Powers of the Trustee. Subject to this Article, Article 5 and Sections 9.1 and 9.2 and in addition to the powers generally given to trustees by law, the Trustee may: (a) Invest and reinvest the Trust Fund in (i) obligations issued or guaranteed by the United States or by any person controlled or supervised by and acting as an instrumentality of the United States pursuant to authority granted by Congress, (ii) obligations issued or guaranteed by any state or political subdivision thereof having a rating equal to or higher than the current A rating classification of Mood▇'▇ ▇▇▇estors Service, Inc. or the current A rating classification of Standard & Poor's Corporation, both of New York, New York, or their successors; (iii) commercial or finance paper of any corporation having a net worth of $10,000,000 and having a rating classification equal to or higher than the current P-1 rating classification of Mood▇'▇ ▇▇▇estors Service, Inc. or the current A-1 rating classification of Standard & Poor's Corporation, both of New York, New York, or their successors; (iv) bankers' acceptances drawn on and accepted by banks or trust companies organized under the laws of the United States of America or any state thereof, having a reported capital and surplus of at least $10,000,000 in dollars of the United States of America or bankers' acceptances drawn on and accepted by the Trustee; (v) certificates of deposit maturing within twelve months of the Trustee or of banks or trust companies, organized under the laws of the United States of America or any state thereof, having a reported capital and surplus of at least $10,000,000 in dollars of the United States of America and which has a rating at least equal to the rating required in (iii) above; and (vi) repurchase agreements collateralized with obligations described in (i) above; and (vii) money market funds the assets of which are of the types specified above; provided that any such investment or deposit is not prohibited by law. (b) Abandon, adjust, arbitrate, compromise, or otherwise settle any obligation or liability due to or from it as Trustee, including any tax claim, and/or enforce or contest any claim in legal or administrative proceedings. The Trustee will not be required to contest any claim unless it has been indemnified against the costs and expenses of that action or unless available Trust Fund assets are sufficient to pay those expenses. (c) Compensate from the Trust Fund, agents, accountants, brokers and counsel (who may be counsel for the Company) and other assistants and advisors which it believes are necessary or desirable for the proper administration of the Trust Fund. (d) Temporarily deposit uninvested funds in a commingled temporary deposit medium maintained by the Trustee, which is composed of certificates of deposit or other obligations issued by the Trustee. (e) Do all other acts not specifically mentioned above which are necessary to administer the Trust Fund and to carry out the purposes of the Trust.
Appears in 1 contract
Sources: Master Benefit Trust Agreement (Amcast Industrial Corp)
Powers of the Trustee. (a) Subject to this Articlethe direction of the Employer, Article 5 and Sections 9.1 and 9.2 and in addition to the powers generally given to trustees by lawCommittee, or Investment Manager, the Trustee may:
(a) Invest or its designee is authorized and reinvest the Trust Fund empowered to perform only those duties and functions expressly set out in (i) obligations issued or guaranteed by the United States or by any person controlled or supervised by and acting as an instrumentality of the United States pursuant to authority granted by Congress, (ii) obligations issued or guaranteed by any state or political subdivision thereof having a rating equal to or higher than the current A rating classification of Mood▇'▇ ▇▇▇estors Service, Inc. or the current A rating classification of Standard & Poor's Corporation, both of New York, New York, or their successors; (iii) commercial or finance paper of any corporation having a net worth of $10,000,000 and having a rating classification equal to or higher than the current P-1 rating classification of Mood▇'▇ ▇▇▇estors Service, Inc. or the current A-1 rating classification of Standard & Poor's Corporation, both of New York, New York, or their successors; (iv) bankers' acceptances drawn on and accepted by banks or trust companies organized under the laws of the United States of America or any state thereof, having a reported capital and surplus of at least $10,000,000 in dollars of the United States of America or bankers' acceptances drawn on and accepted by the Trustee; (v) certificates of deposit maturing within twelve months of the Trustee or of banks or trust companies, organized under the laws of the United States of America or any state thereof, having a reported capital and surplus of at least $10,000,000 in dollars of the United States of America and which has a rating at least equal to the rating required in (iii) above; and (vi) repurchase agreements collateralized with obligations described in (i) above; and (vii) money market funds the assets of which are of the types specified above; provided that any such investment or deposit is not prohibited by law.
