Amendment and Termination of Trust Sample Clauses

Amendment and Termination of Trust. 7.1 It is the intention of the Company that this Trust and the Plan of which it is a part shall be permanently administered for the benefit of the Plan’s participants and their beneficiaries, and defraying reasonable expenses of administering the Plan. This Trust is, accordingly, irrevocable except with respect to Section 8.4; however, this Trust may be terminated at any time by the Company, and upon such termination, the Trust Fund shall be distributed by the Trustee as and when directed by the Administrator in accordance with the provisions of Section 2.10 and the Plan document. From the date of termination of the Plan and until the final distribution of the Trust assets, the Trustee shall continue to have all the powers provided under this Agreement that are necessary or desirable for the orderly liquidation and distribution of the Trust Fund. In no instance upon any termination, or discontinuance, and subsequent distribution shall the Trust Fund or any part of it be used for, or diverted to, purposes other than providing benefits to participating employees and their beneficiaries, and defraying the administrative expenses of the Plan until all Plan liabilities have been satisfied, except in the instance of the failure of the Trust initially to qualify for tax-exempt status as set forth in Section 8.4. 7.2 This Trust Agreement, other than Section 7.1, may be amended at any time by written agreement of the Company and the Trustee, provided, that such amendment shall not operate: (i) to cause any part of the Trust Fund to revert to or be recoverable by the Company or to be used for or diverted to purposes other than the exclusive benefit of participants and their beneficiaries, except to the extent permitted by law and the Plan; or (ii) to reduce the then accrued benefits or the amounts then held for the benefit of any participant or beneficiary of the Plan. 7.3 The Trustee may condition the transfer or distribution of any assets of the Trust Fund upon termination of the Trust on receipt of a favorable determination letter from the Internal Revenue Service confirming that the termination of the Plan does not adversely affect the tax-exempt status of the Trust Fund. Alternatively, the Trustee, in its sole discretion, may accept the indemnification of the Trustee against any liability arising from such transfer or distribution that is provided by the Company or may require the Company to post a bond sufficient to protect the Trustee against such liability u...
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Amendment and Termination of Trust. (a) The Employer and the Trustee may mutually agree at any time to amend this Trust Agreement and the Trust created hereby to any extent deemed advisable. No amendment to this Trust Agreement shall be effective unless mutually agreed to in writing by the Employer and the Trustee; provided, however, that Trustee's fee schedule may be amended or provided in Section 7. (b) The Employer may at any time revoke this Trust Agreement and terminate the Trust hereby created. Such revocation and termination shall become effective upon receipt by the Trustee or its delegate of a written instrument of such revocation and termination executed by the Employer. Upon such termination, disposition of the assets of the Trust Fund shall be governed by the terms of the Plan; provided, however, that the Trustee shall not distribute any portion of the Trust Fund after such termination unless the Employer first obtains a determination from the Internal Revenue Service that such termination will not affect adversely the qualified status of the Plan and, if required, approval of the Pension Benefit Guaranty Corporation of such termination and distribution of assets. In lieu of an Internal Revenue Service determination, assets of the Trust Fund may be distributed if the Employer agrees in writing with the Trustee to indemnify the Trust Fund for any taxes or other penalties which may be assessed against it as a result of such termination or agrees to provide a bond to secure payment of any such taxes or penalties.
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Amendment and Termination of Trust. This Declaration of Trust shall be irrevocable, except that it may be amended from time to time to conform to any rules or regulations that are issued by any governing body or agency relating to the intent and purposes of the Trust, to clarify the construction and/or administration of the Trust, as well as to meet the requirements of any new law, rules or regulations for which the Trust can be utilized. In addition, the Trustee may amend this instrument with the approval of any court of competent jurisdiction in the State of California, by notice to the Department of Health Services, or its successor agency, of the State of California. An amendment can be made as a formal amendment to the Trust or as an addendum to the Trust and/or the Joinder Agreement. An amendment and/or an addendum for a sub-account not under continuing court jurisdiction can be added to the Trust and/or the Joinder Agreement by the SNTF upon fifteen (15) days written notice to the Beneficiary (or the Beneficiary’s legal representative) or immediately with written consent. If an amendment is made by an addendum to a Joinder Agreement affecting a limited number of Beneficiaries, notice to and/or the consent of only the affected Beneficiaries (or the Beneficiary’s legal representative) is required. SNTF may submit any amendment to a court of competent jurisdiction for approval, but is not required to do so for sub-accounts not subject to court jurisdiction. Any amendment affecting a sub-account that is under continuing court jurisdiction must be submitted for court approval unless the court specifically orders otherwise. Notwithstanding the above sections, the SNTF shall not seek a proposed amendment to the Trust Agreement that would: (a) alter the purpose or objective of this Declaration of Trust; or (b) make contributions revocable that are otherwise irrevocable under this Declaration of Trust or the Joinder Agreement.
