Common use of Maintenance of Administrative Records Clause in Contracts

Maintenance of Administrative Records. The Trustee shall maintain such books, records and accounts as may be necessary for the proper administration of the Trust Corpus and shall render to the Company on a monthly basis commencing on the first day of the month following the date the Trust Corpus includes more than the initial deposit and earnings thereon, and for each month thereafter until the termination of the Trust (and as of the date of such termination), an accounting with respect to the Trust Corpus as of the end of such month (and as of the date of such termination). After a Change in Control or a Potential Change in Control has occurred, and once the Required Funding Amount has been contributed to the Trust, the Trustee shall also provide the Recordkeeper with a copy of such monthly accounting. Unless the Company shall have filed with the Trustee written exceptions or objections to any such statement and account within one hundred eighty (180) days after receipt thereof, the Company and all Plan Participants shall be deemed to have approved such statement and account, and in such case the Trustee shall be forever released and discharged with respect to all matters and things reported in such statement and account as though it had been settled by a decree of a court of competent jurisdiction in an action or proceeding to which the Company and all Plan Participants were parties. The Trustee shall have the right, at the expense of the Trust, to apply at any time to a court of competent jurisdiction for judicial settlement of any account of the Trustee not previously settled as herein provided or for the determination of any question of construction or for instructions. In any such action or proceeding it shall be necessary to join as parties only the Trustee and the Company (although the Trustee may also join such Plan Participants as it may deem appropriate), and any judgment or decree entered therein shall be conclusive.

Appears in 4 contracts

Samples: Directors’ Deferred Compensation and Benefits Trust Agreement (Sunoco Inc), Deferred Compensation and Benefits Trust Agreement (Sunoco Inc), Deferred Compensation and Benefits Trust Agreement (Sunoco Inc)

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Maintenance of Administrative Records. The Trustee shall maintain such books, records and accounts as may be necessary for the proper administration of the Trust Corpus and shall render to the Company on a monthly basis commencing on the first day of the month following the date the this Trust Corpus includes more than the initial deposit and earnings thereon, and for each month thereafter Agreement was created until the termination of the Trust (and as of the date of such termination), an accounting with respect to the Trust Corpus as of the end of such month (and as of the date of such termination). After a Change in Control or a Potential Change in Control has occurred, and once the Required Funding Amount has been contributed to the Trust, the Trustee Recordkeeper shall also provide the Recordkeeper with receive a copy of such monthly accounting, and the Plan Participants may request an annual accounting with respect to the Trust Corpus. Unless the Company (or any Plan Participant after a Change in Control of the Company has occurred) shall have filed with the Trustee written exceptions or objections to any such statement and account within one hundred eighty (180) days after receipt thereof, the Company and all Plan Participants shall be deemed to have approved such statement and account, and in such case the Trustee shall be forever released and discharged with respect to all matters and things reported in such statement and account as though it had been settled by a decree of a court of competent jurisdiction in an action or proceeding to which the Company and all Plan Participants were parties. The Trustee shall have the right, at the expense of the Trust, to apply at any time to a court of competent jurisdiction for judicial settlement of any account of the Trustee not previously settled as herein provided or for the determination of any question of construction or for instructions. In any such action or proceeding it shall be necessary to join as parties only the Trustee and the Company (although the Trustee may also join such Plan Participants as it may deem appropriate), and any judgment or decree entered therein shall be conclusive.

Appears in 2 contracts

Samples: Deferred Compensation and Benefits Trust Agreement (Sunoco Inc), Directors' Deferred Compensation and Benefits Trust Agreement (Sunoco Inc)

Maintenance of Administrative Records. The Trustee shall maintain such ------------------------------------- books, records and accounts as may be necessary for the proper administration of the Trust Corpus and shall render to the Company on a monthly basis commencing on the first day of the month following the date the this Trust Corpus includes more than the initial deposit and earnings thereon, and for each month thereafter Agreement was created until the termination of the Trust (and as of the date of such termination), an accounting with respect to the Trust Corpus as of the end of such month (and as of the date of such termination). After a Change in Control or a Potential Change in Control has occurred, and once the Required Funding Amount has been contributed to the Trust, the Trustee Recordkeeper shall also provide the Recordkeeper with receive a copy of such monthly accounting, and the Plan Participants may request an annual accounting with respect to the Trust Corpus. Unless the Company (or any Plan Participant after a Change in Control has occurred) shall have filed with the Trustee written exceptions or objections to any such statement and account within one hundred eighty (180) days after receipt thereof, the Company and all Plan Participants shall be deemed to have approved such statement and account, and in such case the Trustee shall be forever released and discharged with respect to all matters and things reported in such statement and account as though it had been settled by a decree of a court of competent jurisdiction in an action or proceeding to which the Company and all Plan Participants were parties. The Trustee shall have the right, at the expense of the Trust, to apply at any time to a court of competent jurisdiction for judicial settlement of any account of the Trustee not previously settled as herein provided or for the determination of any question of construction or for instructions. In any such action or proceeding it shall be necessary to join as parties only the Trustee and the Company (although the Trustee may also join such Plan Participants as it may deem appropriate), and any judgment or decree entered therein shall be conclusive.

Appears in 1 contract

Samples: Deferred Compensation and Benefits Trust Agreement (Sunoco Inc)

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Maintenance of Administrative Records. The Trustee shall maintain ------------------------------------- such books, records and accounts as may be necessary for the proper administration of the Trust Corpus and shall render to the Company on a monthly basis commencing on the first day of the month following the date the this Trust Corpus includes more than the initial deposit and earnings thereon, and for each month thereafter Agreement was created until the termination of the Trust (and as of the date of such termination), an accounting with respect to the Trust Corpus as of the end of such month (and as of the date of such termination). After a Change in Control or a Potential Change in Control has occurred, and once the Required Funding Amount has been contributed to the Trust, the Trustee Recordkeeper shall also provide the Recordkeeper with receive a copy of such monthly accounting, and the Plan Participants may request an annual accounting with respect to the Trust Corpus. Unless the Company (or any Plan Participant after a Change in Control has occurred) shall have filed with the Trustee written exceptions or objections to any such statement and account within one hundred eighty (180) days after receipt thereof, the Company and all Plan Participants shall be deemed to have approved such statement and account, and in such case the Trustee shall be forever released and discharged with respect to all matters and things reported in such statement and account as though it had been settled by a decree of a court of competent jurisdiction in an action or proceeding to which the Company and all Plan Participants were parties. The Trustee shall have the right, at the expense of the Trust, to apply at any time to a court of competent jurisdiction for judicial settlement of any account of the Trustee not previously settled as herein provided or for the determination of any question of construction or for instructions. In any such action or proceeding it shall be necessary to join as parties only the Trustee and the Company (although the Trustee may also join such Plan Participants as it may deem appropriate), and any judgment or decree entered therein shall be conclusive.

Appears in 1 contract

Samples: Directors' Deferred Compensation and Benefits Trust Agreement (Sunoco Inc)

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