(b) Abandon, adjust, arbitrate, compromise, or otherwise settle any obligation or liability due to or from it as Trustee, including any tax claim, and/or enforce or contest any claim in legal or administrative proceedingsthis Agreement. The Trustee will not be required under any duty to contest take any claim action other than those actions specified in this Agreement unless it has been indemnified expressly agrees in writing to do so. The Trustee or its designee is authorized and empowered:
(i) to invest and reinvest part or all of the Trust in accordance with investment policies which may be established by the Committee from time to time in such assets as the Committee or Investment Manager may direct (including common and preferred stocks of the Employer), bonds, debentures, mutual fund shares, notes, commercial paper, treasury bills, options, partnership interests, venture capital investments, any common, commingled, or pooled investment funds (including such funds for which the Trustee serves as investment manager), contracts and policies issued by an insurance company (including affiliates of the Trustee), endorsement split dollar insurance, any interest bearing deposits held by any bank or similar financial institution (including affiliates of the Trustee), and any other real or personal property;
(ii) in accordance with directions from the Committee, to apply for, pay premiums on and maintain in force on the lives of Plan participants, individual ordinary or individual or group term or universal life insurance policies, variable universal life insurance policies, survivorship life insurance policies or annuity policies (“policies”) (including any policies issued by an affiliate of the Trustee) and to have with respect to such policies all of the rights, powers, options, privileges and benefits usually comprised in the term “incidents of ownership” and normally vested in an owner of such policies, except, however, the Trustee shall have no power to name a beneficiary of the policy other than the Trust, to assign the policy (as distinct from conversion of the policy to a different form) other than to a successor trustee, or to loan to any person the proceeds of any borrowing against such policy; provided, however, notwithstanding the costs provisions above, the Trustee may loan to the Employer the proceeds of any borrowing against an insurance policy held as an asset of the Trust;
(iii) to sell, exchange, convey, transfer or dispose of and expenses also to grant options with respect to any property, whether real or personal, at any time held by it, and any sale may be made by private contract or by public auction, and for cash or upon credit, or partly for cash and partly upon credit, and no person dealing with the Trustee shall be bound to see to the application of that the purchase money or to inquire into the validity, expediency or propriety of any such sale or other disposition;
(iv) to retain, manage, operate, repair and rehabilitate and to mortgage or lease for any period any real estate held by it and, in its discretion, cause to be formed any corporation or trust to hold title to any such real property;
(v) to borrow or raise monies for the purposes of the Trust from any lender, except the Trustee, in its individual capacity, and for any sum so borrowed to issue its promissory note as Trustee and to secure the repayment thereof by pledging all or any part of the Trust, and no person lending money to the Trustee shall be bound to see to the application of the money loaned or to inquire into the validity, expediency or propriety of any such borrowing;
(vi) to make distributions in cash upon the direction of the Employer through the Committee;
(vii) to vote in person or by proxy on any stocks, bonds, or other securities held by it, including any shares of mutual funds held by it, to exercise any options appurtenant to any stocks, bonds or other securities for the conversion thereof into other stocks, bonds or securities, or to exercise any rights to subscribe for additional stocks, bonds or other securities and to make any and all necessary payment therefor and to enter into any voting trust;
(viii) with respect to any investment, to join in, dissent from, or oppose any action or unless available Trust Fund assets are sufficient inaction of any corporation, or of the directors, officers or stockholders of any corporation, including, without limitation, any reorganization, recapitalization, consolidation, liquidation, sale or merger;
(ix) to settle, adjust, compromise, or submit to arbitration any claims, debts or damages due or owing to or from the Trust;
(x) to deposit any property with any protective, reorganization or similar committee, to delegate power thereto and to pay those expensesand agree to pay part of its expenses and compensation and any assessments levied with respect to any property so deposited; and
(xi) to delegate administrative duties to a designee.
