Common use of Default Payment By Trustee Clause in Contracts

Default Payment By Trustee. Upon receipt of a written notice from an Executive or Beneficiary that there has been a Qualifying Termination with respect to the Executive, and that amounts due have not been paid, the Trustee may make an independent determination whether a Qualifying Termination has occurred and, if so, of the amount and timing of payments due the eligible Executive or Beneficiary. Upon reaching an independent determination that payment is due, the Trustee shall notify the Company in writing of its conclusion. The Company shall have fifteen (15) days from the date of delivery or eighteen (18) days from the date of mailing of the -4- notice in which to provide the Trustee with evidence satisfactory to the Trustee that the Company has made all payments due each Executive or Beneficiary or to serve the Trustee with a summons and complaint or petition filed by the Company in a court of competent jurisdiction naming the Trustee and each affected Executive or Beneficiary as defendants or respondents and disputing the right to payments from the Trust. If the Company does not respond within the time period specified in the preceding sentence, the Trustee may make the payment or payments due each Executive or Beneficiary in the required amount as due. The Trustee shall be compensated and reimbursed from the Trust for its reasonable fees and expenses, including expenses for advice from independent accountants and attorneys retained by it, in connection with an independent determination and payment under this section. Nothing in this section shall require the Trustee to undertake an independent determination or payment. The Trustee may elect to leave any claim for unpaid benefit payments to be resolved directly between the Company and the Executive or Beneficiary.