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.
(B) The Grantor or the administrator of the Plan is responsible for the determination and reporting of any federal, state or local taxes that may be required to be withheld with respect to the payment of benefits pursuant to the terms of the Plans and shall be responsible for remitting amounts withheld to the appropriate taxing authorities or determine that such amounts have been reported, withheld and paid by the Trustee. The Trustee shall have no responsibility under this paragraph NINE with respect to withholding and reporting except that it shall withhold such amounts for taxes as directed by the Grantor or the administrator of the Plan and pay such to the Grantor or the administrator of the Plan for remittance to the appropriate governmental agency. The Trustee may assume the responsibility for the determination and reporting of taxes that may be required to be withheld and for remitting amounts withheld to the appropriate taxing authorities only if the Trustee and the Grantor or administrator of the Plan specifically agree in writing that the Trustee, and not the Grantor or administrator of the Plan, shall have this responsibility.
(C) The entitlement of a Beneficiary to benefits under the Plan shall be determined by the Grantor, the administrator of the Plan or such party (which shall not be the Trustee) as it shall designate under the Plan, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Plan.
(D) The Grantor may make payment of benefits directly to Beneficiaries as they become due under the terms of the Plans. The Grantor shall notify the Trustee in writing 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 Plans, the Grantor shall make the balance of e...
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.
(b) The Trustee shall make or commence payment to the Beneficiary in accordance with his representations not later than 30 business days after its receipt thereof; provided, however, that before the Trustee makes or commences any such payment and not later than 7 business days after its receipt of the Beneficiary’s representations, the Trustee shall request in writing the Grantor’s agreement that the Beneficiary’s representations are accurate with respect to the amount, fact, and time of payment to him. The Trustee shall enclose with such request a copy of the Beneficiary’s representations and written advice to the Grantor that it must respond to the Trustee’s request on or before the 20th business day (which date shall be set forth in such written advice) after the Beneficiary furnished such representations to the Trustee. If the Grantor, in a writing delivered to the Trustee, agrees with the Beneficiary’s representations in all respects, or if the Grantor does not respond to the Trustee’s request by the 20th day deadline, the Trustee shall make payment in accordance with the Beneficiary’s representations. If the Grantor advises the Trustee in writing on or before the 20th day deadline that it does not agree with any or all of the Beneficiary’s r...
Distribution of Trust Assets. 6 8. Termination of the Trust and Reversion of Trust Assets...........
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.
(b) On the Distribution Date or the date, if any, that this Agreement is terminated pursuant to Section 4.1(c), the Trustee shall distribute the Initial Cash Amount to the Company.
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. 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 Event" is defined as the first date to occur of the following: (1) the date Employee attains age 70; (2) the date of Employee's death; (3) the date of Employee's termination of employment on account of total disability; or (4) a date elected by Employee in his sole discretion on or after the date Employee attains age 60. For purposes of this Trust, "total disability" is defined as the inability of Employee to adequately perform his regular duties for Employer as a result of sickness or accident.
Distribution of Trust Assets. 99 16.5 Distributees whose Whereabouts are Unknown. . . . . . . . . . . . . . . . . . . . . . . . . . 100 Article XVII SUCCESSOR EMPLOYER AND MERGER OR CONSOLIDATION OF PLAN . . . . . . . . . . . . . . . . . . . 100 17.1 Successor to Employer under Plan and Trust. . . . . . . . . . . . . . . . . . . . . . . . . . 100 17.2 Merger or Consolidation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Distribution of Trust Assets. Upon termination or partial termination of the Plan, notwithstanding any other provisions of the Plan, the rights under the Plan and Trust of the affected Employees
Distribution of Trust Assets. (a) Upon receipt of written notice from the Grantors of the termination of this Agreement, the Trustee shall promptly cause the certificates representing the Shares and any Other Voting Securities registered in its name to be delivered to the Grantors, properly endorsed, if necessary, for transfer to the Grantors, and shall take all other actions reasonably necessary to effectuate the transfer to the Grantors of title thereto.
(b) In the event of the dissolution or total liquidation of First United, whether voluntary or involuntary, a merger or consolidation involving a change in control of First United, a sale of all or substantially all of the assets of First United, or the sale of the Shares or any Other Voting Securities in accordance with the terms of Section 3 hereof, the Trustee shall receive the monies, securities, rights or property to which the holder of the Shares or any Other Voting Securities are entitled, and, after paying (or reserving for the payment of) any expenses incurred pursuant to this Agreement, shall distribute the same, along with any dividends and distributions of property, and any interest or dividends paid thereon, received and held by the Trustee in accordance with Section 2 hereof, to the Grantors.
(c) Upon distribution of all trust assets as provided in Paragraphs (a) and/or (b) of this Section, all further obligations or liabilities of the Trustee in respect of such monies, securities, rights or property so received shall cease and this Agreement and the trust created hereunder shall terminate. Any distribution in partial liquidation of First United shall be governed by Section 2 hereof.
Distribution of Trust Assets. 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.
