Common use of ESTABLISHMENT OF RABBI TRUST Clause in Contracts

ESTABLISHMENT OF RABBI TRUST. The Association may, but is not obligated to, establish a rabbi trust into which the Association may contribute assets which shall be held therein, subject to the claims of the Association’s creditors in the event of the Association’s “Insolvency” as defined in the agreement which establishes such rabbi trust, until the contributed assets are paid to Executives and their Beneficiaries in such manner and at such times as specified in this Agreement. In the event a rabbi trust is established, it is the intention of the Association to make contributions to the rabbi trust to provide the Association with a source of funds to assist it in meeting the liabilities of this Agreement. The rabbi trust and any assets held therein shall conform to the terms of the rabbi trust agreement, which has been established in conjunction with this Agreement. To the extent the language in this Agreement is modified by the language in the rabbi trust agreement, the rabbi trust agreement shall supersede this Agreement. Any contributions to the rabbi trust shall be made during each year of the Agreement in accordance with the rabbi trust agreement. The amount of such contribution(s) shall be equal to the full present value of all benefit accruals under this Agreement, if any, less: (i) previous contributions made on behalf of Executive to the rabbi trust, and (ii) earnings to date on all such previous contributions. Notwithstanding anything to the contrary herein, in the event of a Change in Control, a rabbi trust shall be established, if not previously established, and the present value of the full Supplement Retirement Income Benefit, less any amount previously contributed, shall be contributed to the rabbi trust within thirty (30) days of the Change in Control.

ESTABLISHMENT OF RABBI TRUST. The Association may, but is not ------------------------------- obligated to, establish a rabbi trust into which the Association may contribute assets which shall be held therein, subject to the claims of the Association’s 's creditors in the event of the Association’s “'s "Insolvency” " as defined in the agreement which establishes such rabbi trust, until the contributed assets are paid to Executives and their Beneficiaries in such manner and at such times as specified in this Agreement. In the event a rabbi trust is established, it is the intention of the Association to make contributions to the rabbi trust to provide the Association with a source of funds to assist it in meeting the liabilities of this Agreement. The rabbi trust and any assets held therein shall conform to the terms of the rabbi trust agreement, which has been established in conjunction with this Agreement. To the extent the language in this Agreement is modified by the language in the rabbi trust agreement, the rabbi trust agreement shall supersede this Agreement. Any contributions to the rabbi trust shall be made during each year of the Agreement in accordance with the rabbi trust agreement. The amount of such contribution(s) shall be equal to the full present value of all benefit accruals under this Agreement, if any, less: (i) previous contributions made on behalf of Executive to the rabbi trust, and (ii) earnings to date on all such previous contributions. Notwithstanding anything to the contrary herein, in the event of a Change in Control, a rabbi trust shall be established, if not previously established, and the present value of the full Supplement Retirement Income Benefit, less any amount previously contributed, shall be contributed to the rabbi trust within thirty (30) days of the Change in Control.

ESTABLISHMENT OF RABBI TRUST. The Association may, but is not obligated to, Employer may establish a rabbi trust into which the Association may Employer intends to contribute assets which shall be held therein, subject to the claims of the AssociationEmployer’s creditors in the event of the AssociationEmployer’s “Insolvency” as defined in the agreement which establishes such rabbi trust, until the contributed assets are paid to the Executives and their Beneficiaries in such manner and at such times as specified in this AgreementPlan. In the event a rabbi trust is established, it It is the intention of the Association Employer to make contributions to the rabbi trust to provide the Association Employer with a source of funds to assist it in meeting the liabilities of this AgreementPlan. The rabbi trust and any assets held therein shall conform to the terms of the rabbi trust agreement, agreement which has been established in conjunction with this AgreementPlan. To the extent the language in this Agreement Plan is modified by the language in the rabbi trust agreement, the rabbi trust agreement shall supersede this AgreementPlan. Any contributions to the rabbi trust shall be made during each year of the Agreement Plan Year in accordance with the rabbi trust agreement. The amount of such contribution(s) shall be equal to the full present value of all benefit accruals under this AgreementPlan, if any, less: (i) previous contributions made on behalf of the Executive to the rabbi trust, and (ii) earnings to date on all such previous contributions, as may be applicable. Notwithstanding anything to the contrary herein, in In the event of a Change in Control, a rabbi trust the Employer shall be established, if not previously established, and the present value of the full Supplement Retirement Income Benefit, less any amount previously contributed, shall be contributed transfer to the rabbi trust within thirty (30) days of the prior to such Change in Control, the present value of an amount sufficient to fully fund the Supplemental Early Retirement Benefit for each Executive covered by this Plan.