Common use of Property of the Plan held in Trust Clause in Contracts

Property of the Plan held in Trust. The Trustee agrees to hold the property of the Plan irrevocably in trust, pursuant to the Plan, for any one or more of the following purposes: (a) the payment of Educational Assistance Payments to or for a Beneficiary of the Plan; (b) the payment to (or to a trust in favour of) one or more Designated Educational Institutions in Canada; (c) the refund of contributions and, if required, the repayment of amounts under the Canada Education Savings Act (the “CES Act”) or a program administered pursuant to an agreement entered under section 12 of that Act; (d) the payment of Accumulated Income Payments; or (e) the transfer to another trust that irrevocably holds property under a “registered education savings plan” (an “RESP”) within the meaning of the Act.

Property of the Plan held in Trust. The Trustee agrees to hold the property of the Plan (in the aggregate, the “Fund”) irrevocably in trust, pursuant to the Plan, for any one or more of the following purposes: (a) the payment of Educational Assistance Payments to or for a Beneficiary of the Plan; (b) the payment to (or to a trust in favour of) one or more Designated Educational Institutions in Canada; (c) the refund of contributions and, if required, the repayment of amounts under the Canada Education Savings Act (the “CES Act”) or a program administered pursuant to an agreement entered under section 12 of that Act; (d) the payment of Accumulated Income Payments; or (e) the transfer to another trust that irrevocably holds property under a “registered education savings plan” (an “RESP”) within the meaning of the Act.