Common use of Accounting by Trustee Clause in Contracts

Accounting by Trustee. The Trustee shall keep accurate and detailed records of all investments, receipts, disbursements, and all other transactions required to be made, including such specific records as shall be agreed upon in writing between the Grantor and the Trustee. All such accounts, books, and records shall be open to inspection and audit at all reasonable times by the Grantor and by any Beneficiary. Within sixty (60) days following (1) the close of each calendar year, (2) the removal or resignation of the Trustee, and (3) the termination of the Trust, the Trustee shall after each such event deliver to the Grantor and the Beneficiaries a written account of its administration of the Trust during such year or during the period from the close of the last preceding year to the date of such removal, resignation or termination, setting forth all investments, receipts, disbursements and other transactions effected by it, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or sales (accrued interest paid or receivable being shown separately), and showing all cash, securities and other property held in the Trust at the end of such year or as of the date of such removal, resignation or termination, as the case may be. Written approval of an account shall, as to all matters shown in the account, be binding upon the recipient and shall release and discharge the Trustee from any liability or accountability. A recipient will be deemed to have given his or her written approval if he or she does not object in writing to the Trustee within sixty (60) days after the date of receipt of such account from the Trustee. The Trustee shall be entitled at any time to institute an action in a court of competent jurisdiction for settlement of its account.

Accounting by Trustee. The Trustee shall separately keep accurate and detailed records of all investments, receipts, disbursements, and all other transactions required to be made, including such specific records as shall may be agreed upon in writing between the Grantor Company and the Trustee. All such accounts, books, and records shall be open to inspection and audit at all reasonable times by the Grantor and by any Beneficiary. Within sixty (60) 60 days following (1) the close of each calendar year, (2) quarter and within 120 days after the removal or resignation of the Trustee, and (3) the termination of the Trust, the Trustee shall after each such event deliver to the Grantor and the Beneficiaries Company a written account of its administration of the Trust during such year quarter or during the period from the close of the last preceding year quarter to the date of such removal, resignation removal or terminationresignation, setting forth all investments, receipts, disbursements and other transactions effected by itit for the Executive, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or sales (accrued interest paid or receivable being shown separately), and showing all cash, securities and other property held in the Trust for the Executive at the end of such year quarter or as of the date of such removal, resignation removal or terminationresignation, as the case may be. Written The Company may approve the account either by written notice of approval of an account shall, as delivered to all matters shown in the account, be binding upon the recipient and shall release and discharge the Trustee from any liability or accountability. A recipient will be deemed by failure to have given his or her written approval if he or she does not object in writing to the Trustee within sixty one hundred and eighty (60180) days after from the date of receipt of such on which the account from was delivered to the Trustee. The Upon receipt of written approval of the accounting, or upon the expiration of the 180-day period without written objections, the account shall be approved, and the Trustee shall be entitled at any time released and discharged with respect to institute an action in the account as if the account had been settled and allowed by a decree of a court of competent jurisdiction for settlement jurisdiction. Nothing herein contained, however, shall be deemed to preclude the Trustee of its accountright to have its account settled by a court of competent jurisdiction.

Accounting by Trustee. The 6.1 Trustee shall keep accurate and detailed records of all investments, receipts, disbursements, and all other transactions required to be made, including such specific records as shall be agreed upon in writing between the Grantor Bancshares and the Trustee. All such accounts, books, and records shall be open to inspection and audit at all reasonable times by the Grantor and by any Beneficiary. Within sixty (60) 30 days following (1) the close of each calendar year, (2) year and within 30 days after the removal or resignation of the Trustee, and (3) the termination of the Trust, the Trustee shall after each such event deliver to the Grantor and the Beneficiaries Bancshares a written account of its administration of the Trust during such year or during the period from the close of the last preceding year to the date of such removal, resignation removal or terminationresignation, setting forth all investments, receipts, disbursements and other transactions effected by it, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or sales (accrued interest paid or receivable being shown separately), and showing all cash, securities and other property held in the Trust trust at the end of such year or as of the date of such removal, resignation removal or terminationresignation, as the case may be. Written approval In the absence of an the filing in writing with Trustee by Bancshares of exceptions or objections to any such account shallwithin 90 days, as to all matters shown in the account, be binding upon the recipient and Bancshares shall release and discharge the Trustee from any liability or accountability. A recipient will be deemed to have given his approved such account; in such case, or her upon the written approval if he or she does not object in writing to the Trustee within sixty (60) days after the date by Bancshares of receipt of any such account from the Trustee. The account, Trustee shall be entitled at any time released, relieved and discharged with respect to institute an action all matters and things set forth in such account as though such account had been settled by the decree of a court of competent jurisdiction jurisdiction. Trustee may conclusively rely on determinations of Bancshares of valuations for settlement the assets of its accountthe Trust for which Trustee deems there to be no readily determinable fair market value.

