Trustee Responsibility Regarding Payments to Trust. Beneficiary When the Company is Insolvent 4.1 At all times during the continuation of the Trust, as provided in Sections 2.4 and 2.5 hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below. 4.2 The Trustee shall cease payment of benefits to Participants and beneficiaries if he is notified in accordance with Section 4.3 that 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, or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code. 4.3 The Chief Executive Officer of the Company shall notify the Trustee in writing of the Company’s Insolvency promptly after the Company becomes Insolvent. If a person claiming to be a creditor of the Company alleges in writing to the Trustee that the Company has become Insolvent, the Trustee shall determine whether the Company is Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to Participants or beneficiaries. The Trustee shall promptly communicate any such determination to the Chief Executive Officer of the Company in writing. 4.4 Unless the Trustee has received written notice from the Company or a person claiming to be a creditor of the Company alleging that the Company is Insolvent, or otherwise has actual knowledge of the Company’s Insolvency, the Trustee shall have no duty to inquire whether the Company is Insolvent. The Trustee may in all events rely on such evidence concerning the Company’s solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s solvency. 4.5 If at any time the Trustee has determined that the Company is Insolvent, the Trustee shall discontinue payments to Participants or beneficiaries and shall hold the assets of the Trust for the benefit of the Company’s general creditors until directed otherwise by a court of competent jurisdiction. Nothing in this Trust Agreement shall in any way diminish any rights of Participants or beneficiaries to pursue their rights as general creditors of the Company with respect to benefits due under the Agreement or otherwise. 4.6 The Trustee shall resume the payment of benefits to Participants or beneficiaries in accordance with Article 3 of this Trust Agreement only after the Trustee has determined that the Company is not Insolvent (or is no longer Insolvent). Any such determination made by the Trustee shall be final and binding. The Trustee shall promptly communicate any such determination to the Chief Executive Officer of the Company in writing.
Appears in 6 contracts
Samples: Employment Agreement (Ur-Energy Inc), Employment Agreement (Ur-Energy Inc), Employment Agreement (Ur-Energy Inc)
Trustee Responsibility Regarding Payments to Trust. Beneficiary When Company is Insolvent.
(a) Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is Insolventinsolvent. Company shall be considered "insolvent" for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
4.1 (b) At all times during the continuation continuance of the this Trust, as provided in Sections 2.4 and 2.5 Section 1(d) hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below.
4.2 (1) The Trustee shall cease payment Board of benefits to Participants Directors and beneficiaries if he is notified in accordance with Section 4.3 that 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, or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
4.3 The Chief Executive Officer of the Company shall notify have the duty to inform Trustee in writing of the Company’s Insolvency promptly after the Company becomes Insolvent's insolvency. If a person claiming to be a creditor of the Company alleges in writing to the Trustee that the Company has become Insolventinsolvent, the Trustee shall determine whether the Company is Insolvent insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to Participants Plan participants or their beneficiaries. The Trustee shall promptly communicate any such determination to the Chief Executive Officer of the Company in writing.
4.4 (2) Unless the Trustee has actual knowledge of Company's insolvency, or has received written notice from the Company or a person claiming to be a creditor of the Company alleging that the Company is Insolventinsolvent, or otherwise has actual knowledge of the Company’s Insolvency, the Trustee shall have no duty to inquire whether the Company is Insolventinsolvent. The Trustee may in all events rely on such evidence concerning the Company’s 's solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s 's solvency.
4.5 (3) If at any time the Trustee has determined that the Company is Insolventinsolvent, the Trustee shall discontinue payments to Participants Plan participants or their beneficiaries and shall hold the assets of the Trust for the benefit of the Company’s 's general creditors until directed otherwise by a court of competent jurisdictioncreditors. Nothing in this Trust Agreement shall in any way diminish any rights of Participants Plan participants or their beneficiaries to pursue their rights as general creditors of the Company with respect to benefits due under the Agreement Plan or otherwise.
4.6 The (4) Trustee shall resume the payment of benefits to Participants Plan participants or their beneficiaries in accordance with Article 3 Section 2 of this Trust Agreement only after the Trustee has determined that the Company is not Insolvent insolvent (or is no longer Insolventinsolvent). Any .
(c) Provided that there are sufficient assets, if Trustee discontinues the payment of benefits from the Trust pursuant to Section 3(b) hereof and subsequently resumes such determination payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to Plan participants or their beneficiaries under the terms of the Plan for the period of such discontinuance, less the aggregate amount of any payments made to Plan participants and their beneficiaries by Company in lieu of the Trustee shall be final and binding. The Trustee shall promptly communicate payments provided for hereunder during any such determination to the Chief Executive Officer period of the Company in writingdiscontinuance.
Appears in 2 contracts
Samples: Trust Agreement (Belden CDT Inc.), Trust Agreement (Belden CDT Inc.)
Trustee Responsibility Regarding Payments to Trust. Beneficiary When the Company is -------------------------------------------------------------- when an Employer Is Insolvent. -----------------------------
4.1 At all times during the continuation of the Trust, as provided in Sections 2.4 and 2.5 hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below.
4.2 (a) The Trustee shall cease payment of benefits to Plan Participants and their beneficiaries if he is notified in accordance with Section 4.3 that the Company Participants' Employer is Insolvent. The Company An Employer shall be considered “"Insolvent” " for purposes of this Trust Agreement if (i) the Company Employer is unable to pay its debts as they become due, or (ii) the Company Employer is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
4.3 (b) At all times during the continuance of this Trust, as provided in Section 1(d) hereof, the principal and income of each Employer's Separate Account under the Trust shall be subject to claims of general creditors of the Employer under federal and state law as set forth below.
(1) The Board of Directors and the Chief Executive Officer of an Employer shall have the Company shall notify duty to inform the Trustee in writing of the Company’s Insolvency promptly after the Company becomes InsolventEmployer's Insolvency. If a person claiming to be a creditor of the Company an Employer alleges in writing to the Trustee that the Company Employer has become Insolvent, the Trustee shall determine whether the Company Employer is Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to the Employer's respective Plan Participants or their beneficiaries. The Trustee shall promptly communicate any such determination to the Chief Executive Officer of the Company in writing.
4.4 (2) Unless the Trustee has actual knowledge of an Employer's Insolvency, or has received written notice from the Company Employer or a person claiming to be a creditor of the Company alleging that the Company Employer is Insolvent, or otherwise has actual knowledge of the Company’s Insolvency, the Trustee shall have no duty to inquire whether the Company Employer is Insolvent. The Trustee may in all events rely on such evidence concerning the Company’s Employer's solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s Employer's solvency.
4.5 (3) If at any time the Trustee has determined that the Company an Employer is Insolvent, the Trustee shall discontinue payments to the Employer's respective Plan Participants or their beneficiaries and shall hold the assets of the Employer's Separate Account under the Trust for the benefit of the Company’s Employer's general creditors until directed otherwise by a court of competent jurisdictioncreditors. 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 the Company an Employer with respect to benefits due under the Agreement Plan or otherwise.
4.6 (4) The Trustee shall resume the payment of benefits to an Employer's respective Plan Participants or their beneficiaries in accordance with Article 3 Section 2 of this Trust Agreement only after the Trustee has determined that the Company Employer is not Insolvent (or is no longer Insolvent). Any .
(c) Provided that there are sufficient assets in an Employer's Separate Account under the Trust, if the Trustee discontinues the payment of benefits from the Trust pursuant to Section 4(b) hereof and subsequently resumes such determination payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to Plan Participants or their beneficiaries under the terms of the Plan for the period of such discontinuance, less the aggregate amount of any payments made to Plan Participants or their beneficiaries by the Trustee shall be final and binding. The Trustee shall promptly communicate Employer in lieu of the payments provided for hereunder during any such determination to the Chief Executive Officer period of the Company in writingdiscontinuance.
Appears in 2 contracts
Samples: Retirement Income Restoration Trust (Enserch Exploration Inc), Retirement Income Restoration Trust (Enserch Corp)
Trustee Responsibility Regarding Payments to Trust. Beneficiary When BENEFICIARIES WHEN COMPANY IS INSOLVENT
(a) Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is Insolvent. Company shall be considered "Insolvent" for purposes of this Agreement if (1) Company is unable to pay its debts as they become due, or (2) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
4.1 (b) At all times during the continuation continuance of the this Trust, as provided in Sections 2.4 and 2.5 Section 1(d) hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below.
4.2 (1) The Trustee shall cease payment Board of benefits to Participants Directors and beneficiaries if he is notified in accordance with Section 4.3 that 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, or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
4.3 The Chief Executive Officer of the Company shall notify have the duty to inform Trustee in writing of the Company’s Insolvency promptly after the Company becomes Insolvent's Insolvency. If a person claiming to be a creditor of the Company alleges in writing to the Trustee that the Company has become Insolvent, the Trustee shall determine whether the Company is Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to Participants Plan participants or their beneficiaries. The Trustee shall promptly communicate any such determination to the Chief Executive Officer of the Company in writing.
4.4 (2) Unless the Trustee has actual knowledge of Company's Insolvency, or has received written notice from the Company or a person claiming to be a creditor of the Company alleging that the Company is Insolvent, or otherwise has actual knowledge of the Company’s Insolvency, the Trustee shall have no duty to inquire whether the Company is Insolvent. The Trustee may in all events rely on such evidence concerning the Company’s 's solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s 's solvency.
4.5 (3) If at any time the Trustee has determined that the Company is Insolvent, the Trustee shall discontinue payments to Participants Plan participants or their beneficiaries and shall hold the assets of the Trust for the benefit of the Company’s 's general creditors until directed otherwise by a court of competent jurisdictioncreditors. Nothing in this Trust Agreement shall in any way diminish any rights of Participants Plan participants or their beneficiaries to pursue their rights as general creditors of the Company with respect to benefits due under the Agreement Plan or otherwise.
4.6 The (4) Trustee shall resume the payment of benefits to Participants Plan participants or their beneficiaries in accordance with Article 3 Section 2 of this Trust Agreement only after the Trustee has determined that the Company is not Insolvent (or is no longer Insolvent). Any .
(c) Provided that there are sufficient assets, if Trustee discontinues the payment of benefits from the Trust pursuant to Section 3(b) hereof and subsequently resumes such determination payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to Plan participants or their beneficiaries under the terms of the Plan for the period of such discontinuance, less the aggregate amount of any payments made to Plan participants or their beneficiaries by Company in lieu of the Trustee shall be final and binding. The Trustee shall promptly communicate payments provided for hereunder during any such determination to the Chief Executive Officer period of the Company in writingdiscontinuance.
Appears in 2 contracts
Samples: Trust Agreement (Ch2m Hill Companies LTD), Trust Agreement (Ch2m Hill Companies LTD)
Trustee Responsibility Regarding Payments to Trust. Beneficiary When Company is Insolvent.
(a) Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is Insolventinsolvent. Company shall be considered “insolvent” for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code, or (iii) Company is determined to be insolvent.
4.1 (b) At all times during the continuation continuance of the this Trust, as provided in Sections 2.4 and 2.5 Section l(d) hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below.
4.2 (1) The Trustee shall cease payment Board of benefits to Participants Directors and beneficiaries if he is notified in accordance with Section 4.3 that 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, or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
4.3 The Chief Executive Officer of the Company shall notify have the duty to inform Trustee in writing of the Company’s Insolvency promptly after the Company becomes Insolventinsolvency. If a person claiming to be a creditor of the Company alleges in writing to the Trustee that the Company has become Insolventinsolvent, the Trustee shall determine whether the Company is Insolvent insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to Participants Plan participants or their beneficiaries. The Trustee shall promptly communicate any such determination to the Chief Executive Officer of the Company in writing.
4.4 (2) Unless the Trustee has actual knowledge of Company’s insolvency, or has received written notice from the Company or a person claiming to be a creditor of the Company alleging that the Company is Insolventinsolvent, or otherwise has actual knowledge of the Company’s Insolvency, the Trustee shall have no duty to inquire whether the Company is Insolventinsolvent. The Trustee may in all events rely on such evidence concerning the Company’s solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s solvency.
4.5 (3) If at any time the Trustee has determined that the Company is Insolventinsolvent, the Trustee shall discontinue payments to Participants Plan participants or their beneficiaries and shall hold the assets of the Trust for the benefit of the Company’s general creditors until directed otherwise by a court of competent jurisdictioncreditors. Nothing in this Trust Agreement shall in any way diminish any rights of Participants Plan participants or their beneficiaries to pursue their rights as general creditors of the Company with respect to benefits due under the Agreement Plan or otherwise.
4.6 The (c) Provided that there are sufficient assets, if Trustee shall resume discontinues the payment of benefits from the Trust pursuant to Participants Section 3(b) hereof and subsequently resumes such payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to Plan participants or their beneficiaries under the terms of the Plan for the period of such discontinuance, less the aggregate amount of any payments made to Plan participants and their beneficiaries by Company in accordance with Article 3 lieu of this Trust Agreement only after the Trustee has determined that the Company is not Insolvent (or is no longer Insolvent). Any such determination made by the Trustee shall be final and binding. The Trustee shall promptly communicate payments provided for hereunder during any such determination to the Chief Executive Officer period of the Company in writingdiscontinuance.
