Liquidation of Trust. If the Trust terminates pursuant to Article 50 hereof, the Trustee shall perform the obligations as set forth in Article 177 of the Trust Act.
Liquidation of Trust. Upon termination of the Trust the Trustee shall, after the acceptance and approval of its final accounting, distribute the remaining Trust Fund assets, if any, to the Company and Participating Employers. Upon completing such distribution, the Trustee shall be relieved and discharged of all liabilities and obligations hereunder. The powers of the Trustee shall continue as long as any part of the Trust Fund remains in its possession.
Liquidation of Trust. The Reinsurer shall have the discretion to utilize any means available in the applicable jurisdiction to make full reserve credits, as contemplated by Section 4.02(b), available to FAFLIC, which may include, but not be limited to, posting a letter of credit. If the Reinsurer elects to exercise such discretion, the FAFLIC Trust Account shall be liquidated pursuant to the terms of the FAFLIC Trust Agreement. If a letter of credit is utilized, it shall be furnished and maintained by the Reinsurer, and at the Reinsurer's sole expense, for the benefit of FAFLIC and be clean, irrevocable and unconditional and otherwise of such nature and amount as to satisfy the requirements of the particular jurisdiction for purposes of establishing full statutory reinsurance reserve credit for FAFLIC. In the event that the Reinsurer shall fail or refuse to fulfill any of its obligations under this Agreement relating to the payment of liability, FAFLIC shall be entitled to proceed under the terms and conditions of any letter of credit or any other agreement relating to the same and seize and take possession of the funds represented by the same and apply those funds to reduce the Reinsurer's obligations to FAFLIC or otherwise apply those funds in accordance with New York Insurance Department Regulation 133. If a letter of credit is utilized, this Agreement shall be modified to comply with such Regulation 133.
Liquidation of Trust. The Company will have the right at any time to liquidate the Trust and cause the Debentures to be distributed to the holders of the Trust Securities in liquidation of the Trust.
Liquidation of Trust. Upon any termination of this Trust or any separate trust then existing hereunder, the Trustee shall, as directed by the Company, liquidate the assets of the Trust Fund or hold certain assets in kind. After deducting estimated expenses for such liquidation and the distribution thereof, the Trustee shall, if directed by the Company, disburse the proceeds thereof or the assets held in kind to or for the benefit of the Participants. Unless sooner terminated, this Trust shall terminate when there are no funds remaining in the hands of the Trustee hereunder. The Trustee may condition the transfer or distribution of any assets of the Trust Fund upon termination of the Trust on receipt of a favorable determination letter from the IRS confirming that the termination of the Plan does not adversely affect the tax-exempt status of the Trust Fund. Alternatively, the Trustee, in its sole discretion, may accept the indemnification of the Trustee against any liability arising from such transfer or distribution that is provided by the Company or may require the Company to post a bond sufficient to protect the Trustee against such liability until such time as a favorable determination letter is received. From the date of termination of the Plan and until the final distribution of the Trust assets, the Trustee shall continue to have all the powers provided under this Trust Agreement that are necessary or desirable for the orderly liquidation and distribution of the Trust Fund. In no instance upon any termination or discontinuance and subsequent distribution shall the Trust Fund or any part of it be used for, or diverted to, purposes other than providing benefits to Participants and their Beneficiaries, and defraying the administrative expenses of the Plan until all Plan liabilities have been satisfied, except in the instance of the failure of the Trust initially to qualify for tax-exempt status as set forth in Section 2.04.
Liquidation of Trust. Subject to the receipt of any required regulatory approval, the Corporation will have the right at any time to liquidate the Trust and cause the Securities to be distributed to the holders of the Trust Securities in liquidation of the Trust.
Liquidation of Trust. In the event of termination of the Plan, after each such account has been appropriately adjusted to cover any expenses of distribution and final liquidation costs, the Trustee shall pay the balance of such account to the Participant (or, if deceased, his Beneficiary) in an immediate Lump Sum, provided that, at the time the Trust is terminated the Company does not maintain any other defined contribution plan (other than an employee stock ownership plan as defined in Section 4975(e)(7) of the Code), and the consent of the Participant or his Beneficiary to such immediate Lump Sum distribution shall not be required. Alternatively, if so directed by the Committee, the Trustee shall continue the 401(k) portion of the Plan and Trust and/or the ESOP portion of the Plan and Trust in existence as "frozen" Plans and Trusts (without receiving any additional Company contributions and without admitting any additional Participants) and shall pay the balances of the accounts of Participants to them at such times as they are entitled to receive the same under this Agreement, i.e., at retirement, death, other termination of employment. In such event the frozen Plan and Trust shall be operated and maintained so that they continue to meet the qualification requirements of Section 401(a) of the Code, including the minimum coverage requirements of Section 410(b) of the Code to the extent such requirements apply to a frozen Plan.
Liquidation of Trust. If at any time the total of the principal and income of the trust is less than $ _______________, the TRUSTEE, may in his absolute discretion, close out the trust by paying the proportionate shares of each beneficiary to them. The TRUSTEE shall at that time deliver a final accounting to each beneficiary. Upon payment, the TRUSTEE shall be discharged from all further duties.
Liquidation of Trust. Assets in the Event of Termination ------------------------------------------------------- In the event that the Employer's Board of Directors shall decide to terminate the Plan, or, in the event of complete cessation of Employer contributions, the rights of Members to the amounts standing to their credit in their Accounts shall be deemed fully vested and the Plan Administrator shall direct the Trustee to either continue the Trust in full force and effect and continue so much of the Plan in full force and effect as is necessary to carry out the orderly distribution of benefits to Members and their Beneficiaries upon retirement, Disability, death or termination of Employment; or (a) reduce to cash such part or all of the Plan assets as the Plan Administrator may deem appropriate; (b) pay the liabilities, if any, of the Plan; (c) value the remaining assets of the Plan as of the date of notification of termination and proportionately adjust Members' Account balances; (d) distribute such assets in cash to the credit of their respective Accounts as of the notification of the termination date; and (e) distribute all balances which have been segregated into a separate fund to the persons entitled thereto; provided that no person in the event of termination shall be required to accept distribution in any form other than cash.
Liquidation of Trust. In the event of termination of the Plan, the Trustee shall proceed as promptly as possible, subject to any directions from the Committee, to liquidate all investments, other than Contracts, and shall thereupon determine the value of each Participant's account under Article IV(P) as of the date of termination. After each such account has been appropriately adjusted to cover any expenses of distribution and final liquidation costs, but subject nevertheless to Sections 403(d)(1) and 4044 of ERISA and applicable Labor Regulations, the Trustee shall pay the balance of such account to the Participant (or, if deceased, his Beneficiary) in an immediate Lump Sum or by means of the purchase and delivery of a Contract providing one of the payment options permitted by the Plan (if such a Contract can be purchased from an Insurer), whichever the Participant (or, if deceased, his Beneficiary) shall elect in writing delivered to the
