Direction by Investment Manager Sample Clauses

Direction by Investment Manager. Each Investment Manager shall have the exclusive authority to manage, acquire and dispose of any Securities or other property held in its Investment Manager Account and, subject to its written agreement with the Board and any Investment Guidelines, may exercise with respect to such Securities or other property all of the powers set forth in Section 5.5, except subsections (j) through (z) (unless the Board or the Investment Committee has explicitly consented in writing to the Investment Manager exercising the powers set forth in such subsections).
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Direction by Investment Manager. The Trustee shall invest and reinvest any part of the Fund that is subject to the direction of an Investment Manager only to the extent and in the manner directed by the Investment Manager in writing. The Trustee need not determine or inquire into whether investment instructions received from an Investment Manager represent proper and lawful investment decisions or result in prohibited trans-actions. The Trustee shall have no duty to review any investment to be acquired, held, or disposed of pursuant to such directions or to make recommendations with respect to the investment of any part of the Fund under the direction of an Investment Manager. The Trustee shall be fully protected in complying without question with the direction of, or failing to act in the absence of any direction from, an Investment Manager. If the Trustee does not receive written instructions from an Investment Manager with respect to any part of the Fund subject to the Investment Manager's direction (including, without limitation, income, sale proceeds and contributions), the Trustee shall hold such amounts in interest bearing accounts. If an Investment Manager resigns, is removed, or fails to qualify as such under Article Two of this Directed Trust Agreement, the Trustee shall not dispose of any of the assets in that part of the Fund that was previously subject to the direction of such Investment Manager, and any amounts added to that part of the Fund shall be placed in interest bearing accounts until the Trustee is advised in writing by the Employer that the Employer has appointed a new Investment Manager to direct that part of the Fund or that the Trustee has been designated to have investment responsibility for such part. An Investment Manager may at any time and from time to time issue orders for the purchase or sale of securities directly to a broker. In such case, the Trustee, upon written request from the Investment Manager, shall execute and deliver appropriate trading authorizations. Written notification of the issuance of each such order shall be given promptly to the Trustee by the Investment Manager, and the execution of each such order shall be confirmed in writing to the Trustee by the broker. Such notification shall be authority for the Trustee to pay for securities purchased against receipt thereof and to deliver securities sold against payment therefore, as the case may be.
Sample 1

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