Common use of Adoption by Other Employers; Withdrawals Clause in Contracts

Adoption by Other Employers; Withdrawals. The Trust is maintained by the Client for use as the funding vehicle for the Plans which it maintains for various groups of employees and for use as the funding vehicle for the Plans of any Employer. (a) Any Employer which has been certified to the Trustee by the Client as being authorized and as having adopted the Plans with the consent of the Client may, at any time thereafter, become a party to this Trust Agreement by filing with the Trustee a certified copy of a resolution of its Board of Directors evidencing adoption of such Plans; and (b) Any Employer which is a party to this Trust Agreement and which has been certified to the Trustee by the Client as having adopted one or more other plans and as being authorized to adopt this Trust as the funding medium for such other plan or plans may, at any time thereafter, adopt this Trust for the purposes of such other plan or plans by filing with the Trustee a certified copy of a resolution of its Board of Directors evidencing its election to do so. Thereafter, the Trustee shall receive and hold as a part of the Trust Fund, subject to the provisions of this Trust Agreement, any deposits made to it under such Plans by or at the direction of such Employer. Should this paragraph become operative: (a) In the event of the withdrawal of a Plan from the trust or in the event of the Client’s or an Employer’s election to terminate or to fund separately the benefits provided under any of its Plans, the Client shall cause a valuation to be made of the share of the Trust Fund which is held for the benefit of persons having an interest therein under such Plans. The Trustee shall thereupon segregate and dispose of such share in accordance with the written direction of the Client accompanied by its certification to the Trustee that such segregation and disposition is in accordance with the terms of the Plans and the requirements of the law. (b) If the Client or any Employer receives notice that one or more of its Plans is no longer qualified under the provisions of Section 401 of the Code or the corresponding provisions of any future Federal revenue act and any attempt to correct the disqualifying defect failed or a correction method was unavailable, the Client shall immediately cause a valuation to be made of the share of the Trust Fund which is held for the benefit of such persons having an interest under such disqualified Plan or Plans. The Trustee shall thereupon segregate, withdraw from the Trust Fund, and dispose of such share in accordance with the terms of the disqualified Plan or Plans. The Client may direct the Trustee to dispose of such share by the transfer and delivery of such share to itself as trustee of a separate trust, the terms and conditions of which shall be identical with those of this Trust Agreement, except that either the Client or the Employer maintaining such disqualified Plan or Plans and the Trustee shall be the only parties thereto. (c) In the event that any group of employees covered by a Plan is withdrawn from such Plan, the Client shall, if required by the terms of such Plan, cause a valuation to be made of the share of the Trust Fund which is held for the benefit of such group of employees. The Trustee shall thereupon segregate and dispose of such share in accordance with the direction of the Client accompanied by its certification to the Trustee that such segregation and disposition is in accordance with the terms of such Plan and the requirements of the law. The Trustee shall have no duty to see that the valuation of any share in accordance with the provisions of this Section 14.1 is caused to be made by the Client, nor to segregate and dispose of any such share in the absence of the written direction of the Client to do so.

Adoption by Other Employers; Withdrawals. The Trust is maintained by the Client Company for use as the funding vehicle for the Plans which it maintains for various groups of employees and for use as the funding vehicle for the Plans of any Employer. (a) Any Employer which has been certified to the Trustee by the Client Company as being authorized and as having adopted the Plans this Trust with the consent of the Client Company as a funding vehicle for its own Plans may, at any time thereafter, become a party to this Trust Agreement by filing with the Trustee a certified copy of a resolution of its Board of Directors evidencing adoption of such Plansits election so to do; and (b) Any Employer which is a party to this Trust Agreement and which has been certified to the Trustee by the Client Company as having adopted one or more other plans Plans and as being authorized to adopt this Trust as the funding medium for such other plan Plan or plans Plans may, at any time thereafter, adopt this Trust for the purposes of such other plan Plan or plans Plans by filing with the Trustee a certified copy of a resolution of its Board of Directors evidencing its election so to do sodo. Thereafter, the Trustee shall receive and hold as a part of the Trust Fund, subject to the provisions of this Trust Agreement, any deposits made to it under such Plans by or at the direction of such Employer. Should this paragraph become operative: (a) In the event of the withdrawal of a Plan from the trust or in the event of the Client’s Company's or an Employer’s 's election to terminate or to fund separately the benefits provided under any of its Plans, the Client Company shall cause a valuation to be made of the share of the Trust Fund which is held for the benefit of persons having an interest therein under such Plans. The Trustee shall thereupon segregate and dispose of such share in accordance with the written direction of the Client Company accompanied by its certification to the Trustee that such segregation and disposition is in accordance with the terms of the Plans and the requirements of the law. (b) If the Client Company or any Employer receives notice that one or more of its Plans is no longer qualified under the provisions of Section 401 of the Code or the corresponding provisions of any future Federal revenue act and any attempt to correct the disqualifying defect failed or a correction