Appears in 2 contracts
Samples: Trust Agreement (Zions Bancorporation, National Association /Ut/), Trust Agreement (Zions Bancorporation /Ut/)
Trustee Responsibility Regarding Payments to Trust. Beneficiary When BENEFICIARIES ----------------------------------------------------------------- WHEN COMPANY IS INSOLVENT -------------------------
(a) Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is Insolvent. Company shall be considered "Insolvent" for purposes of this Agreement if (1) Company is unable to pay its debts as they become due, or (2) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
4.1 (b) At all times during the continuation continuance of the this Trust, as provided in Sections 2.4 and 2.5 Section 1(d) hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below.
4.2 (1) The Trustee shall cease payment Board of benefits to Participants Directors and beneficiaries if he is notified in accordance with Section 4.3 that 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, or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
4.3 The Chief Executive Officer of the Company shall notify have the duty to inform Trustee in writing of the Company’s Insolvency promptly after the Company becomes Insolvent's Insolvency. If a person claiming to be a creditor of the Company alleges in writing to the Trustee that the Company has become Insolvent, the Trustee shall determine whether the Company is Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to Participants Plan participants or their beneficiaries. The Trustee shall promptly communicate any such determination to the Chief Executive Officer of the Company in writing.
4.4 (2) Unless the Trustee has actual knowledge of Company's Insolvency, or has received written notice from the Company or a person claiming to be a creditor of the Company alleging that the Company is Insolvent, or otherwise has actual knowledge of the Company’s Insolvency, the Trustee shall have no duty to inquire whether the Company is Insolvent. The Trustee may in all events rely on such evidence concerning the Company’s 's solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s 's solvency.
4.5 (3) If at any time the Trustee has determined that the Company is Insolvent, the Trustee shall discontinue payments to Participants Plan participants or their beneficiaries and shall hold the assets of the Trust for the benefit of the Company’s 's general creditors until directed otherwise by a court of competent jurisdictioncreditors. Nothing in this Trust Agreement shall in any way diminish any rights of Participants Plan participants or their beneficiaries to pursue their rights as general creditors of the Company with respect to benefits due under the Agreement Plan or otherwise.
4.6 The (4) Trustee shall resume the payment of benefits to Participants Plan participants or their beneficiaries in accordance with Article 3 Section 2 of this Trust Agreement only after the Trustee has determined that the Company is not Insolvent (or is no longer Insolvent). Any .
(c) Provided that there are sufficient assets, if Trustee discontinues the payment of benefits from the Trust pursuant to Section 3(b) hereof and subsequently resumes such determination payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to Plan participants or their beneficiaries under the terms of the Plan for the period of such discontinuance, less the aggregate amount of any payments made to Plan participants or their beneficiaries by Company in lieu of the Trustee shall be final and binding. The Trustee shall promptly communicate payments provided for hereunder during any such determination to the Chief Executive Officer period of the Company in writingdiscontinuance.
Appears in 1 contract
Trustee Responsibility Regarding Payments to Trust. Beneficiary When the Company Bank is Insolvent
4.1 (a) Trustee shall cease payment of benefits to the Participants and their beneficiaries if the Bank is Insolvent. The Bank shall be considered "Insolvent" for purposes of this Trust Agreement if (i) the Bank is unable to pay its debts as they become due, or (ii) a receiver is appointed for the Bank by the Commissioner of Banks of Massachusetts or the Federal Deposit Insurance Corporation.
(b) At all times during the continuation continuance of the this Trust, as provided in Sections 2.4 and 2.5 Section 1(e) hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company Bank under federal Federal and state law as set forth below.
4.2 (1) The Trustee shall cease payment Board of benefits to Participants Directors and beneficiaries if he is notified in accordance with Section 4.3 that 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, or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
4.3 The Chief Executive Officer of the Company Bank shall notify have the duty to inform the Trustee in writing of the Company’s Insolvency promptly after the Company becomes InsolventBank's Insolvency. If a person claiming to be a creditor of the Company Bank alleges in writing writing, to the Trustee that the Company Bank has become Insolvent, the Trustee shall determine whether the Company is Bank has become Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to the Participants or their beneficiaries. The Trustee shall promptly communicate any such determination to the Chief Executive Officer of the Company in writing.
4.4 (2) Unless the Trustee has actual knowledge of the Bank's Insolvency, or has received written notice from the Company Bank or a person claiming to be a creditor of the Company alleging that the Company Bank is Insolvent, or otherwise has actual knowledge of the Company’s Insolvency, the Trustee shall have no duty to inquire whether the Company Bank is Insolvent. The Trustee may in all C events rely on such evidence concerning the Company’s Bank's solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s Bank's solvency.
4.5 (3) If at any time the Trustee has determined that the Company Bank is Insolvent, the Trustee shall discontinue payments to cc the Participants or their beneficiaries and shall hold the assets of the Trust for the benefit of the Company’s Bank's general creditors until directed otherwise by a court of competent jurisdictioncreditors. Nothing in this Trust Agreement shall in any way diminish any rights of Participants the Participant or their beneficiaries to pursue their rights as general creditors of the Company Bank with respect to benefits due under the Agreement Plan or otherwise.
4.6 (4) The Trustee shall resume the payment of benefits to the Participants or their beneficiaries in accordance with Article 3 Section 2 of this Trust Agreement only after the Trustee has determined that the Company Bank is not Insolvent (or is no longer Insolvent). Any .
(c) Provided that there are sufficient assets, if the Trustee discontinues the payment of benefits from the Trust pursuant to Section 3(b) hereof and subsequently resumes such determination payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to the Participants or their beneficiaries under the terms of the Plan for the period of such discontinuance, less the aggregate amount of any payments made to the Participants or their beneficiaries by the Trustee shall be final and binding. The Trustee shall promptly communicate Bank in lieu of the payments provided for hereunder during any such determination to the Chief Executive Officer period of the Company in writingdiscontinuance.
Appears in 1 contract
Trustee Responsibility Regarding Payments to Trust. Beneficiary When the Company is Insolvent. --------------------------------------------------------------
4.1 (a) Trustee shall cease payment of benefits to Participants and Beneficiaries if Company is Insolvent.
(b) At all times during the continuation continuance of the this Trust, as provided in Sections 2.4 and 2.5 Section 2(h) hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below.
4.2 (1) The Trustee shall cease payment Board of benefits to Participants Directors and beneficiaries if he is notified in accordance with Section 4.3 that 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, or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
4.3 The Chief Executive Officer of the Company shall notify have the duty to inform Trustee in writing of the Company’s Insolvency promptly after the Company becomes Insolvent's Insolvency. If a person claiming to be a creditor of the Company alleges in writing to the Trustee that the Company has become Insolvent, the Trustee shall determine whether the Company is Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to Participants or beneficiaries. The Trustee shall promptly communicate any such determination to the Chief Executive Officer of the Company in writingBeneficiaries.
4.4 (2) Unless the Trustee has actual knowledge of Company's Insolvency, or has received written notice from the Company or a person claiming to be a creditor of the Company alleging that the Company is Insolvent, or otherwise has actual knowledge of the Company’s Insolvency, the Trustee shall have no duty to inquire whether the Company is Insolvent. The Trustee may in all events rely on such evidence concerning the Company’s 's solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s 's solvency.
4.5 (3) If at any time the Trustee has determined that the Company is Insolvent, the Trustee shall discontinue payments to Participants or beneficiaries Beneficiaries and shall hold the assets of the Trust for the benefit of the Company’s 's general creditors until directed otherwise by a court of competent jurisdictioncreditors. Nothing in this Trust Agreement shall in any way diminish any rights of Participants or beneficiaries Beneficiaries to pursue their rights as general creditors of the Company with respect to benefits due under the Agreement Plan or otherwise.
4.6 The (4) Trustee shall resume the payment of benefits to Participants or beneficiaries Beneficiaries in accordance with Article 3 Section 4 of this Trust Agreement only after the Trustee has determined that the Company is not Insolvent (or is no longer Insolvent). Any .
(c) Provided that there are sufficient assets, if Trustee discontinues the payment of benefits from the Trust pursuant to subsection (b)(3) hereof and subsequently resumes such determination payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to Participants or Beneficiaries under the terms of the Plan for the period of such discontinuance, less the aggregate amount of any payments made to Participants or Beneficiaries by Company in lieu of the Trustee shall be final and binding. The Trustee shall promptly communicate payments provided for hereunder during any such determination to the Chief Executive Officer period of the Company in writingdiscontinuance.
Appears in 1 contract
Samples: Benefits Protection Trust Agreement (Graftech International LTD)
Trustee Responsibility Regarding Payments to Trust. Beneficiary When A Plan Sponsor is Insolvent. _____________________________________________
(a) When a Plan Sponsor or the Company is Insolvent
4.1 At all times during the continuation of the Trust, as provided in Sections 2.4 and 2.5 hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below.
4.2 The Trustee shall cease payment of benefits to Participants such Plan Sponsor's Plan participants and their beneficiaries if he is notified in accordance with Section 4.3 that from their respective Subaccounts within such Plan Sponsor's Account. A Plan Sponsor or the Company is Insolvent. The Company shall be considered “"Insolvent” " for purposes of this Trust Agreement if (i) the Plan Sponsor or the Company is unable to pay its debts as they become due, or (ii) the Plan Sponsor or the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code, or (iii) the Plan Sponsor or the Company is determined to be insolvent by any state or federal regulatory authority.
4.3 (b) At all times during the continuance of this Trust, as provided in Section l(d) hereof, the principal and income held in each Plan Sponsor's Account within the Trust shall be subject to claims of the general creditors of such Plan Sponsor and the Company under federal and state law as set forth below.
4 (1) The Board of Directors and the Chief Executive Officer of Company and each other Plan Sponsor shall have the Company shall notify the duty to inform Trustee in writing of its, or in the case of the Company’s Insolvency promptly after the Company becomes Insolvent, its or any other Plan Sponsor's Insolvency. If a person claiming to be a creditor of the Company any Plan Sponsor alleges in writing to the Trustee that the Company such Plan Sponsor has become Insolvent, the Trustee shall determine whether the Company such Plan Sponsor is Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to Participants such Plan Sponsor's Plan participants or beneficiariestheir beneficiaries or their beneficiaries from their respective Subaccounts within such Plan Sponsor's Account. The Trustee shall promptly communicate any such determination to In the Chief Executive Officer case of the Company in writing.
4.4 Unless the Trustee has received written notice from the Company or a person claiming to be a creditor of the Company alleging that the Company is Insolvent, or otherwise has actual knowledge claimed insolvency of the Company’s Insolvency, the Trustee shall have no duty to inquire whether the Company is Insolvent. The Trustee may in all events rely on such evidence concerning the Company’s solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s solvency.
4.5 If at any time the Trustee has determined that the Company is Insolvent, the Trustee shall discontinue payments to Participants or beneficiaries and shall hold the assets of the Trust for the benefit of the Company’s general creditors until directed otherwise by a court of competent jurisdiction. Nothing in this Trust Agreement shall in any way diminish any rights of Participants or beneficiaries to pursue their rights as general creditors of the Company with respect to benefits due under the Agreement or otherwise.
4.6 The Trustee shall resume the payment of benefits to Participants all Plan participants or their beneficiaries in accordance with Article 3 of this Trust Agreement only after the Trustee has determined that the Company is not Insolvent (or is no longer Insolvent). Any such determination made by the Trustee shall be final and binding. The Trustee shall promptly communicate any such determination to the Chief Executive Officer of the Company in writingfrom their respective Subaccounts.
Appears in 1 contract
Samples: Deferred Compensation Trust (Marshall & Ilsley Corp/Wi/)
Trustee Responsibility Regarding Payments to Trust. Beneficiary When ------------------------------------------------------------------- the Company is Insolvent. ------------------------
4.1 At all times during the continuation of the Trust, as provided in Sections 2.4 and 2.5 hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below.
4.2 (a) The Trustee shall cease payment of benefits to Participants Plan participants and their beneficiaries if he is notified in accordance with Section 4.3 that 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, or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
4.3 (b) At all times during the continuance of this Trust, as provided in Section 1(d) hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below.
(1) The Board of Directors and the Chief Executive Officer of the Company shall notify have the duty to inform the Trustee in writing of the Company’s Insolvency promptly after the Company becomes Insolvent's Insolvency. If a person claiming to be a creditor of the Company alleges in writing to the Trustee that the Company has become Insolvent, the Trustee shall determine whether the Company is Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to Participants Plan participants or their beneficiaries. The Trustee shall promptly communicate any such determination to the Chief Executive Officer of the Company in writing.
4.4 (2) Unless the Trustee has actual knowledge of the Company's Insolvency, or has received written notice from the Company or a person claiming to be a creditor of the Company alleging that the Company is Insolvent, or otherwise has actual knowledge of the Company’s Insolvency, the Trustee shall have no duty to inquire whether the Company is Insolvent. The Trustee may in all events rely on such evidence concerning the Company’s 's solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s 's solvency.
4.5 (3) If at any time the Trustee has determined that the Company is Insolvent, the Trustee shall discontinue payments to Participants Plan participants or their beneficiaries and shall hold the assets of the Trust for the benefit of the Company’s 's general creditors until directed otherwise by a court of competent jurisdictioncreditors. Nothing in this Trust Agreement shall in any way diminish any rights of Participants Plan participants or their beneficiaries to pursue their rights as general creditors of the Company with respect to benefits due under the Agreement a Plan or otherwise.
