Cessation of Payment. The Trustee shall cease payment of benefits to Recipients or, if applicable, their Beneficiaries in the event of the Association's insolvency. The Association shall be considered insolvent for purposes of this RRP if the Association is unable to pay its debts as they become due or if a receiver is appointed for the Association under applicable law. If payments cease by reason of this subsection, payments will be resumed, with appropriate make-up payments, once the Association ceases to be insolvent but only to the extent the payments were not made directly by the Association or its Affiliates.
Appears in 3 contracts
Samples: Recognition and Retention Plan and Trust Agreement (City Savings Financial Corp), Recognition and Retention Plan and Trust Agreement (Union Community Bancorp), Recognition and Retention Plan and Trust Agreement (Union Community Bancorp)
Cessation of Payment. The Trustee shall cease payment of benefits to Recipients or, if applicable, their Beneficiaries in the event of the Association's ’s insolvency. The Association shall be considered insolvent for purposes of this RRP if the Association is unable to pay its debts as they become due or if a receiver is appointed for the Association under applicable law. If payments cease by reason of this subsection, payments will be resumed, with appropriate make-up payments, once the Association ceases to be insolvent but only to the extent the payments were not made directly by the Association or its Affiliates.
Appears in 1 contract
Samples: Recognition and Retention Plan and Trust Agreement (Union Community Bancorp)
