Funding of Trust. The Tail Loss Trust Funding Obligation shall be deposited in the Tail Loss Trust within sixty (60) days of the second (2nd) anniversary of the Termination Date (as defined in the Policy). Amounts shall be held in the Tail Loss Trust until (1) released to the Company pursuant to a claim under this Contract, or (2) the Tail Loss Termination Date, in which event any remaining balance shall be released to the Subscribing Reinsurer as set forth paragraph J of this Article.
Funding of Trust. Upon the earlier of the tenth business day following (i) the filing of any action for which indemnification is called for hereunder or (ii) the failure of Southwest to reimburse amounts as required hereunder, Southwest shall (A) establish a valid trust under the law of the State of Oklahoma and qualifying as a "Rabbi Trust" for federal income tax purposes with an independent trustee that has or may be granted corporate trust powers under Oklahoma law, (B) deposit in such trust the sum of $100,000, and (C) provide the trustee of the trust with a written direction to hold said amount and any investment return thereon in a segregated account, and to pay such amounts as demanded by Indemnitee from the trust upon written demand from Indemnitee stating the amount of the payment demanded from the trust and the basis for his rights to such payment hereunder; provided that Southwest shall not be required hereby to create, and shall not create, any such trust by reason of a claim for indemnification of liabilities, fines, or penalties prohibited by Section 19 of this Agreement. Southwest shall restore the balance therein within two business days following notice from the Trustee of payments therefrom so that that the total amount held in such trust is at least $100,000. Upon the earlier of the final judgment or binding settlement of any and all such claims for which indemnification is then called for hereunder, the trustee of the trust shall pay to Southwest, as applicable, the entire balance remaining in the trust. Payments from the trust to Indemnitee shall be considered payments made by Southwest for purposes of this Agreement. Payment of such amounts to Indemnitee from the trust, however, shall not relieve Southwest from any obligation to pay amounts in excess of those paid from the trust, or from any obligation to take actions or refrain from taking actions otherwise required by this Agreement. Indemnitee's rights under this Agreement shall be those of a general, unsecured creditor, and he shall have no claim against the assets of the trust, and the assets of the trust shall remain subject to the claims of creditors of Southwest.
Funding of Trust. This Trust shall be funded with assets transferred to this Trust by Grantor at the time of creating this Trust, or at any later time. During the lifetime of Grantor, any interest in community property transferred into or out of this Trust shall retain its original character and such property shall not be commingled. This Trust may also receive property from any person or entity that is acting under the authority granted to that person or entity by Grantor. It is also expected that this Trust may receive assets pursuant to the terms of Grantor's Last Will and Testament.
Funding of Trust. This Trust shall be funded with assets transferred to this Trust by either or both the Grantors at the time of creating this Trust, or at any later time. This Trust may also receive property from any person or entity who is acting under the authority granted to that person or entity by the Grantors. It is also expected that this Trust may receive assets pursuant to the terms of either of the Grantors' Last Will and Testament.
Funding of Trust. 3.10.1 Prior to the occurrence of a "Change of Control" (as hereinafter defined), the Company shall establish a grantor trust (the "Trust"), the terms of which shall be consistent with the requirements applicable under the Code in order to avoid the constructive receipt of the assets held in the Trust by Roberts or his faxxxx. The trust document for the Trust shall be in a form that is satisfactory to both the Company and Roberts, and may, xxx xeed not, be in substantially the same form as the model trust agreement published by the Internal Revenue Service in Revenue Procedure 92-64. The trustee of the Trust shall be such person or institution acceptable both to the Company and Roberts. The Comxxxx xxall contribute such amounts in cash or such assets as it deems appropriate for the purpose of funding the deferred compensation and/or death benefits payable under the terms of this Agreement and such other deferred compensation or insurance plans or arrangements that may be in effect. Upon the occurrence of a Change of Control, the Trust, if not already irrevocable, shall become irrevocable. In addition, upon the occurrence of a Change of Control, the Company shall be required to contribute to the Trust an amount equal to the present value of:
Funding of Trust. 2.1 The Corporation hereby deposits with the Trustee in trust the sum of One Hundred Million Dollars ($100,000,000), which becomes the initial principal of the Trust to be held, administered and disposed of by the Trustee as provided in this Agreement. The Corporation may at any time, or from time to time, make additional deposits of cash or other property to the Trustee in trust, to augment the principal to be held, administered and disposed of by the Trustee as provided in this Agreement. Neither the Trustee nor any Beneficiary shall have any right to compel such additional deposits.
Funding of Trust. The Donor hereby transfers and irrevocably assigns to the Trustee on the above date the property described in Schedule A, and the Trustee accepts the property and agrees to hold, manage, and distribute the property under the terms set forth in this Trust Agreement.
Funding of Trust. The parties acknowledge that the merger (the “Merger”) between Comcast Holdings Corporation (formerly known as Comcast Corporation) and a subsidiary of Comcast Corporation (formerly known as AT&T Comcast Corporation) on November 18, 2002 resulted in a “Change of Control” as defined in the Compensation Agreement. Pursuant to Section 3(j) of the Compensation Agreement, the Company was required, prior to the occurrence of a Change of Control, to establish a Trust (as defined in the Compensation Agreement), and was further required, upon and after the occurrence of a Change of Control, to contribute certain assets to the Trust. Pursuant to Paragraph 3 of the Amendment, Employee waived the requirement that the Company so form and contribute assets to the Trust as a result of the Merger, subject to Employee’s right at any future time to require the Company to do so. Employee hereby permanently waives such requirement, and agrees that Section 3(j) of the Compensation Agreement, as amended by Paragraph 3 of the Amendment, is no longer of any force and effect, and that Employee has no rights and that the Company has no obligations thereunder.
Funding of Trust. At the direction of the Committee, the Trustee may elect to fund the Trust by the purchase of life insurance contracts or other investments. If the Trustee elects to fund the Trust through the purchase of life insurance contracts, the Executive shall assist the Trustee by submitting to a physical examination and freely supplying any additional information necessary or helpful to the Trustee to obtain such insurance contracts. The Corporation shall pay over to the Trustee, on an annual or more frequent basis, at the election of the Corporation, such amounts as are necessary to fund the benefits hereunder as determined by an actuary engaged by the Committee for these purposes.
Funding of Trust. Except as noted below, the Grantor hereby establishes an irrevocable trust (the "Trust") with the Trustee, consisting of such money or property acceptable to the Trustee as shall from time to time be delivered to, or deposited with, the Trustee by or at the request of the Grantor. Neither the Grantor, nor any other person shall be bound by this Trust or by the Plan to make any contribution hereunder. The establishment of the Trust hereunder as an irrevocable trust is contingent upon the issuance of a favorable tax ruling by the Internal Revenue Service, provided the application for such ruling is submitted within one year from the date the Trust is first established.
