Common use of Directed Trustee Clause in Contracts

Directed Trustee. A Trustee is a Directed Trustee with respect to the investment of Plan assets to the extent the Trustee is subject to the direction of the Plan Administrator, the Employer, a properly appointed Investment Manager, a Named Fiduciary, or Plan Participant. To the extent the Trustee is a Directed Trustee, the Trustee does not have any discretionary authority with respect to the investment of Plan assets. In addition, the Trustee is not responsible for the propriety of any directed investment made pursuant to this Section and shall not be required to consult or advise the Employer regarding the investment quality of any directed investment held under the Plan. The Trustee shall be advised in writing regarding the retention of investment powers by the Employer or the appointment of an Investment Manager or other Named Fiduciary with power to direct the investment of Plan assets. Any such delegation of investment powers will remain in force until such delegation is revoked or amended in writing. The Employer is deemed to have retained investment powers under this subsection to the extent the Employer directs the investment of Participant Accounts for which affirmative investment direction has not been received pursuant to Section 13.5(c). The Employer is a Named Fiduciary for investment purposes if the Employer directs investments pursuant to this subsection. Any investment direction shall be made in writing by the Employer, Investment Manager, or Named Fiduciary, as applicable. A Directed Trustee must act solely in accordance with the direction of the Plan Administrator, the Employer, any employees or agents of the Employer, a properly appointed Investment Manager or other fiduciary of the Plan, a Named Fiduciary, or Plan Participants. (See Section 13.5(c) for a discussion of the Trustee’s responsibilities with regard to Participant directed investments.) The Employer may direct the Trustee to invest in any media in which the Trustee may invest, as described in Section 12.4. However, the Employer may not borrow from the Trust or pledge any of the assets of the Trust as security for a loan to itself; buy property or assets from or sell property or assets to the Trust; charge any fee for services rendered to the Trust; or receive any services from the Trust on a preferential basis.

Directed Trustee. A The parties expressly acknowledge and agree that the Trustee is a Directed Trustee with respect to directed trustee. In the investment management and control of Plan assets to the extent Trust Assets, the Trustee is shall be subject to the direction of the Employer, Plan Administrator, Participants, Beneficiaries or Alternate Payees in the EmployerPlan and, a properly appointed Investment Manager, a Named Fiduciary, or Plan Participant. To to the extent applicable under the Trustee is a Directed Trusteeterms of this Agreement, the Trustee does not have any discretionary authority with respect to the investment directions of Plan assets. In addition, the Trustee is not responsible for the propriety of any directed investment made pursuant to this Section and shall not be required to consult or advise the Employer regarding the investment quality of any directed investment held under the PlanInvestment Managers. The Trustee shall be advised not make any investment review of, consider the propriety of holding or selling, or vote any assets held in writing regarding the retention of investment powers Trust except as directed by the Employer or the appointment of an Investment Manager or other Named Fiduciary with power to direct the investment of Plan assets. Any such delegation of investment powers will remain in force until such delegation is revoked or amended in writing. The Employer is deemed to have retained investment powers under this subsection to the extent the Employer directs the investment of Participant Accounts for which affirmative investment direction has not been received pursuant to Section 13.5(c). The Employer is a Named Fiduciary for investment purposes if the Employer directs investments pursuant to this subsection. Any investment direction shall be made in writing by the EmployerAdministrator, Investment Manager, Employer, Participant, Beneficiaries, Alternate Payees or Named Fiduciary, as applicableEmployer. A Directed The Trustee must act solely in accordance with shall have no responsibility to review or make recommendations regarding investments made at the direction of the Employer, Plan Administrator, the Participant, Beneficiaries, Alternate Payees or an Investment Manager. The Employer, Plan Administrator, Investment Manager, Participants, Beneficiaries, and Alternate Payees shall not issue any employees or agents directions to the Trustee that are in violation of the Employer, a properly appointed Investment Manager or other fiduciary terms of the PlanPlan or this Agreement. The Participants, Beneficiaries and Alternate Payees may exercise direction to the Trustee only through the Recordkeeper, provided that if the Plan permits a Named FiduciaryParticipant, Beneficiary or Plan Participants. (See Section 13.5(c) for Alternate Payee to direct investments through a discussion self-directed Brokerage Account, each such self-directed Brokerage Account shall be opened in the name of the Trustee’s responsibilities Trustee with regard a Broker for the benefit of each affected Participant, Beneficiary or Alternate Payee. The Trustee shall have and exercise authority and control over such Brokerage Account, subject always to Participant directed investments.) The Employer may direct the Trustee terms of the Plan and to invest in any media in which authorized directions from the Trustee may investPlan Administrator, as described in Section 12.4Investment Manager, Participant, Beneficiary, Alternate Payee or Employer. HoweverSubject to the foregoing, the Employer parties agree that Participants, Beneficiaries or Alternate Payees may not borrow from the Trust or pledge any of the assets of the Trust as security for a loan to itself; buy property or assets from or sell property or assets relay trading instructions directly to the Trust; charge any fee for services rendered to the Trust; or receive any services from the Trust on a preferential basisBroker.

