Common use of Non-Diversion of Funds Clause in Contracts

Non-Diversion of Funds. Notwithstanding anything to the contrary contained in this Agreement or any amendment hereto, no part of the Trust Fund other than such part as may be used to defray expenses and taxes properly charged to the Trust Fund under the Plan or this Agreement shall be used for or diverted to purposes other than for the exclusive benefit of Participants and their beneficiaries prior to the satisfaction of all of the Company's liabilities under the Plan.

Appears in 1 contract

Samples: Trust Agreement (Warwick Community Bancorp Inc)

AutoNDA by SimpleDocs

Non-Diversion of Funds. Notwithstanding anything to the contrary contained in this Agreement or any amendment heretothereto, no part of the Trust Fund other than such part as may be used to defray expenses expenses, fees, indemnities and taxes properly charged to the Trust Fund under the Plan or this Agreement shall be used for or diverted to purposes other than for the exclusive benefit of Participants and their beneficiaries prior beneficiaries. Notwithstanding the foregoing, contributions made to the satisfaction of all Trust Fund may be returned to the contributing employer at the direction of the Company's liabilities Plan Administrator if the Plan Administrator certifies in writing to the Trustee that the amount being returned is permitted under the Planterms of the Plan and applicable law.

Appears in 1 contract

Samples: Trust Agreement (New North Penn Bancorp Inc)

Non-Diversion of Funds. Notwithstanding anything to the contrary contained in this Agreement or any amendment hereto, no No part of the Trust Fund other than such part as may be used to defray expenses and taxes properly charged to the Trust Fund under the Plan or this Agreement shall be used for or diverted to purposes other than for the exclusive benefit of Participants and their beneficiaries prior to the satisfaction of all of the Company's liabilities under the Plan.

Appears in 1 contract

Samples: Trust Agreement (Mid Coast Bancorp Inc)

AutoNDA by SimpleDocs

Non-Diversion of Funds. Notwithstanding anything to the contrary contained in this Agreement or any amendment hereto, no part of the Trust Fund other than such part as may be used to defray expenses expenses, fees, indemnities and taxes properly charged to the Trust Fund under the Plan or this Agreement or as specifically provided in Sections 9.9 and 9.11 of the Plan, shall be used for or diverted to purposes other than for the exclusive benefit of Plan Participants and their beneficiaries prior to the satisfaction of all of the Company's liabilities under the Planbeneficiaries.

Appears in 1 contract

Samples: Employee Stock Ownership Trust (United Natural Foods Inc)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!