Distribution of Trust Assets. (a) Subject to the provisions of paragraph (b) below, at such time as a Beneficiary is entitled to a payment under any of the Plans, he shall be entitled to receive from the Trust (i) an amount in cash equal to the amount to which he is entitled under the Plan or Plans at such time, less (ii) any payments previously made to him by the Grantor with respect to such amount pursuant to the terms of the Plans. The commencement of payments from the Trust shall be conditioned on the Trustee’s prior receipt of a written instrument from the Beneficiary in a form satisfactory to the Trustee containing representations as to (A) the amount to which the Beneficiary is entitled under the Plans, (B) the fact that he has requested the payment of such amount from the Grantor pursuant to the terms of the Plans, (C) the amount, if any, he has received from the Grantor under the Plans with respect to such amount, and (D) the amount to be paid him by the Trust (i.e., the difference between (A) and (C) above). All payments to a Beneficiary from the Trust shall be made in accordance with the provisions of the applicable Plan. The Trustee shall be fully protected in making any payment in accordance with the provisions of this paragraph.
Distribution of Trust Assets. 6 8. Termination of the Trust and Reversion of Trust Assets...........11 9.
Distribution of Trust Assets. (A) The Grantor shall deliver to the Trustee a schedule (the "Payment Schedule") that provides (1) the amounts payable in respect of each Beneficiary, (2) a formula or other instructions acceptable to the Trustee for determining the amounts so payable, (3) the form in which such amounts are to be paid (as provided for or available under the Plans), and (4) the time of commencement for payment of such amounts. Except as otherwise provided herein, the Trustee shall make payments to the Beneficiaries in accordance with such Payment Schedule.
Distribution of Trust Assets. (a) The Grantors may make payment of benefits directly to Beneficiaries as they become due under the terms of the Plan(s). Upon a Change in Control, the Grantors shall notify the Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to Beneficiaries. In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make payments of benefits in accordance with the terms of the Plan(s), the Grantors shall make the balance of each such payment as it falls due in accordance with the Plan(s). The Trustee shall notify the Grantors where principal and earnings are not sufficient. Nothing in this Agreement shall relieve the Grantors of their liabilities to pay benefits due under the Plan(s) except to the extent such liabilities are met by application of assets of the Trust. (b) At such time as a Beneficiary is entitled to payments under any of the Plans prior to a Change in Control, if the Grantors fail to make payment of all or a portion of the benefits to a Beneficiary under any Plan in accordance with paragraph (a) above, such Beneficiary can make application for payment in accordance with the provisions of paragraph (d)(i) below. If so requested, the Trustee shall make an independent determination in its sole and absolute discretion regarding the Beneficiary's right to payment under the Plan(s) within 60 days thereof. Such determination shall be made with advice from outside counsel independent of Southern and the Trustee. The Grantors agree to be bound by Trustee's determination and to make payment of benefits as they fall due commencing not later than 30 days following Trustee's determination regarding entitlement to benefits absent a manifest abuse of discretion by the Trustee. If Trustee determines benefits are payable to Beneficiary and Grantor fails to commence payment within 30 days following the Trustee's determination, Trustee shall make payment of such benefits and instruct Beneficiary in writing that he or she must bring suit within 180 days of the Trustee's claims determination or thereafter be barred from doing so. Trustee shall only make benefits payments until the first of the following to occur: (i) 180 days following its claims determination if the Beneficiary fails to bring a lawsuit to enforce his or her rights within this limitation period; or (ii) until there is a final adjudication or other final resolution of the Beneficiary's claim. In the event that such Beneficiary...
Distribution of Trust Assets. A. All income from the Trust estate shall be accumulated and added to principal. The Trustee shall hold said Trust estate and accumulated income until the complete distribution of all of the assets of the Trust following the occurrence of the "Distribution Event." For purposes of this Trust, the "
Distribution of Trust Assets. (a) On the business day immediately following the Effective Date (the “Distribution Date”) and after the Trustee delivers to the Company the proxy required by Section 3.1 of this Agreement, the Trustee shall release and distribute, directly or through one of its affiliates, to each Holder the number of Trust Shares such Holder is entitled to receive in accordance with the delivery instructions specified in the Letter of Transmittal submitted by such Holder.
Distribution of Trust Assets. If permitted under the applicable law and not contrary to the classification of the Trust as a liquidating trust and a pass-through entity under applicable income tax law, the Litigation Trustee may distribute interests in the Trust Assets, or contribute the Trust Assets to another Person and then distribute interest in such Person to the Beneficiaries. After all liabilities of the Trust have been satisfied or duly provided for, such remaining Trust Assets shall be distributed to Beneficiaries as a final distribution in accordance with the terms of this Litigation Trust Agreement.
Distribution of Trust Assets. (a) The Grantors may make payment of benefits directly to Beneficiaries as they become due under the terms of the Plan(s). Upon a Change in Control, the Grantors shall notify the Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to Beneficiaries. In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make payments of benefits in accordance with the terms of the Plan(s), the Grantors shall make the balance of each such payment as it falls due in accordance with the Plan(s). The Trustee shall notify the Grantors where principal and earnings are not sufficient. Nothing in this Agreement shall relieve the Grantors of their liabilities to pay benefits due under the Plan(s) except to the extent such liabilities are met by application of assets of the Trust.
Distribution of Trust Assets. Upon the death of the Grantor, all the rest, residue and remainder of the trust assets shall be distributed in equal shares to the Grantor's three children; Xxxxxxxx Xxxxx, Xxxxx Xxxxx, and Xxxxxx Xxxxx, outright and free of trust or to the descendant or descendants of such children if any of them shall be deceased, such descendants shall take in equal shares, outright and free of trust, that share their parent would have taken if living.
Distribution of Trust Assets. This is the paragraph most people think of when they want to make a Will. Typically the assets are distributed to the heirs. But assets may be held in trust and managed under the terms and conditions dictated by the trust.