(b) In addition to and not by way of limitation of any other powers conferred upon the Trustee by law or other provisions of this Agreement, but subject to Section 1.4 and this Section 3, the Trustee is authorized and empowered, in its discretion:
(i) to commence or defend suits or legal proceedings, and to represent the Trust in all suits or legal proceedings in any court or before any other body or tribunal;
(ii) to register securities in its name or in the name of any nominee or nominees with or without indication of the capacity in which the securities shall be held, or to hold securities in bearer form;
(iii) to employ such agents, brokers, counsel, accountants, actuaries or other professionals, as the Trustee shall deem advisable and to be reimbursed by the Employer for their reasonable expenses and compensation;
(iv) to make, execute, acknowledge, and deliver any and all deeds, leases, assignments and instruments; and
(v) generally to do all acts which the Trustee may deem necessary or desirable for the administration and protection of the Trust.
(c) Compensate from Notwithstanding any powers granted to the Trustee pursuant to this Agreement or by applicable law, the Trustee shall not have any power that could give the Trust Fundthe objective of carrying on a business and dividing the gains therefrom, agents, accountants, brokers and counsel (who may be counsel for within the Company) and other assistants and advisors which it believes are necessary or desirable for the proper administration meaning of Section 301.7701-2 of the Trust FundProcedure and Administrative Regulations promulgated pursuant to the Code.
(d) Temporarily deposit uninvested funds in a commingled temporary deposit medium maintained by the Trustee, which is composed of certificates of deposit or other obligations issued by the Trustee.
(e) Do all other acts not specifically mentioned above which are necessary to administer the Trust Fund and to carry out the purposes of the Trust.
Appears in 1 contract
Powers of the Trustee. Subject to this Article, Article 5 and Sections 9.1 and 9.2 and in addition to the powers generally given to trustees by law, the Trustee mayTrustee:
(a) Invest May own the Annuity Contracts as Trust investments and take such action with respect to such contracts as necessary to carry out the terms of the Trust, including but not limited to the payment of premiums, but at any time that the Trustee determines that it is necessary to surrender or borrow against the Annuity Contracts, including without limitation partial surrenders, in order to raise funds to pay current or future benefits to the individual in whose Separate Account the Annuity Contracts are credited, the Trustee shall give written notification to the Company stating its intention. Thereupon, the Company shall have thirty (30) days in which to contribute additional assets to the Trust in the amount stated in the Trustee's written notification, and the Trustee shall then refrain from making surrenders until such subsequent time(s), if any, that the Trustee determines that it is necessary to make surrenders, whereupon the Trustee shall again give written notification of intention to surrender an Annuity Contract and the Company shall again have the right to make additional contributions of assets in the manner set forth above.
(b) May invest and reinvest the Trust Fund (except as provided in subsection (a), above, with respect to Annuity Contracts) in (i) obligations issued or guaranteed by the United States or by any person controlled or supervised by and acting as an instrumentality of the United States pursuant to authority granted by Congress, ; (ii) obligations issued or guaranteed by any state or political subdivision thereof having a rating equal to or higher than the current A rating classification of Mood▇▇▇▇▇'▇ ▇▇▇estors Investors Service, Inc. or the current A rating classification of Standard & Poor's Corporation, both of New York, New York, or their successors; (iii) commercial or finance paper of any corporation (through mutual funds or directly) having a net worth of $10,000,000 50,000,000 and having a rating classification equal to or higher than the current P-1 rating classification of Mood▇▇▇▇▇'▇ ▇▇▇estors Investors Service, Inc. or the current A-1 rating classification of Standard & Poor's Corporation, both of New York, New York, York or their successors; (iv) bankers' acceptances acceptance drawn on and accepted by banks or trust companies organized under the laws of the United States of America or any state thereof, having a reported capital and surplus of at least $10,000,000 50,000,000 in dollars of the United States of America or bankers' acceptances acceptance drawn on and accepted by the Trustee; (v) certificates of deposit maturing within twelve months of the Trustee or of banks or trust companies, organized under the laws of the United States of America or any state thereof, having a reported capital and surplus of at least $10,000,000 50,000,000 in dollars of the United States of America and which has a rating at least equal to the rating required in (iii) above; and (vi) repurchase agreements collateralized with obligations described in (i) above; and (vii) money market funds the assets of which are of the types specified above; and (viii) preferred or common stock of any company (other than the Company or any successor thereto), provided that at the time any such security is acquired (directly or through a mutual fund)
(1) the security is listed for trading upon the New York Stock Exchange, Inc., or such securities are owned by a mutual fund that has at least 50% of its assets invested in securities listed for trading upon the New York Stock Exchange, Inc.
