar offer; or (C) a call being made in respect of any secur...
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Management of Trust Fund. The Trustees are responsible for the disbursement and management of the funds in the Granville Lake Mitigation Trust Fund in accordance with this Agreement and the Trust Agreement.
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Management of Trust Fund. 6 (a) Employment of Agents........................................................ 6 (b) Resolution of Claims........................................................ 6
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Management of Trust Fund. The Trustee shall have the following ------------------------------------ management powers:
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Management of Trust Fund. (a) Except as otherwise provided under this section and Articles IV and V, the Trustee shall act as the investment fiduciary for the Trust with the exclusive power to manage, invest and reinvest the assets of the Trust Fund in accordance with and limited by the terms of this Trust Agreement, the Investment Policy Statement and applicable law. With respect to its appointment as the investment fiduciary of the Fund, the Trustee shall not be subject to the direction of any other person in the discharge of its duties, nor shall its authority be subject to delegation or modification, except that such power is specifically subject to (i) the authority of the Administrator to decide the reasonable level of liquid assets necessary to timely pay for the current and ongoing benefit and administrative expenses incurred under the Plan; (ii) the authority of the Board of Commissioners to allocate for management a portion or all of the Trust Fund to an Investment Manager, Insurance Contract or the Board itself as set forth in Article V; or (iii) any term of this Trust Agreement that provides otherwise, including the Board’s discretion to amend the Trust to provide otherwise. (b) The Custodian shall carry out the written investment directions given from time to time and shall carry out the Administrator’s written direction to hold a specified percentage or portion of the Trust Fund uninvested (in cash) or in other short-term, liquid investments that the Administrator deems necessary to satisfy the current and ongoing benefit and administrative expenses of the Plan. (c) The Trust Fund shall be invested and reinvested without any distinction between principal and income, as specifically directed by the Trustee. (d) The Custodian or Trustee shall not be required to maintain separate investments for any Account under the Trust Fund, and no Participant shall have the right to separately direct the investment of any Account. (e) The Trust shall not be treated as a pension account or asset for any purpose under the Monroe County Employees’ Retirement System. (f) The Trust at all times shall be administered so as to retain tax exempt status under Code Section 115.
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Management of Trust Fund. 117 4.1 Plan Administrator........................................ 117 4.2 Trustee................................................... 117 4.3 Investment Manager........................................ 120 4.4 Plan Administrator or Employer Investment Directions...... 121 4.5
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Management of Trust Fund 
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Related to Management of Trust Fund

  • Payment of Trust Expenses and Compensation of Trustees The Trustees are authorized to pay or to cause to be paid out of the principal or income of the Trust, or partly out of principal and partly out of income, and to charge or allocate the same to, between or among such one or more of the Series and Classes that may be established and designated pursuant to Article IV, as the Trustees deem fair, all expenses, fees, charges, taxes and liabilities incurred or arising in connection with the Trust, or in connection with the management thereof, including, but not limited to, the Trustees' compensation and such expenses and charges for the services of the Trust's officers, employees, investment adviser, administrator, distributor, principal underwriter, auditor, counsel, depository, custodian, transfer agent, dividend disbursing agent, accounting agent, Shareholder servicing agent, and such other agents, consultants, and independent contractors and such other expenses and charges as the Trustees may deem necessary or proper to incur. Without limiting the generality of any other provision hereof, the Trustees shall be entitled to reasonable compensation from the Trust for their services as Trustees and may fix the amount of such compensation.

  • Establishment of Trust Account The Owner Trustee, for the benefit of the Certificateholders, shall establish and maintain in the name of the Trust an Eligible Deposit Account (the "Certificate Distribution Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Owner Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof. Except as otherwise expressly provided herein, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Depositor on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an affiliate thereof) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account.