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Amendment and Termination of Trust. (a) The Company expressly reserves the right at any time to amend this Trust Agreement and the Trust created hereby to any extent that it may deem advisable. No such amendment shall be made without the written consent of the Trustee. Such amendment shall become effective upon execution by the Trustee following delivery by the Company to the Trustee of a written instrument of amendment, duly executed and acknowledged by the Company, and accompanied by a certified copy of a resolution of the Board of Directors of the Company ​ ​ Directed TTEE, Defined Benefit ERISA Packet 00-42-3392NSBW 06-2019Page 9 of 11 IR-Trust Agreement Defined Benefit Pension Plan 00-42-2371NSBW Revised: 3/22/2019 ​ authorizing such amendment. (b) The Company expressly reserves the right to revoke this Trust Agreement and to terminate the Trust hereby created. Such revocation and termination shall become effective when and as the Trustee shall have received a written instrument of such revocation and termination executed on behalf of the Company by duly authorized officers and accompanied by a duly certified copy of a resolution of the Board of Directors of the Company, authorizing such revocation and termination. Upon such termination, disposition of the assets of the Trust Fund shall be governed by the terms of the Plan; provided, however, that the Trustee shall not distribute any portion of the Trust Fund after such termination unless the Company first obtains a determination from the Internal Revenue Service that such termination will not affect adversely the qualified status of the Plan. At the discretion of the Trustee, in lieu of an Internal Revenue Service determination, assets of the Trust Fund may be distributed if the Company agrees in writing with the Trustee to indemnify the Trust Fund for any taxes or other penalties which may be assessed against it as a result of such termination or agrees to provide a bond or other acceptable security to secure payment of any such taxes or penalties.
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Amendment and Termination of Trust. 21 9.1. Amendment............................................. 21 9.2. Termination........................................... 22
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Amendment and Termination of Trust. SECTION I The governing board of the Special Needs Trust Foundation shall have the power to amend the provisions of this Master Trust Agreement and the Joinder Agreement provided; however, that such power of amendment shall not extend to any amendment thereof which shall: (a) alter the purpose or objective of the Trust, (b) make gifts revocable that are otherwise irrevocable under this Master Trust Agreement or the Joinder Agreement, or (c) change the duties of the Trustee without its consent; and provided further, that power to amend the provisions of a Joinder Agreement executed by a Donor and previously accepted by the Special Needs Trust Foundation shall not be exercised to change the dispositive terms of the Joinder Agreement without the consent of the Donor or a proper court order pursuant to the California Trust Law. SECTION II If the Trustee has reasonable cause to believe that trust income or principal is or may become liable for basic maintenance, support, medical, dental and therapeutic care, or any other appropriate care or service for any Person with special needs that has been or would otherwise be provided by local, state, or federal government or agency or department thereof, the Trustee may within its discretion terminate the Trust sub-account for the benefit of the affected Person with special needs in which case the Trustee shall distribute the trust property to the Donors or surviving Donor, as the case may be, and if none is then living, the trust property shall be distributed according to the provisions of Article Nine, Section III, set forth below. SECTION III Upon the death of the person with special needs for whose benefit a sub-account is held in trust, the entire balance of the sub-account, including principal and undistributed income, shall be distributed upon proof of death in accordance with the Joinder Agreement. SECTION IV If it becomes impossible or impracticable to carry out the Master Trust’s purpose and objective, the Trustee may terminate the Master Trust and distribute the trust property as set forth in Section II of this Article.
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Amendment and Termination of Trust. ‌ A. By the Board of Trustees‌
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Amendment and Termination of Trust. The Employer expressly reserves the right at any time to amend this Trust Agreement and the Trust created hereby to any extent that it may deem advisable. The Employer expressly reserves the right to revoke this Trust Agreement and to terminate the Trust hereby created. Upon such termination, disposition of the assets of the Trust Fund shall be governed by the terms of the Plan; provided, however, that the Trustee shall not distribute any portion of the Trust Fund after such termination unless the Employer first obtains a determination from the Internal Revenue Service that such termination will not affect adversely the qualified status of the Plan. Thirteenth: Miscellaneous Provisions
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Amendment and Termination of Trust 
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Related to Amendment and Termination of Trust

