Notice of Application for Authorization Under Prohibited Transaction Exemption 96-62

This document is about a notice issued by United States Trust Company of New York regarding an application for authorization to redeem investments in the Excelsior Funds by the U.S. Trust Corporation Employees' Retirement Plan. The purpose is to exempt the transactions from certain ERISA prohibited transaction rules. The document outlines the parties involved, the proposed transactions, and the conditions under which the authorization is being sought.