Common use of Exclusive Benefit and Reversion of Sponsor Contributions Clause in Contracts

Exclusive Benefit and Reversion of Sponsor Contributions. (a) Except as provided in paragraphs (b), (c), and (d) of this Section, no part of the Trust may be used for, or diverted to, purposes other than the exclusive benefit of the participants in the Plan or their beneficiaries prior to the satisfaction of all liabilities with respect to the participants and their beneficiaries. (b) In the case of contributions made by the Sponsor prior to the receipt of an initial favorable determination letter from the Internal Revenue Service with respect to the Plan, the Sponsor may direct the Trustee to return to the Sponsor those contributions and all earnings thereon within one year after the Internal Revenue Service refuses in writing to issue such a letter. (c) In the case of any portion of a contribution made by the Sponsor by a mistake of fact, the Sponsor may direct the Trustee to return to the Sponsor that portion of the contribution within one year after the payment of that portion of the contribution. (d) In the case of any portion of a contribution made by the Sponsor and disallowed by the Internal Revenue Service as a deduction under section 404 of the Internal Revenue Code of 1954, as amended, the Sponsor may direct the Trustee to return to the Sponsor that portion of the contribution within one year after the Internal Revenue Service disallows the deduction in writing. (e) Earnings attributable to the contributions returnable under paragraph (c) or (d) shall not be returned to the Sponsor, and any losses attributable to those contributions shall reduce the amount returned.

Exclusive Benefit and Reversion of Sponsor Contributions. (a) Except as provided in paragraphs (b), (c), and (d) of this Section, no part of the Trust may be used for, or diverted to, purposes other than the exclusive benefit of the participants in the Plan or their beneficiaries prior to the satisfaction of all liabilities with respect to the participants and their beneficiaries. (b) In the case of contributions made by the Sponsor prior to the receipt of an initial favorable determination letter from the Internal Revenue Service with respect to the Plan, the Sponsor may direct the Trustee to return to the Sponsor those contributions and all earnings thereon within one year after the Internal Revenue Service refuses in writing to issue such a letter. (c) In the case of any portion of a contribution made by the Sponsor by a mistake of fact, the Sponsor may direct the Trustee to return to the Sponsor that portion of the contribution within one year after the payment of that portion of the contribution. (d) In the case of any portion of a contribution made by the Sponsor and disallowed by the Internal Revenue Service as a deduction under section 404 of the Internal Revenue Code of 1954, as amended1986, the Sponsor may direct the Trustee to return to the Sponsor that portion of the contribution within one year after the Internal Revenue Service disallows the deduction in writing. (e) Earnings attributable to the contributions returnable under paragraph (c) or (d) shall not be returned to the Sponsor, and any losses attributable to those contributions shall reduce the amount returned.

Exclusive Benefit and Reversion of Sponsor Contributions. (a) Except as provided in paragraphs (b), (c), and (d) of this Section, no part of the Trust may be used for, or diverted to, purposes other than the exclusive benefit of the participants in the Plan or their beneficiaries prior to the satisfaction of all liabilities with respect to the participants and their beneficiaries. (b) In the case of contributions made by the Sponsor prior to the receipt of an initial favorable determination letter from the Internal Revenue Service with respect to the Plan, the Sponsor may direct the Trustee to return to the Sponsor those contributions and all earnings thereon within one year after the Internal Revenue Service refuses in writing to issue such a letter. (c) In the case of any portion of a contribution made by the Sponsor by a mistake of fact, the Sponsor may direct the Trustee to return to the Sponsor that portion of the contribution that was due to the mistake of fact within one year after the payment of that portion of the contribution. (dc) In the case of any portion of a contribution made by the Sponsor and disallowed by the Internal Revenue Service as a deduction under section 404 of the Internal Revenue Code of 1954, as amended1986, the Sponsor may direct the Trustee to return to the Sponsor that portion of the contribution within one year after the Internal Revenue Service disallows the deduction in writing. (ed) Earnings attributable to the contributions returnable under paragraph (cb) or (dc) shall not be returned to the Sponsor, and any losses attributable to those contributions shall reduce the amount returned; provided that any losses shall first be netted against any earnings attributable to those contributions prior to being used to reduce the amount returned.

Exclusive Benefit and Reversion of Sponsor Contributions. (a) Except as provided in paragraphs (b), (c), ) and (d) of this Section, or under applicable law, no part of the Trust may be used for, or diverted to, purposes other than the exclusive benefit of the participants in the Plan or their beneficiaries prior to or the satisfaction reasonable expenses of all liabilities with respect to the participants and their beneficiariesPlan administration. (b) In the case of contributions made by the Sponsor prior to the receipt of an initial favorable determination letter from the Internal Revenue Service with respect to the Plan, the Sponsor may direct the Trustee to return to the Sponsor those contributions and all earnings earning thereon within one year after the Internal Revenue Service refuses in writing to issue such a letter. (c) In the case of any portion of a contribution made by the Sponsor by a mistake of fact, the Sponsor may direct the Trustee to return to the Sponsor that portion of the contribution within one year after the payment of that portion of the contribution. (d) In the case of any portion of a contribution made by the Sponsor and disallowed by the Internal Revenue Service as a deduction under section Section 404 of the Internal Revenue Code of 19541986, as amended, the Sponsor may direct the Trustee to return to the Sponsor that portion of the contribution within one year after the Internal Revenue Service disallows the deduction in writing. (e) Earnings attributable to the contributions returnable under paragraph (c) or (d) shall not be returned to the Sponsor, and any losses realized loss in asset value attributable to those contributions shall reduce the amount returned.