  • Amendment and Termination of Agreement (a) We may amend any provision of this Agreement by giving you written notice of the amendment. Either party to this Agreement may terminate the Agreement without cause by giving the other party at least thirty (30) days' written notice of its intention to terminate. This Agreement will terminate automatically in the event of its assignment (as defined in the 1940 Act). (b) In the event that (i) an application for a protective decree under the provisions of the Securities Investor Protection Act of 1970 is filed against you; (ii) you file a petition in bankruptcy or a petition seeking similar relief under any bankruptcy, insolvency, or similar law, or a proceeding is commenced against you seeking such relief; or (iii) you are found by the SEC, the NASD, or any other federal or state regulatory agency or authority to have violated any applicable federal or state law, rule or regulation arising out of your activities as a broker/dealer or in connection with this Agreement, this Agreement will terminate effective immediately upon our giving notice of termination to you. You agree to notify us promptly and to immediately suspend sales of Portfolio shares in the event of any such filing or violation, or in the event that you cease to be a member in good standing of the NASD. (c) Your or our failure to terminate this Agreement for a particular cause will not constitute a waiver of the right to terminate this Agreement at a later date for the same or another cause. The termination of this Agreement with respect to any one Portfolio will not cause its termination with respect to any other Portfolio. 11.

  • Amendment and Termination of Plan Notwithstanding any provision in this Adoption Agreement or the Plan to the contrary, Section of the Plan shall be amended to read as provided in attached Exhibit . XX There are no amendments to the Plan.

  • Amendment and Termination No amendment, modification, termination or cancellation of this Agreement shall be effective unless it is in writing signed by both the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

  • Duration and Termination of Trust Unless terminated as provided herein, the Trust shall continue without limitation of time. Subject to the voting powers of one or more classes or series of Shares as set forth in the Bylaws, the Trust may be terminated at any time (i) by vote or consent of Shareholders holding at least seventy-five percent (75%) of the Shares entitled to vote or (ii) by vote or consent of majority of the entire Board of Trustees and seventy-five percent (75%) of the Continuing Trustees upon written notice to the Shareholders. Any series or class of Shares may be terminated at any time (x) by vote or consent of Shareholders holding at least seventy-five percent (75%) of the Shares of such series of class entitled to vote or (y) by vote or consent of majority of the entire Board of Trustees and seventy-five percent (75%) of the Continuing Trustees upon written notice to the Shareholders of such series or class. For the avoidance of any doubt and notwithstanding anything to the contrary in this Declaration, Shareholders shall have no separate right to vote with respect to the termination of the Trust or a series of class of Shares if the Trustees (including the Continuing Trustees) exercise their right to terminate the Trust or such series or class pursuant to clauses (ii) and (y) of this Section 4. Upon termination of the Trust or of any one or more series or classes of Shares, after paying or otherwise providing for all charges, taxes, expenses and liabilities, whether due or accrued or anticipated, of the Trust or of the particular series or class, as may be determined by the Trustees, the Trust shall in accordance with such procedures as the Trustees consider appropriate reduce the remaining assets to distributable form in cash or shares or other property, or any combination thereof, and distribute the proceeds to the Shareholders of the series or class(es) involved, ratably according to the number of Shares of such series or class held by the several Shareholders on the date of termination, except to the extent otherwise required or permitted by the preferences and special or relative rights and privileges of any classes or series of Shares.

