Disbursement of Trust Funds. Generally, The Trustee will disburse funds from the Trust Account only as follows:
(1) If both parties deliver to the Trustee a joint instruction to disburse funds from the Trust Account to the Company and/or Xx. Xxxxxx, then the Trustee will disburse funds from the Trust Account as so instructed.
(2) If Xx. Xxxxxx delivers to the Trustee a certificate stating that the Company is in default of its obligations to Xx. Xxxxxx under this Agreement, then the Trustee will disburse from the Trust Account to Xx. Xxxxxx the amount that Xx. Xxxxxx certifies is owing to him under this Agreement.
(3) If either party delivers to the Trustee a final arbitral award rendered in accordance with this Agreement, then the Trustee will disburse funds from the Trust Account as prescribed in such arbitral award.
(4) If a Potential Change in Control has occurred but a Change in Control did not occur within 12 months thereafter, then Trustee will disburse the entire balance, as the same may have increased or decreased as a consequence of the investments described in Section 2.2.E above, of the Trust Account to the Company.
(5) If either party delivers to the Trustee a signed waiver and release from Xx. Xxxxxx waiving any further claim to the funds held in the Trust Account, then Trustee will disburse the entire balance, as the same may have increased or decreased as a consequence of the investments described in Section 2.2.E above, of the Trust Account to the Company.
Disbursement of Trust Funds. Generally, The Trustee will disburse funds from the Trust Account only as follows:
(1) If both parties deliver to the Trustee a joint instruction to disburse funds from the Trust Account to the Company and/or Mr./Ms. [Insert Name], then the Trustee will disburse funds from the Trust Account as so instructed.
(2) If Mr./Ms. [Insert Name] delivers to the Trustee a certificate stating that the Company is in default of its obligations to Mr./Ms. [Insert Name] under this Agreement, then the Trustee will disburse from the Trust Account to Mr./Ms. [Insert Name] the amount that Mr./Ms. [Insert Name] certifies is owing to her under this Agreement.
(3) If either party delivers to the Trustee a final arbitral award rendered in accordance with this Agreement, then the Trustee will disburse funds from the Trust Account as prescribed in such arbitral award.
(4) If a Potential Change in Control has occurred but a Change in Control did not occur within 12 months thereafter, then Trustee will disburse the entire balance, as the same may have increased or decreased as a consequence of the investments described in Section 2.2.E above, of the Trust Account to the Company.
(5) If either party delivers to the Trustee a signed waiver and release from Mr./Ms. [Insert Name] waiving any further claim to the funds held in the Trust Account, then Trustee will disburse the entire balance, as the same may have increased or decreased as a consequence of the investments described in Section 2.2.E above, of the Trust Account to the Company.
Disbursement of Trust Funds. (a) The Trustee, from time to time upon receipt of written direction of the Committee, shall make payments in cash or property from the Trust Fund to such persons, including a paying agent or agents designated by the Committee (or the Committee as paying agent), in such manner and in such amounts as the Committee shall direct in writing, and amounts paid pursuant to such direction shall no longer constitute a part of the Trust Fund. Any cash or property so distributed to any paying agent shall be held in trust by such payee until disbursed in accordance with the Plan.
(b) In directing the Trustee to make any payments from the Trust Fund, the Committee shall follow the provisions of the Plan and, except as provided in this Section 7, in no event may the Committee direct that any payments be made, either during the existence or upon discontinuance of the Plan, that would cause any part of the Trust Fund to be used for or diverted to purposes other than the exclusive benefit of participating employees, former employees or beneficiaries of such employees, pursuant to the provisions of the Plan. The Trustee, unless its trust department has actual knowledge that the direction constitutes a breach of the Committee's fiduciary responsibility with respect to the Plan, shall not be liable in any way for any payment made pursuant to any such direction of the Committee and, in the absence of knowledge that the direction constitutes such a breach, the Trustee shall have no duty to make any inquiry or investigation before acting upon any such direction of the Committee. Any written direction of the Committee shall constitute a certification that the distribution so directed is one that the Committee is authorized to direct, and the Trustee need not make any further investigation. The Trustee shall not be responsible for the adequacy of the Trust Fund to meet and discharge any and all distributions and liabilities under the Plan.
(c) The Trustee may make any distribution required hereunder by mailing its check for the specified amount, or delivering the specified property, to the person to whom such distribution or payment is to be made, at such address as may have been last furnished to the Trustee, or if no such address shall have been so furnished, to such person in care of the Company or the Committee, or (if so directed by the Committee) by crediting the account of such person or by transferring funds to such person's account by bank or wire transfer.
Disbursement of Trust Funds. (a) Upon receipt of written direction of the Employer, the Trustee shall make payments from the Trust Fund to such persons or direct Connecticut General Life Insurance Company to make such payments from an annuity contract listed on Exhibit A, in such manner and in such amounts as the Employer shall direct in writing, and amounts paid pursuant to such direction shall no longer constitute a part of the Trust Fund. Notwithstanding the foregoing, the Employer expressly reserves the right to provide direction directly to Connecticut General Life Insurance Company regarding payments of Plan benefits or other disbursements.
(b) At no time prior to the satisfaction of all liabilities with respect to participants and beneficiaries under this Trust shall any part of the corpus or income of the Trust Fund be used for, or diverted to, purposes other than for the exclusive benefit of plan participants or beneficiaries. Except as provided in the Plan, the assets of the Trust Fund shall never inure to the benefit of the Employer and shall be held for the exclusive purpose of providing benefits to participants in the Plan and their beneficiaries, and defraying reasonable expenses of administering the Plan.
Disbursement of Trust Funds. 3 Section 7. Expenses and Compensation of Trustee................................................................ 4 Section 8. Expenses of the Plan and Trust Fund................................................................. 4 Section 9. Accounts of the Trustee............................................................................. 4 Section 10. Resignation, Removal and Substitution of Trustee.................................................... 5 Section 11. Amendment and Termination of Trust.................................................................. 6
Disbursement of Trust Funds. (a) Upon receipt of written direction of the Employer, the Trustee shall make payments from the Trust Fund to such persons or direct Connecticut General Life Insurance Company to make -3- 6 such payments from an annuity contract listed on Exhibit A, in such manner and in such amounts as the Employer shall direct in writing, and amounts paid pursuant to such direction shall no longer constitute a part of the Trust Fund.
(b) At no time prior to the satisfaction of all liabilities with respect to participants and beneficiaries under this Trust shall any part of the corpus or income of the Trust Fund be used for, or diverted to, purposes other than for the exclusive benefit of plan participants or beneficiaries. Except as provided in the Plan, the assets of the Trust Fund shall never inure to the benefit of the Employer and shall be held for the exclusive purpose of providing benefits to participants in the Plan and their beneficiaries, and defraying reasonable expenses of administering the Plan.