  • Establishment of Trust Accounts (i) The Servicer, for the benefit of the Noteholders and the Certificateholders, shall establish and maintain in the name of the Indenture Trustee an Eligible Deposit Account (the “Collection Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders and the Certificateholders. (ii) The Servicer, for the benefit of the Noteholders and the Certificateholders, shall establish and maintain in the name of the Indenture Trustee an Eligible Deposit Account (the “Note Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders. (iii) The Servicer, for the benefit of the Noteholders, shall establish and maintain in the name of the Indenture Trustee an Eligible Deposit Account (the “Spread Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders and Certificateholders. (iv) [Reserved]. (v) [Reserved]. (vi) [Reserved]. (vii) [Reserved]. (b) Funds on deposit in the Collection Account, the Note Distribution Account, and the Spread Account (collectively, the “Trust Accounts”) shall be invested or reinvested by the Indenture Trustee in Eligible Investments selected by and as directed in writing by the Servicer (which written direction may be in the form of standing instructions) or if the Servicer fails to provide written direction, shall be invested or reinvested by the Indenture Trustee in Eligible Investments specified in paragraph (d) of the definition of “Eligible Investments” (without giving effect to the proviso therein) as set forth in Appendix A to the Indenture; provided, however, it is understood and agreed that the Indenture Trustee shall not be liable for the selection of, or any loss arising from such investment in, Eligible Investments. All such Eligible Investments shall be held or controlled by the Indenture Trustee for the benefit of the Noteholders and the Certificateholders or the Noteholders, as applicable (and for the purposes of Articles 8 and 9 of the UCC, each Eligible Investment is intended to constitute a Financial Asset, and each of the Trust Accounts is intended to constitute a Securities Account); provided, that on each Transfer Date, all Investment Earnings on funds on deposit in the Trust Accounts shall be deposited into the Collection Account and shall be deemed to constitute a portion of the Total Distribution Amount. Funds on deposit in the Trust Accounts shall be invested in Eligible Investments (or other investments permitted by the Rating Agencies) that will mature so that such funds will be available at the close of business on the Transfer Date preceding the following Payment Date; provided, however, that funds on deposit in Trust Accounts may be invested in Eligible Investments of the entity serving as Indenture Trustee payable on demand or that mature so that such funds will be available on the Payment Date. Funds deposited in a Trust Account on the Transfer Date that precedes a Payment Date upon the maturity or liquidation of any Eligible Investments are not required to be invested overnight. (i) The Indenture Trustee shall possess or control all right, title and interest in all funds on deposit from time to time in the Trust Accounts and in all proceeds thereof (including all income thereon) and all such funds, investments, proceeds and income shall be part of the Trust Estate. The Trust Accounts shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Noteholders and the Certificateholders or the Noteholders, as the case may be. If, at any time, any of the Trust Accounts ceases to be an Eligible Deposit Account, the Indenture Trustee (or the Servicer on its behalf) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Trust Account as an Eligible Deposit Account and shall transfer any cash and/or any investments held in the no-longer Eligible Deposit Account to such new Trust Account. (ii) With respect to the Trust Account Property, the Indenture Trustee agrees, by its acceptance hereof, that: (A) any Trust Account Property that is held in deposit accounts shall be held solely in Eligible Deposit Accounts, subject to the last sentence of Section 5.1(c)(i); and each such Eligible Deposit Account shall be subject to the exclusive custody and control of the Indenture Trustee, and the Indenture Trustee shall have sole signature authority with respect thereto; (B) any Trust Account Property that constitutes a Certificated Security shall be delivered to the Indenture Trustee in accordance with paragraph (i) of the definition of “Delivery” and shall be held, pending maturity or disposition, solely by the Indenture Trustee or its agent; (C) any such Trust Account Property that constitutes an Uncertificated Security (including any investments in money market mutual funds, but excluding any Federal Book Entry Security) shall be delivered to the Indenture Trustee in accordance with paragraph (ii) of the definition of “Delivery” and shall be maintained, pending maturity or disposition, through continued registration of the Indenture Trustee’s (or its custodian or nominee’s) ownership of such security; and (D) with respect to any Trust Account Property that constitutes a Federal Book Entry Security, the Indenture Trustee shall maintain and obtain Control over such property. (iii) The Servicer shall have the power, revocable by the Indenture Trustee or by the Trustee, with the consent of the Indenture Trustee, to instruct the Indenture Trustee to make withdrawals and payments from the Trust Accounts for the purpose of permitting the Servicer or the Trustee to carry out its respective duties hereunder or permitting the Indenture Trustee to carry out its duties under the Indenture. (d) All Trust Accounts will initially be established at the Indenture Trustee.