4.6 (4) The Trustee shall resume the payment of benefits to Participants Plan participants or their beneficiaries in accordance with Article 3 Section 2 of this Trust Agreement only after the Trustee has determined that the Company is not Insolvent (or is no longer Insolvent). Any such determination made by .
(c) Provided that there are sufficient assets, if the Trustee discontinues the payment of benefits from the Trust pursuant to Section 3(b) hereof and subsequently resumes such payments, the first payment following such discontinuance shall be final and binding. The Trustee shall promptly communicate include the aggregate amount of all payments due to Plan participants or their beneficiaries under the terms of the Plan for the period of such discontinuance, less the aggregate amount of any such determination payments made to the Chief Executive Officer of Plan participants or their beneficiaries by the Company in writinglieu of the payments provided for hereunder during any such period of discontinuance.
Appears in 1 contract
Trustee Responsibility Regarding Payments to Trust. Beneficiary When ------------------------------------------------------------------- NBD Is Insolvent. ----------------
(a) The Trustee shall cease payment of benefits to Plan participants and their beneficiaries if NBD is insolvent. NBD shall be considered "Insolvent" for purposes of this Trust Agreement if (i) NBD is unable to pay its debts as they become due, or (ii) NBD is subject to a pending proceeding as a debtor under the Company is InsolventUnited States Bankruptcy Code.
4.1 (b) At all times during the continuation continuance of the this Trust, as provided in Sections 2.4 and 2.5 Section 1(d) hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company NBD under federal and state law as set forth below.
4.2 (1) The Trustee Board of Directors and the Chairman and President of NBD shall cease payment of benefits have the duty to Participants and beneficiaries if he is notified in accordance with Section 4.3 that 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, or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
4.3 The Chief Executive Officer of the Company shall notify inform the Trustee in writing of the Company’s Insolvency promptly after the Company becomes InsolventNBD's Insolvency. If a person claiming to be a creditor of the Company NBD alleges in writing to the Trustee that the Company NBD has become Insolvent, the Trustee shall determine whether the Company NBD is Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to Participants Plan participants or their beneficiaries. The Trustee shall promptly communicate any such determination to the Chief Executive Officer of the Company in writing.
4.4 (2) Unless the Trustee has actual knowledge of NBD's Insolvency, or has received written notice from the Company NBD or a person claiming to be a creditor of the Company alleging that the Company NBD is Insolvent, or otherwise has actual knowledge of the Company’s Insolvency, the Trustee shall have no duty to inquire whether the Company NBD is Insolvent. The Trustee may in all events rely on such evidence concerning the Company’s NBD's solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s NBD's solvency.
4.5 (3) If at any time the Trustee has determined that the Company NBD is Insolvent, the Trustee shall discontinue payments to Participants Plan participants or their beneficiaries and shall hold the assets of the Trust for the benefit of the Company’s NBD's general creditors until directed otherwise by a court of competent jurisdictioncreditors. Nothing in this Trust Agreement shall in any way diminish any rights of Participants Plan participants or their beneficiaries to pursue their rights as general creditors of the Company NBD with respect to benefits due under the Agreement Plans or otherwise.
4.6 (4) The Trustee shall resume the payment of benefits to Participants Plan participants or their beneficiaries in accordance with Article Section 3 of this Trust Agreement only after the Trustee has determined that the Company NBD is not Insolvent (or is no longer Insolvent). Any such determination made by .
(c) Provided that there are sufficient assets, if the Trustee discontinues the payment of benefits from the Trust pursuant to Section 3(b) hereof and subsequently resumes such payments, the first payment following such discontinuance shall be final and binding. The Trustee shall promptly communicate include the aggregate amount of all payments due to Plan participants or their beneficiaries under the terms of the Plans for the period of such discontinuance, less the aggregate amount of any payments made to Plan participants or their beneficiaries by NBD in lieu of the payments provided for hereunder during any such determination to the Chief Executive Officer period of the Company in writingdiscontinuance.
Appears in 1 contract
Samples: Benefit Protection Trust Agreement (First Chicago NBD Corp)
Trustee Responsibility Regarding Payments to Trust. Beneficiary When Company Is Insolvent. -------------------------------------
(a) Trustee shall cease payment of benefits to Plan participants and their beneficiaries or the Paying Agent(s) if the Company is Insolvent. Company shall be considered "Insolvent" for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
4.1 (b) At all times during the continuation continuance of the this Trust, as provided in Sections 2.4 and 2.5 Section 1(d) hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below.
4.2 (1) The Trustee shall cease payment Board of benefits to Participants Directors and beneficiaries if he is notified in accordance with Section 4.3 that 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, or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
4.3 The Chief Executive Officer of the Company shall notify have the duty to inform Trustee in writing of the Company’s Insolvency promptly after the Company becomes Insolvent's Insolvency. If a person claiming to be a creditor of the Company alleges in writing to the Trustee that the Company has become Insolvent, the Trustee shall determine whether the Company is Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to Participants Plan participants or beneficiaries. The Trustee shall promptly communicate any such determination to their beneficiaries or the Chief Executive Officer of the Company in writingPaying Agent(s).
4.4 (2) Unless the Trustee has actual knowledge of Company's Insolvency, or has received written notice from the Company or a person claiming to be a creditor of the Company alleging that the Company is Insolvent, or otherwise has actual knowledge of the Company’s Insolvency, the Trustee shall have no duty to inquire whether the Company is Insolvent. The Trustee may in all events rely on such evidence concerning the Company’s 's solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s 's solvency.
4.5 (3) If at any time the Trustee has determined that the Company is Insolvent, the Trustee shall discontinue payments to Participants Plan participants or their beneficiaries or the Paying Agent(s) and shall hold the assets of the Trust for the benefit of the Company’s general creditors until directed otherwise by a court of competent jurisdiction. Nothing in this Trust Agreement shall in any way diminish any rights of Participants or beneficiaries to pursue their rights as general creditors of the Company with respect to benefits due under the Agreement or otherwise.
4.6 The Trustee shall resume the payment of benefits to Participants or beneficiaries in accordance with Article 3 of this Trust Agreement only after the Trustee has determined that the Company is not Insolvent (or is no longer Insolvent). Any such determination made by the Trustee shall be final and binding. The Trustee shall promptly communicate any such determination to the Chief Executive Officer of the Company in writing.'s general
Appears in 1 contract
Trustee Responsibility Regarding Payments to Trust. Beneficiary Beneficiaries When the Company is Insolvent
4.1 At all times during the continuation of the Trust, as provided in Sections 2.4 and 2.5 hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below.
4.2 The Trustee shall cease payment of benefits to Participants and beneficiaries if he is notified in accordance with Section 4.3 that the Company is Is Insolvent. The -------------------------------------------
(a) A Participating Company shall be considered “"Insolvent” " for purposes of this Trust Agreement if (i) the Participating 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.
4.3 The Chief Executive Officer (b) At all times during the continuance of the Trust, the principal and income of a Participating Company Trust shall notify be subject to claims of general creditors of the Participating Company as hereinafter set forth, and at any time Trustee has actual knowledge, or has determined, that the Participating Company is Insolvent, Trustee shall deliver any undistributed principal and income in the Trust to satisfy such claims as a court of competent jurisdiction may direct. The Participating Company, through its Board of Directors or any of its executive officers, shall advise Trustee promptly in writing of the Participating Company’s Insolvency promptly after the Company becomes Insolvent's Insolvency. If Trustee receives such notice, or otherwise receives written notice from a person claiming to be a creditor of the Company alleges third party which Trustee, in writing to the Trustee that the Company has become Insolventits sole discretion, the Trustee shall determine whether the Company is Insolvent anddeems reliable and responsible, pending such determination, the Trustee shall discontinue payment of benefits payments to Participants or beneficiaries. The Trustee Trust Beneficiaries, shall promptly communicate any such determination to hold the Chief Executive Officer Trust assets for the benefit of the Company Participating Company's general creditors, and shall resume payments to Trust Beneficiaries in writing.
4.4 Unless the accordance with Section 4.1 of this Trust Agreement only after Trustee has determined that the Participating Company is not Insolvent or is no longer Insolvent. Unless Trustee has actual knowledge of the Participating Company's Insolvency or has received written notice from the Participating Company or a person claiming to be a creditor of the Company third party alleging that the Company is Insolvent, or otherwise has actual knowledge of the Company’s Insolvency, the Trustee shall have no duty to inquire whether the Participating Company is Insolvent. The Trustee may in all events rely on such evidence concerning the Company’s solvency of the Participating Company as may be furnished to the Trustee and that provides the which will give Trustee with a reasonable basis for making a determination concerning the Participating Company’s 's solvency.
4.5 If at any time the Trustee has determined that the Company is Insolvent, the Trustee shall discontinue payments to Participants or beneficiaries and shall hold the assets of the Trust for the benefit of the Company’s general creditors until directed otherwise by a court of competent jurisdiction. Nothing in this Trust Agreement shall in any way diminish any rights of Participants or beneficiaries Trust Beneficiaries to pursue their rights as general creditors of the Participating Company with respect to benefits due under the Agreement payable hereunder or otherwise.
4.6 The (c) If Trustee shall resume the payment discontinues payments of benefits from the Trust pursuant to Participants or beneficiaries in accordance Section 4.2(b) and subsequently resumes such payments, the first payment following such discontinuance shall include the aggregate amount of all payments which would have been made to Trust Beneficiaries together with Article 3 interest at the Pension Benefit Guaranty Corporation rate applicable to immediate annuities on the amount delayed during the period of this such discontinuance, less the aggregate amount of payments made to Trust Agreement only after the Trustee has determined that the Company is not Insolvent (or is no longer Insolvent). Any such determination made Beneficiaries by the Trustee shall be final and binding. The Trustee shall promptly communicate Participating Company in lieu of the payments provided for hereunder during any such determination to the Chief Executive Officer period of the Company in writingdiscontinuance.
Appears in 1 contract
Samples: Deferred Compensation Plan Trust Agreement (First American Financial Corp)
Trustee Responsibility Regarding Payments to Trust. Beneficiary Benefi- ciary When the Company is Is Insolvent
4.1 At all times during the continuation of the Trust, as provided in Sections 2.4 and 2.5 hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below.
4.2 (a) The Trustee shall cease payment of benefits to Participants Plan participants and their beneficiaries if he is notified in accordance with Section 4.3 that 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, or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
4.3 (b) At all times during the continuance of this Trust Agreement, as provided in Section 1(d) hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below.
(c) The Board of Directors and the Chief Executive Officer of the Company shall notify have the duty to inform the Trustee in writing of the Company’s Insolvency promptly after the Company becomes Insolvent's Insolvency. If a person claiming to be a creditor of the Company alleges in writing to the Trustee that the Company has become Insolvent, the Trustee shall determine whether the Company is Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to Participants Plan participants or their beneficiaries. The Trustee shall promptly communicate any such determination to the Chief Executive Officer of the Company in writing.
4.4 (d) Unless the Trustee has actual knowledge of the Company's Insolvency, or has received written notice from the Company or a person claiming to be a creditor of the Company alleging that the Company is Insolvent, or otherwise has actual knowledge of the Company’s Insolvency, the Trustee shall have no duty to inquire whether the Company is Insolvent. The Trustee may in all events rely on such evidence concerning the Company’s 's solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s 's solvency.
4.5 (e) If at any time the Trustee has determined that the Company is Insolvent, the Trustee shall discontinue payments to Participants Plan participants or their beneficiaries and shall hold the assets of the Trust for the benefit of the Company’s 's general creditors until directed otherwise by a court of competent jurisdictioncreditors. Nothing in this Trust Agreement shall in any way diminish any rights of Participants Plan participants or their beneficiaries to pursue their rights as general creditors of the Company with respect to benefits due under the Agreement Plan or otherwise.
4.6 (f) The Trustee shall resume the payment of benefits to Participants Plan participants or their beneficiaries in accordance with Article 3 Section 2 of this Trust Agreement only after the Trustee has determined that the Company is not Insolvent (or is no longer Insolvent). Any such determination made by .
(g) Provided that there are sufficient assets, if the Trustee discontinues the payment of benefits from the Trust pursuant to Section 3(b) hereof and subsequently resumes such payments, the first payment following such discontinuance shall be final include the aggregate amount of all payments due to Plan participants or their beneficiaries under the terms of the Plan and binding. The Trustee shall promptly communicate the Amendments for the period of such discontinuance, less the aggregate amount of any such determination payments made to the Chief Executive Officer of Plan participants or their beneficiaries by the Company in writinglieu of the payments provided for hereunder during any such period of discontinuance.
Appears in 1 contract
Samples: Trust Agreement (Aeroflex Inc)
Trustee Responsibility Regarding Payments to Trust. Beneficiary When Company is Insolvent.
(a) Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is Insolvent. Company shall be considered "Insolvent" for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
4.1 (b) At all times during the continuation continuance of the this Trust, as provided in Sections 2.4 and 2.5 Section l(d) hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below.
4.2 (1) The Trustee shall cease payment Board of benefits to Participants Directors and beneficiaries if he is notified in accordance with Section 4.3 that 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, or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
4.3 The Chief Executive Officer of the Company shall notify have the duty to inform Trustee in writing of the Company’s Insolvency promptly after the Company becomes Insolvent's Insolvency. If a person claiming to be a creditor of the Company alleges in writing to the Trustee that the Company has become Insolvent, the Trustee shall determine whether the Company is Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to Participants or beneficiaries. The Trustee shall promptly communicate any such determination to the Chief Executive Officer of the Company in writing.of
4.4 (2) Unless the Trustee has actual knowledge of Company's Insolvency, or has received written notice from the Company or a person claiming to be a creditor of the Company alleging that the Company is Insolvent, or otherwise has actual knowledge of the Company’s Insolvency, the Trustee shall have no duty to inquire whether the Company is Insolvent. The Trustee may in all events rely on such evidence concerning the Company’s 's solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s 's solvency.
