Common use of Account Adjustment Clause in Contracts

Account Adjustment. As of each Valuation Date, and based upon the results of its valuation of the Fund as of such Valuation Date, the Committee shall direct the Trustee to adjust Accounts to reflect realized and unrealized gains, income and losses and chargeable expenses of the Fund on an accrual basis since the preceding Valuation Date, in accordance with the provisions of this Section 3.4. The Account will be adjusted to reflect payment of taxes paid by the Trust with respect to such contributions. The amount creditable to the Account of a Participant as of a Valuation Date selected by the Committee after payment of any benefits and/or applicable withholding taxes shall not exceed the Participant’s vested accrued benefit under the Plan as of such date, as determined by the Committee, in its sole and absolute discretion. The allocation of any amounts creditable as contributions, income, losses and realized or unrealized appreciation to the Account of the Participant shall be limited so that the balance as of such Valuation Date does not exceed the Participant’s accrued benefit under the Plan. Any excess shall rather be allocable to other known or reasonably anticipated liabilities arising under the Plan and/or the Trust. The Trustee shall be under no obligation to question such allocation adjustment.