Directed Trustee. A The parties expressly acknowledge and agree that the Trustee is a Directed Trustee with respect to directed trustee. In the investment management and control of Plan assets to the extent Trust Assets, the Trustee is shall be subject to the direction of the Employer, Plan Administrator, Participants, Beneficiaries or Alternate Payees in the EmployerPlan and, a properly appointed Investment Manager, a Named Fiduciary, or Plan Participant. To to the extent applicable under the Trustee is a Directed Trusteeterms of this Agreement, the Trustee does not have any discretionary authority with respect to the investment directions of Plan assets. In addition, the Trustee is not responsible for the propriety of any directed investment made pursuant to this Section and shall not be required to consult or advise the Employer regarding the investment quality of any directed investment held under the PlanInvestment Managers. The Trustee shall be advised not make any investment review of, consider the propriety of holding or selling, or vote any assets held in writing regarding the retention of investment powers Trust except as directed by the Employer or the appointment of an Investment Manager or other Named Fiduciary with power to direct the investment of Plan assets. Any such delegation of investment powers will remain in force until such delegation is revoked or amended in writing. The Employer is deemed to have retained investment powers under this subsection to the extent the Employer directs the investment of Participant Accounts for which affirmative investment direction has not been received pursuant to Section 13.5(c). The Employer is a Named Fiduciary for investment purposes if the Employer directs investments pursuant to this subsection. Any investment direction shall be made in writing by the EmployerAdministrator, Investment Manager, Employer, Participants, Beneficiaries, Alternate Payees or Named Fiduciary, as applicableEmployer. A Directed The Trustee must act solely in accordance with shall have no responsibility to review or make recommendations regarding investments made at the direction of the Employer, Plan Administrator, the Participants, Beneficiaries, Alternate Payees or an Investment Manager. The Employer, Plan Administrator, Investment Manager, Participants, Beneficiaries, and Alternate Payees shall not issue any employees or agents directions to the Trustee that are in violation of the Employer, a properly appointed Investment Manager or other fiduciary terms of the PlanPlan or this Agreement. The Participants, Beneficiaries and Alternate Payees may exercise direction to the Trustee only through the Recordkeeper, provided that if the Plan permits a Named FiduciaryParticipant, Beneficiary or Plan Participants. (See Section 13.5(c) for Alternate Payee to direct investments through a discussion self-directed Brokerage Account, each such self-directed Brokerage Account shall be opened in the name of the Trustee’s responsibilities Trustee with regard a Broker for the benefit of each affected Participant, Beneficiary or Alternate Payee. The Trustee shall have and exercise authority and control over such Brokerage Account, subject always to Participant directed investments.) The Employer may direct the Trustee terms of the Plan and to invest in any media in which authorized directions from the Trustee may investPlan Administrator, as described in Section 12.4Investment Manager, Participant, Beneficiary, Alternate Payee or Employer. HoweverSubject to the foregoing, the Employer parties agree that Participants, Beneficiaries or Alternate Payees may not borrow from the Trust or pledge any of the assets of the Trust as security for a loan to itself; buy property or assets from or sell property or assets relay trading instructions directly to the Trust; charge any fee for services rendered to the Trust; or receive any services from the Trust on a preferential basisBroker.

Directed Trustee. A Trustee is a Directed Trustee with respect to the investment of Plan assets to the extent the Trustee is subject to the direction of the Plan Administrator, the Employer, a properly appointed Investment Manager, a Named Fiduciary, or Plan Participant. To the extent the Trustee is a Directed Trustee, the Trustee does not have any discretionary authority with respect to the investment of Plan assets. In addition, the Trustee is not responsible for the propriety of any directed investment made pursuant to this Section and shall not be required to consult or advise the Employer regarding the investment quality of any directed investment held under the Plan. The Trustee shall be advised in writing regarding the retention of investment powers by the Employer or the appointment of an Investment Manager or other Named Fiduciary with power to direct the investment of Plan assets. Any such delegation of investment powers will remain in force until such delegation is revoked or amended in writing. The Employer is deemed to have retained investment powers under this subsection to the extent the Employer directs the investment of Participant Accounts for which affirmative investment direction has not been received pursuant to Section 13.5(c). The Employer is a Named Fiduciary for investment purposes if the Employer directs investments pursuant to this subsection. Any investment direction shall be made in writing by the Employer, Investment Manager, or Named Fiduciary, as applicable. A Directed Trustee must act solely in accordance with the direction of the Plan Administrator, the Employer, any employees or agents of the Employer, a properly appointed Investment Manager or other fiduciary of the Plan, a Named Fiduciary, or Plan Participants. (See Section 13.5(c) for a discussion of the Trustee’s 's responsibilities with regard to Participant directed investments.) The Employer may direct the Trustee to invest in any media in which the Trustee may invest, as described in Section 12.4. However, the Employer may not borrow from the Trust or pledge any of the assets of the Trust as security for a loan to itself; buy property or assets from or sell property or assets to the Trust; charge any fee for services rendered to the Trust; or receive any services from the Trust on a preferential basis.