4.5 (3) If at any time the Trustee has determined that the Company is Insolvent, the Trustee shall discontinue payments to Participants Plan participants or their beneficiaries and shall hold the assets of the Trust for the benefit of the Company’s 's general creditors until directed otherwise by a court of competent jurisdictioncreditors. Nothing in this Trust Agreement shall in any way diminish any rights of Participants Plan participants or their beneficiaries to pursue their rights as general creditors of the Company with respect to benefits due under the Agreement Plan or otherwise.
4.6 The (4) Trustee shall resume the payment of benefits to Participants Plan participants or their beneficiaries in accordance with Article 3 Section 2 of this Trust Agreement only after the Trustee has determined that the Company is not Insolvent (or is no longer Insolvent). Any .
(c) Provided that there are sufficient assets, if Trustee discontinues the payment of benefits from the Trust pursuant to Section 3(b) hereof and subsequently resumes such determination payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to Plan participants or their beneficiaries under the terms of the Plan for the period of such discontinuance, less the aggregate amount of any payments made to Plan participants or their beneficiaries by Company in lieu of the Trustee shall be final and binding. The Trustee shall promptly communicate payments provided for hereunder during any such determination to the Chief Executive Officer period of the Company in writingdiscontinuance.
Appears in 1 contract
Trustee Responsibility Regarding Payments to Trust. Beneficiary When the Company Employer is Insolvent
4.1 (a) Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Employer is Insolvent. Employer shall be considered "Insolvent" for purposes of this Trust Agreement if (i) Employer is unable to pay its debts as they become due, (ii) Employer is subject to a pending proceeding as a debtor under the United States Bankruptcy Code; or (iii) Employer is determined to be insolvent, or incapable of operating as a going concern by any governmental agency having jurisdiction of the Employer.
(b) At all times during the continuation continuance of the this Trust, as provided in Sections 2.4 and 2.5 Section 2(d) hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company Employer under federal and state law as set forth below.
4.2 (1) The Trustee shall cease payment Board of benefits to Participants Directors and beneficiaries if he is notified in accordance with Section 4.3 that 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, or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
4.3 The Chief Executive Officer of Employer (or, if there is no Chief Executive Officer, the Company highest ranking officer) shall notify have the duty to inform Trustee in writing of the Company’s Insolvency promptly after the Company becomes InsolventEmployer's Insolvency. If a person claiming to be a creditor of the Company Employer alleges in writing to the Trustee that the Company Employer has become Insolvent, the Trustee shall determine whether the Company Employer is Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to Participants Plan participants or their beneficiaries. The Trustee shall promptly communicate any such determination to the Chief Executive Officer of the Company in writing.
4.4 (2) Unless the Trustee has actual knowledge of Employer's Insolvency, or has received written notice from the Company Employer or a person claiming to be a creditor of the Company alleging that the Company Employer is Insolvent, or otherwise has actual knowledge of the Company’s Insolvency, the Trustee shall have no duty to inquire whether the Company Employer is Insolvent. The Trustee may in all events rely on such evidence concerning the Company’s Employer's solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning Employer's solvency. In determining whether the Company’s solvencyEmployer is Insolvent for purposes of this Trust, the Trustee may engage the services of legal, accounting, financial and other advisors, which may be advisors to the Employer, to assist it in the determination. The Employer agrees to cooperate fully with any reasonable inquiry of the Trustee or such advisors in making the determination of Employer's Insolvency. During the determination of the Employer's Insolvency, the Trustee may, in its discretion, suspend payment of benefits to the Employer or Participants. To the extent that the Trustee engages the services of an advisor to the Employer, the Trustee may rely, without further inquiry, on the written determination of that advisor as to the solvency or insolvency of the Employer. All costs reasonably incurred by the Trustee in making the determination of Employer's Insolvency shall be reimbursed to the Trustee by the Employer, and if not so reimbursed, shall be chargeable against the Trust.
4.5 (3) If at any time the Trustee has determined that the Company Employer is Insolvent, the Trustee shall discontinue payments to Participants Plan participants or their beneficiaries and shall hold the assets of the Trust for the benefit of the Company’s Employer's general creditors until directed otherwise by a court of competent jurisdictioncreditors. Nothing in this Trust Agreement shall in any way diminish any rights of Participants Plan participants or their beneficiaries to pursue their rights as general creditors of the Company Employer with respect to benefits due under the Agreement Plan or otherwise.
4.6 The (4) Trustee shall resume the payment of benefits to Participants Plan participants or their beneficiaries in accordance with Article 3 Section 10 of this Trust Agreement only after the Trustee has determined that the Company Employer is not Insolvent (or is no longer Insolvent). Any .
(c) Provided that there are sufficient assets, if Trustee discontinues the payment of benefits from the Trust pursuant to Section 3(b) hereof and subsequently resumes such determination payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to Plan participants or their beneficiaries under the terms of the Plan for the period of such discontinuance, less the aggregate amount of any payments made to Plan participants or their beneficiaries by Employer in lieu of the Trustee shall be final and binding. The Trustee shall promptly communicate payments provided for hereunder during any such determination period of discontinuance; provided that Employer has given Trustee the information with respect to such payments made during the Chief Executive Officer period of the Company in writingdiscontinuance prior to resumption of payments by Trustee.
Appears in 1 contract
Samples: Deferred Compensation Plan Trust Agreement (Ruby Tuesday Inc)
Trustee Responsibility Regarding Payments to Trust. Beneficiary When the Company is Insolvent
4.1 At all times during the continuation of the Trust, as provided in Sections 2.4 and 2.5 hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below.
4.2 The (a) Trustee shall cease payment of benefits to the Plan Participants and their beneficiaries if he is notified in accordance with Section 4.3 that 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, or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
4.3 The Chief Executive Officer (b) At all times during the continuance of this Trust, as provided in Section 1(d) hereto, the principal and income of the Trust shall be subject to claims of general creditors of Company shall notify the Trustee in writing of the Company’s Insolvency promptly after the Company becomes Insolvent. If a person claiming to be a creditor of the Company alleges in writing to the Trustee that the Company has become Insolvent, the Trustee shall determine whether the Company is Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to Participants or beneficiaries. The Trustee shall promptly communicate any such determination to the Chief Executive Officer of the Company in writingunder federal and state law as set forth below.
4.4 (ii) Unless the Trustee has actual knowledge of Company's Insolvency, or has received written notice from the Company or a person claiming to be a creditor of the Company alleging that the Company is Insolvent, or otherwise has actual knowledge of the Company’s Insolvency, the Trustee shall have no duty to inquire whether the Company company is Insolvent. The Trustee may in all events rely on such evidence concerning the Company’s 's solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s solvency's solvency as described in Section 3.b.(i).
4.5 (iii) If at any time the Trustee has determined that the Company is Insolvent, the Trustee shall discontinue payments to Participants the Participant or his beneficiaries and shall hold the assets of the Trust for the benefit of the Company’s 's general creditors until directed otherwise by a court of competent jurisdictioncreditors. Nothing in this Trust Agreement shall in any way diminish any rights of Participants the Participant or his beneficiaries to pursue their rights as general creditors of the Company with respect to benefits due under the Agreement or otherwise.
4.6 The (iv) Trustee shall resume the payment of benefits to the Plan Participants or their beneficiaries in accordance with Article 3 Section 2 of this Trust Agreement only after the Trustee has determined that the Company is not Insolvent as described in Section 3.B.(i). (or is no longer Insolvent). Any .
(c) Provided that there are sufficient assets, if Trustee discontinues the payment of benefits from the Trust pursuant to Section 3(b) hereof and subsequently resumes such determination payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to the Participant or his beneficiaries under the terms of the Agreement for the period of such discontinuance, less the aggregate amount of any payments made to Plan participants or their beneficiaries by Company in lieu of the Trustee shall be final and binding. The Trustee shall promptly communicate payments provided for hereunder during any such determination to the Chief Executive Officer period of the Company in writingdiscontinuance.
Appears in 1 contract
Trustee Responsibility Regarding Payments to Trust. Beneficiary When the The Company is Is Insolvent. -----------------------------------------
4.1 At all times during the continuation of the Trust, as provided in Sections 2.4 and 2.5 hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below.
4.2 The (a) Trustee shall cease payment of benefits to Participants and beneficiaries payments hereunder if he is notified in accordance with Section 4.3 that 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, or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
4.3 (b) At all times during the continuance of this Trust, as provided in Section 1(d) hereof, the principal and income of this Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below.
(1) The Board of Directors and the Chief Executive Officer of the Company shall notify have the duty to inform Trustee in writing of the Company’s Insolvency promptly after the Company becomes Insolvent's Insolvency. If a person claiming to be a creditor of the Company alleges in writing to the Trustee that the Company has become Insolvent, the Trustee shall determine whether the Company is Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits Severance Payments to Participants Executives or their beneficiaries. The .
(2) Unless Trustee shall promptly communicate any such determination to the Chief Executive Officer has actual knowledge of the Company in writing.
4.4 Unless the Trustee Company's Insolvency, or has received written notice from the Company or a person claiming to be a creditor of the Company alleging that the Company is Insolvent, or otherwise has actual knowledge of the Company’s Insolvency, the Trustee shall have no duty to inquire whether the Company is Insolvent. The Trustee may in all events rely on such evidence concerning the Company’s 's solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s 's solvency.
4.5 (3) If at any time the Trustee has determined that the Company is Insolvent, the Trustee shall discontinue payments to Participants or beneficiaries hereunder and shall hold the assets of the this Trust for the benefit of the Company’s 's general creditors until directed otherwise by a court of competent jurisdictioncreditors. Nothing in this Trust Agreement shall in any way diminish any rights of Participants Executives or their beneficiaries to pursue their rights as general creditors of the Company with respect to benefits severance payments due under the Agreement Severance Arrangements or otherwise.
4.6 The (4) Trustee shall resume the payment of benefits to Participants or beneficiaries payments in accordance with Article Section 3 of this Trust Agreement only after the Trustee has determined that the Company is not Insolvent (or is no longer Insolvent). Any .
(c) Provided that there are sufficient assets, if Trustee discontinues the payment from this Trust pursuant to this Section 5 and subsequently resumes such determination made payments, the first payment following such discontinuance shall include the aggregate amount of all payments due under the terms hereof for the period of such discontinuance, less the aggregate amount, if any, paid directly to Executives or their beneficiaries by the Trustee shall be final and binding. The Trustee shall promptly communicate any such determination to the Chief Executive Officer of the Company in writinglieu of the payments provided for hereunder during any such period of discontinuance.
Appears in 1 contract
Samples: Trust Agreement (Rayonier Inc)
Trustee Responsibility Regarding Payments to Trust. Beneficiary When BENEFICIARY WHEN BANK IS INSOLVENT
(A) Trustee shall cease payment of benefits to Director Plans participants and their beneficiaries if the Company Bank is Insolvent. Bank shall be considered "Insolvent" for purposes of this Trust Agreement if (i) Bank is unable to pay its debts as they become due, (ii) Bank is subject to a pending proceeding as a debtor under the United States Bankruptcy Code, or (iii) Bank is determined to be insolvent by the Director of the Federal Deposit Insurance Corporation or the Resolution Trust Corporation.
4.1 (B) At all times during the continuation continuance of the this Trust, as provided in Sections 2.4 and 2.5 Section 1(d) hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company Bank under federal and state law as set forth below.
4.2 The Trustee shall cease payment of benefits to Participants and beneficiaries if he is notified in accordance with Section 4.3 that the Company is Insolvent. The Company shall be considered “Insolvent” for purposes of this Trust Agreement if (i) The Board of Directors and 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.
4.3 The Chief Executive Officer of Bank shall have the Company shall notify the duty to inform Trustee in writing of the Company’s Insolvency promptly after the Company becomes InsolventBank's Insolvency. If a person claiming to be a creditor of the Company Bank alleges in writing to the Trustee that the Company Bank has become Insolvent, the Trustee shall determine whether the Company Bank is Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to Participants Director Plans participants or their beneficiaries. The Trustee shall promptly communicate any such determination to the Chief Executive Officer of the Company in writing.
4.4 (ii) Unless the Trustee has actual knowledge of Bank's Insolvency, or has received written notice from the Company Bank or a person claiming to be a creditor of the Company alleging that the Company Bank is Insolvent, or otherwise has actual knowledge of the Company’s Insolvency, the Trustee shall have no duty to inquire whether the Company Bank is Insolvent. The Trustee may in all events rely on such evidence concerning the Company’s Bank's solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s Bank's solvency.
4.5 (iii) If at any time the Trustee has determined that the Company Bank is Insolvent, the Trustee shall discontinue payments to Participants Director Plans participants or their beneficiaries and shall hold the assets of the Trust for the benefit of the Company’s Bank's general creditors until directed otherwise by a court of competent jurisdictioncreditors. Nothing in this Trust Agreement shall in any way diminish any rights of Participants Director Plans participants or their beneficiaries to pursue their rights as general creditors of the Company Bank with respect to benefits due under the Agreement Director Plans or otherwise.
