Discontinuance of Plan Sample Clauses

Discontinuance of Plan. Effective January 1, 1976, the plan was abolished except for employees currently in the plan to the extent provided for in Sections 24.2 and 24.3.
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Discontinuance of Plan. The Employer reserves the right to discontinue and terminate this plan for any reason whatsoever, however a similar or like plan must be substituted. Such expenses as shall be incurred prior to such discontinuance and termination shall be reimbursed pursuant to the terms of the Plan.
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Discontinuance of Plan. This Agreement shall terminate automatically if the Plan is discontinued in accordance with its terms or by operation of law.
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Discontinuance of Plan. In the event of discontinuance of the Plan for any reason, the assets of the Fund shall be applied in a manner which complies with Applicable Legislation.
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Discontinuance of Plan. Upon expiration of this Plan, the remaining assets in the Fund shall be used for payments under the Plan or for cost related to the administration of the Plan and the excess, if any, will revert back to the Company. LETTERS OF INTENT
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Discontinuance of Plan. (a) It is the expectation of the Companies that they will continue this Plan and the payment of contributions hereunder indefinitely, and this Trust is irrevocable, but continuance of the Plan is not assumed as a contractual obligation of the Companies, and the right is reserved by the Companies at any time to reduce, completely suspend, or completely discontinue contributions hereunder. In the event of such complete or partial suspension or complete or partial discontinuance of contributions, any Participant whose participation is terminated during the period of such complete or partial suspension or complete or partial discontinuance shall have a vested interest in the Participant’s ESOP account to the extent of one hundred percent (100%)
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Discontinuance of Plan. 15.1 Termination and Amendment 60 15.2 Time for Distributions Upon Plan Termination 60 15.3 Distributions Upon Sale of Assets - Time for Distributions 61 15.4 Distributions Upon Sale of Subsidiary - Time for Distributions 61 ARTICLE XVI PROHIBITION OF ASSIGNMENT OF INTEREST
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Discontinuance of Plan. (a) It is the Company's expectation that this Plan and the payment of contributions hereunder will be continued indefinitely, but continuance of the Plan by the Company is not assumed as a contractual obligation, and the Company reserves the right to permanently discontinue contributions hereunder. In the event of the complete discontinuance of contributions by the Company, the entire interest of each Participant affected thereby shall immediately become 100% vested. The Company shall not be liable for the payment of any benefits under this Plan and all benefits hereunder shall be payable solely from the assets of the Trust.
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Discontinuance of Plan. It is the Employer's expectation that this Plan and the payment of contributions hereunder will be continued indefinitely, and the Trust related to this Plan is irrevocable, but continuance of the Plan by the Employer is not assumed as a contractual obligation, and the Employer reserves the right at any time to reduce, temporarily suspend, or discontinue contributions hereunder. In the event of the Employer's complete discontinuance of contributions, the entire interest of each Participant shall vest immediately and become non-forfeitable. The Employer may terminate this Plan at any time upon written notice to the Trustee. Upon termination or partial termination of the Plan, the entire interest of each of the -11.2- (Replacement Page, Ninth Amendment) Participants shall immediately vest and become non-forfeitable. The Trustee shall thereafter, upon direction of the Committee, distribute to the Participants the amount in such Participants' accounts in the same manner as set forth in Article V, subject, where appropriate, to Section 403(d)(1) of ERISA and regulations of the Secretary of Labor thereunder as may affect allocation of assets upon termination of the Plan. Notwithstanding any provision of Article XI to the contrary, upon the termination of the Plan, the Trustee shall not be obligated to distribute assets from the Plan, until the Plan has received a favorable determination from the Internal Revenue Service that the Plan termination has not adversely affected the qualification of the Plan under Section 401, or until the Employer agrees to indemnify the Trustee against any income tax liability incurred by the Trust as a consequence of an adverse determination, provided the Trustee agrees to accept the Employer's indemnification.
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Related to Discontinuance of Plan

  • Discontinuance of Service 7.1 The procedures for discontinuing service to an End User are as follows:

  • Discontinuance of Proceedings In case the Collateral Agent shall have instituted any proceeding to enforce any right, power or remedy under this Agreement by foreclosure, sale, entry or otherwise, and such proceeding shall have been discontinued or abandoned for any reason or shall have been determined adversely to the Collateral Agent, then and in every such case the relevant Assignor, the Collateral Agent and each holder of any of the Obligations shall be restored to their former positions and rights hereunder with respect to the Collateral subject to the security interest created under this Agreement, and all rights, remedies and powers of the Collateral Agent shall continue as if no such proceeding had been instituted.

  • Discontinuance of Business If COMPANY discontinues operating its business, this Agreement shall terminate as of the last day of the month on which COMPANY ceases its entire operations with the same effect as if that last date were originally established as termination date of this Agreement.

  • Discontinuance of Proceedings; Position of Parties Restored If Mortgagee shall have proceeded to enforce any right or remedy under this Mortgage by foreclosure, entry of judgment or otherwise and such proceedings shall have been discontinued or abandoned for any reason, or such proceedings shall have resulted in a final determination adverse to Mortgagee, then and in every such case Mortgagor and Mortgagee shall be restored to their former positions and rights hereunder, and all rights, powers and remedies of Mortgagee shall continue as if no such proceedings had occurred or had been taken.

  • Discontinuance of Employment This Agreement shall not give the Optionee a right to continued employment with the Company or any parent or subsidiary of the Company, and the Company or any such parent or subsidiary employing the Optionee may terminate his/her employment at any time and otherwise deal with the Optionee without regard to the effect it may have upon him/her under this Agreement.

  • Discontinuance of Remedies In case Lender shall have proceeded to invoke any right, remedy, or recourse permitted under the Loan Documents and shall thereafter elect to discontinue or abandon same for any reason, Lender shall have the unqualified right so to do and, in such event, Borrower and Lender shall be restored to their former positions with respect to the Debt, the Loan Documents, the Property or otherwise, and the rights, remedies, recourses and powers of Lender shall continue as if same had never been invoked.

  • Discontinuance The Employer has the right, at any time, to suspend or discontinue its contributions under the Plan, and to terminate, at any time, this Plan and the Trust created under this Agreement. The Plan will terminate upon the first to occur of the following:

  • Purpose of Plan The Board of each Participating Fund maintains this Deferred Compensation Plan for Independent Directors and Trustees. The purpose of the Plan is to allow the independent directors and trustees of the Participating Funds to defer receipt of all or a portion of the compensation they earn for their service to the Participating Funds in lieu of receiving current payments of such compensation, and to treat any deferred amount as though an equivalent dollar amount had been invested in shares of one or more Eligible Funds. Each Board intends that the Plan shall be maintained at all times on an unfunded basis for federal income tax purposes under the Code. The Plan is not covered by the Employee Retirement Income Security Act of 1974, as amended.

  • Termination of Plan The Sponsor may terminate the Plan and the Trust with respect to all Employers by executing and delivering to the Committee and the Trustee, a notice of termination, specifying the date of termination.

  • Continuance of Agreement This Agreement will continue in effect for a period of more than one year from the date of its effectiveness only so long as its continuance is specifically approved annually by a majority vote of both (a) the full Board of Trustees of the Fund and (b) those Trustees who are not interested persons of the Fund and who have no direct or indirect financial interest in the operation of the Plan or this Agreement (the "Independent Trustees"), cast in person at a meeting called for the purpose of voting on this Agreement.

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