Amendment Termination and Merger Clause Samples
The "Amendment, Termination and Merger" clause defines how changes can be made to the agreement, the conditions under which the agreement can be ended, and how it may be combined with other agreements. Typically, this clause outlines the procedures for modifying terms, such as requiring written consent from all parties, specifies the process for ending the contract before its natural expiration, and addresses how previous agreements are superseded or integrated. Its core function is to provide a clear framework for managing changes, ending obligations, and consolidating agreements, thereby reducing uncertainty and potential disputes.
Amendment Termination and Merger. 9.1 AMENDMENT: The Sponsor, or, if there is no Sponsor, the Trustee, will have the right to amend the Plan at any time subject to the following provisions:
Amendment Termination and Merger. 11.1 Except as otherwise provided in this Agreement, the provisions of this Agreement and of the Plan may be amended, altered, or modified at any time, and from time to time, by the Board, subject to applicable law, including any amendments necessary to obtain and maintain the tax-exempt status of the Fund and the deductibility of the Employer contributions. All such amendments shall be in writing; provided, however, that no amendment shall be adopted which:
(a) Alters the basic principles of this Trust of providing benefits to Employees of Employers; or
(b) Conflicts with the terms of any Collective Bargaining Agreement as to the Contribution amount or any applicable law or governmental regulation.
(c) Causes the use of any part of the Fund for purposes other than those authorized herein; or
(d) Increases the contributions of any Employer, except as authorized herein.
11.2 This Agreement and the Plan may be terminated by the Board by a vote of the Board, with each side’s vote determined by two-thirds of the Union Trustees and two-thirds of the Employer Trustees, as applicable, measured by total contributions paid to the Fund under its signatory Collective Bargaining Agreements for the prior Plan Year, by an instrument in writing executed by mutual consent at any time or at such time when there are no further contributions required to be made to the Fund under a Collective Bargaining Agreement or other written instrument.
11.3 No amendment or termination of this Agreement or the Plan shall cause any part of the Trust to be used for, or diverted to, purposes other than for the exclusive benefit of the Participants as provided by the Plan or for the administrative expenses of the Fund, or other payments or expenses per the provisions of this Agreement. Under no circumstances shall any portion of the Trust, directly or indirectly, revert or accrue to the benefit of an Employer or Local 503.
11.4 This Trust and the Plan may be merged with, or transfer assets or liabilities to, or receive from, a plan, trust, or trust fund by the Board’s determination and applicable law, provided that such merger or transfer does not result in the loss of the tax-exempt status of the Trust, subject to applicable law.
11.5 In no event shall any assets of the Trust revert to an Employer or Local 503. Upon the termination of the Trust herein provided, all money remaining in the Fund after the payment of all expenses shall be used for the continuance of one or more benefits of the ...
Amendment Termination and Merger. 15.1 Trust is Irrevocable The Trust shall be irrevocable but shall be subject to amendment and termination as provided in this Article 15.
Amendment Termination and Merger