4.6 The (iv) Trustee shall resume the payment of benefits to Participants Director Plans participants or their beneficiaries in accordance with Article 3 Section 2 of this Trust Agreement only after the Trustee has determined that the Company Bank is not Insolvent (or is no longer Insolvent). Any .
(C) Provided that there are sufficient assets, if Trustee discontinues the payment of benefits from the Trust pursuant to Section 3(b) hereof and subsequently resumes such determination payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to Director Plans participants or their beneficiaries under the terms of the Director Plans for the period of such discontinuance, less the aggregate amount of any payments made to Director Plans participants or their beneficiaries by Bank in lieu of the Trustee shall be final and binding. The Trustee shall promptly communicate payments provided for hereunder during any such determination to the Chief Executive Officer period of the Company in writingdiscontinuance.
Appears in 1 contract
Trustee Responsibility Regarding Payments to Trust. Beneficiary When the Company is InsolventInsolvent -------------------------------------
4.1 At all times during the continuation of the Trust, as provided in Sections 2.4 and 2.5 hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below.
4.2 The (a) Trustee shall cease payment of benefits to MESP Participants and their beneficiaries if he is notified in accordance with Section 4.3 that 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, due or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
4.3 (b) At all times during the continuance of this Trust, the principal and income of the Trust shall be subject to claims of general creditors of Company under federal and state law as set forth below.
(1) The Chief Executive Principal Corporate Personnel Officer of the Company shall notify have the duty to inform Trustee in writing of the Company’s Insolvency promptly after the if Company becomes Insolvent. If a person claiming to be a creditor of the Company alleges in writing to the Trustee that the Company has become Insolvent, the Trustee shall determine whether the Company is Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to MESP Participants or and their beneficiaries. The Trustee shall promptly communicate any such determination to the Chief Executive Officer of the Company in writing.
4.4 (2) Unless the Trustee has actual knowledge of Company becoming Insolvent, or has received written notice from the Company or a person claiming to be a creditor of the Company alleging that the Company is Insolvent, or otherwise has actual knowledge of the Company’s Insolvency, the Trustee shall have no duty to inquire whether the Company is Insolvent. The Trustee may in all events rely on such evidence concerning the Company’s 's solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s 's solvency.
4.5 (3) If at any time the Trustee has determined that the Company is Insolvent, the Trustee shall discontinue payments to MESP Participants or and their beneficiaries and shall hold the assets of the Trust for the benefit of the Company’s 's general creditors until directed otherwise by a court of competent jurisdictioncreditors. Nothing in this Trust Agreement shall in any way diminish any rights of MESP Participants or their beneficiaries to pursue their rights as general creditors of the Company with respect to benefits due under the Agreement NationsBank Plan or otherwise.
4.6 The (4) Trustee shall resume the payment of benefits to MESP Participants or and their beneficiaries in accordance with Article 3 Section 2 of this Trust Agreement only after the Trustee has determined that the Company is not Insolvent (or is no longer Insolvent). Any .
(c) Provided that there are sufficient assets, if Trustee discontinues the payment of benefits from the Trust pursuant to Section 3(b) hereof and subsequently resumes such determination payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to MESP Participants or their beneficiaries under the terms of the NationsBank Plan for the period of such discontinuance, less the aggregate amount of any payments made to MESP Participants or their beneficiaries by Company in lieu of the Trustee shall be final and binding. The Trustee shall promptly communicate payments provided for hereunder during any such determination to the Chief Executive Officer period of the Company in writingdiscontinuance.
Appears in 1 contract
Trustee Responsibility Regarding Payments to Trust. Beneficiary Beneficiaries ---------------------------------------------------------------- When the Company is Insolvent
4.1 At all times during the continuation of the Trust, as provided in Sections 2.4 and 2.5 hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below.
4.2 The Trustee shall cease payment of benefits to Participants and beneficiaries if he is notified in accordance with Section 4.3 that the Company is Is Insolvent. -----------------------------
(a) 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, or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
4.3 The Chief Executive Officer (b) At all times during the continuance of the Trust, the principal and income of the Trust shall be subject to claims of general creditors of the Company as hereinafter set forth, and at any time Trustee has actual knowledge, or has determined, that the Company is Insolvent, Trustee shall notify deliver any undistributed principal and income in the Trust to satisfy such claims as a court of competent jurisdiction may direct. The Company, through its Board of Directors or any of its executive officers, shall advise Trustee promptly in writing of the Company’s Insolvency promptly after the Company becomes Insolvent's Insolvency. If Trustee receives such notice, or otherwise receives written notice from a person claiming third party which Trustee, in its sole discretion, deems reliable and responsible, Trustee shall discontinue payments to be a creditor Trust Beneficiaries, shall hold the Trust assets for the benefit of the Company alleges Company's general creditors, and shall resume payments to Trust Beneficiaries in writing to the accordance with Section 4.1 of this Trust Agreement only after Trustee has determined that the Company is not Insolvent or is no longer Insolvent. Unless Trustee has become Insolvent, the Trustee shall determine whether the Company is Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to Participants or beneficiaries. The Trustee shall promptly communicate any such determination to the Chief Executive Officer actual knowledge of the Company in writing.
4.4 Unless the Trustee Company's Insolvency or has received written notice from the Company or a person claiming to be a creditor of the Company third party alleging that the Company is Insolvent, or otherwise has actual knowledge of the Company’s Insolvency, the Trustee shall have no duty to inquire whether the Company is Insolvent. The Trustee may in all events rely on such evidence concerning the Company’s solvency of the Company as may be furnished to the Trustee and that provides the which will give Trustee with a reasonable basis for making a determination concerning the Company’s its solvency.
4.5 If at any time the Trustee has determined that the Company is Insolvent, the Trustee shall discontinue payments to Participants or beneficiaries and shall hold the assets of the Trust for the benefit of the Company’s general creditors until directed otherwise by a court of competent jurisdiction. Nothing in this Trust Agreement shall in any way diminish any rights of Participants or beneficiaries Trust Beneficiaries to pursue their rights as general creditors of the Company with respect to benefits due under the Agreement payable hereunder or otherwise.
4.6 The (c) If Trustee shall resume the payment discontinues payments of benefits from the Trust pursuant to Participants or beneficiaries in accordance Section 4.2(b) and subsequently resumes such payments, the first payment following such discontinuance shall include the aggregate amount of all payments which would have been made to Trust Beneficiaries together with Article 3 interest at the Pension Benefit Guaranty Corporation rate applicable to immediate annuities on the amount delayed during the period of this such discontinuance, less the aggregate amount of payments made to Trust Agreement only after the Trustee has determined that the Company is not Insolvent (or is no longer Insolvent). Any such determination made Beneficiaries by the Trustee shall be final and binding. The Trustee shall promptly communicate any such determination to the Chief Executive Officer of the Company in writinglieu of the payments provided for hereunder during any such period of discontinuance.
Appears in 1 contract
Samples: Deferred Compensation Plan Trust Agreement (First American Financial Corp)
Trustee Responsibility Regarding Payments to Trust. Beneficiary When when the Company is Is Insolvent. -----------------------------------------
4.1 At all times during the continuation of the Trust, as provided in Sections 2.4 and 2.5 hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below.
4.2 (a) The Trustee shall cease payment of benefits to Plan Participants and their beneficiaries if he is notified in accordance with Section 4.3 that 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, or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
4.3 (b) At all times during the continuance of this Trust, as provided in Section 1(d) hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below.
(1) The Board of Directors and the Chief Executive Officer of the Company shall notify have the duty to inform the Trustee in writing of the Company’s Insolvency promptly after the Company becomes Insolvent's Insolvency. If a person claiming to be a creditor of the Company alleges in writing to the Trustee that the Company has become Insolvent, the Trustee shall determine whether the Company is Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to Plan Participants or their beneficiaries. The Trustee shall promptly communicate any such determination to the Chief Executive Officer of the Company in writing.
4.4 (2) Unless the Trustee has actual knowledge of the Company's Insolvency, or has received written notice from the Company or a person claiming to be a creditor of the Company alleging that the Company is Insolvent, or otherwise has actual knowledge of the Company’s Insolvency, the Trustee shall have no duty to inquire whether the Company is Insolvent. The Trustee may in all events rely on such evidence concerning the Company’s 's solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s 's solvency.
4.5 (3) If at any time the Trustee has determined that the Company is Insolvent, the Trustee shall discontinue payments to Plan Participants or their beneficiaries and shall hold the assets of the Trust for the benefit of the Company’s 's general creditors until directed otherwise by a court of competent jurisdictioncreditors. 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 the Company with respect to benefits due under the Agreement Plan or otherwise.
4.6 (4) The Trustee shall resume the payment of benefits to Plan Participants or their beneficiaries in accordance with Article 3 Section 2 of this Trust Agreement only after the Trustee has determined that the Company is not Insolvent (or is no longer Insolvent). Any .
(c) Provided that there are sufficient assets, if the Trustee discontinues the payment of benefits from the Trust pursuant to Section 4(b) hereof and subsequently resumes such determination payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to Plan Participants or their beneficiaries under the terms of the Plans for the period of such discontinuance, less the aggregate amount of any payments made to Plan Participants or their beneficiaries by the Trustee shall be final and binding. The Trustee shall promptly communicate Employers participating in the Executive Plan or by the Company with respect to the Directors' Plan in lieu of the payments provided for hereunder during any such determination to the Chief Executive Officer period of the Company in writingdiscontinuance.
Appears in 1 contract
Samples: Deferred Compensation Trust Agreement (Enserch Corp)
Trustee Responsibility Regarding Payments to Trust. Beneficiary When Company Is Insolvent.
(a) Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is Insolvent. Company shall be considered "Insolvent" for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code; or (iii) Company is determined to be insolvent by the United States Comptroller of the Currency, the Federal Deposit Insurance Corporation or the New York State Banking Department.
4.1 (b) At all times during the continuation continuance of the this Trust, as provided in Sections 2.4 and 2.5 Section 1(d) hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below.
4.2 (1) The Trustee shall cease payment Board of benefits to Participants Directors and beneficiaries if he is notified in accordance with Section 4.3 that the Company is Insolvent. The President of Company shall be considered “Insolvent” for purposes of this Trust Agreement if (i) have the Company is unable duty 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.
4.3 The Chief Executive Officer of the Company shall notify the inform Trustee in writing of the Company’s Insolvency promptly after the Company becomes Insolvent's Insolvency. If a person claiming to be a creditor of the Company alleges in writing to the Trustee that the Company has become Insolvent, the Trustee shall determine whether the Company is Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to Participants Plan participants or beneficiaries. The Trustee shall promptly communicate any such determination to the Chief Executive Officer of the Company in writingtheir beneficiaires.
4.4 (2) Unless the Trustee has actual knowledge of Company's Insolvency, or has received written notice from the Company or a person claiming to be a creditor of the Company alleging that the Company is Insolvent, or otherwise has actual knowledge of the Company’s Insolvency, the Trustee shall have no duty to inquire whether the Company is Insolvent. The Trustee may in all events rely on such evidence concerning the Company’s 's solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s 's solvency.
4.5 (3) If at any time the Trustee has determined that the Company is Insolvent, the Trustee shall discontinue payments to Participants Plan participants or beneficiaries their beneficiaires and shall hold the assets of the Trust for the benefit of the Company’s 's general creditors until directed otherwise by a court of competent jurisdictioncreditors. Nothing in this Trust Agreement shall in any way diminish any rights of Participants Plan participants or their beneficiaries to pursue their rights as general creditors of the Company with respect to benefits due under the Agreement Plan or otherwise.
4.6 The (4) Trustee shall resume the payment of benefits to Participants Plan participants or their beneficiaries in accordance with Article 3 Section 2 of this Trust Agreement only after the Trustee has determined that the Company is not Insolvent (or is no longer Insolvent). Any .
(c) Provided that there are sufficient assets, if Trustee discontinues the payment of benefits from the Trust pursuant to Section 3(b) hereof and subsequently resumes such determination payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to Plan participants or their beneficiaries under the terms of the Plan for the period of such discontinuance, less the aggregate amount of any payments made to Plan participants or their beneficiaries by Company in lieu of the Trustee shall be final and binding. The Trustee shall promptly communicate payments provided for hereunder during any such determination to the Chief Executive Officer period of the Company in writingdiscontinuance.
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 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.
4.1 (b) At all times during the continuation continuance of the this Trust, as provided in Sections 2.4 and 2.5 Section 1(d) hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below.
4.2 The Trustee shall cease payment of benefits to Participants and beneficiaries if he is notified in accordance with Section 4.3 that the Company is Insolvent. The Company shall be considered “Insolvent” for purposes of this Trust Agreement if (i) The Board of Directors and 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.
4.3 The Chief Executive Officer of the Company shall notify have the duty to inform the Trustee in writing of the Company’s Insolvency promptly after the Company becomes Insolvent's Insolvency. If a person claiming to be a creditor of the Company alleges in writing to the Trustee that the Company has become Insolvent, the Trustee shall determine whether the Company is Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to Participants Fixed Growth Program Plan participants or their beneficiaries. The Trustee shall promptly communicate any such determination to the Chief Executive Officer of the Company in writing.
