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. This Trust shall be funded with assets transferred to this Trust by the Grantor at the time of creating this Trust, or at any later time. During the lifetime of the 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 who is acting under the authority granted to that person or entity by the Grantor. It is also expected that this Trust may receive assets pursuant to the terms of the Grantor's Last Will and Testament.
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. 1.1 The Trust shall initially be funded by the assets described in Schedule 1, attached hereto and incorporated herein by reference, as the principal of the Trust to be held, administered and disposed of by Trustee as provided in this Agreement.
1.2 The Company shall contribute to the Trust such additional amounts as the Company shall reasonably decide are necessary to provide for all benefits payable under the Plans.
1.3 The Trust is intended to continue to be a grantor trust, of which the Company is the grantor, within the meaning of subpart E, part I, subchapter J, chapter 1, subtitle A of the Code, and shall be construed accordingly.
1.4 The principal of the Trust, and any earnings thereon, shall be held separate and apart from other funds of the Company and shall be used exclusively for the uses and purposes of participants in the Plans and general creditors as herein set forth. Participants and their beneficiaries under the Plans shall have no preferred claim on, or any beneficial ownership interest in, any assets of the Trust. Any rights created under the Plans and this Agreement shall be mere unsecured contractual rights of Plan participants and their beneficiaries against the Company. Any assets held by the Trust will be subject to the claims of the Company's general creditors under federal and state law in the event of Insolvency, as defined in Section 3.1 herein.
1.5 Upon a Change of Control, as defined in Section 13.4 herein, and on the last day of every calendar quarter commencing with the first calendar quarter beginning after the month in which a Change of Control occurs (a "Quarter"), the Company shall, as soon as possible, but in no event longer than thirty (30) days following the Change of Control and no longer than ten (10) days after the end of each Quarter, make an irrevocable contribution to the Trust in an amount that is sufficient, together with all assets held by the Trust as of such date, to pay to each participant or beneficiary, on a pre-tax basis, the benefits to which such participants or their beneficiaries would be entitled pursuant to the terms of the Plans as of the later of the date on which the Change of Control occurred or the last day of each Quarter. The Company shall notify the Trustee immediately following verification that a Change of Control has occurred. ARTICLE
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. The Donor transfers and irrevocably assigns, on the above date, to the Trustee the property described in Schedule A, and the Trustee accepts the property and agrees to hold, manage, and distribute the property, and any property subsequently transferred, under the terms set forth in this trust instrument.
Funding of Trust. 2.1 The Corporation hereby deposits with Trustee in trust the sum of One Thousand Dollars
Funding of Trust. 2.1 The Corporation hereby deposits with Trustee in trust the sum of One Thousand Dollars ($1,000), which becomes the initial principal of the Trust to be held, administered and disposed of by Trustee as provided in this Agreement. The Corporation, in its sole discretion, may at any time, or from time to time, make additional deposits of cash or other property acceptable to the Trustee with the Trustee in trust to augment the principal to be held, administered and disposed of by Trustee as provided in this Agreement. Neither Trustee nor any Participant or beneficiary shall have any right to compel such additional deposits.
2.2 Upon a Change in Control, the Corporation shall, as soon as possible, but in no event later than forty-five (45) business days following the Change in Control, make a contribution (which contribution shall be, except as otherwise provided in Section 6.2 hereof, an irrevocable contribution) to the Trust in an amount which (when aggregated with the assets then held by the Trust, valued at their then fair market value) is equal to (i) the present value of the Benefits to which Participants or their beneficiaries would be entitled pursuant to the terms of the Plans and Participant Designations as of the date on which the Change in Control occurred, plus (ii) a reasonable estimated amount for the Trust's expenses during its term (such estimate not to exceed one percent (1%) of such present value). The sum of the amounts described in items (i) and (ii) of the immediately preceding sentence is hereinafter called the "Required Funding Amount." The Corporation hereby authorizes and directs its chief executive officer, and its chief financial officer, or either of them acting alone, to contribute the Required Funding Amount without the further approval of the Board. Immediately after the Corporation makes such contribution, the Corporation shall provide the Administrator with copies of all Plans and Participant Designations, to the extent not previously provided, and other information used in the Corporation's calculation of the Required Funding Amount, as well as its worksheets for such calculation.
2.3 Following the end of each calendar year which ends after a Change in Control has occurred, unless Trust Fund assets shall have previously been returned to the Corporation pursuant to Section 6.2 hereof or the Trust shall have previously terminated pursuant to Section 6.1 or Article XIII hereof, the marketable securities or any combination ther...
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.
2.2 Notwithstanding anything else to the contrary contained herein, the Trustee shall be responsible only for contributions actually received by it hereunder.
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.
