Common use of Amendment and Termination of Trust Clause in Contracts

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 until such time as a favorable determination letter is received.

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 's Participants and their beneficiariesBeneficiaries, 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 Participants and their beneficiariesBeneficiaries, 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 Participant or beneficiary 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 until such time as a favorable determination letter is received.

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 '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, if changing conditions require, 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 2.9 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, 7.1 may be amended at any time by written agreement of the Company and the Trustee, provided, 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 until such time as a favorable determination letter is received.

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 '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 until such time as a favorable determination letter is received.

Amendment and Termination of Trust. 7.1 It is the intention 7.01 The Board may amend any or all of the Company that provisions of this Trust and the Plan embodied herein at any time and from time to time on behalf of Forest and all Employers, provided however: (1) that no amendment shall increase the duties or liabilities of the Committee without their written consent; (2) that no amendment shall deprive any Participant or any Beneficiary of a deceased Participant of any of the benefits to which it he is a part entitled under this Trust with respect to contributions previously made nor shall be permanently administered any amendment reduce an accrued benefit except as permitted by Section 411(d)(6) or 412(c)(8) of the Code; (3) that no amendment shall provide for the use of funds or assets held under this Trust other than for the benefit of Employees and no funds contributed to this Trust or assets of this Trust shall ever revert to or be used or enjoyed by any Employer, except in the event of the termination of the Plan embodied herein and, in such event, only after satisfaction of all liabilities to all Participants and their Beneficiaries and if such reversion is permitted by ERISA; and (4) that no amendment shall deprive an Insurer of any of its exemptions and immunities with respect to contracts or policies issued by it prior to receipt by the Insurer of notice of such amendment. 7.02 The Board shall have the power to terminate this Plan or partially terminate this Plan at any time. Each Employer, including Forest, by appropriate action of its board of directors or noncorporate counterpart, may terminate this Plan at any time as to its Employees. Moreover, the Board may, in its sole discretion, terminate an Employer's Plan participation at any time. Upon termination or partial termination of the Plan’s participants , the rights of all affected Participants and their beneficiariesBeneficiaries to benefits accrued to the date of such termination or partial termination to the extent funded as of such date shall be nonforfeitable. Upon termination of the Plan in its entirety, the Committee shall allocate all assets of the Plan available to provide benefits among the Participants and Beneficiaries of the Plan in the order provided below: (1) First, to the portion of each Participant's accrued retirement benefit that is derived from his contributions to the Plan; (2) Next, to each retirement benefit that became payable three or more years before the effective date of the termination and each retirement benefit that would have become payable as of the beginning of such three-year period if the Participant had retired prior thereto and his benefits had commenced in the form of an annuity under Section 3.01 as of the beginning of such period; provided, however, that each such retirement benefit shall be based on the provisions of the Plan in effect during the five-year period prior to the effective date of such termination under which such benefit would be the least, and defraying reasonable expenses provided, further, that the lowest retirement benefit being paid during the three-year period shall be considered the benefit payable during the three-year period; (3) Next, to all other retirement benefits guaranteed under Title IV of administering ERISA determined without regard to Section 4022(b)(5) thereof; (4) Next, to all other nonforfeitable retirement benefits under the Plan prior to the Plan's termination; and (5) Last, to all other benefits under the Plan. This Trust is, accordingly, irrevocable except The amount allocated to any benefit under any of the above paragraphs shall be properly adjusted for any allocation of assets with respect to Section 8.4; howeverthat benefit under a prior paragraph. If the assets available for allocations under any of paragraphs 1 through 3 are insufficient to satisfy in full the benefits described in that paragraph, this Trust may such assets shall be terminated allocated pro rata among Participants and their Beneficiaries, on the basis of the value as of the termination date, of their respective benefits described in that paragraph. If the assets available for allocation under paragraph 4 are insufficient to satisfy in full the benefits described therein, the available assets shall be allocated to the benefits of individuals described in that paragraph on the basis of the benefits of such individuals that would have been covered by paragraph 4 under the Plan as in effect at any time the beginning of the five-year period ending on the date of Plan termination. If the assets available for allocation under the preceding sentence are sufficient to satisfy in full the benefits described therein, then, for purposes of the preceding sentence, benefits of individuals described in that sentence shall be determined on the basis of the Plan as amended by the Companymost recent Plan amendment effective during such five-year period under which the assets available for allocation are sufficient to satisfy in full the benefits described in the preceding sentence, and upon any assets remaining to be allocated under such termination, sentence shall be allocated under such sentence on the Trust Fund basis of the Plan as amended by the next succeeding Plan amendment effective during such period. Any assets remaining after the above allocations shall be distributed to the Employers if (i) all liabilities of the Plan to all Participants and Beneficiaries under the Plan have been satisfied, and (ii) such distribution does not contravene any provision of law. Notwithstanding the foregoing, if any assets of the Plan attributable to Employee contributions remain after all liabilities of the Plan to Participants and Beneficiaries have been satisfied, such assets shall be equitably distributed (as determined by the Trustee Committee in accordance with regulations of the Pension Benefit Guaranty Corporation then in effect) to the Employees who made the contributions or to their Beneficiaries. The amounts allocated in accordance with the foregoing shall be based on the actuarial assumptions applicable at the date of termination, as and when directed determined by the Administrator Committee in accordance with applicable regulations of the Pension Benefit Guaranty Corporation, and such amounts may be applied (subject to the limitations of Section 10.11) as of the date of termination to the purchase of annuities or to the payment of cash benefits to Participants and Beneficiaries to the extent permitted by regulations of the Pension Benefit Guaranty Corporation and approved by the Committee. Upon termination of the Plan and notwithstanding any other provisions of the Plan, the Plan termination benefit of any "highly compensated employee," as such term is defined in Section 414(q) of the Code, and any "highly compensated former employee," as such term is defined in Section 414(q)(9) of the Code, shall be limited to a benefit that is nondiscriminatory under Section 401(a)(4) of the Code and regulations promulgated thereunder. 7.03 Any Employer may elect at any time, with the consent of Forest in the case of a subsidiary or affiliate, to segregate from further participation in the pension trust established hereby. Such Employer shall file with the Committee a document evidencing such election and its continuation of a trust in accordance with the provisions of Section 2.10 this Trust Agreement as though such Employer were the sole creator thereof. In such event the Committee shall deliver to themselves as the Committee of such successor trust such part of the assets of the Trust as they may determine in accordance with applicable regulations to constitute the appropriate share of such Trust assets then held in respect of the participating Employees of the Employer making such election to segregate. Such formerly participating Employer may thereafter exercise in respect of such successor trust agreement all the rights and powers reserved to Forest under the provisions of this Trust Agreement. In a similar manner, any Employer may elect, with the consent of Forest in the case of a subsidiary or affiliate, to segregate the appropriate share of the assets of the Trust as shall be determined by the Committee in accordance with applicable regulations to be then held in respect of Employees in any division, plant, location or other identifiable group or unit of the business of such Employer, and the Committee shall hold such segregated trust assets in the same manner and for the same purpose as provided above in the event of the election of an Employer to segregate, and the Employer so electing shall have with respect to the said segregated trust assets and the trust agreement under which they are held the rights hereinabove provided for a segregated corporation. 7.04 Unless the Employer involved elects to continue, with or without amendment, the Plan document. From embodied herein for the date benefit of some or all of its Employees, amounts allocated to a trust established pursuant to a segregation under Section 7.03 shall be allocated and distributed in the manner described in Section 7.02 in the event 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 until such time as a favorable determination letter is received.

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 '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, 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 until such time as a favorable determination letter is received.