method was unavailableact, the Client Company shall immediately cause a valuation to be made of the share of the Trust Fund which is held for the benefit of such persons having an interest under such disqualified Plan or Plans. The Trustee shall thereupon segregate, withdraw from the Trust Fund, and dispose of such share in accordance with the terms of the disqualified Plan or Plans. The Client Company may direct the Trustee to dispose of such share by the transfer and delivery of such share to itself as trustee of a separate trust, the terms and conditions of which shall be identical with those of this Trust Agreement, except that either the Client Company or the Employer maintaining such disqualified Plan or Plans and the Trustee shall be the only parties thereto. (c) In the event that any group of employees covered by a Plan is withdrawn from such Plan, the Client Company shall, if required by the terms of such Plan, cause a valuation to be made of the share of the Trust Fund which is held for the benefit of such group of employees. The Trustee shall thereupon segregate and dispose of such share in accordance with the direction of the Client Company accompanied by its certification to the Trustee that such segregation and disposition is in accordance with the terms of such Plan and the requirements of the law. The Trustee shall have no duty to see that the valuation of any share in accordance with the provisions of this Section 14.1 15.1 is caused to be made by the ClientCompany, nor to segregate and dispose of any such share in the absence of the written direction of the Client Company to do so.

Adoption by Other Employers; Withdrawals. The Trust is maintained by the Client Company for use as the funding vehicle for the Plans which it maintains for various groups of employees and for use as the funding vehicle for the Plans of any Employer. (a) Any Employer which has been certified to the Trustee by the Client Company as being authorized and as having adopted the Plans this Trust with the consent of the Client Company as a funding vehicle for its own Plans may, at any time thereafter, become a party to this Trust Agreement by filing with the Trustee a certified copy of a resolution of its Board of Directors evidencing adoption of such Plans; andits election so to do; (b) Any Employer which is a party to this Trust Agreement and which has been certified to the Trustee by the Client Company as having adopted one or more other plans Plans and as being authorized to adopt this Trust as the funding medium for such other plan Plan or plans Plans may, at any time thereafter, adopt this Trust for the purposes of such other plan Plan or plans Plans by filing with the Trustee a certified copy of a resolution of its Board of Directors evidencing its election so to do; and (c) The trustee of any trust which (i) is exempt from taxation under Section 1165(a) of the PR Code, (ii) has been established by an Employer for the purpose of funding one or more plans qualified under Section 1165(a) of the PR Code and maintained for the benefit of the employees of such Employer who are residents of and/or perform services entirely in Puerto Rico, and (iii) has been certified to the Trustee by the Company as being authorized to invest in the assets of this Trust, shall be permitted to invest in the Trust Fund by filing with the Trustee a duly executed instrument evidencing its election to do so. Thereafter, the Trustee shall receive and hold as a part of the Trust Fund, Fund subject to the provisions of this Trust Agreement, any deposits made to it under such Plans by or at the direction of such Employer. Should this paragraph become operative: (a) In the event of the withdrawal of a Plan from the trust or in the event of the ClientCompany’s or an Employer’s election to terminate or to fund separately the benefits provided under any of its Plans, the Client Company shall cause a valuation to be made of the share of the Trust Fund which is held for the benefit of persons having an interest therein under such Plans. The Trustee shall thereupon segregate and dispose of such share in accordance with the written direction of the Client Company accompanied by its certification to the Trustee that such segregation and disposition is in accordance with the terms of the Plans and the requirements of the law. (b) If the Client Company or any Employer receives notice that one or more of its Plans is no longer qualified under the provisions of Section 401 of the Code or the corresponding provisions of any future Federal revenue act and any attempt to correct the disqualifying defect failed or a correction method was unavailableact, the Client Company shall immediately cause a valuation to be made of the share of the Trust Fund which is held for the benefit of such persons having an interest under such disqualified Plan or Plans. The Trustee shall thereupon segregate, withdraw from the Trust Fund, and dispose of such share in accordance with the terms of the disqualified Plan or Plans. The Client Company may direct the Trustee to dispose of such share by the transfer and delivery of such share to itself as trustee of a separate trust, the terms and conditions of which shall be identical with those of this Trust Agreement, except that either the Client Company or the Employer maintaining such disqualified Plan or Plans and the Trustee shall be the only parties thereto. (c) In the event that any group of employees covered by a Plan is withdrawn from such Plan, the Client Company shall, if required by the terms of such Plan, cause a valuation to be made of the share of the Trust Fund which is held for the benefit of such group of employees. The Trustee shall thereupon segregate and dispose of such share in accordance with the direction of the Client Company accompanied by its certification to the Trustee that such segregation and disposition is in accordance with the terms of such Plan and the requirements of the law. The Trustee shall have no duty to see that the valuation of any share in accordance with the provisions of this Section 14.1 10.1 is caused to be made by the ClientCompany, nor to segregate and dispose of any such share in the absence of the written direction of the Client Company to do so.