4.4 (ii) Unless the Trustee has actual knowledge of Company's Insolvency, or has received written notice from the Company or a person claiming to be a creditor of the Company alleging that the Company is Insolvent, or otherwise has actual knowledge of the Company’s Insolvency, the Trustee shall have no duty to inquire whether the Company is Insolvent. The Trustee may in all events rely on such evidence concerning the Company’s 's solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s 's solvency.
4.5 (iii) If at any time the Trustee has determined that the Company is Insolvent, the Trustee shall discontinue payments to Participants Plan participants or their beneficiaries and shall hold the assets of the Trust for the benefit of the Company’s 's general creditors until directed otherwise by a court of competent jurisdictioncreditors. Nothing in this Trust Agreement shall in any way diminish any rights of Participants Plan participants or their beneficiaries to pursue their rights as general creditors of the Company with respect to benefits due under the Agreement Plan or otherwise.
4.6 (iv) The Trustee shall resume the payment of benefits to Participants Plan participants or their beneficiaries in accordance with Article 3 Section 2 of this Trust Agreement only after the Trustee has determined that the Company is not Insolvent (or is no longer Insolvent). Any such determination made by .
(c) Provided that there are sufficient assets, if the Trustee discontinues the payment of benefits from the Trust pursuant to Section 3(b) hereof and subsequently resumes such payments, the first payment following such discontinuance shall be final and binding. The Trustee shall promptly communicate include the aggregate amount of all payments due to Fixed Growth Program Plan participants or their beneficiaries under the terms of the Fixed Growth Program Plan for the period of such discontinuance, less the aggregate amount of any such determination payments made to the Chief Executive Officer of Plan participants or their beneficiaries by the Company in writinglieu of the payments provided for hereunder during any such period of discontinuance.
Appears in 1 contract
Trustee Responsibility Regarding Payments to Trust. Beneficiary When when ------------------------------------------------------------------------------ Company is Insolvent --------------------
(a) Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is Insolvent. Company shall be considered "Insolvent" for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
4.1 (b) At all times during the continuation continuance of the Trust, this Trust as provided in Sections 2.4 and 2.5 Section 1 (d) hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal Federal and state law as set forth below.
4.2 The Trustee shall cease payment of benefits to Participants and beneficiaries if he is notified in accordance with Section 4.3 that the Company is Insolvent1. The Company shall be considered “Insolvent” for purposes Board of this Trust Agreement if (i) Trustees and 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.
4.3 The Chief Executive Officer of the Company shall notify have the duty to inform Trustee in writing of the Company’s Insolvency promptly after the Company becomes Insolvent's Insolvency. If a person claiming to be a creditor of the Company alleges in writing to the Trustee that the Company has become Insolvent, the Trustee shall determine whether the Company is has become Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to Participants Plan participants or their beneficiaries. The Trustee shall promptly communicate any such determination to the Chief Executive Officer of the Company in writing.RABBI TRUST PROVISIONS
4.4 2. Unless the Trustee has actual knowledge of Company's Insolvency, or has received written notice from the Company or a person claiming to be a creditor of the Company alleging that the Company is Insolvent, or otherwise has actual knowledge of the Company’s Insolvency, the Trustee shall have no duty to inquire whether the Company is Insolvent. The Trustee may in all events rely on such evidence concerning the Company’s 's solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s 's solvency.
4.5 3. If at any time the Trustee has determined that the Company is Insolvent, the Trustee shall discontinue payments to Participants Plan participants or their beneficiaries and shall hold the assets of the Trust for the benefit of the Company’s 's general creditors until directed otherwise by a court of competent jurisdictioncreditors. Nothing in this Trust Agreement shall in any way diminish any rights of Participants or beneficiaries to pursue their rights as general creditors of the Company with respect to benefits due under the Agreement Plan(s) or otherwise.
4.6 The 4. Trustee shall resume the payment of benefits to Participants Plan participants or their beneficiaries in accordance with Article 3 Section 2 of this Trust Agreement only after the Trustee has determined that the Company is not Insolvent (or is no longer Insolvent). Any .
(c) Provided that there are sufficient assets, if Trustee discontinues the payment of benefits from the Trust pursuant to Section 3 (b) hereof and subsequently resumes such determination payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to Plan participants or their beneficiaries under the terms of the Plan(s) for the period of such discontinuance less the aggregate amount of any payments made to Plan participants or their beneficiaries by Company in lieu of the Trustee shall be final and binding. The Trustee shall promptly communicate payments provided for hereunder during any such determination to the Chief Executive Officer period of the Company in writingdiscontinuance.
Appears in 1 contract
Samples: Rabbi Trust Agreement (1855 Bancorp)
Trustee Responsibility Regarding Payments to Trust. Beneficiary When the Company is InsolventBENEFICIARY WHEN COMPANY IS INSOLVENT. -------------------------------------
4.1 At all times during the continuation of the Trust, as provided in Sections 2.4 and 2.5 hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below.
4.2 (a) The Trustee shall cease payment of benefits to Participants Plan participants and their beneficiaries if he is notified in accordance with Section 4.3 that 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, or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
4.3 (b) At all times during the continuance of this Trust, as provided in Section 1(d) hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below.
(1) The Chief Executive Officer Board of Directors and the President of the Company shall notify have the duty to inform the Trustee in writing of the Company’s Insolvency promptly after the Company becomes Insolvent's Insolvency. If a person claiming to be a creditor of the Company alleges in writing to the Trustee that the Company has become Insolvent, the Trustee shall determine whether the Company is Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to Participants Plan participants or their beneficiaries. The Trustee shall promptly communicate any such determination to the Chief Executive Officer of the Company in writing.
4.4 (2) Unless the Trustee has actual knowledge of the Company's Insolvency, or has received written notice from the Company or a person claiming to be a creditor of the Company alleging that the Company is Insolvent, or otherwise has actual knowledge of the Company’s Insolvency, the Trustee shall have no duty to inquire whether the Company is Insolvent. The Trustee may in all events rely on such evidence concerning the Company’s 's solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s 's solvency.
4.5 (3) If at any time the Trustee has determined that the Company is Insolvent, the Trustee shall discontinue payments to Participants Plan participants or their beneficiaries and shall hold the assets of the Trust for the benefit of the Company’s 's general creditors until directed otherwise by a court of competent jurisdictioncreditors. Nothing in this Trust Agreement shall in any way diminish any rights of Participants Plan participants or their beneficiaries to pursue their rights as general creditors of the Company with respect to benefits due under the Agreement Plan or otherwise.
4.6 (4) The Trustee shall resume the payment of benefits to Participants Plan participants or their beneficiaries in accordance with Article 3 Section 2 of this Trust Agreement only after the Trustee has determined that the Company is not Insolvent (or is no longer Insolvent). Any such determination made by .
(c) Provided that there are sufficient assets, if the Trustee discontinues the payment of benefits from the Trust pursuant to Section 3(b) hereof and subsequently resumes such payments, the first payment following such discontinuance shall be final and binding. The Trustee shall promptly communicate include the aggregate amount of all payments due to Plan participants or their beneficiaries under the terms of the Plan for the period of such discontinuance, less the aggregate amount of any such determination payments made to the Chief Executive Officer of Plan participants or their beneficiaries by the Company in writinglieu of the payments provided for hereunder during any such period of discontinuance.
Appears in 1 contract
Samples: Settlement Plan and Rabbi Trust Agreement (Tele Communications Inc /Co/)
Trustee Responsibility Regarding Payments to Trust. Beneficiary When Company Is Insolvent -------------------------------------
(a) Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is Insolvent. Company shall be considered "Insolvent" for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
4.1 (b) At all times during the continuation continuance of the this Trust, as provided in Sections 2.4 and 2.5 Section 1(d) hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below.
4.2 (1) The Trustee shall cease payment Board of benefits to Participants and beneficiaries if he is notified in accordance with Section 4.3 that Directors of the Company is Insolvent. The Company shall be considered “Insolvent” for purposes of this Trust Agreement if (i) and 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.
4.3 The Chief Executive Officer of the Company shall notify have the duty to inform Trustee in writing of the Company’s Insolvency promptly after the Company becomes Insolvent's Insolvency. If a person claiming to be a creditor of the Company alleges in writing to the Trustee that the Company has become Insolvent, the Trustee shall determine whether the Company is Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to Participants Plan participants or their beneficiaries. The Trustee shall promptly communicate any such determination to the Chief Executive Officer of the Company in writing.
4.4 (2) Unless the Trustee has actual knowledge of Company's Insolvency, or has received written notice from the Company or a person claiming to be a creditor of the Company alleging that the Company is Insolvent, or otherwise has actual knowledge of the Company’s Insolvency, the Trustee shall have no duty to inquire whether the Company is Insolvent. The Trustee may in all events rely on such evidence concerning the Company’s 's solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s 's solvency.
4.5 (3) If at any time the Trustee has determined that the Company is Insolvent, the Trustee shall discontinue payments to Participants Plan participants or their beneficiaries and shall hold the assets of the Trust for the benefit of the Company’s 's general creditors until directed otherwise by a court of competent jurisdictioncreditors. Nothing in this Trust Agreement agreement shall in any way diminish any rights of Participants Plan participants or their beneficiaries to pursue their rights as general creditors of the Company with respect to benefits due under the Agreement Plan or otherwise.
4.6 The (4) Trustee shall resume the payment of benefits to Participants Plan participants or their beneficiaries in accordance with Article 3 Section 2 of this Trust Agreement only after the Trustee has determined that the Company is not Insolvent (or is no longer Insolvent). Any .
(c) Provided that there are sufficient assets, if Trustee discontinues the payment of benefits from the Trust pursuant to Section 3(b) hereof and subsequently resumes such determination payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to Plan participants or their beneficiaries under the terms of the Plan for the period of such discontinuance, less the aggregate amount of any payments made to Plan participants or their beneficiaries by Company in lieu of the Trustee shall be final and binding. The Trustee shall promptly communicate payments provided for hereunder during any such determination to the Chief Executive Officer period of the Company in writingdiscontinuance.
Appears in 1 contract
Trustee Responsibility Regarding Payments to Trust. Beneficiary When Company is Insolvent
(a) Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is Insolvent. Company shall be considered "Insolvent" for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code, or (iii) Company is determined to be insolvent by the Federal Deposit Insurance Corporation or the Massachusetts Commissioner of Banks.
4.1 (b) At all times during the continuation continuance of the this Trust, as provided in Sections 2.4 and 2.5 Section 1(d) hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below.
4.2 (1) The Trustee shall cease payment Board of benefits to Participants Directors and beneficiaries if he is notified in accordance with Section 4.3 that 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, or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
4.3 The Chief Executive Officer of the Company shall notify have the duty to inform Trustee in writing of the Company’s Insolvency promptly after the Company becomes Insolvent's Insolvency. If a person claiming to be a creditor of the Company alleges in writing to the Trustee that the Company has become Insolvent, the Trustee shall determine whether the Company is Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to Participants Plan participants or their beneficiaries. The Trustee shall promptly communicate any such determination to the Chief Executive Officer of the Company in writing.
4.4 (2) Unless the Trustee has actual knowledge of Company's Insolvency, or has received written notice from the Company or a person claiming to be a creditor of the Company alleging that the Company is Insolvent, or otherwise has actual knowledge of the Company’s Insolvency, the Trustee shall have no duty to inquire whether the Company is Insolvent. The Trustee may in all events rely on such evidence concerning the Company’s 's solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s 's solvency.
4.5 (3) If at any time the Trustee has determined that the Company is Insolvent, the Trustee shall discontinue payments to Participants Plan participants or their beneficiaries and shall hold the assets of the Trust for the benefit of the Company’s 's general creditors until directed otherwise by a court of competent jurisdictioncreditors. Nothing in this Trust Agreement shall in any way diminish any rights of Participants Plan participants or their beneficiaries to pursue their rights as general creditors of the Company with respect to benefits due under the Agreement Plan or otherwise.
4.6 The (4) Trustee shall resume the payment of benefits to Participants Plan participants or their beneficiaries in accordance with Article 3 Section 2 of this Trust Agreement only after the Trustee has determined that the Company is not Insolvent (or is no longer Insolvent). Any .
(c) Provided that there are sufficient assets, if Trustee discontinues the payment of benefits from the Trust pursuant to Section 3(b) hereof and subsequently resumes such determination payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to Plan participants or their beneficiaries under the terms of the Plan for the period of such discontinuance, less the aggregate amount of any payments made to Plan participants of their beneficiaries by Company in lieu of the Trustee shall be final and binding. The Trustee shall promptly communicate payments provided for hereunder during any such determination to the Chief Executive Officer period of the Company in writingdiscontinuance.
Appears in 1 contract
Trustee Responsibility Regarding Payments to Trust. Beneficiary When BENEFICIARIES ----------------------------------------------------------------- WHEN COMPANY IS INSOLVENT -------------------------
(a) Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is Insolvent. Company shall be considered "Insolvent" for purposes of this Agreement if (1) Company is unable to pay its debts as they become due, or (2) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
4.1 (b) At all times during the continuation continuance of the this Trust, as provided in Sections 2.4 and 2.5 Section 1(d) hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below.
