Common use of Insolvency of Sponsor Clause in Contracts

Insolvency of Sponsor. (a) Trustee shall cease disbursement of funds for payment of benefits to Participants and their beneficiaries if the Sponsor is Insolvent. Sponsor shall be considered "Insolvent" for purposes of this Trust Agreement if (i) Sponsor is unable to pay its debts as they become due, or (ii) Sponsor is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.

Insolvency of Sponsor. (a) Trustee shall cease disbursement of funds for payment of benefits to Participants Plan participants and their beneficiaries if the Sponsor is Insolvent. Sponsor shall be considered "Insolvent" for purposes of this Trust Agreement if (i) Sponsor is unable to pay its debts as they become due, due or (ii) Sponsor is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.

Insolvency of Sponsor. (a) Trustee shall cease disbursement of funds for payment of benefits to Participants Plan participants and their beneficiaries if the Sponsor is Insolvent. Sponsor shall be considered "Insolventinsolvent" for purposes of this Trust Agreement if (i) Sponsor is unable to pay its debts as they become due, or (ii) Sponsor is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.

Insolvency of Sponsor. (a) Trustee shall cease disbursement of funds for payment of benefits to Participants Plan participants and their beneficiaries if the Sponsor is Insolvent. Sponsor shall be considered "Insolvent" for purposes of this Trust Agreement if (i) Sponsor is unable to pay its debts as they become due, or (ii) Sponsor is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.