(2) no more than 2% of the assets of the Trust, determined at the time the investment is made, are invested in the preferred or common stock of any one company, unless the investment is owned through a mutual fund and (3) no more than 30% of the assets of the Trust are invested, determined at the time an investment pursuant to this clause is made, in preferred or common stock; provided that any such investment or deposit is not prohibited by law.
(bc) AbandonMay abandon, adjust, arbitrate, compromise, or otherwise settle any obligation or liability due to or from it as Trustee, including any tax claim, and/or enforce or contest any claim in legal or administrative proceedings. The Trustee will shall not be required to contest any claim unless it has been indemnified against the costs and expenses of that action or unless available Trust Fund assets are sufficient to pay those expenses.
(cd) Compensate May compensate from the Trust Fund, agents, accountants, brokers and counsel (who may be counsel for the Company) and other assistants and advisors which it believes are necessary or desirable for the proper administration of the Trust Fund.
(de) Temporarily May temporarily deposit uninvested funds in a commingled temporary deposit medium maintained by the Trustee, which is composed of certificates of deposit or other obligations issued by the Trustee.
(ef) Do May do all other acts acts, not specifically mentioned above which are necessary to administer the Trust Fund and to carry out the purposes of the Trust.
Appears in 1 contract
Powers of the Trustee. Subject to this ArticleExcept as otherwise provided in Section 7.9 and 7.10, Article 5 and Sections 9.1 and 9.2 the Trustee shall have all the powers granted by the terms of the Texas Trust Code as it now exists, or as it may be amended, and in addition to the powers generally given to trustees by lawthereto and not in modification or limitation thereof, the Trustee mayshall have the following powers:
(a) Invest and reinvest To keep such portion of the Trust Fund in cash, to meet contemplated requisitions, as the Participant shall specify in written requests, and, in the Trustee’s discretion, to retain cash temporarily awaiting investment, without liability for interest thereon;
(i) obligations issued To hold or guaranteed by the United States register securities or by other property which may at any person controlled time be purchased for or supervised by and acting held as an instrumentality investments of the United States pursuant to authority granted by Congress, (ii) obligations issued or guaranteed by any state or political subdivision thereof having a rating equal to or higher than Trust Fund in the current A rating classification of Mood▇'▇ ▇▇▇estors Service, Inc. or the current A rating classification of Standard & Poor's Corporation, both of New York, New York, or their successors; (iii) commercial or finance paper of any corporation having a net worth of $10,000,000 and having a rating classification equal to or higher than the current P-1 rating classification of Mood▇'▇ ▇▇▇estors Service, Inc. or the current A-1 rating classification of Standard & Poor's Corporation, both of New York, New York, or their successors; (iv) bankers' acceptances drawn on and accepted by banks or trust companies organized under the laws of the United States of America or any state thereof, having a reported capital and surplus of at least $10,000,000 in dollars of the United States of America or bankers' acceptances drawn on and accepted by the Trustee; (v) certificates of deposit maturing within twelve months name of the Trustee or in the name of banks its nominee (including any custodian employed by the Trustee, any nominee of such a custodian and any depository, clearing corporation or trust companiesother similar system) or in such form that title will pass by delivery;
(ii) To employ such agents, organized under consultants, custodians, depositories, advisors, and legal counsel as may be reasonably necessary or desirable in the laws Trustee’s judgment in managing and protecting the Trust Fund and subject to the provisions of Section 7.5, to pay them reasonable compensation out of the United States of America or any state thereof, having a reported capital and surplus of at least $10,000,000 in dollars of the United States of America and which has a rating at least equal to the rating required in Trust Fund;
(iii) above; and (vi) repurchase agreements collateralized with obligations described in (i) above; and (vii) money market funds the To transfer any assets of which are of the types specified above; provided that any such investment Trust to a custodian or deposit is not prohibited sub-custodian employed by law.