  • Amendment and Termination of the Plan The Board may, by resolution, at any time, amend or terminate the Plan. The power to amend or terminate the Plan shall include the power to direct the Trustee to return to the Parent all or any part of the assets of the Trust, including shares of Common Stock held in the Plan Share Reserve, as well as shares of Common Stock and other assets subject to Plan Share Awards which have not yet been earned by the Participants to whom they have been awarded. However, the termination of the Trust shall not affect a Participant's right to earn Plan Share Awards and to the distribution of Common Stock relating thereto, including earnings thereon, in accordance with the terms of this Plan and the grant by the Committee or the Board. Notwithstanding the foregoing, no action of the Board may increase (other than as provided in Section 9.01 hereof) the maximum number of Plan Shares permitted to be awarded under the Plan as specified at Section 5.03, materially increase the benefits accruing to Participants under the Plan or materially modify the requirements for eligibility for participation in the Plan unless such action of the Board shall be subject to ratification by the stockholders of the Parent.

  • Amendment and Termination; Waiver Subject to the terms of the Plan, this Agreement may be amended or terminated only by the written agreement of the parties hereto. The waiver by BB&T of a breach of any provision of the Agreement by the Participant shall not operate or be construed as a waiver of any subsequent breach by the Participant. Notwithstanding the foregoing, the Administrator shall have unilateral authority to amend the Plan and this Agreement (without Participant consent) to the extent necessary to comply with applicable law or changes to applicable law (including but in no way limited to Section 409A and federal securities laws), and the Participant hereby consents to any such amendments to the Plan and this Agreement.

  • Termination of Trust Section 9.01

  • TERM, MODIFICATION AND TERMINATION OF AGREEMENT This Agreement with respect to the Fund shall continue in effect until the expiration date set forth on Schedule A (the “Expiration Date”). With regard to the Operating Expense Limits, the Trust’s Board of Trustees and the Adviser may terminate or modify this Agreement prior to the Expiration Date only by mutual written consent. This Agreement shall terminate automatically upon the termination of the Advisory Agreement; provided, however, that the obligation of the Trust to reimburse the Adviser with respect to a Fund shall survive the termination of this Agreement unless the Trust and the Adviser agree otherwise.

  • Term of Agreement and Termination 2.1. This Agreement enters into effect at the time of acceptance of this Agreement. 2.2. This Agreement will terminate without any further notice in the event products offered under this Agreement have not been used during a period of two (2) years. 2.3. This Agreement may be terminated at any time by either party with 30 days written notice. 2.4. This Agreement may be terminated by SAS with immediate effect if the Company code is used for private purposes or if SAS has reasonable cause to believe that such or similar misuse has occurred or if the Company is put into bankruptcy, enters into liquidation or is otherwise deemed to be insolvent.

  • Duration and Termination of Agreement; Amendments (a) Subject to prior termination as provided in subparagraph (d) of this paragraph 9, this Agreement shall continue in force until July 31, 2001 and indefinitely thereafter, but only so long as the continuance after such period shall be specifically approved at least annually by vote of the Trust's Board of Trustees or by vote of a majority of the outstanding voting securities of the Portfolio. (b) This Agreement may be modified by mutual consent of the Advisor, the Sub-Advisor and the Portfolio subject to the provisions of Section 15 of the 1940 Act, as modified by or interpreted by any applicable order or orders of the Securities and Exchange Commission (the "Commission") or any rules or regulations adopted by, or interpretative releases of, the Commission. (c) In addition to the requirements of subparagraphs (a) and (b) of this paragraph 9, the terms of any continuance or modification of this Agreement must have been approved by the vote of a majority of those Trustees of the Trust who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval. (d) Either the Advisor, the Sub-Advisor or the Portfolio may, at any time on sixty (60) days' prior written notice to the other parties, terminate this Agreement, without payment of any penalty, by action of its Board of Trustees or Directors, or with respect to the Portfolio by vote of a majority of its outstanding voting securities. This Agreement shall terminate automatically in the event of its assignment.

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