Termination upon Specific Events Sample Clauses
The 'Termination upon Specific Events' clause allows a contract to be ended automatically or at the discretion of a party if certain predefined events occur. These events might include insolvency, breach of contract, regulatory changes, or other significant incidents that materially affect the agreement. By specifying these triggers in advance, the clause provides a clear mechanism for parties to exit the contract when critical circumstances arise, thereby managing risk and ensuring both sides understand the conditions under which the agreement can be terminated early.
Termination upon Specific Events. The Trust shall be terminated as soon as practicable after the Trustee has received written notice from the Committee that one or more of the following events has occurred:
13.1.1 in the Committee's sole discretion, the Department of Labor or a court of competent jurisdiction has determined or would be likely to determine that the assets of the Trust are subject to Part 4 of Subtitle B of Title I of ERISA,
13.1.2 in the Committee's sole discretion, the Internal Revenue Service or a court of competent jurisdiction has determined or would be likely to determine that any portion of the Trust Fund is presently taxable to any Participant or Beneficiary, or
13.1.3 a Change in Control has occurred. In the event of a termination pursuant to this Section 13.1, the Trustee shall distribute all assets then constituting the Trust Fund to all Participants listed on the Participant Schedule in a equal amount per Participant.
Termination upon Specific Events. The Trust shall be terminated as soon as practicable after the Trustee has received written notice from the Committee that one or more of the following events has occurred:
(a) the Department of Labor or a court of competent jurisdiction has determined (or, in the Committee's sole discretion, would be likely to determine) that the assets of the Trust are subject to Part 4 of Subtitle B of Title I of ERISA, or
(b) the Internal Revenue Service or a court of competent jurisdiction has determined (or, in the Committee's sole discretion, would be likely to determine) that any portion of the Trust Fund is presently taxable to any Participant or Beneficiary. In the event of a termination pursuant to this Subsection 13.1, the Trustee shall sell such shares of Company Stock, subject to a registration statement being filed if necessary, held in the Trust as necessary to repay all principal and interest remaining due under any loans to the Trust. The Trustee shall then make distributions of shares of Company Stock as provided in Subsection 8.1(b) as though all shares of Company Stock held in the Trust had been acquired by a contribution of cash or Company Stock to the Trust. Any assets remaining in the Trust following such distribution shall be distributed to the Administrators to satisfy the Company's obligations under one or more other employee benefit plans of the Company benefiting the Participants or to pay the compensation of any broad cross-section of Participants, as determined in good faith by the Committee.
Termination upon Specific Events. The Trust shall be terminated as soon as practicable after the Trustee has received written notice from the Committee that one or more of the following events has occurred:
13.1.1 the Department of Labor or a court of competent jurisdiction has determined (or, in the Committee's sole discretion, would be likely to determine) that the assets of the Trust are subject to Part 4 of Subtitle B of Title I of ERISA, or
13.1.2 the Internal Revenue Service or a court of competent jurisdiction has determined (or, in the Committee's sole discretion, would be likely to determine) that any portion of the Trust Fund is presently taxable to any Participant or Beneficiary.
8.1.1 that are then payable; remaining assets, if any, shall be distributed to satisfy benefits described in (b) of Subsection 8.
1.1 that are then payable; and remaining assets, if any, shall then be used to provide for the payment of Benefits under one or more of the Plans described in Schedule A, as determined by the Committee, taking into account the best interest of a broad cross-section of Participants.
Termination upon Specific Events. The Trust shall be terminated as soon as practicable after the Trustee has received written notice from the Committee that one or more of the following events has occurred:
13.1.1. In the Committee’s sole discretion, the Department of Labor or a court of competent jurisdiction has determined or would be likely to determine that the assets of the Trust are subject to Part 4 of Subtitle B of Title I of ERISA, or
13.1.2. In the Committee’s sole discretion, the Internal Revenue Service or a court of competent jurisdiction has determined or would be likely to determine that any portion of the Trust Fund is presently taxable to any Participant or Beneficiary. In the event of a termination pursuant to this Section 13.1, the Company shall provide the Trustee with a Participant Schedule and the addresses of all Participants, and the Trustee shall distribute all assets then constituting the Trust Fund to all Participants listed on the Participant Schedule in an equal amount per Participant.