4.2 (1) The Trustee shall cease payment Board of benefits to Participants Directors and beneficiaries if he is notified in accordance with Section 4.3 that 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, or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
4.3 The Chief Executive Officer of the Company shall notify have the duty to inform Trustee in writing of the Company’s Insolvency promptly after the Company becomes Insolvent's Insolvency. If a person claiming to be a creditor of the Company alleges in writing to the Trustee that the Company has become Insolvent, the Trustee shall determine whether the Company is Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to Participants Plan participants or their beneficiaries. The Trustee shall promptly communicate any such determination to the Chief Executive Officer of the Company in writing.
4.4 (2) Unless the Trustee has actual knowledge of Company's Insolvency, or has received written notice from the Company or a person claiming to be a creditor of the Company alleging that the Company is Insolvent, or otherwise has actual knowledge of the Company’s Insolvency, the Trustee shall have no duty to inquire whether the Company is Insolvent. The Trustee may in all events rely on such evidence concerning the Company’s 's solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s 's solvency.
4.5 (3) If at any time the Trustee has determined that the Company is Insolvent, the Trustee shall discontinue payments to Participants Plan participants or their beneficiaries and shall hold the assets of the Trust for the benefit of the Company’s 's general creditors until directed otherwise by a court of competent jurisdictioncreditors. Nothing in this Trust Agreement shall in any way diminish any rights of Participants Plan participants or their beneficiaries to pursue their rights as general creditors of the Company with respect to benefits due under the Agreement Plan or otherwise.
4.6 The (4) Trustee shall resume the payment of benefits to Participants Plan participants or their beneficiaries in accordance with Article 3 Section 2 of this Trust Agreement only after the Trustee has determined that the Company is not Insolvent (or is no longer Insolvent). Any .
(c) Provided that there are sufficient assets, if Trustee discontinues the payment of benefits from the Trust pursuant to Section 3(b) hereof and subsequently resumes such determination payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to Plan participants or their beneficiaries under the terms of the Plan for the period of such discontinuance, less the aggregate amount of any payments made to Plan participants or their beneficiaries by Company in lieu of the Trustee shall be final and binding. The Trustee shall promptly communicate payments provided for hereunder during any such determination to the Chief Executive Officer period of the Company in writing.discontinuance. SECTION 4
Appears in 1 contract
Trustee Responsibility Regarding Payments to Trust. Beneficiary When the Company is Insolvent
4.1 At all times during the continuation of the Trust, as provided in Sections 2.4 and 2.5 hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below.
4.2 (a) The Trustee shall cease payment of benefits to Participants the Executives and their beneficiaries if he is notified in accordance with Section 4.3 that the Company is Insolvent. The Company shall be considered “Insolvent” "insolvent" for purposes purpose of this Trust Agreement if (i) the Company is unable to pay its debts as they become due, or (ii) the Company is subject to a pending proceeding procedure as a debtor under the United States Bankruptcy Code.
4.3 (b) At all times during the continuance of this Trust, as provided in Section 1(d) hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below.
(1) The Board of Directors and the Chief Executive Officer of the Company shall notify have the duty to inform the Trustee in writing of the Company’s Insolvency promptly after the Company becomes 's becoming Insolvent. If a person claiming to be a creditor of the Company alleges in writing to the Trustee that the Company has become Insolvent, the Trustee shall determine whether the Company is Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to Participants the Executives or their beneficiaries. The Trustee shall promptly communicate any such determination to the Chief Executive Officer of the Company in writing.
4.4 (2) Unless the Trustee has actual knowledge of the Company's becoming Insolvent, or has received written notice from the Company or a person claiming to be a creditor of the Company alleging that the Company is Insolvent, or otherwise has actual knowledge of the Company’s Insolvency, the Trustee shall have no duty to inquire whether the Company is Insolvent. , The Trustee may in all events rely on such evidence concerning the Company’s 's solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s 's solvency.
4.5 (3) If at any time the Trustee has determined that the Company is Insolvent, the Trustee shall discontinue payments to Participants the Executives or their beneficiaries and shall hold the assets of the Trust for the benefit of the Company’s 's general creditors until directed otherwise by and shall deliver any undistributed assets of the Trust to satisfy such claims as a court of competent jurisdictionjurisdiction may direct, after deduction of the Trustee's fees and expenses and any other expenses of the Trust including taxes accrued and unpaid at the time. Nothing in this Trust Agreement shall in any way diminish any rights of Participants the Executives or their beneficiaries to pursue their rights as general creditors of the Company with respect to benefits due under the Agreement Employment Agreements or otherwise.
4.6 (4) The Trustee shall resume the payment of benefits to Participants the Executives or their beneficiaries in accordance with Article 3 Section 2 of this Trust Agreement only after the Trustee has determined that the Company is not Insolvent (or is no longer Insolvent). Any such determination made by .
(c) Provided that there are sufficient assets, if the Trustee discontinues the payment of benefits from the Trust pursuant to Section 3 (b) hereof and subsequently resumes such payments, the first payment following such discontinuance shall be final and binding. The Trustee shall promptly communicate any such determination include the aggregate amount of all payments due to the Chief Executive Officer Executives or their beneficiaries under the terms of the Employment Agreements for the period of such discontinuance, less the aggregate amount of any payments made to the Executives or their beneficiaries by the Company in writinglieu of the payments provided for hereunder during any such period of discontinuance.
Appears in 1 contract
Samples: Trust Agreement (Chartwell Re Corp)
Trustee Responsibility Regarding Payments to Trust. Beneficiary When ------------------------------------------------------------------------------ Company Is Insolvent --------------------
a. Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is Insolvent. Company shall be considered "insolvent" for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as s debtor under the United States Bankruptcy Code, or (iii) Company is determined to be insolvent by the Connecticut Banking Commissioner or such other bank regulatory or bank insurance agency having jurisdiction over the Company's affairs.
4.1 b. At all times during the continuation continuance of the this Trust, as provided in Sections 2.4 and 2.5 Section 1(d) hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below.
4.2 The Trustee shall cease payment of benefits to Participants and beneficiaries if he is notified in accordance with Section 4.3 that the Company is Insolvent1. The Company shall be considered “Insolvent” for purposes Board of this Trust Agreement if (i) Directors and 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.
4.3 The Chief Executive Officer of the Company shall notify have the duty to inform Trustee in writing of the Company’s Insolvency promptly after the Company becomes Insolvent's insolvency. If a person claiming to be a creditor of the Company alleges in writing to the Trustee that the Company has become Insolventinsolvent, the Trustee shall determine whether the Company is Insolvent and, pending such determination, the Trustee Trustees shall discontinue payment of benefits to Participants or Plan participants of their beneficiaries. The Trustee shall promptly communicate any such determination to the Chief Executive Officer of the Company in writing.
4.4 2. Unless the Trustee has actual knowledge of Company's insolvency, or has received written notice from the Company or a person claiming to be a creditor of the Company alleging that the Company is Insolvent, or otherwise has actual knowledge of the Company’s Insolvency, the Trustee shall have no duty to inquire whether the Company is Insolvent. The Trustee may in all events rely on such evidence concerning the Company’s 's solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s 's solvency.
4.5 3. If at any time the Trustee has determined that the Company is Insolventinsolvent, the Trustee shall discontinue payments to Participants Plan participants or their beneficiaries and shall hold the assets of the Trust for the benefit of the Company’s 's general creditors until directed otherwise by a court of competent jurisdictioncreditors. Nothing in this Trust Agreement shall in any way diminish any rights of Participants Plan participants or their beneficiaries to pursue their rights as general creditors of the Company with respect to benefits due under the Agreement Plan or otherwise.
4.6 The 4. Trustee shall resume the payment of benefits to Participants Plan participants or their beneficiaries in accordance with Article 3 Section 2 of this Trust Agreement only after the Trustee has determined that the Company is not Insolvent insolvent (or is no longer Insolventinsolvent). Any .
c. Provided that there are sufficient assets, if Trustee discontinues the payment of benefits from the Trust pursuant to Section 3(b) hereof and subsequently resumes such determination payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to Plan participants or their beneficiaries under the terms of the Plan for the period of such discontinuance, less the aggregate amount of any payments made to Plan participants or their beneficiaries by Company in lieu of the Trustee shall be final and binding. The Trustee shall promptly communicate payments provided for hereunder during any such determination to the Chief Executive Officer period of the Company in writingdiscontinuance.
Appears in 1 contract
Trustee Responsibility Regarding Payments to Trust. Beneficiary Beneficiaries When the Company is Insolvent
4.1 At all times during the continuation of the Trust, as provided in Sections 2.4 and 2.5 hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below.
4.2 The Trustee shall cease payment of benefits to Participants and beneficiaries if he is notified in accordance with Section 4.3 that the Company is Insolvent. (a) 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, or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
4.3 The Chief Executive Officer (b) At all times during the continuance of the Trust, the principal and income of the Trust shall be subject to claims of general creditors of the Company as hereinafter set forth, and at any time Trustee has actual knowledge, or has determined, that the Company is Insolvent, Trustee shall notify deliver any undistributed principal and income in the Trust to satisfy such claims as a court of competent jurisdiction may direct. The Company, through its Board of Directors or any of its executive officers, shall advise Trustee promptly in writing of the Company’s Insolvency promptly after the Company becomes Insolvent's Insolvency. If Trustee receives such notice, or otherwise receives written notice from a person claiming third party which Trustee, in its sole discretion, deems reliable and responsible, Trustee shall discontinue payments to be a creditor Trust Beneficiaries, shall hold the Trust assets for the benefit of the Company alleges Company's general creditors, and shall resume payments to Trust Beneficiaries in writing to the accordance with Section 4.1 of this Trust Agreement only after Trustee has determined that the Company is not Insolvent or is no longer Insolvent. Unless Trustee has become Insolvent, the Trustee shall determine whether the Company is Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to Participants or beneficiaries. The Trustee shall promptly communicate any such determination to the Chief Executive Officer actual knowledge of the Company in writing.
4.4 Unless the Trustee Company's Insolvency or has received written notice from the Company or a person claiming to be a creditor of the Company third party alleging that the Company is Insolvent, or otherwise has actual knowledge of the Company’s Insolvency, the Trustee shall have no duty to inquire whether the Company is Insolvent. The Trustee may in all events rely on such evidence concerning the Company’s solvency of the Company as may be furnished to the Trustee and that provides the which will give Trustee with a reasonable basis for making a determination concerning the Company’s its solvency.
4.5 If at any time the Trustee has determined that the Company is Insolvent, the Trustee shall discontinue payments to Participants or beneficiaries and shall hold the assets of the Trust for the benefit of the Company’s general creditors until directed otherwise by a court of competent jurisdiction. Nothing in this Trust Agreement shall in any way diminish any rights of Participants or beneficiaries Trust Beneficiaries to pursue their rights as general creditors of the Company with respect to benefits due under the Agreement payable hereunder or otherwise.
4.6 The (c) If Trustee shall resume the payment discontinues payments of benefits from the Trust pursuant to Participants or beneficiaries in accordance Section 4.2(b) and subsequently resumes such payments, the first payment following such discontinuance shall include the aggregate amount of all payments which would have been made to Trust Beneficiaries together with Article 3 interest at the Pension Benefit Guaranty Corporation rate applicable to immediate annuities on the amount delayed during the period of this such discontinuance, less the aggregate amount of payments made to Trust Agreement only after the Trustee has determined that the Company is not Insolvent (or is no longer Insolvent). Any such determination made Beneficiaries by the Trustee shall be final and binding. The Trustee shall promptly communicate any such determination to the Chief Executive Officer of the Company in writinglieu of the payments provided for hereunder during any such period of discontinuance.
Appears in 1 contract
Samples: Deferred Compensation Plan Trust Agreement (Ch Energy Group Inc)
Trustee Responsibility Regarding Payments to Trust. Beneficiary When Company is Insolvent.
(a) Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is Insolvent. Company shall be considered "Insolvent" for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
4.1 (b) At all times during the continuation continuance of the this Trust, as provided in Sections 2.4 and 2.5 Section 1(d) hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below.
4.2 (1) The Trustee shall cease payment Board of benefits to Participants Directors and beneficiaries if he is notified in accordance with Section 4.3 that 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, or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
4.3 The Chief Executive Officer of the Company shall notify have the duty to inform Trustee in writing of the Company’s Insolvency promptly after the Company becomes Insolvent's Insolvency. If a person claiming to be a creditor of the Company alleges in writing to the Trustee that the Company has become Insolvent, the Trustee shall determine whether the Company is Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to Participants Plan participants or their beneficiaries. The Trustee shall promptly communicate any such determination to the Chief Executive Officer of the Company in writing.
4.4 (2) Unless the Trustee has actual knowledge of Company's Insolvency, or has received written notice from the Company or a person claiming to be a creditor of the Company alleging that the Company is Insolvent, or otherwise has actual knowledge of the Company’s Insolvency, the Trustee shall have no duty to inquire whether the Company is Insolvent. The Trustee may in all events rely on such evidence concerning the Company’s 's solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s company's solvency.
4.5 (3) If at any time the Trustee has determined that the Company is Insolvent, the Trustee shall discontinue payments to Participants Plan participants or their beneficiaries and shall hold the assets of the Trust for the benefit of the Company’s 's general creditors until directed otherwise by a court of competent jurisdictioncreditors. Nothing in this Trust Agreement shall in any way diminish any rights of Participants Plan participants or their beneficiaries to pursue their rights as general creditors of the Company with respect to benefits due under the Agreement Plan or otherwise.
4.6 The (4) Trustee shall resume the payment of benefits to Participants Plan participants or their beneficiaries in accordance with Article 3 Section 2 of this Trust Agreement only after the Trustee has determined that the Company is not Insolvent (or is no longer Insolvent). Any .