Accounting by Trustee. The Trustee shall keep accurate and detailed records of all investments, receipts, disbursements, and all other transactions required to be made, including such specific records as shall be agreed upon in writing between the Grantor Company and the Trustee. All such accounts, books, and records shall be open to inspection and audit at all reasonable times by the Grantor and by any Beneficiary. Within sixty (60) 60 days following (1) the close of each calendar year, (2) year and within 60 days after the removal or resignation of the Trustee, and (3) the termination of the Trust, the Trustee shall after each such event deliver to the Grantor and the Beneficiaries Company a written account of its administration of the Trust during such year or during the period from the close of the last preceding year to the date of such removal, resignation removal or terminationresignation, setting forth all investments, receipts, disbursements and other transactions effected by it, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or sales (accrued interest paid or receivable being shown separately), and showing all cash, securities and other property held in the Trust at the end of such year or as of the date of such removal, resignation removal or terminationresignation, as the case may be. Written The Company may approve the account either by written notice of approval of an account shall, as delivered to all matters shown in the account, be binding upon the recipient and shall release and discharge the Trustee from any liability or accountability. A recipient will be deemed by failure to have given his or her written approval if he or she does not object in writing to the Trustee within sixty (60) 90 days after from the date of receipt of such on which the account from was delivered to the Trustee. The Upon receipt of written approval of the account, or upon the expiration of the 90-day period without written objections, the account shall be approved, and the Trustee shall be entitled at any time released and discharged with respect to institute an action in the account as if the account had been settled and allowed by a decree of a court of competent jurisdiction for settlement jurisdiction. Nothing herein contained, however, shall be deemed to preclude the Trustee of its accountright to have its account settled by a court of competent jurisdiction.

Accounting by Trustee. The Trustee shall keep accurate and detailed records of all investments, receipts, disbursements, and all other transactions required to be made, including such specific records as shall be agreed upon in writing between the Grantor Company and the Trustee. All such accounts, books, and records shall be open to inspection and audit at all reasonable times by the Grantor and by any Beneficiary. Within sixty (60) 90 days following (1) the close of each calendar year, (2) year and within 90 days after the removal or resignation of the Trustee, and (3) the termination of the Trust, the Trustee shall after each such event deliver to the Grantor and the Beneficiaries Company a written account of its administration of the Trust during such year or during the period from the close of the last preceding year to the date of such removal, resignation removal or terminationresignation, setting forth all investments, receipts, disbursements and other transactions effected by it, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or sales (accrued interest paid or receivable being shown separately), and showing all cash, securities and other property held in the Trust at the end of such year or as of the date of such removal, resignation removal or terminationresignation, as the case may be. Written approval of an account shall, as to all matters shown in the account, be binding upon the recipient and The Company shall release and discharge the Trustee from any liability or accountability. A recipient will be deemed to have given his or her written approval if he or she does not object in writing to the Trustee within sixty (60) days after the date Trustee's mailing of receipt each such quarterly or final account within which to file with the Trustee written objections to such account. Upon the expiration of each such period, the Trustee shall be forever released and discharged from all liability and accountability to the Company with respect to the propriety of its acts and transactions shown in such account from except with respect to any such acts or transactions as to which the Company files written objections within such sixty-day period with the Trustee. The Notwithstanding anything herein to the contrary, the Trustee shall have no duty or responsibility to obtain valuations of any assets of the Trust Fund, the value of which is not readily determinable on an established market. Company shall bear sole responsibility for determining said valuations and shall be entitled at any time responsible for providing said valuations to institute an action Trustee in a court of competent jurisdiction for settlement of its accounttimely manner. Trustee may conclusively rely on such valuations provided by Company and shall be indemnified and held harmless by Company with respect to such reliance.

