Common use of Trustee's Duties Clause in Contracts

Trustee's Duties. The Trustee shall have no duty or obligation with respect to any insurance policy held by the Trust except the safekeeping of the policy, until, in accordance with directions received by the Trustee from the Committee, (i) the policy becomes due and payable upon the death of the insured to the Trust, as beneficiary under the policy, and the proceeds thereof become distributable from the Trust, or (ii) the policy is terminated or there is a withdrawal or loan from the policy or the policy is distributed in kind. The Trustee shall have not responsibility for the validity of any insurance policy held by the Trust, nor shall the Trustee be liable for the performance or financial strength of any insurance company issuing any such policy. The Trustee shall assume no responsibility for the ongoing performance or performance rating of any insurance policy held by the Trust or any insurance company issuing any such policy.