Res 2014-097/Agreement with Texas CLASS to serve as an investment pool provider

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5.7 Subro ag tion. At the election of a majority of the Board of Trustees, the Trust shall be entitled to be subrogated to the rights of the Custodian, with respect to any claim against any other Person or institution which the Custodian may have, as a consequence of any loss or damage to the Investment Property. In such event, the Board of Trustees shall consult with the Custodian concerning selection of counsel and management of any litigation to recover for such loss. 5.8 Insurance. (a) The Custodian shall maintain insurance coverage the following types and amounts with limits agreed to be the Board of Trustees: (a) Financial Institution Bond - $100,000,000 (b) Professional Liability - $100,000,000 5.9 Setoff. The Custodian shall not have, and shall not seek to enforce, any right of setoff, recoupment or similar rights against the Investment Property for any amounts owed to the Custodian pursuant to this Agreement. ARTICLE VI TRUST EXPENSES 6.1 Expenses. (a) In consideration of the performance of its obligations hereunder, the Program Administrator shall receive a fee from the Trust as set forth on Exhibit F, which fee shall be paid from the earnings of the Trust. The Program Administrator's fee shall be an Investment Property Liability. The Program Administrator shall submit a monthly bill to the chairman of the Board of Trustees for approval stating the amount of the fee for the previous month and providing sufficient information to demonstrate that the fee was calculated in accordance with Exhibit F. The chairman of the Board of Trustees is hereby given the authority to approve or disapprove the bills submitted by the Program Administrator. After receiving the approval of the chairman of the Board of Trustees of such bills, the Program Administrator shall submit such bills to the Custodian for payment and the Custodian shall pay such bills from the earnings of the Trust. If the chairman of the Board of Trustees does not approve the bills submitted by the Program Administrator within 60 days of their submittal, the Program Administrator may present the bills to the Board of Trustees for review and approval. (b) From its fee, the Program Administrator shall pay the following costs and expenses: (1) the Custodian's fee as set forth in Exhibit I; (2) all custodial and securities clearance transaction charges; 23 44350219.1