Adoption by Other Employers; Withdrawals. The Trust is maintained by the Client Company for use as the funding vehicle for the Plans which it maintains for various groups of employees and for use as the funding vehicle for the Plans of any Employer. (a) Any Employer which has been certified to the Trustee by the Client Company as being authorized and as having adopted the Plans this Trust with the consent of the Client Company as a funding vehicle for its own Plans may, at any time thereafter, become a party to this Trust Agreement by filing with the Trustee a certified copy of a resolution of its Board of Directors evidencing adoption of such Plansits election so to do; and (b) Any Employer which is a party to this Trust Agreement and which has been certified to the Trustee by the Client Company as having adopted one or more other plans Plans and as being authorized to adopt this Trust as the funding medium for such other plan Plan or plans Plans may, at any time thereafter, adopt this Trust for the purposes of such other plan Plan or plans Plans by filing with the Trustee a certified copy of a resolution of its Board of Directors evidencing its election so to do sodo. Thereafter, the Trustee shall receive and hold as a part of the Trust Fund, subject to the provisions of this Trust Agreement, any deposits made to it under such Plans by or at the direction of such Employer. Should this paragraph become operative: (a) In the event of the withdrawal of a Plan from the trust or in the event of the Client’s Company's or an Employer’s 's election to terminate or to fund separately the benefits provided under any of its Plans, the Client Company shall cause a valuation to be made of the share of the Trust Fund which is held for the benefit of persons having an interest therein under such Plans. The Trustee shall thereupon segregate and dispose of such share in accordance with the written direction of the Client Company accompanied by its certification to the Trustee that such segregation and disposition is in accordance with the terms of the Plans and the requirements of the law. (b) If the Client Company or any Employer receives notice that one or more of its Plans is no longer qualified under the provisions of Section 401 40l of the Code or the corresponding provisions of any future Federal revenue act and any attempt to correct the disqualifying defect failed or a correction method was unavailableact, the Client Company shall immediately cause a valuation to be made of the share of the Trust Fund which is held for the benefit of such persons having an interest under such disqualified Plan or Plans. The Trustee shall thereupon segregate, withdraw from the Trust Fund, and dispose of such share in accordance with the terms of the disqualified Plan or Plans. The Client Company may direct the Trustee to dispose of such share by the transfer and delivery of such share to itself as trustee of a separate trust, the terms and conditions of which shall be identical with those of this Trust Agreement, except that either the Client Company or the Employer maintaining such disqualified Plan or Plans and the Trustee shall be the only parties thereto. (c) In the event that any group of employees covered by a Plan is withdrawn from such Plan, the Client Company shall, if required by the terms of such Plan, cause a valuation to be made of the share of the Trust Fund which is held for the benefit of such group of employees. The Trustee shall thereupon segregate and dispose of such share in accordance with the direction of the Client Company accompanied by its certification to the Trustee that such segregation and disposition is in accordance with the terms of such Plan and the requirements of the law. The Trustee shall have no duty to see that the valuation of any share in accordance with the provisions of this Section 14.1 l5.l is caused to be made by the ClientCompany, nor to segregate and dispose of any such share in the absence of the written direction of the Client Company to do so.