Common use of RESTRICTIONS AND PROHIBITIONS Clause in Contracts

RESTRICTIONS AND PROHIBITIONS. Subject to the foregoing, Parties will adhere to the following restrictions and prohibitions in their Trust investments: 1. Transactions with current or prospective related parties (“self dealing”), including individuals employed by a Party, and a parent or affiliated company of a Party, are prohibited. Securities lending will not be considered a “self dealing” transaction. 2. The average credit quality of a Trust’s fixed income securities will be rated an equivalent “A2/A/A” or higher by Moody’s, S&P, or Fitch respectively. If all three rating agencies rate a security, the middle rating will be used. When two agencies rate a security, the lower rating will be used. If the security is not rated by one of the three rating agencies listed above, the investment manager’s internal rating will be used. The market value of unrated securities cannot exceed 5% of the aggregate market value of a Trust’s fixed income allocation. Cash and cash equivalent securities will be rated an equivalent “Aaa/AAA/AAA” or “P-1, A-1, F1” by Moody’s, S&P, or Fitch respectively. 3. Securities lending is permitted, provided that the program’s collateral investment vehicle complies with the standards for Permitted Investments contained herein.

RESTRICTIONS AND PROHIBITIONS. Subject to the foregoing, Parties will Participants shall adhere to the following restrictions and prohibitions in their Trust investments: 1. Transactions with current or prospective related parties (“self dealing”), including but not limited to individuals employed by a PartyParticipant, and a parent or affiliated company of a PartyParticipant, are prohibited. Securities lending will shall not be considered a “self dealing” transaction. 2. The average credit quality of a Trust’s fixed income securities will shall be rated an equivalent “A2/A/A” or higher by Moody’sXxxxx’x, S&P, or Fitch respectively. If all three rating agencies rate a security, the middle rating will shall be used. When two agencies rate a security, the lower rating will shall be used. If the security is not rated by one of the three rating agencies listed above, the investment manager’s internal rating will shall be used. The market value of unrated securities cannot exceed 5% of the aggregate market value of a Trust’s fixed income allocation. Cash and cash equivalent securities will shall be rated an equivalent “Aaa/AAA/AAA” or “P-1, A-1, F1” by Moody’sXxxxx’x, S&P, or Fitch respectively. 3. Securities lending is permitted, provided that the program’s collateral investment vehicle complies with the standards for Permitted Investments contained herein.