Common use of No Reversion to Employer Clause in Contracts

No Reversion to Employer. Except as provided herein, no portion of the principal or the income of the Trust Fund shall revert to or be recoverable by the Client or any Employer or ever be used for or diverted to any purpose other than for the exclusive benefit of participants in the Plans and persons claiming under or through them pursuant to the Plans, provided, however, that: (a) all contributions are conditioned upon the deductibility of the contributions under Section 404(a) of the Code, and, to the extent determined to be nondeductible, the Trustee shall, upon written request of the affected Client, return such amount as may be permitted by law to such Client, as appropriate, within one year after the determination of nondeductibility or within such other period as is permitted by applicable law; and (b) if a contribution or any portion thereof is made by the Client by a mistake of fact, the Trustee shall, upon written request of the Client, return such amounts as may be permitted by law to the Client, as appropriate, within one year after the date of payment to the Trustee or within such other period as is permitted by applicable law; and (c) if a contribution is conditioned upon the qualification of the Plans and Trust under Sections 401 and 501 of the Code, the contributions of the Client to the Trust for all Plans Years, with the gains and losses thereon, shall be returned by the Trustee to the Client, as appropriate, within one year in the event that the Commissioner of Internal Revenue fails to rule that the Plans and Trust were as of such date qualified and tax-exempt (within the meaning of Sections 401 and 501 of the Code); and (d) assets may be returned to the Employer to the extent that the law permits such transfer. The Trustee shall be under no obligation to return any part of the Trust Fund as provided in this Section 15.2 until the Trustee has received a written certification from the Administrator that such return is in compliance with this Section 15.2, the Plans and the requirements of applicable law. The Trustee shall rely conclusively on such written certification and shall be under no obligation to investigate or otherwise determine its propriety.

No Reversion to Employer. Except as provided herein, no portion No part of the principal corpus or the income of the Trust Fund shall revert to or be recoverable by the Client or any Employer or ever be used for for, or diverted to any purpose to, purposes other than for the exclusive benefit of participants in Participants and other persons entitled to benefits under the Plans and persons claiming under or through them pursuant to the PlansPlan, provided, however, that: (a) all Each Employer’s contribution under the Plan is conditioned on the qualification of the Plan as applied to that Employer under Sections 401(a) and 4975(e)(7) of the Code and if the Plan does not so qualify, the Trustee shall, upon written direction of the Committee, return to that Employer the amount of such contribution and any increment thereon within one calendar year after the date that qualification of the Plan, as applied to that Employer, is denied, but only if the application for qualification is submitted within the time prescribed by law. (b) If, upon termination of the Plan with respect to any Employer, any amounts are held in a Code Section 415 suspense account which are attributable to the contributions of such Employer and such amounts may not be credited to the Accounts of Participants, such amounts, upon the written direction of the Committee, shall be allocated as provided in Section 3.02 of the Plan. (c) Employer contributions under the Plan are conditioned upon the deductibility of the contributions thereof under Section 404(a) 404 of the Code, and, to the extent determined to be nondeductibleany such deduction of an Employer is disallowed by the Internal Revenue Service, the Trustee shall, upon the written request direction of the affected ClientCommittee, return such the amount as may be permitted of the contribution (to the extent disallowed), reduced by law the amount of any losses thereon, to such Client, as appropriate, the Employer within one year after the determination of nondeductibility or within such other period as date the deduction is permitted by applicable law; anddisallowed. (bd) if If a contribution or any portion thereof is made by the Client an Employer by a mistake of fact, the Trustee shall, upon written request direction of the ClientCommittee, return the amount of the contribution or such amounts as may be permitted portion, reduced by law the amount of any losses thereon, to the Client, as appropriate, Employer within one year after the date of payment to the Trustee or within such other period as is permitted by applicable law; and (c) if a contribution is conditioned upon Trustee. Notwithstanding the qualification of the Plans and Trust under Sections 401 and 501 of the Codeforegoing, the contributions of the Client Trustee has no responsibility as to the Trust for all Plans Years, with the gains and losses thereon, shall be returned by the Trustee to the Client, as appropriate, within one year in the event that the Commissioner of Internal Revenue fails to rule that the Plans and Trust were as of such date qualified and tax-exempt (within the meaning of Sections 401 and 501 of the Code); and (d) assets may be returned to the Employer to the extent that the law permits such transfer. The Trustee shall be under no obligation to return any part sufficiency of the Trust Fund as provided in to provide any distribution to an Employer under this Section 15.2 until the Trustee has received a written certification from the Administrator that such return is in compliance with this Section 15.2, the Plans and the requirements of applicable law. The Trustee shall rely conclusively on such written certification and shall be under no obligation to investigate or otherwise determine its propriety.Article V.

No Reversion to Employer. Except as provided herein, no portion of the principal or the income of the Trust Fund shall revert to or be recoverable by the Client Company or any Employer or ever be used for or diverted to any purpose other than for the exclusive benefit of participants in the Plans and persons claiming under or through them pursuant to the Plans, provided, however, that: (a) all contributions are conditioned upon the deductibility of the contributions under Section 404(a) of the Code, and, to the extent determined to be nondeductible, the Trustee shall, upon written request of the affected ClientCompany, return such amount as may be permitted by law to such ClientCompany, as appropriate, within one year after the determination of nondeductibility or within such other period as is permitted by applicable law; and (b) if a contribution or any portion thereof is made by the Client Company by a mistake of fact, the Trustee shall, upon written request of the ClientCompany, return such amounts as may be permitted by law to the ClientCompany, as appropriate, within one year after the date of payment to the Trustee or within such other period as is permitted by applicable law; and (c) if a contribution is conditioned upon the qualification of the Plans and Trust under Sections Section 401 and 501 of the Code, the contributions of the Client Company to the Trust for all Plans Years, with the gains and losses thereon, shall be returned by the Trustee to the ClientCompany, as appropriate, within one year in the event that the Commissioner of Internal Revenue fails to rule that the Plans and Trust were as of such date qualified and tax-exempt (within the meaning of Sections 401 and 501 of the Code); and (d) in the event that a Plan whose assets are held in the Trust Fund is terminated, assets of such Plan may be returned to the Employer if all Plan liabilities to participants and beneficiaries of such Plan have been satisfied; and (e) assets may be returned to the Employer to the extent that the law permits such transfer. The Trustee shall be under no obligation to return any part of the Trust Fund as provided in this Section 15.2 until the Trustee has received a written certification from the Administrator that such return is in compliance with this Section 15.2, the Plans and the requirements of applicable law. The Trustee shall rely conclusively on such written certification and shall be under no obligation to investigate or otherwise determine its propriety.