Powers Duties and Obligations of Trustees Sample Clauses

Powers Duties and Obligations of Trustees. 5.1 The operation and administration of the AOM Benefits Program and the AOM Benefits Fund shall be the joint responsibility of the Trustees appointed from time to time. Subject to any limitations set out in this Agreement, the Trustees have control of the processes, budgets, management and administration of the AOM Benefits Program and the AOM Benefits Fund without consultation or approval of the Board. 5.2 The Trustees are authorized and empowered to hire employees and to engage benefits consultants, investment counsel, administrative, accounting, actuarial, clerical and other assistance as in their sole discretion they find necessary or appropriate in the performance of their duties, and to pay the costs incurred out of the AOM Benefits Fund. a) The Trustees may retain the services of legal counsel as necessary and are authorized to pay the costs incurred out of the AOM Benefits Fund. For greater certainty the Trustees shall only use the legal counsel of the AOM. 5.3 The Trustees shall have the power to interpret the provisions of this Agreement and to act thereon, and any interpretation adopted by the Trustees in good faith shall be binding upon the Plan Members.37 5.4 The Trustees shall be responsible to manage and administer the AOM Benefits Trust Fund pursuant to the policies of the AOM Benefits Program as amended from time to time. 5.5 The Trustees may invest the AOM Benefits Trust Fund in the operations of the AOM Benefits Trust in order to keep it functional and current (e.g. upgrades to the computer system, etc.) 5.6 The Trustees will establish a Finance Committee responsible for the establishment of proper financial controls, financial reporting and overall financial supervision of the AOM Benefits Trust Fund. The following financial guidelines shall guide the Trustees: a) Any debts incurred by the Trustees are the sole responsibility and liability of the Trustees and for greater certainty are not the responsibility of the Board. b) The Trustees shall make best efforts to avoid a deficit. In the event of a deficit, the deficit shall be allocated to Midwife Plan Members in an equitable manner as determined by the Trustees.38 37 January 2014 amendment, replaced “beneficiaries” with “Plan Members.” 38 January 2014 amendment, replaced “member beneficiaries” with “Midwife Plan Members.” c) The Trustees shall establish policies that limit the ability of the Chief Staff Officer, the chair, or any individual Trustee to approve expenditures without prio...
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Powers Duties and Obligations of Trustees 
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Related to Powers Duties and Obligations of Trustees

  • Duties and Obligations The Administrative Agent shall not have any duties or obligations except those expressly set forth in the Loan Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated by the Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02), and, (c) except as expressly set forth in the Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to any Loan Party or any Subsidiary that is communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02) or in the absence of its own gross negligence or willful misconduct as determined by a final nonappealable judgment of a court of competent jurisdiction. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or in connection with any Loan Document, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, (v) the creation, perfection or priority of Liens on the Collateral or the existence of the Collateral, or (vi) the satisfaction of any condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.

  • Survival of Rights, Duties and Obligations Termination of this Agreement for any cause shall not release a Party from any liability which at the time of termination has already accrued to such Party or which thereafter may accrue in respect of any act or omission prior to such termination.

  • ASSUMPTION OF CERTAIN DUTIES AND OBLIGATIONS The Assuming Institution agrees with the Receiver and the Corporation as follows:

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