(b) Abandon, adjust, arbitrate, compromise, or otherwise settle any obligation or liability due to or from it as the Trustee, including any tax claim, and/or enforce or contest any claim in legal or administrative proceedings. The Trustee will not be required to contest any claim unless it has been indemnified against the costs and expenses of that action or unless available Trust Fund assets are sufficient to pay those expenses.;
(c) Compensate To sell, redeem, exchange, convey, transfer, pledge, invest and reinvest or otherwise dispose of any securities, investments or other property held by it, when directed by the Participants, Participant’s beneficiary or by the Committee, by private contract or at public auction, and for such purposes the Trustee may execute such instruments and writings and so such things as it shall deem proper;
(d) With respect to securities (other than Company Stock which is described in Section 7.9) and to the extent that the Plan provides or the Trustee receives direction from the Committee, a Participant, a Beneficiary or an Investment Manager who may be appointed pursuant to Section 7.10, to vote upon any stocks, bonds, or other securities of any corporation, association or trust at any time, or otherwise consent to or request any action on the part of such corporation, association or trust; to give general or special proxies or powers of attorney with or without power of substitution; to exercise any conversion privileges, subscription rights or other options; to make any payments incidental thereto; to oppose or consent to or otherwise participate in, corporate reorganization, recapitalization, consolidation, merger or similar transactions with respect to such corporate securities, or other change affecting corporate securities; to deposit such securities or stock in any voting trust, or with any protective or like committee or with a trustee, or with depositories designated thereby; to pay any assessments or charges in connection therewith; and generally to exercise any of the powers of an owner with respect to stocks, bonds, securities or other properties held as a part of the Trust Fund; provided, however, unless otherwise directed, the Trustee will not vote such securities or stock as to which it receives no written directions;
(e) When directed by the Committee, to borrow money from any lender, including itself, and to mortgage or pledge assets of the Trust Fund as security for the repayment thereof;
(f) When directed by the Committee, to settle, compromise or submit to arbitration any claims, debts or damages due or owing to or from the Trust Fund, agentsor to commence or defend suits or legal or administrative proceedings; provided, accountantshowever, brokers the Trustee shall have no obligation to take any legal action for the benefit of the Trust Fund unless it shall have been first indemnified for all expenses in connection therewith, including reasonable attorney’s fees;
(g) To enter into any contracts with responsible insurance companies to provide for the payment of all or any part of the benefits provided under the Plan, and counsel to disburse under any such contracts any funds held by it;
(who h) To make payments from the Trust in accordance with the written instructions of Participants. All payments made to Participants will be to the last address recorded in the Plan’s records as maintained by the record keeper;
(i) To make execute, acknowledge and deliver any and all instruments that it deems necessary or appropriate to carry out the powers granted herein;
(j) Upon express direction by the Committee, to transfer assets of the Trust to itself as Trustee or to any other trustee of any trust which has been qualified under Section 401(a) of the Code and is exempt from tax under Section 501(a) of the Code, and which is maintained by it or such other trustee as a medium for the collective investment of funds of pension, profit-sharing or other employee benefit trusts, in which event such trust shall be deemed to be a part of the Plan, and to withdraw any assets of the Trust so transferred;
(k) To lend to Plan Participants amounts of money upon such terms and conditions, as the Plan may direct, in accordance with the provisions of the Plan, the Participant Loan Policy Statement and the Loan Program, as applicable;
(l) To delegate to RadioShack and/or the Committee by agreement in writing, such ministerial and limited discretionary duties as may be counsel for agreed upon, including but not limited to the Companymaintenance of records of Accounts of Participants and the quarterly determination of value of each Participant’s Account; and
(m) To do all other acts in its judgment which are legal, necessary and other assistants and advisors which it believes are necessary or desirable for the proper administration of the Trust Fund.
