Common use of Exception Management Clause in Contracts

Exception Management. Any exceptions to this policy must be approved in writing. For minor exceptions, such as nominal amounts exceeding investment limits on approved investments, the written approval of the Chief Financial Officer is required. For major exceptions, such as purchasing a new type of investment instrument not on the list of approved investments, the written approval of the Board of Directors is required.

Exception Management. Any exceptions to this policy must be approved in writing. For minor exceptionsexceptions not exceeding 20% of amount limits or duration limits on approved investments, such as nominal amounts the written approval of the Chief Executive Officer is required. For exceptions not exceeding investment 10% of amount limits or duration limits on approved investments, the written approval of the Chief Financial Officer is required. For major all other exceptions, such as purchasing a new type of investment instrument not on the list of approved investments, the written approval of the Board of Directors is required.