  • Audit of trust accounts Unless the Depositor determines that such an audit is not required, the accounts of the Trust shall be audited not less than annually by independent public accountants designated from time to time by the Depositor and the Trustee and the reports of such accountants shall be furnished upon request to Unit holders. So long as the Depositor is making a secondary market for Units, the Depositor shall bear the cost of such annual audits to the extent such cost exceeds $.50 per 100 Units.

  • Establishment of Trust In the event of a Change in Control (other than a Change in Control approved by a majority of the directors on the Board who were directors immediately prior to such Change in Control) the Company shall, upon written request by Indemnitee, create a Trust for the benefit of the Indemnitee and from time to time upon written request of Indemnitee shall fund the Trust in an amount sufficient to satisfy any and all Expenses reasonably anticipated at the time of each such request to be incurred in connection with investigating, preparing for, participating in, and/or defending any Proceeding relating to an Indemnifiable Event. The amount or amounts to be deposited in the Trust pursuant to the foregoing funding obligation shall be determined by the Independent Counsel. The terms of the Trust shall provide that (i) the Trust shall not be revoked or the principal thereof invaded without the written consent of the Indemnitee, (ii) the Trustee shall advance, within ten business days of a request by the Indemnitee, any and all Expenses to the Indemnitee (and the Indemnitee hereby agrees to reimburse the Trust under the same circumstances for which the Indemnitee would be required to reimburse the Company under Section 2(c) of this Agreement), (iii) the Trust shall continue to be funded by the Company in accordance with the funding obligation set forth above, (iv) the Trustee shall promptly pay to the Indemnitee all amounts for which the Indemnitee shall be entitled to indemnification pursuant to this Agreement or otherwise, and (v) all unexpended funds in the Trust shall revert to the Company upon a final determination by the Independent Counsel or a court of competent jurisdiction, as the case may be, that the Indemnitee has been fully indemnified under the terms of this Agreement. The Trustee shall be chosen by the Indemnitee. Nothing in this Section 7 shall relieve the Company of any of its obligations under this Agreement. All income earned on the assets held in the Trust shall be reported as income by the Company for federal, state, local, and foreign tax purposes. The Company shall pay all costs of establishing and maintaining the Trust and shall indemnify the Trustee against any and all expenses (including attorneys’ fees), claims, liabilities, loss, and damages arising out of or relating to this Agreement or the establishment and maintenance of the Trust.

  • Assets of Trust The assets of the Trust shall consist of the Trust Property.

  • Situs of Trust The Trust will be located and administered in the State of Delaware. All bank accounts maintained by the Owner Trustee on behalf of the Trust shall be located in the State of Delaware or the State of New York. Payments will be received by the Trust only in Delaware or New York and payments will be made by the Trust only from Delaware or New York. The Trust shall not have any employees in any state other than Delaware; provided, however, that nothing herein shall restrict or prohibit the Owner Trustee, the Servicer or any agent of the Trust from having employees within or outside the State of Delaware. The only office of the Trust will be at the Corporate Trust Office located in Delaware.

  • Payment of Trust Fees The Owner Trustee shall pay the Trust's fees and expenses incurred with respect to the performance of the Trust's duties under the Indenture.

  • VALUATION OF TRUST The Trustee must value the Trust Fund as of each Accounting Date to determine the fair market value of each Participant's Accrued Benefit in the Trust. The Trustee also must value the Trust Fund on such other valuation dates as directed in writing by the Advisory Committee or as required by the Employer's Adoption Agreement.

  • Termination of Trust Section 9.01

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