Common use of Powers and Responsibilities Clause in Contracts

Powers and Responsibilities. All powers and discretionary authority granted to the Trustee under the Trust Agreement shall be exclusively exercised by a committee (“the Discretionary Committee”) and only upon affirmative approval by a majority of the members at a properly constituted meeting of the Discretionary Committee. In addition and without limiting the generality of the foregoing, the Discretionary Committee shall: (i) Trust Investments: meet and review the investments of the Trust and all other important decisions that the Discretionary Committee has made concerning the Trust at least once per quarter; (ii) Advisors: have exclusive authority over the selection, control of the relationship with and the provision of instructions and directions to any advisors (including, investment, accounting and legal advisors) engaged by the Trust; and (iii) Financial Statements: shall review and shall have exclusive authority to approve financial statements for the Trust. Prior to exercising any of the discretionary powers or authorities held by the Discretionary Committee, the Discretionary Committee shall obtain and review all the information and materials required to make a fully informed decision.