Principal and Income. The trustee may allocate items of income or expenditure to either income or principal and create reserves out of income all as pro- vided by law, and to the extent not so provided, to allocate to income or principal or create reserves, on a reasonable basis, and the fiduciary’s decision made in good faith with respect thereto shall be binding and conclusive upon all persons.
Principal and Income. All questions relating to the ascertainment of incomeand principal and the allocation of receipts and disbursements between income and principal shall be resolved by the Trustee in accordance with the terms of the Act.
Principal and Income. Except as otherwise specifically provided in this Escrow, the determination of all matters with respect to what is principal or income of the escrow Fund that the apportionment and allocation of receipts and disbursements between these accounts (if any), shall be governed by the provision of the California Revised Uniform Principal and Income Act from time to time existing. Any such matter not provided for herein or in the California Revised Uniform Principal and Income Act shall be determined by the Escrow Agent in the Escrow Agent's discretion.
Principal and Income. Any income earned on the trust fund which is not distributed as provided in Article II shall be accumulated and from time to time added to the principal of the trust. The grantor's interest in the trust shall include all assets or other property held by the trustee hereunder, including principal and accumulated income.
Principal and Income. The Trustee shall manage and administer the Trust Fund without distinction between principal and income.
Principal and Income. The determination by the Trustee in all matters as to what shall constitute principal of the trust, gross income therefrom and distributable net income under the terms of the trust shall be governed by the provisions of the Principal and Income Act of the State of Washington, except as to any of such matters as may otherwise be provided for in this instrument. In the event and to the extent that any of such matters relating to what constitutes principal or income of the trust and in the allocation of receipts and disbursements between these accounts is not provided for either in this Trust Agreement or in such Principal and Income Act, the Trustee has full power and authority to determine such matters;
Principal and Income. 15.1. In the case of bonds, notes, or other evidence of indebtedness taken or purchased at a premium, the Trustees shall not be required to set aside any part of the income therefrom as a sinking fund to retire or absorb such premium.
15.2. The Trustees shall have the right and power to determine how all receipts, disbursements, and gains or losses from the sale of assets held by the Trust shall be credited, charged, or apportioned as between Principal and Income. This power extends to contributions to the Trust. In default of any such determination by the Trustees, the contribution shall be deemed to be Income, whether or not a tax deduction has been claimed for federal income tax purposes by Sealaska for such contribution. Net Income not distributed in a given year may, in the discretion of the Trustees, be added to Principal or held as accumulated Net Income for distribution at a later date and time, whether in the same or a different year of the Trust, and upon such terms and conditions as the Trustees may specify.
15.3. Notwithstanding the other portions of this Section, income taxes arising during any period that the Trust has in effect an election under Internal Revenue Code Section 646 shall be payable from and charged against the annual Income of the Trust for the year in which the income occurs that gives rise to such income taxes; income taxes arising during any period that the Trust does not have in effect an election under Internal Revenue Code Section 646 shall be payable from and charged against Principal to the extent Principal exists, otherwise against income.
Principal and Income. Unless otherwise specifically provided herein, the Trustee shall have absolute discretion in determining what is principal or income and what shall be charged or credited to either, and the judgement of the Trustee shall bind everyone beneficially interested hereunder; provided, however, that oil and gas royalties, bonuses, production payments or other proceeds from the development or production of wasting assets held in trust shall constitute income rather than principal. The Trustee shall not be required to establish a reserve for depreciation or to make charges against income therefrom, but may do so if the Trustee in the Trustee's discretion so determines, such reserve and charges to be established on such assumptions and in such amounts as the Trustee shall determine appropriate. No inference of imprudence or partiality shall arise from the fact that the Trustee, in exercising the discretion conferred on the Trustee by this Paragraph G, shall have allocated a receipt or expenditure in a manner contrary to any provision of the California Revised Uniform Principal and Income Act. Except insofar as the Trustee shall exercise the discretion conferred on the Trustee by this Paragraph G and except as otherwise provided herein, matters relating to the allocation of principal and income shall be governed by the provisions of the California Revised Uniform Principal and Income Act, as such may from time to time exist.
Principal and Income. FBTS shall receive, hold, manage, invest and reinvest the money or other property that constitutes the Trust Fund, without distinction between principal and income. 3d. Accounting/Reporting: FBTS shall report to the Company as of the last day of each Plan year, as of any other accounting date defined in the Plans or the Trust Agreement (or as soon thereafter as practicable), or at such other times as may be required under the Plans or the Trust Agreement or reasonably required by the Company, the fair market value of all property held in the Pension Trust, reduced by any liabilities of the Pension Trust, as determined by FBTS. FBTS shall furnish to the Company an annual written account, or other periods as may be required under the Pension Trust, showing all investments, receipts, disbursements and other transactions made by FBTS during the period, and such other information as FBTS may possess which the Company reasonably requires. FBTS shall keep accurate accounts of investments, earnings thereon and accounts, books and records related to such investments and such accounting shall be open to inspection by the Company. The foregoing is in addition to, and not in lieu of, the recordkeeping and reporting obligations set forth in Section 9 of the Trust Agreement.
Principal and Income. Except as otherwise specifically provided in this Trust, the determination of all matters with respect to what is principal or income of the Trust Fund and the apportionment and allocation of receipts and disbursements between these accounts (if any), shall be governed by the provisions of the California Revised Uniform Principal and Income Act from time to time existing. Any such matter not provided for herein or in the California Revised Uniform Principal and Income Act shall be determined by the Trustee in the Trustee's discretion.
