TRUSTEE RESPONSIBILITY REGARDING PAYMENTS TO TRUST BENEFICIARY WHEN THE COMPANY IS INSOLVENT. (a) The Trustee shall cease payment of benefits to the Participants and their beneficiaries if the Company is Insolvent. The Company shall be considered "Insolvent" for purposes of this Trust Agreement if: (i) the Company is unable to pay its debts as they become due; (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code; or (iii) the Company is determined to be insolvent by the federal and/or state regulatory agencies having authority over the Company and its operations.
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Samples: www.sec.gov, Trust Under Agreement (Merchants Bancshares Inc), Trust Under Agreement (Merchants Bancshares Inc)
TRUSTEE RESPONSIBILITY REGARDING PAYMENTS TO TRUST BENEFICIARY WHEN THE COMPANY IS INSOLVENT. (a) The Trustee shall cease the grant of Shares and payment of benefits dividend equivalents to the Participants and their beneficiaries if the Company is Insolvent. The Company shall be considered "“Insolvent" ” for purposes of this Trust Agreement if: if (i) the Company is unable to pay its debts as they become due; , (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code; , or (iii) the Company is determined to be insolvent by the a state or federal and/or state regulatory agencies having banking authority exercising jurisdiction over the Company and its operationsCompany.
Appears in 2 contracts
Samples: Stock Bonus Plan (Mitsubishi Ufj Financial Group Inc), Stock Bonus Plan (Mitsubishi Ufj Financial Group Inc)
TRUSTEE RESPONSIBILITY REGARDING PAYMENTS TO TRUST BENEFICIARY WHEN THE COMPANY IS INSOLVENT. (a) The Trustee shall cease payment of benefits to the Participants and their beneficiaries Executives if the Company is Insolvent. The Company shall be considered "“Insolvent" ” for purposes of this Trust Agreement if: if (i) the Company is unable to pay its debts as they become due; , (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code; , or (iii) the Company is determined to be insolvent by the any state or federal and/or state regulatory agencies having authority over the Company and its operationsauthority.
Appears in 1 contract
TRUSTEE RESPONSIBILITY REGARDING PAYMENTS TO TRUST BENEFICIARY WHEN THE COMPANY IS INSOLVENT. (a) The Trustee shall cease payment of benefits to the Participants Plan participants and their beneficiaries if the Company is Insolvent. The Company shall be considered "Insolvent" for purposes of this Trust Agreement if: (i) the Company is unable to pay its debts as they become due; (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code; or (iii) the Company is determined to be insolvent by the federal and/or state regulatory agencies having authority over the Company and its operations.
Appears in 1 contract
Samples: Merchants Bancshares Inc
TRUSTEE RESPONSIBILITY REGARDING PAYMENTS TO TRUST BENEFICIARY WHEN THE COMPANY IS INSOLVENT. (a) The Trustee shall cease payment the grant of benefits Shares to the Participants and their beneficiaries if the Company is Insolvent. The Company shall be considered "“Insolvent" ” for purposes of this Trust Agreement if: if (i) the Company is unable to pay its debts as they become due; , (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code; , or (iii) the Company is determined to be insolvent by the a state or federal and/or state regulatory agencies having banking authority exercising jurisdiction over the Company and its operationsCompany.
Appears in 1 contract
Samples: Stock Bonus Plan (Mitsubishi Ufj Financial Group Inc)
TRUSTEE RESPONSIBILITY REGARDING PAYMENTS TO TRUST BENEFICIARY WHEN THE COMPANY IS INSOLVENT. (a) The Trustee shall cease payment of benefits to the Plan Participants and their beneficiaries if the Company is Insolvent. The Company shall be considered "Insolvent" for purposes of this Trust Agreement if: if (i) the Company is unable to pay its debts as they become due; , or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code; , or (iii) the Company is determined to be insolvent by the any federal and/or or state regulatory agencies having authority agency with jurisdiction over the Company and its operationsCompany.
Appears in 1 contract
Samples: Supplemental Benefit Trust Agreement (Codorus Valley Bancorp Inc)
TRUSTEE RESPONSIBILITY REGARDING PAYMENTS TO TRUST BENEFICIARY WHEN THE COMPANY IS INSOLVENT. (a) The Trustee shall cease payment of benefits to the Plan Participants and their beneficiaries if the Company is Insolvent. The Company shall be considered "“Insolvent" ” for purposes of this Trust Agreement if: if (i) the Company is unable to pay its debts as they become due; , or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code; , or (iii) the Company is determined to be insolvent by the any federal and/or or state regulatory agencies having authority agency with jurisdiction over the Company and its operationsCompany.
Appears in 1 contract
Samples: Codorus Valley Bancorp Inc
