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 the termination of the Trust in accordance with Section 9.1, the Trustee shall, after the acceptance and approval of its account, distribute the remaining Fund assets, if any, to the Company. Upon completing such distribution, the Trustee shall be relieved and discharged of all liabilities and obligations thereunder. The powers of he Trustee shall continue as long as any part of the Fund remains in its possession.
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. 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. Subject to the applicable provisions of the Declaration, 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. 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. (a) If, in the opinion of the Trust, it shall become no longer possible or feasible to carry out the objects of the Trust then the Trust may, by resolution, liquidate the Trust. No resolution dissolving the Trust shall take effect unless it has been passed by a majority of the Trust and only after three months notice of intention to move such resolution has been given in writing to each Trustee.
Liquidation of Trust. If, after a termination of the Plan, the Governing Board determines it impractical to continue the Trust, the Governing Board may, in its discretion, declare the next succeeding June 30 or December 31 to be the Termination Date for all Participants for the purposes of the Plan and shall certify said determination to the Trustee. Each affected Participant shall be fully vested in his or her Account as of the date of such termination or discontinuance. The Trustee shall thereupon, as promptly as shall then be reasonable under the circumstances, liquidate the Trust assets and distribute to each Participant his or her share in the Trust Fund. For this purpose, the final liquidation date shall constitute the Termination Date for Participants and the final distribution date for each Former Participant whose share is being distributed in installments. Upon completion of liquidation and distribution of the Trust assets, the Trust shall finally and completely terminate.
Liquidation of Trust. Upon a termination of the Trust, the Trustee, with reasonable promptness, shall liquidate the assets of the Fund. After deducting estimated expenses for such liquidation and distribution thereof, the Trustee shall disburse the proceeds thereof to or for the benefit of such terminating Employer's Participants and their Beneficiaries as directed by the Employer or the Plan Administrator. Except as provided in the Plan, in no event shall any part of the principal or income of the Fund be paid to or for the benefit of the terminating Employer. Unless sooner terminated, this Trust shall terminate when there are no funds remaining in the hands of the Trustee. SAMPLE
