Common use of Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent Clause in Contracts

Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. The Trustee shall cease paying for benefits to Plan Participants and their beneficiaries if the Company is Insolvent. For purposes of the Plan, an entity shall be considered “Insolvent” for purposes of this Trust Agreement if (a) the entity is unable to pay its debts as they become due, or (b) the entity is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.

Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. The (a) Trustee shall cease paying for payment of benefits to Plan Participants participants and their beneficiaries if the Company is Insolvent. For purposes of the Plan, an entity Company shall be considered “Insolvent” for purposes of this Trust Agreement if (a) the entity is unable to pay its debts as they become due, or (b) the entity is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.considered

Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. The Trustee shall cease paying for benefits to Plan Participants and their beneficiaries if the Company is Insolvent. For purposes of the Plan, an entity The Company shall be considered “Insolvent” for purposes of this Trust Agreement if (ai) the entity Company is unable to pay its debts as they become due, or (bii) the entity Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.

Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. The (a) Trustee shall cease paying for payment of benefits to Plan Participants participants and their beneficiaries if the Company is Insolvent. For purposes of the Plan, an entity Company shall be considered “"Insolvent” " for purposes of this Trust Agreement if (ai) the entity Company is unable to pay its debts as they become due, or (bii) the entity Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.