(d) Temporarily deposit uninvested funds Trust, in a commingled temporary deposit medium maintained accordance with the provisions of the Plan, although the power to do such acts is not specifically set forth herein. The powers granted to the Trustee under this Section 7.2 shall be exercised by the Trustee; however, which is composed the Committee may at any time and from time to time, by written direction to the Trustee, require the Trustee to obtain the written approval of certificates the Committee before exercising any such powers. Any such direction may be of deposit a continuing nature or other obligations issued otherwise, and may be revoked in writing by the Trustee.
(e) Do all Committee at any time. Neither the Trustee nor any other acts not specifically mentioned above which are necessary person shall be under any duty to administer the Trust Fund and to carry out the purposes question any such direction of the TrustCommittee, and the Trustee shall as promptly as possible comply with any directions given by the Committee hereunder. The Trustee shall not be responsible for any loss which may result from the failure or refusal of the Committee to give any such required approval.
Appears in 1 contract
Sources: Trust Agreement (Radioshack Corp)
Powers of the Trustee. Subject to this ArticleExcept as otherwise provided in Section 7.9 and 7.10, Article 5 and Sections 9.1 and 9.2 the Trustee shall have all the powers granted by the terms of the Texas Trust Code as it now exists, or as it may be amended, and in addition to the powers generally given to trustees by lawthereto and not in modification or limitation thereof, the Trustee mayshall have the following powers:
(a) Invest and reinvest To keep such portion of the Trust Fund in cash, to meet contemplated requisitions, as the Participant shall specify in written requests, and, in the Trustee’s discretion, to retain cash temporarily awaiting investment, without liability for interest thereon;
(i) obligations issued To hold or guaranteed by the United States register securities or by other property which may at any person controlled time be purchased for or supervised by and acting held as an instrumentality investments of the United States pursuant to authority granted by Congress, (ii) obligations issued or guaranteed by any state or political subdivision thereof having a rating equal to or higher than Trust Fund in the current A rating classification of Mood▇'▇ ▇▇▇estors Service, Inc. or the current A rating classification of Standard & Poor's Corporation, both of New York, New York, or their successors; (iii) commercial or finance paper of any corporation having a net worth of $10,000,000 and having a rating classification equal to or higher than the current P-1 rating classification of Mood▇'▇ ▇▇▇estors Service, Inc. or the current A-1 rating classification of Standard & Poor's Corporation, both of New York, New York, or their successors; (iv) bankers' acceptances drawn on and accepted by banks or trust companies organized under the laws of the United States of America or any state thereof, having a reported capital and surplus of at least $10,000,000 in dollars of the United States of America or bankers' acceptances drawn on and accepted by the Trustee; (v) certificates of deposit maturing within twelve months name of the Trustee or in the name of banks its nominee (including any custodian employed by the Trustee, any nominee of such a custodian and any depository, clearing corporation or trust companiesother similar system) or in such form that title will pass by delivery;
(ii) To employ such agents, organized under consultants, custodians, depositories, advisors, and legal counsel as may be reasonably necessary or desirable in the laws Trustee’s judgment in managing and protecting the Trust Fund and subject to the provisions of Section 7.5, to pay them reasonable compensation out of the United States of America or any state thereof, having a reported capital and surplus of at least $10,000,000 in dollars of the United States of America and which has a rating at least equal to the rating required in Trust Fund;
(iii) above; and (vi) repurchase agreements collateralized with obligations described in (i) above; and (vii) money market funds the To transfer any assets of which are of the types specified above; provided that any such investment Trust to a custodian or deposit is not prohibited sub-custodian employed by law.the Trustee;
(b) AbandonTo sell, adjustredeem, arbitrateexchange, compromiseconvey, transfer, pledge, invest and reinvest or otherwise settle dispose of any obligation securities, investments or liability due to other property held by it, when directed by the Participants, Participant’s beneficiary or from by the Committee, by private contract or at public auction, and for such purposes the Trustee may execute such instruments and writings and so such things as it as Trustee, including any tax claim, and/or enforce or contest any claim in legal or administrative proceedings. The Trustee will not be required to contest any claim unless it has been indemnified against the costs and expenses of that action or unless available Trust Fund assets are sufficient to pay those expenses.shall deem proper;