Accounting by Trustee. The Trustee shall keep accurate and detailed records of all investments, receipts, disbursements, and all other transactions required to be made, including such specific records as shall be agreed upon in writing between the Grantor Company and the Trustee. All such accounts, books, and records shall be open to inspection and audit at all reasonable times by the Grantor and by any Beneficiary. Within sixty (60) 60 days following (1) the close of each calendar year, (2) year and within 30 days after the removal or resignation of the Trustee, and (3) the termination of the Trust, the Trustee shall after each such event deliver to the Grantor and the Beneficiaries Company a written account of its administration of the Trust during such year or during the period from the close of the last preceding year to the date of such removal, resignation removal or terminationresignation, setting forth all investments, receipts, disbursements and other transactions effected by it, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or sales (accrued interest paid or receivable being shown separately), and showing all cash, securities and other property held in the Trust at the end of such year or as of the date of such removal, resignation removal or terminationresignation, as the case may be. Written The Company may approve the account either by written notice or approval of an account shall, as delivered to all matters shown in the account, be binding upon the recipient and shall release and discharge the Trustee from any liability or accountability. A recipient will be deemed by failure to have given his or her written approval if he or she does not object in writing to the Trustee within sixty ninety (6090) days after from the date of receipt of such on which the account from was delivered to the Trustee. The Upon receipt of written approval of the accounting, or upon expiration of the 90-day period without written objections, the account shall be approved, and the Trustee shall be entitled at any time released and discharged with respect to institute an action in the account as if the account had been settled and allowed by a decree of a court of competent jurisdiction for settlement jurisdiction. Nothing contained herein, however, shall be deemed to preclude the Trustee from having its account settled by a court of its accountcompetent jurisdiction.

Accounting by Trustee. The Trustee shall keep accurate and detailed records and accounts of all investments, receipts, and disbursements, and other transactions hereunder, and all records, books, and accounts relating thereto shall be open to inspection by any person designated by the Sponsor at all reasonable times. As soon as reasonably practicable following the close of each annual accounting period of the Trust, and as soon as reasonably practicable after the resignation or removal of a Trustee has become effective, the Trustee shall file with the Sponsor a written account setting forth all investments, receipts, disbursements, and all other transactions required to be made, including effected by it during such specific records as shall be agreed upon in writing between the Grantor and the Trustee. All such accounts, books, and records shall be open to inspection and audit at all reasonable times by the Grantor and by any Beneficiary. Within sixty (60) days following (1) the close of each calendar year, (2) the removal or resignation of the Trustee, and (3) the termination of the Trust, the Trustee shall after each such event deliver to the Grantor and the Beneficiaries a written account of its administration of the Trust during such year or during the period from the close part of the last preceding year to the date of such removal, the resignation or terminationremoval is effective, setting forth all investmentsas the case may be, receipts, disbursements and other transactions effected by it, including containing a description of all securities and investments purchased and sold with sold, the cost or net proceeds of such purchases or sales (accrued interest paid or receivable being shown separately)sale, and showing all cash, the securities and other property investments held in the Trust at the end of such year or period, and the cost of each item thereof as carried on the books of the date Trustee. Except as provided in Sections 5.3(f), 5.4(j) and 5.5(n), the Trustee shall determine in good faith the fair market value of the Trust Fund no less often than annually, assuming an orderly liquidation at the time of such removal, resignation or termination, as determination if no market value is readily available. If there is a disagreement between the case may be. Written approval of an account shall, Trustee and anyone as to all matters shown any act or transaction reported in the accountan accounting, be binding upon the recipient and shall release and discharge the Trustee from any liability or accountability. A recipient will be deemed shall have the right to have given his or her written approval if he or she does not object in writing to the Trustee within sixty (60) days after the date its account settled by a court of receipt of such account from the Trusteecompetent jurisdiction. The Trustee shall make such other reports as may be entitled agreed upon with the Sponsor. The Trustee shall retain its records relating to the Trust as long as necessary for the proper administration thereof and at least for any time to institute an action in a court of competent jurisdiction for settlement of its accountperiod required by applicable law.

