Common use of Termination of Plan and Trust Clause in Contracts

Termination of Plan and Trust. If an Employer determines to terminate (as to such Employer) the Plan and Trust completely, they shall be terminated insofar as they are applicable to such Employer as of the date specified in certified copies of resolutions or other formal written instrument pursuant to Section 21.07 hereof, delivered to the Committee and the Trustee. Upon such termination of the Plan and Trust and before liquidation of the Trust, the Committee shall require a special valuation of the Trust, if the liquidation is not to occur as of a Valuation Date. After payment of all expenses and proportional adjustment of Accounts of Participants with respect to such Employer to reflect such expenses, Trust Fund profits or losses, and subject to the limitations contained in Section 5.04 hereof, allocations of any previously unallocated funds to the date of termination, such Employer’s Participants shall be entitled to receive the amount then credited to their respective Accounts in the Trust Fund in a lump-sum payment. If, in the opinion of the Committee, assets in the Trust Fund or certain of them may possibly not be readily salable (i) because of federal or state securities laws, or the rules and regulations thereunder, or (ii) at their fair market value, the Committee may direct and the Trustee shall effect, a distribution of such assets in kind. If the entire Plan is terminating, upon completion of liquidation and distribution of the assets of the Trust to the Participants as provided for herein, the Trustee shall thereby complete the Trustee’s duties, and the Trust shall terminate.

Termination of Plan and Trust. If an Employer the Company determines to terminate (as to such Employer) the Plan and Trust completely, they it shall be terminated insofar as they are applicable to such Employer as of the date specified in certified copies of resolutions or other formal written instrument pursuant to Section 21.07 hereofSECTION 20.06, delivered to the Committee Trustee. The Company shall direct the Trustee whether to continue to hold assets of the Plan pending distribution to Participants and Beneficiaries at the Trusteetimes provided in ARTICLE 11, or to liquidate and distribute assets of the Plan as hereinafter provided. Upon such termination of the Plan and Trust and before liquidation of the Trust, the Committee Trustee shall require do a special valuation of the Trust, if the liquidation is not to occur as of a Valuation an Allocation Date. After payment of all expenses and proportional adjustment of Accounts of Participants with respect to such Employer to reflect such expenses, Trust Fund profits or losses, and subject to the limitations contained in Section 5.04 hereofSECTION 5.04, allocations of any previously unallocated funds to the date of termination, such Employer’s Participants shall be entitled to receive the amount then credited to their respective Accounts in the Trust Fund in a lump-sum paymentaccordance with ARTICLE 11. If, in the opinion of the CommitteePlan Administrator, assets in the Trust Fund or certain of them may possibly not be readily salable (i) because of federal or state securities laws, or the rules and regulations thereunder, thereunder or (ii) at their a fair market value, the Committee may Plan Administrator shall direct and the Trustee shall effect, a distribution of such assets in kind. If the entire Plan is terminating, upon Upon completion of liquidation and distribution of the assets of the Trust to the Participants as provided for hereinParticipants, the Trustee shall thereby complete the Trustee’s 's duties, and the Trust shall terminate.

Termination of Plan and Trust. If an Employer the Company determines to terminate (as to such Employer) the Plan and Trust completely, they it shall be terminated insofar as they are applicable to such Employer as of the date specified in certified copies of resolutions or other formal written instrument pursuant to Section 21.07 hereof20.06, delivered to the Committee Trustee. The Company shall direct the Trustee whether to continue to hold assets of the Plan pending distribution to Participants and Beneficiaries at the Trusteetimes provided in Article 11, or to liquidate and distribute assets of the Plan as hereinafter provided. Upon such termination of the Plan and Trust and before liquidation of the Trust, the Committee Trustee shall require do a special valuation of the Trust, if the liquidation is not to occur as of a Valuation an Allocation Date. After payment of all expenses and proportional adjustment of Accounts of Participants with respect to such Employer to reflect such expenses, Trust Fund profits or losses, and subject to the limitations contained in Section 5.04 hereof5.04, allocations of any previously unallocated funds to the date of termination, such Employer’s Participants shall be entitled to receive the amount then credited to their respective Accounts in the Trust Fund in a lump-sum paymentaccordance with Article 11. If, in the opinion of the CommitteePlan Administrator, assets in the Trust Fund or certain of them may possibly not be readily salable (i) because of federal or state securities laws, or the rules and regulations thereunder, thereunder or (ii) at their a fair market value, the Committee may Plan Administrator shall direct and the Trustee shall effect, a distribution of such assets in kind. If the entire Plan is terminating, upon Upon completion of liquidation and distribution of the assets of the Trust to the Participants as provided for hereinParticipants, the Trustee shall thereby complete the Trustee’s duties, and the Trust shall terminate.