(c) Compensate With respect to securities (other than Company Stock which is described in Section 7.9) and to the extent that the Plan provides or the Trustee receives direction from the Committee, a Participant, a Beneficiary or an Investment Manager who may be appointed pursuant to Section 7.10, to vote upon any stocks, bonds, or other securities of any corporation, association or trust at any time, or otherwise consent to or request any action on the part of such corporation, association or trust; to give general or special proxies or powers of attorney with or without power of substitution; to exercise any conversion privileges, subscription rights or other options; to make any payments incidental thereto; to oppose or consent to or otherwise participate in, corporate reorganization, recapitalization, consolidation, merger or similar transactions with respect to such corporate securities, or other change affecting corporate securities; to deposit such securities or stock in any voting trust, or with any protective or like committee or with a trustee, or with depositories designated thereby; to pay any assessments or charges in connection therewith; and generally to exercise any of the powers of an owner with respect to stocks, bonds, securities or other properties held as a part of the Trust Fund; provided, however, unless otherwise directed, the Trustee will not vote such securities or stock as to which it receives no written directions;
(d) When directed by the Committee, to borrow money from any lender, including itself, and to mortgage or pledge assets of the Trust Fund as security for the repayment thereof;
(e) When directed by the Committee, to settle, compromise or submit to arbitration any claims, debts or damages due or owing to or from the Trust Fund, agentsor to commence or defend suits or legal or administrative proceedings; provided, accountantshowever, brokers the Trustee shall have no obligation to take any legal action for the benefit of the Trust Fund unless it shall have been first indemnified for all expenses in connection therewith, including reasonable attorney’s fees;
(f) To enter into any contracts with responsible insurance companies to provide for the payment of all or any part of the benefits provided under the Plan, and counsel to disburse under any such contracts any funds held by it;
(who g) To make payments from the Trust in accordance with the written instructions of Participants. All payments made to Participants will be to the last address recorded in the Plan’s records as maintained by the record keeper;
(h) To make execute, acknowledge and deliver any and all instruments that it deems necessary or appropriate to carry out the powers granted herein;
(i) Upon express direction by the Committee, to transfer assets of the Trust to itself as Trustee or to any other trustee of any trust which has been qualified under Section 401(a) of the Code and is exempt from tax under Section 501(a) of the Code, and which is maintained by it or such other trustee as a medium for the collective investment of funds of pension, profit-sharing or other employee benefit trusts, in which event such trust shall be deemed to be a part of the Plan, and to withdraw any assets of the Trust so transferred;
(j) To lend to Plan Participants amounts of money upon such terms and conditions, as the Plan may direct, in accordance with the provisions of the Plan, the Participant Loan Policy Statement and the Loan Program, as applicable;
(k) To delegate to RadioShack and/or the Committee by agreement in writing, such ministerial and limited discretionary duties as may be counsel for agreed upon, including but not limited to the Companymaintenance of records of Accounts of Participants and the quarterly determination of value of each Participant’s Account; and
(l) To do all other acts in its judgment which are legal, necessary and other assistants and advisors which it believes are necessary or desirable for the proper administration of the Trust Fund.
(d) Temporarily deposit uninvested funds Trust, in a commingled temporary deposit medium maintained accordance with the provisions of the Plan, although the power to do such acts is not specifically set forth herein. The powers granted to the Trustee under this Section 7.2 shall be exercised by the Trustee; however, which is composed the Committee may at any time and from time to time, by written direction to the Trustee, require the Trustee to obtain the written approval of certificates the Committee before exercising any such powers. Any such direction may be of deposit a continuing nature or other obligations issued otherwise, and may be revoked in writing by the Trustee.
(e) Do all Committee at any time. Neither the Trustee nor any other acts not specifically mentioned above which are necessary person shall be under any duty to administer the Trust Fund and to carry out the purposes question any such direction of the TrustCommittee, and the Trustee shall as promptly as possible comply with any directions given by the Committee hereunder. The Trustee shall not be responsible for any loss which may result from the failure or refusal of the Committee to give any such required approval.
Appears in 1 contract
Sources: Trust Agreement (Radioshack Corp)