Nondiversion of Assets Sample Clauses

Nondiversion of Assets. In no event shall any part of the corpus or income of the Trust Fund be used for, or diverted to, purposes other than for the exclusive benefit of the Participants and their Beneficiaries prior to the satisfaction of all liabilities under the Plan, except to the extent that assets may be returned to the Employer in accordance with the Plan where the Plan fails to qualify initially under Section 401(a) of the Internal Revenue Code (the “Code”), or where they are attributable to contributions made by mistake of fact or in excess of the deductibility allowed under the Code.
Sample 1Sample 2Sample 3See All (25)
AutoNDA by SimpleDocs
Nondiversion of Assets. Except as provided in Sections 5.05 and 12.03 of the Plan, under no circumstances shall any portion of the Trust Fund be diverted to or used for any purpose other than the exclusive benefit of Participants and their Beneficiaries prior to the satisfaction of all liabilities under the Plan.
Sample 1
Nondiversion of Assets. The Xxxxxxx XX shall be solely responsible for ensuring that all payments from the Trust Fund, including but not limited to those directed by the Xxxxxxx XX or other entity appointed in accordance with the provisions of Section 2.1, shall be consistent with the purpose of the Trust, and shall be used solely to provide benefits to participants and their beneficiaries under the Plan and to defray reasonable expenses of administering the Plan, except as otherwise permitted under the terms of the Plan and applicable law, which shall specifically include as consistent with the purpose of the Trust (a) a direction from Xxxxxxx to make a transfer of designated amounts from the Trust Fund following a determination by Xxxxxxx that any or all of the amounts held in the Trust Fund are and will not be required for payment of current or future retiree health benefit costs, and that such amount is to be applied to redeem or defease outstanding bonds issued under the Indenture in whole or in part; or (b) a direction from Xxxxxxx or U.S. Bank (or any successor trustee under the Indenture) to make a transfer of designated amounts from the Trust Fund following a determination by U.S. Bank (or any successor trustee under the Indenture) that an Event of Default as defined under Article 8 of the Indenture has occurred. The Trustee may rely exclusively without further investigation and shall have no duty or obligation to make any determination or inquiry with respect to either (i) any direction by Xxxxxxx to transfer funds following a determination by Xxxxxxx that any or all of the amounts held in the Trust Fund are or will not be required for payment of future retiree health benefit costs, or (ii) any direction from Xxxxxxx or U.S. Bank (or any successor trustee under the Indenture) to transfer funds following a determination by X.X.Xxxx (or any successor trustee under the Indenture) that an Event of Default as defined under Article 8 of the Indenture has occurred. "
Sample 1
Nondiversion of Assets. The Xxxxxxx XX shall be solely responsible for ensuring that all payments from the Trust Fund, including but not limited to those directed by the Xxxxxxx XX or other entity appointed in accordance with the provisions of Section 2.1, shall be consistent with the purpose of the Trust, and shall be used solely to provide benefits to participants and their beneficiaries under the Plan and to defray reasonable expenses of administering the Plan, except as otherwise permitted under the terms of the Plan and applicable law, and the Trustee shall have no duty or authority with respect thereto and shall have no duty or obligation to make any determination or inquiry with respect thereto.
Sample 1

Related to Nondiversion of Assets

  • Segregation of Assets The Borrower’s assets will be maintained in a manner that facilitates their identification and segregation from those of the Servicer, the Parent, the Performance Guarantor, the Originators or any Affiliates thereof.

  • Protection of Assets (a) Except for transactions and activities entered into in connection with the securitization that is the subject of this Agreement, the Trust Fund created by this Agreement is not authorized and has no power to:

  • VALUATION OF ASSETS (a) Except as may be required by the 1940 Act, the Board of Managers shall value or have valued any Securities or other assets and liabilities of the Fund as of the close of business on the last day of each Fiscal Period in accordance with such valuation procedures as shall be established from time to time by the Board of Managers and which conform to the requirements of the 1940 Act. In determining the value of the assets of the Fund, no value shall be placed on the goodwill or name of the Fund, or the office records, files, statistical data or any similar intangible assets of the Fund not normally reflected in the Fund's accounting records, but there shall be taken into consideration any items of income earned but not received, expenses incurred but not yet paid, liabilities, fixed or contingent, and any other prepaid expenses to the extent not otherwise reflected in the books of account, and the value of options or commitments to purchase or sell Securities or commodities pursuant to agreements entered into prior to such valuation date.

  • Disposition of Assets To sell, exchange, lend, pledge, mortgage, hypothecate, write options on and lease any or all of the assets of the Trust;

  • Location of Assets To keep any property belonging to the Trust at any place in the United States.

  • Condition of Assets 4 2.10 TITLE TO AND ENCUMBRANCES ON PROPERTY . . . . . . . . . . . . . . . . . . 4 2.11 INVENTORIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 2.12 INTELLECTUAL PROPERTY RIGHTS; NAMES . . . . . . . . . . . . . . . . . . . 4 2.13

  • Contribution of Assets Subject to and upon the terms and conditions contained herein, on the Closing Date, Dentist shall convey, transfer, deliver and assign to Pentegra or any affiliate of Pentegra designated by Pentegra all of Dentist's right, title and interest in and to those certain assets described on EXHIBIT 1.1 attached hereto (individually, "Asset", and collectively "Assets"), free and clear of all obligations, security interests, claims, liens and encumbrances, except as specifically assumed, or taken subject to, by Pentegra pursuant to SECTION 1.3(b) hereof.

  • Application of Assets Upon dissolution of the Company, the Company shall cease carrying on its business and affairs and shall commence winding up of the Company’s business and affairs and complete the winding up as soon as practicable. The Company’s affairs shall be concluded by the Managers. The assets of the Company may be liquidated or distributed in kind, as determined by the Managers, and the same shall first be applied to the satisfaction (whether by payment or the making of reasonable provision for payment) of the Company’s liabilities and then to the Members. If the assets of the Company shall not be sufficient to pay all of the liabilities of the Company, to the fullest extent permitted by law, no assets of the Company may be sold or disposed of without the written consent of all of the holders of outstanding Securities. To the extent that Company assets cannot either be sold without undue loss or readily divided for distribution in kind to the Members, then the Company may, as determined by the Managers, convey those assets to a suitable holding entity established for the benefit of the Members in order to permit the assets to be sold without undue loss and the proceeds thereof, subject to the Act, distributed to the Member at a future date. The legal form of the holding entity, the identity of the trustee or other fiduciary and the terms of its governing instrument shall be determined by the Managers.

  • Preservation of Assets Each Obligor shall (and the Company shall ensure that each member of the Restricted Group will) maintain in good working order and condition (ordinary wear and tear excepted) all of its assets necessary in the conduct of its business where failure to do so has or is reasonably likely to have a Material Adverse Effect.

  • Acquisition of Assets In the event the Company or any Subsidiary acquires any assets or other properties, such assets or properties shall constitute a part of the Collateral (as defined in the Security Agreement) and the Company shall take all action necessary to perfect the Purchasers’ security interest in such assets or properties pursuant to the Security Agreement.

Time is Money Join Law Insider Premium to draft better contracts faster.