INSURER'S PROTECTIVE CLAUSE. Any insurer who shall issue Contracts hereunder shall not have any responsibility for the validity of this Plan or for the tax or legal aspects of this Plan. The insurer shall be protected and held harmless in acting in accordance with any written direction of the Trustee, and shall have no duty to see to the application of any funds paid to the Trustee, nor be required to question any actions directed by the Trustee. Regardless of any provision of this Plan, the insurer shall not be required to take or permit any action or allow any benefit or privilege contrary to the terms of any Contract which it issues hereunder, or the rules of the insurer.
Appears in 6 contracts
Samples: Allied Employee Stock Ownership Plan and Trust Agreement (Allied Capital Corp), Fulton Financial (Fulton Financial Corp), Uwharrie Capital Corp
INSURER'S PROTECTIVE CLAUSE. Any insurer who shall issue Contracts a Contract hereunder shall not have any responsibility for the validity of this Plan or for the tax or legal aspects of this Plan. The insurer shall be protected and held harmless in acting in accordance with any written direction of the Trustee, and shall have no duty to see to the application of any funds paid to the Trustee, nor be required to question any actions directed by the Trustee. Regardless of any provision of this Plan, the insurer shall not be required to take or permit any action or allow any benefit or privilege contrary to the terms of any Contract which it issues hereunder, or the rules of the insurer.
Appears in 5 contracts
Samples: Adoption Agreement (BRPP LLC), Adoption Agreement (Sonic Corp), Fairfax Financial Holdings LTD/ Can
INSURER'S PROTECTIVE CLAUSE. Any insurer who shall issue Except as otherwise agreed upon in writing between the Employer and the Insurer, an Insurer which issues any Contracts hereunder shall not have any responsibility for the validity of this Plan or for the tax or legal aspects of this Plan. The insurer Insurer shall be protected and held harmless in acting in accordance with any written direction of the Administrator or Trustee, and shall have no duty to see to the application of any funds paid to the Trustee, nor be required to question any actions directed by the Administrator or Trustee. Regardless of any provision of this Plan, the insurer Insurer shall not be required to take or permit any action or allow any benefit or privilege contrary to the terms of any Contract which it issues hereunder, or the rules of the insurerInsurer.
Appears in 4 contracts
Samples: www.mfs.com, Adoption Agreement (Baldwin Technology Co Inc), Wayne Savings Bancshares Inc /De/
INSURER'S PROTECTIVE CLAUSE. Any Except as otherwise agreed upon in writing between the Employer and the insurer, an insurer who shall issue which issues any Contracts hereunder shall not have any responsibility for the validity of this Plan or for the tax or legal aspects of this Plan. The insurer shall be protected and held harmless in acting in accordance with any written direction of the Trustee, and shall have no duty to see to the application of any funds paid to the Trustee, nor be required to question any actions directed by the Trustee. Regardless of any provision of this Plan, the insurer shall not be required to take or permit any action or allow any benefit or privilege contrary to the terms of any Contract which it issues hereunder, or the rules of the insurer.
Appears in 3 contracts
Samples: Stock Ownership Plan and Trust Agreement (PBSJ Corp /Fl/), Chevron Corp, Winton Financial Corp
