Common use of Management of Trust Fund Clause in Contracts

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 security comprising the Trust Fund, take any action the Trustee considers appropriate. (f) Lloyd’s must ensure that any direction to the Trustee to invest or reinvest any part of the Trust Fund pursuant to clause 5.3(a) will not prevent the Trustee from paying any Matured Claim within the time period specified in clause 4.2.

Management of Trust Fund. (a) Lloyd’s may, subject to Part 7.3 The responsibility for making investments of the Corporations Law, Trust Fund 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 shall repose with the Operational Agreement Agent, subject to Requirements and this deed Directions of the Council; provided, however, that subject to invest or reinvest any part Paragraph 2.7, all investments of the Trust Fund (except shall be, and the Agent shall only direct the Trustee to the extent that that part make and retain such investments as are of the Trust Fund consists of Letters of Credit)in a manner kind 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 insurance laws of the Trust FundCommonwealth of Kentucky, in effect from time to time. Unless and until otherwise directed by the Trustee must, subject to any direction or rule made under the Act Agent 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)writing, the Trustee must shall not makebe required to take, and has no responsibility to make, and has shall have no liability for omitting to maketake, any investment of action in regard to investments and property held in the Trust Fund other than depositing to collect the interest and dividends or other sums payable thereon. The Trustee shall deposit the Trust Fund (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) with or trust companies in the United States of America, 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, the interest and dividends on which are payable in U.S. dollars, as the Agent shall direct in writing, notwithstanding that such investments may not be recognized by the laws of the Commonwealth of Kentucky as legal investments for trust funds, provided, that nothing herein contained is intended to relieve the Agent from furnishing investments in the Trust Fund of the quality required by the laws of the Commonwealth of Kentucky and each investment instruction from the Agent shall be a Bank. (c) representation by the Agent that the investments specified therein meet such conditions and the conditions imposed by the definitions set forth in this Deed of Trust. The Trustee is 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 Agent. The Trustee shall be under no duty to give, and has shall have no liability for omitting to give, any investment advice to any person in connection with the Trust Fund. (d) The Fund but shall always, provided the Trustee must itself shall have received actual notice thereof, notify Lloyd’s, in accordance with the Operational Agreement, Agent as soon as reasonably practical after it becomes aware of to any rights to conversion, subscription, voting or other rights pertaining to that part of any investments held in the Trust Fund referred to in clause 5.3(a) and of any default in the payment of principal or interest. The Trustee must Agent shall have the full, unqualified right to vote and execute consents and to exercise any and all such rights in accordance proprietary rights, not inconsistent with this Deed of Trust, with respect to any of the instructions property forming a part 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 Trustee shall collect and pay all Investment Income to an Overseas Fund as directed by the case of: (A) Agent, upon the right Agent's written instructions, not more frequently than monthly, provided, however, that the Trustee shall have no obligation with respect 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) payment of income by 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 issuer of any security comprising the Trust Fundsecurity, take any action the Trustee considers appropriate. (f) Lloyd’s must ensure further provided that any direction to the Trustee to invest or reinvest any such Investment Income shall be retained as part of the Trust Fund pursuant to clause 5.3(a) will not prevent for all periods beginning after the Trustee from paying any Matured Claim within the time period specified Trust becomes inadequate as set forth in clause 4.2Paragraph 5.1(b).

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 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 '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 an 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, ’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 execute all such rights in accordance with the instructions of Lloyd’s'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 a right to elect to convert of 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 security comprising the Trust Fund, take any action the Trustee considers appropriate. (f) Lloyd’s must ensure that any direction to the Trustee to invest or reinvest any part of the Trust Fund pursuant to clause 5.3(a) will not prevent the Trustee from paying any Matured Qualifying Claim or any Transitional Claim within the time period specified in clause 4.2clauses 4.2 and 4.4 respectively.

Management of Trust Fund. (a) Lloyd’s Xxxxx’x 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 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 Xxxxx'x 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, Xxxxx’x 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’sXxxxx'x. (e) In the absence of instructions from Lloyd’s Xxxxx’x 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 a 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 security comprising the Trust Fund, take any action the Trustee considers appropriate. (f) Lloyd’s Xxxxx’x must ensure that any direction to the Trustee to invest or reinvest any part of the Trust Fund pursuant to clause 5.3(a) will not prevent the Trustee from paying any Matured Claim within the time period specified in clause 4.2.