Recognition of Trust Funds and Acceptance of Trust Agreements Sample Clauses

Recognition of Trust Funds and Acceptance of Trust Agreements. The Agreement provides for contributions to the following joint labor-management Trust Funds:  Plumbers & Pipefitters National Pension Fund  UA Union Local No. 290 Plumber, Steamfitter and Shipfitter Industry Health and Welfare Trust  UA Union Local No. 290 Plumber, Steamfitter and Shipfitter Industry Pension Trust  UA Union Local No. 290 Plumber, Steamfitter and Shipfitter Industry 401(k) Trust  UA Union Local No. 290 Plumber, Steamfitter and Shipfitter Industry Retiree Health Trust  UA Union Local No. 290 Plumber, Steamfitter and Shipfitter Industry Vacation, Scholarship and Educational Reimbursement Trust  United Association Local 290 Apprenticeship and Journeymen Training Trust Fund The Agreement also provides for contributions to the Plumbing and Piping Management Trust Fund and union dues to the Union. Collectively, the above entities, to which contributions are required, except the Union, are referred to as Employee Benefit Plans. The parties to the Agreement agree to be bound by the terms and conditions of the Trust Agreements governing each Employee Benefit Plan and any amendments thereto and restatements thereof. By this reference, the terms of each Trust Agreement and any amendments thereto and restatements thereof are incorporated by reference. Each Employer who is signatory to or bound by, or becomes signatory to or bound by, the Agreement hereby accepts and designates as its representatives the Employer Trustees as may be appointed in accordance with the terms and conditions of each Employee Benefit Plan’s Trust Agreement. Each Employer also ratifies all of the actions, rules and regulations that the Boards of Trustees of each Employee Benefit Plan have taken and adopted, or will take or adopt, within the scope of their authority.
Sample 1
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Related to Recognition of Trust Funds and Acceptance of Trust Agreements

  • Termination of Trust Agreement Section 9.01.

  • Application of Trust Funds (a) On each Payment Date, the Paying Agent will distribute to Certificateholders, on the basis of the Percentage Interest evidenced by their Trust Certificates, amounts deposited in the Certificate Distribution Account pursuant to Section 4.06 of the Sale and Servicing Agreement with respect to such Payment Date.

  • Acceptance of Trust The Trustee hereby accepts the Trust created and provided for by and in this Agreement and agrees to perform the same upon the terms and conditions herein set forth and to hold all rights, privileges and benefits conferred hereby and by law in trust for the various persons who shall from time to time be Beneficiaries, subject to all the terms and conditions herein set forth.

  • Termination of Trust Section 9.01

  • ACCEPTANCE OF TRUSTS The Owner Trustee accepts the trusts created by this Agreement and agrees to exercise its rights and powers and perform its obligations under this Agreement.

  • Acceptance of Trusts and Duties The Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder with respect to such trusts, but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all moneys actually received by it constituting part of the Trust Estate upon the terms of this Agreement. The Owner Trustee shall not be answerable or accountable hereunder or under any Basic Document under any circumstances, except (i) for its own willful misconduct or negligence or (ii) in the case of the inaccuracy of any representation or warranty contained in Section 7.03 expressly made by the Owner Trustee. In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence):

  • Replacement of Trustee A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee's acceptance of appointment as provided in this Section. The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Company. The Holders of Notes of a majority in principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the Trustee if:

  • Application of Trust Money The Trustee shall hold in trust money or U.S. Government Obligations deposited with it pursuant to this Article 8. It shall apply the deposited money and the money from U.S. Government Obligations through the Paying Agent and in accordance with this Indenture to the payment of principal of and interest on the Securities.

  • Resignation of Trustee Any Trustee hereunder may resign by a notice in writing delivered to the Grantor, if the Grantor is then living, and, after the Grantor’s death, to all current Beneficiaries of the Trust.

  • Declaration of Trust The Owner Trustee hereby declares that it will hold the Owner Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Trust under the Basic Documents. It is the intention of the parties hereto that the Trust constitute a statutory trust under the Statutory Trust Act and that this Agreement constitute the governing instrument of such statutory trust. The Trust is not intended to be a business trust within the meaning of Section 101(9)(A)(v) of the Bankruptcy Code. It is also the intention of the parties hereto that, solely for Federal, state and local income and franchise tax purposes, on and after the Closing Date, (a) so long as the Trust has only one Certificateholder, the Trust shall be disregarded as a separate entity and (b) at such time as the Trust has more than one Certificateholder, the Trust will be treated as a partnership, with the assets of the partnership being the Receivables and other assets held by the Trust, the partners of the partnership being the Certificateholders, and the Notes being non-recourse debt of the partnership. The Depositor (and any future Certificateholder by the purchase of the Trust Certificate will be deemed to have agreed) and the Owner Trustee agree to take no action inconsistent with such tax treatment. The Trust shall not elect to be treated as an association under Treasury Regulations Section 301.7701-3(a). The parties agree that, unless otherwise required by appropriate tax authorities, the sole Certificateholder or the Trust, as applicable, will file or cause to be filed annual or other necessary returns, reports and other forms consistent with the foregoing characterization of the Trust for such tax purposes. Effective as of the date hereof, the Owner Trustee, shall have all rights, powers and duties set forth herein and, to the extent not inconsistent herewith, in the Statutory Trust Act with respect to accomplishing the purposes of the Trust. Any action taken on behalf of the Trust prior to the date hereof with respect to the filing of financing statements, the Certificate of Trust, a qualification to do business in the State of Alabama or any other similar qualification or license in any other state or jurisdiction, if applicable, is hereby ratified.

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