Accounting by Trustee. The (a) Trustee shall keep accurate and detailed records of all investments, receipts, disbursements, and all other transactions required to be made, including such specific records as shall be agreed upon in writing between the Grantor Company and the Trustee. All such accounts, books, and records shall be open to inspection and audit at all reasonable times by the Grantor and by any Beneficiary. Within Trustee within sixty (60) days following (1) the close of each calendar year, year and within thirty (230) days after the removal or resignation of the Trustee, and (3) the termination of the Trust, the . Trustee shall after each such event deliver to the Grantor and the Beneficiaries Company a written account of its administration of the Trust during such year or during the period from the close of the last preceding year to the date of such removal, resignation removal or terminationresignation, setting forth all investments, receipts, disbursements and other transactions effected by it, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or sales (accrued interest paid or receivable being shown separately), and showing all cash, securities and other property held in the Trust at the end of such year or as of the date of such removal, resignation removal or terminationresignation, as the case may be. Written approval . (b) Upon the expiration of an account shall, as to all matters shown in the account, be binding upon the recipient one hundred and shall release and discharge the Trustee from any liability or accountability. A recipient will be deemed to have given his or her written approval if he or she does not object in writing to the Trustee within sixty twenty (60120) days after from the date of receipt filing such annual or other account, trustee shall be forever released and discharged from all liability and accountability to anyone with respect to the propriety of all acts and transactions shown in such account from account, except with respect to such acts or transactions as to which Company shall within such one hundred and twenty (120) day period file with Trustee written objections. Notwithstanding the Trustee. The foregoing, Trustee shall be entitled have the right to apply at any time to institute an action in a court of competent jurisdiction for the judicial settlement of its Trustee's account, and, in any case, it shall be necessary to join as parties thereto only Trustee and Company; and any judgement or decree which may be entered therein shall be conclusive upon all persons having or claiming to have any interest in the Trust or under a Plan.

Accounting by Trustee. The Trustee shall keep accurate and detailed records of all investments, receipts, disbursements, and all other transactions required to be made, including such specific records as shall be agreed upon in writing between the Grantor Company and the Trustee. All such accounts, books, and records shall be open to inspection and audit at all reasonable times by the Grantor and by any Beneficiary. Within sixty one hundred twenty (60120) days following (1) the close of each calendar year, year and within ninety (290) days after the removal or resignation of the Trustee, and (3) the termination of the Trust, the Trustee shall after each such event deliver to the Grantor and the Beneficiaries Company a written account of its administration of the Trust during such year or during the period from the close of the last preceding year to the date of such removal, resignation removal or terminationresignation, setting forth all investments, receipts, disbursements and other transactions effected by it, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or sales (accrued interest paid or receivable being shown separately), and showing all cash, securities and other property held in the Trust at the end of such year or as of the date of such removal, resignation removal or terminationresignation, as the case may be. Written approval In the absence of an the filing in writing with Trustee by Company of exceptions or objections to any such account shallwithin 90 days following the receipt of such accounting, as to all matters shown in the account, be binding upon the recipient and Company shall release and discharge the Trustee from any liability or accountability. A recipient will be deemed to have given his approved such account; in such case, or her upon the written approval if he or she does not object in writing to the Trustee within sixty (60) days after the date by Company of receipt of any such account from the Trustee. The account, Trustee shall be entitled at any time released, relieved and discharged with respect to institute an action all matters and things set forth in such account as though such account had been settled by the decree of a court of competent jurisdiction jurisdiction. Trustee may conclusively rely on determinations of Company of valuations for settlement assets of its accountthe Trust for which Trustee deems there to be no readily determinable fair market value and on determinations of the issuing insurance company of valuations for insurance contracts/policies.