Trustee Responsibility Regarding Payments to Trust. Beneficiary When Company is Insolvent.
Trustee Responsibility Regarding Payments to Trust. Beneficiary -------------------------------------------------------------- when an Employer Is Insolvent. -----------------------------
Trustee Responsibility Regarding Payments to Trust. Beneficiary When the Company is Insolvent
Trustee Responsibility Regarding Payments to Trust. BENEFICIARIES WHEN COMPANY IS INSOLVENT
Trustee Responsibility Regarding Payments to Trust. BENEFICIARIES ----------------------------------------------------------------- WHEN COMPANY IS INSOLVENT -------------------------
Trustee Responsibility Regarding Payments to Trust. Beneficiary When CNG is Insolvent -------------------------------------------------- 3.1 Trustee shall cease payment of benefits to Plan participants and their beneficiaries if CNG is Insolvent. CNG shall be considered "Insolvent" for purposes of this Trust Agreement if (i) CNG is unable to pay its debts as they become due, or (ii) CNG is subject to a pending proceeding as a debtor under the United States Bankruptcy Code. 3.2 At all times during the continuance of this Trust, as provided in Paragraph 1.4 hereof, the principal and income of the Trust shall be subject to claims of general creditors of CNG under federal and state law as set forth below: (a) The Board of Directors and the Chief Executive Officer of CNG shall have the duty to inform Trustee in writing of CNG's insolvency. If a person claiming to be a creditor of CNG alleges in writing to Trustee that CNG has become Insolvent, Trustee shall determine whether CNG is Insolvent and, pending such determination, Trustee shall discontinue payment of benefits to Plan participants or their beneficiaries. (b) Unless Trustee has actual knowledge of CNG's insolvency, or has received notice from CNG or a person claiming to be a creditor alleging that CNG is Insolvent, Trustee shall have no duty to inquire whether CNG is Insolvent. Trustee may in all events rely on such evidence concerning CNG's solvency as may be furnished to Trustee and that provides Trustee with a reasonable basis for making a determination concerning CNG's solvency. (c) If at any time Trustee has determined that CNG is Insolvent, Trustee shall discontinue payments to Plan participants or their beneficiaries and shall hold the assets of the Trust for the benefit of CNG's general creditors. Nothing in this Trust Agreement shall in any way diminish any rights of Plan participants or their beneficiaries to pursue their rights as general creditors of CNG with respect to benefits due under the Plan or otherwise. (d) Trustee shall resume the payment of benefits to Plan participants or their beneficiaries in accordance with Article 2 of this Trust Agreement only after Trustee has determined that CNG is not Insolvent (or is no longer Insolvent). 3.3 Provided that there are sufficient assets, if Trustee discontinues the payment of benefits from the Trust pursuant to Paragraph 3.2 hereof and subsequently resumes such payments, the first payment
Trustee Responsibility Regarding Payments to Trust. Beneficiary When A Plan Sponsor is Insolvent.
Trustee Responsibility Regarding Payments to Trust. Beneficiaries When Employer Is Insolvent 14 9.1 Insolvency 14 9.2 General Creditors 14 9.3 Amount of Payments After Resumption 15 Section 10 Amendment and Termination 15 10.1 Amendment 15 102 Termination 15 Section 11 Miscellaneous 15 11.1 Binding Effect; Assignability 15 11.2 Governing Law 16 11.3 Notices 16 11.4 Severability 16 11.5 Waiver 16 11.6 Non-Alienation 16 11.7 Definitions 17 11.8 Headings 17 11.9 Construction of Language 17 11.10 Counterparts 17 Principal Trust Company Mailing Address: X.X. Xxx 0000 Xxxxxxxxxx, XX 00000-0000 000-000-0000 Fax: 000-000-0000 Trust Agreement PLAN NAME: The Executive Nonqualified Excess Plan of Quantum Fuel Systems Technologies Worldwide, Inc. TRUST AGREEMENT THIS TRUST AGREEMENT (“Agreement”), made as of the day of , , by and between Quantum Fuel Systems Technologies Worldwide, Inc. (“Employer”) and Delaware Charter Guarantee & Trust Company, conducting business as Principal Trust Company (“Trustee”).
Trustee Responsibility Regarding Payments to Trust. BENEFICIARY WHEN BANK IS INSOLVENT
Trustee Responsibility Regarding Payments to Trust. BENEFICIARY WHEN EMPLOYER IS INSOLVENT
