Purpose of Trust Fund. The purpose of the Jobs Organization Program Trust Fund shall be to provide, in accordance with the Jobs Organization Program Trust Agreement, financial subsidies for eligible contractors. The Jobs Organization Program Trust Fund shall be the sole and exclusive source of funding for all subsidies, expenses and other charges and liabilities incurred by operation of the Jobs Organization Program and shall not be liable for such charges in excess of the assets in the Fund.
Purpose of Trust Fund. (a) The purposes of the Trust Fund is to make payments from principal or income or both of (l) benefits to employees, their families and dependents for medical and hospital care; (2) benefits on account of sickness, temporary disability, permanent disability, death or retirement; (3) benefits for any and all other purposes which may be specified by the Trustees of the Fund, provided same are within the scope of applicable law.
Purpose of Trust Fund. The Trust Fund continued hereby is for the purpose of providing (1) pension benefits and such other benefits as may be permitted by law under a plan of benefits adopted by the Trustees and (2) the means for financing the expenses of the Trustees in the operation and administration of the Pension Trust Fund, in accordance with this Agreement and Declaration of Trust. It is intended that this Trust be a multi-employer plan as that term is defined in Section 3(37) of the Act.
Purpose of Trust Fund. The Company adopted the Plan for the exclusive purpose of providing benefits to certain of its employees and their beneficiaries and defraying reasonable expenses of administering the Plan. The Plan provides that, from time to time, cash and other assets may be paid to the Trustee by the Company to be held and administered as a trust for the uses and purposes of the Plan. The Company intends that the Plan will qualify under Section 401(a) of the Internal Revenue Code of 1986, as amended (the “Code”), and that the Trust will constitute a part of the Plan, as a tax-exempt entity within the meaning of Code Section 501(a). The Company and the Trustee enter into this Agreement whereby the Company appoints Trustee as the trustee of the cash, marketable securities, and other property acceptable to the Trustee (as described in Article 2.5) which may be contributed by Company from time to time to the Trust Fund. The Trustee will have no duties or responsibilities with respect to any property other than cash, marketable securities, and other property accepted by the Trustee. The Xxxxxxx Xxxxxx Trust Company agrees to act as the Trustee of the Trust according to the terms and conditions of this Agreement. The parties agree that the Trustee will (i) establish an account to hold the trust assets transferred by the Company to the Trustee hereunder (the “Trust Fund” or “Trust”), (ii) provide safekeeping and custody of and administer trust assets held in such Trust Fund, and (iii) perform the functions and duties assigned to it under this Agreement subject to the Company’s directions. The Trustee will act only at the direction of the Company or a party authorized to act on the Company’s behalf. The Trustee has no authority to take any discretionary action and does not exercise discretionary authority or control with respect to Plan assets. The Company warrants and represents that all directions provided to the Trustee will be in conformity with the terms of the applicable Plan and related documents governing the establishment and operation of the Trust Fund, including, this Agreement (“collectively, the “Plan Documents”), and acknowledges and agrees that the Trustee shall have no liability or responsibility in this regard. The Company warrants and represents that the transfer of custody of the Trust Fund to the Trustee hereunder and the maintenance of custody by Trustee is authorized by the Plan Documents. Furthermore, the Company warrants and represents that any such Pla...
Purpose of Trust Fund. 3.4 Maintenance of Trust Fund.........................................................................
Purpose of Trust Fund. The Trustee must hold the Trust Fund on trust absolutely and solely for the purposes in clause 2.1, to be applied in accordance with this Deed.