(c) Provided that there are sufficient assets, if Trustee discontinues the payment of benefits from the Trust pursuant to Section 3(b) hereof and subsequently resumes such determination payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to Plan participants or their beneficiaries under the terms of the Plan for the period of such discontinuance, less the aggregate amount of any payments made to Plan participants or their beneficiaries by Company in lieu of the Trustee shall be final and binding. The Trustee shall promptly communicate payments provided for hereunder during any such determination to the Chief Executive Officer period of the Company in writingdiscontinuance.
Appears in 1 contract
Trustee Responsibility Regarding Payments to Trust. Beneficiary When Company Is Insolvent
(a) Trustee shall cease payment of benefits to the Participant and his beneficiaries if Company is Insolvent. Company shall be considered "Insolvent" for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
4.1 (b) At all times during the continuation continuance of the this Trust, as provided in Sections 2.4 and 2.5 Section l(d) hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below.
4.2 (1) The Trustee shall cease payment Board of benefits to Participants Directors and beneficiaries if he is notified in accordance with Section 4.3 that the Company is Insolvent. The Chairman of the Board of Company shall be considered “Insolvent” for purposes of this Trust Agreement if (i) have the Company is unable duty 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.
4.3 The Chief Executive Officer of the Company shall notify the inform Trustee in writing of the Company’s Insolvency promptly after the Company becomes Insolvent's Insolvency. If a person claiming to be a creditor of the Company alleges in writing to the Trustee that the Company has become Insolvent, the Trustee shall determine whether the Company is Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to Participants the Participant or his beneficiaries. The Trustee shall promptly communicate any such determination to the Chief Executive Officer of the Company in writing.
4.4 (2) Unless the Trustee has actual knowledge of Company's Insolvency, or has received written notice from the Company or a person claiming to be a creditor of the Company alleging that the Company is Insolvent, or otherwise has actual knowledge of the Company’s Insolvency, the Trustee shall have no duty to inquire whether the Company is Insolvent. The Trustee may in all events rely on such evidence concerning the Company’s 's solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s 's solvency.
4.5 (3) If at any time the Trustee has determined that the Company is Insolvent, the Trustee shall discontinue payments to Participants the Participant or his beneficiaries and shall hold the assets of the Trust for the benefit of the Company’s 's general creditors until directed otherwise by a court of competent jurisdictioncreditors. Nothing in this Trust Agreement shall in any way diminish any rights of Participants the Participant or his beneficiaries to pursue their rights as general creditors of the Company with respect to benefits due under the Agreement Deferred Compensation Plan or otherwise. 5.
4.6 The (4) Trustee shall resume the payment of benefits to Participants the Participant or his beneficiaries in accordance with Article 3 Section 2 of this Trust Agreement only after the Trustee has determined that the Company is not Insolvent (or is no longer Insolvent). Any .
(c) Provided that there are sufficient assets, if Trustee discontinues the payment of benefits from the Trust pursuant to Section 3(b) hereof and subsequently resumes such determination payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to the Participant or his beneficiaries under the terms of the Deferred Compensation Plan for the period of such discontinuance, less the aggregate amount of any payments made to the Participant or his beneficiaries by Company in lieu of the Trustee shall be final and binding. The Trustee shall promptly communicate payments provided for hereunder during any such determination to the Chief Executive Officer period of the Company in writingdiscontinuance.
Appears in 1 contract
Trustee Responsibility Regarding Payments to Trust. Beneficiary When when Company is Insolvent.
(a) Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is Insolvent. Company shall be considered "Insolvent" for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
4.1 (b) At all times during the continuation continuance of the this Trust, as provided in Sections 2.4 and 2.5 Section 1(d) hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below.
4.2 (1) The Trustee shall cease payment Board of benefits to Participants Directors and beneficiaries if he is notified in accordance with Section 4.3 that 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, or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
4.3 The Chief Executive Officer of the Company shall notify have the duty to inform Trustee in writing of the Company’s Insolvency promptly after the Company becomes Insolvent's Insolvency. If a person claiming to be a creditor of the Company alleges in writing to the Trustee that the Company has become Insolvent, the Trustee shall determine whether the Company is Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to Participants Plan participants or their beneficiaries. The Trustee shall promptly communicate any such determination to the Chief Executive Officer of the Company in writing.
4.4 (2) Unless the Trustee has actual knowledge of Company's Insolvency, or has received written notice from the Company or a person claiming to be a creditor of the Company alleging that the Company is Insolvent, or otherwise has actual knowledge of the Company’s Insolvency, the Trustee shall have no duty to inquire whether the Company is Insolvent. The Trustee may in all events rely on such evidence concerning the Company’s 's solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s 's solvency.
4.5 (3) If at any time the Trustee has determined that the Company is Insolvent, the Trustee shall discontinue payments to Participants Plan participants or their beneficiaries and shall hold the assets of the Trust for the benefit of the Company’s 's general creditors until directed otherwise by a court of competent jurisdictioncreditors. Nothing in this Trust Agreement shall in any way diminish any rights of Participants Plan participants or their beneficiaries to pursue their rights as general creditors of the Company with respect to benefits due under the Agreement Plan or otherwise.
4.6 The (4) Trustee shall resume the payment of benefits to Participants Plan participants or their beneficiaries in accordance with Article 3 Section 2 of this Trust Agreement only after the Trustee has determined that the Company is not Insolvent (or is no longer Insolvent). Any .
(c) Provided that there are sufficient assets, if Trustee discontinues the payment of benefits from the Trust pursuant to Section 3(b) hereof and subsequently resumes such determination payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to Plan participants or their beneficiaries under the terms of the Plan for the period of such discontinuance, less the aggregate amount of any payments made to Plan participants or their beneficiaries by Company in lieu of the Trustee shall be final and binding. The Trustee shall promptly communicate payments provided for hereunder during any such determination to the Chief Executive Officer period of the Company in writingdiscontinuance.
Appears in 1 contract
Samples: Trust Agreement (Nationsbank Corp)
Trustee Responsibility Regarding Payments to Trust. Beneficiary When Company is Insolvent.
(a) Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is Insolventinsolvent. Company shall be considered “insolvent” for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code, or (iii) Company is determined to be insolvent by a federal or state regulatory agency with jurisdiction to make that determination.
4.1 (b) At all times during the continuation continuance of the this Trust, as provided in Sections 2.4 and 2.5 Section 1(d) hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below.
4.2 (1) The Trustee shall cease payment Board of benefits to Participants Directors and beneficiaries if he is notified in accordance with Section 4.3 that the Company is Insolvent. The Chief Financial Officer of Company shall be considered “Insolvent” for purposes of this Trust Agreement if (i) have the Company is unable duty 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.
4.3 The Chief Executive Officer of the Company shall notify the inform Trustee in writing of the Company’s Insolvency promptly after the Company becomes Insolventinsolvency. If a person claiming to be a creditor of the Company alleges in writing to the Trustee that the Company has become Insolventinsolvent, the Trustee shall determine whether the Company is Insolvent insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to Participants Plan participants or their beneficiaries. The Trustee shall promptly communicate any such determination to the Chief Executive Officer of the Company in writing.
4.4 (2) Unless the Trustee has actual knowledge of Company’s insolvency, or has received written notice from the Company or a person claiming to be a creditor of the Company alleging that the Company is Insolventinsolvent, or otherwise has actual knowledge of the Company’s Insolvency, the Trustee shall have no duty to inquire whether the Company is Insolventinsolvent. The Trustee may in all events rely on such evidence concerning the Company’s solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s solvency.
4.5 (3) If at any time the Trustee has determined that the Company is Insolventinsolvent, the Trustee shall discontinue payments to Participants Plan participants or their beneficiaries and shall hold the assets of the Trust for the benefit of the Company’s general creditors until directed otherwise by a court of competent jurisdictioncreditors. Nothing in this Trust Agreement shall in any way diminish any rights of Participants Plan participants or their beneficiaries to pursue their rights as general creditors of the Company with respect to benefits due under the Agreement Plan or otherwise.
4.6 The (4) Trustee shall resume the payment of benefits to Participants Plan participants or their beneficiaries in accordance with Article 3 Section 2 of this Trust Agreement only after the Trustee has determined that the Company is not Insolvent insolvent (or is no longer Insolventinsolvent). Any .
(c) Provided that there are sufficient assets, if Trustee discontinues the payment of benefits from the Trust pursuant to Section 3(b) hereof and subsequently resumes such determination payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to Plan participants or their beneficiaries under the terms of the Plan for the period of such discontinuance, less the aggregate amount of any payments made to Plan participants and their beneficiaries by Company in lieu of the Trustee shall be final and binding. The Trustee shall promptly communicate payments provided for hereunder during any such determination to the Chief Executive Officer period of the Company in writingdiscontinuance.
Appears in 1 contract
Samples: Trust Agreement (Lsi Industries Inc)
Trustee Responsibility Regarding Payments to Trust. Beneficiary When BENEFICIARY WHEN EMPLOYER IS INSOLVENT
(a) Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company Employer is Insolvent. Employer shall be considered "Insolvent" for purposes of this Trust Agreement if (i) Employer is unable to pay its debts as they become due, or (ii) Employer is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
4.1 (b) At all times during the continuation continuance of the this Trust, as provided in Sections 2.4 and 2.5 Section 1(d) hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company Employer under federal and state law as set forth below.
4.2 The Trustee shall cease payment of benefits to Participants and beneficiaries if he is notified in accordance with Section 4.3 that the Company is Insolvent. The Company shall be considered “Insolvent” for purposes of this Trust Agreement if (i1) 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.
4.3 The Chief Executive Officer and the Chief Financial Officer of employer shall have the Company shall notify the duty to inform Trustee in writing of the Company’s Insolvency promptly after the Company becomes InsolventEmployer's Insolvency. If a person claiming to be a creditor of the Company Employer alleges in writing to the Trustee that the Company Employer has become Insolvent, the Trustee shall determine whether the Company is Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to Participants Plan participants or their beneficiaries. The Trustee shall promptly communicate any such determination to the Chief Executive Officer of the Company in writing.
4.4 (2) Unless the Trustee has actual knowledge of Employer's Insolvency, or has received written notice from the Company Employer or a person claiming to be a creditor of the Company alleging that the Company Employer is Insolvent, or otherwise has actual knowledge of the Company’s Insolvency, the Trustee shall have no duty to inquire whether the Company Employer is Insolvent. The Trustee may in all events rely on such evidence concerning the Company’s Employer's solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s Employer's solvency.
4.5 (3) If at any time the Trustee has determined that the Company Employer is Insolvent, the Trustee shall discontinue payments to Participants Plan participants or their beneficiaries and shall hold the assets of the Trust for the benefit of the Company’s Employer's general creditors until directed otherwise by a court of competent jurisdictioncreditors. Nothing in this Trust Agreement shall in any way diminish any rights of Participants Plan participants or their beneficiaries to pursue their rights as general creditors of the Company Employer with respect to benefits due under the Agreement Plan or otherwise.
4.6 The (4) Trustee shall resume the payment of benefits to Participants Plan participants or their beneficiaries in accordance with Article 3 Section 2 of this Trust Agreement only after the Trustee has determined that the Company Employer is not Insolvent (or is no longer Insolvent). Any .
(c) Provided that there are sufficient assets, if Trustee discontinues the payment of benefits from the Trust pursuant to Section 3(b) hereof and subsequently resumes such determination made by payments, the Trustee first payment following such discontinuance shall be final and binding. The Trustee shall promptly communicate any such determination include the aggregate amount of all payments due to Plan participants or their beneficiaries under the Chief Executive Officer terms of the Company in writing.Plan for the period of such
Appears in 1 contract
Trustee Responsibility Regarding Payments to Trust. Beneficiary Beneficiaries When the Company Bank Is Insolvent
(a) Trustee shall cease payment of benefits to Plan participants and their beneficiaries if Bank is Insolvent. Bank shall be considered "Insolvent" for purposes of this Trust Agreement if (i) Bank is unable to pay its debts as they become due, (ii) Bank is subject to a pending proceeding as a debtor under the United States Bankruptcy Code or (iii) Bank has been declared Insolvent by the Office of Thrift Supervision ("OTS") and/or the Federal Deposit Insurance Corporation ("FDIC") or their successors, and a receiver has been appointed in a proceeding conducted by the OTS or the FDIC.
4.1 (b) At all times during the continuation continuance of the this Trust, as provided in Sections 2.4 and 2.5 Section 1(d) hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company Bank under federal and state law as set forth below.
4.2 The Trustee shall cease payment of benefits to Participants and beneficiaries if he is notified in accordance with Section 4.3 that the Company is Insolvent. The Company shall be considered “Insolvent” for purposes of this Trust Agreement if (i) The Board of Directors and 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.
4.3 The Chief Executive Officer of Bank shall have the Company shall notify the duty to inform Trustee in writing of the Company’s Insolvency promptly after the Company becomes InsolventBank's Insolvency. If a person claiming to be a creditor of the Company Bank alleges in writing to the Trustee that the Company Bank has become Insolvent, the Trustee shall independently determine whether the Company Bank is Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to Participants or Plan participants and their beneficiaries. The Trustee shall promptly communicate any such determination to the Chief Executive Officer of the Company in writing.
4.4 (ii) Unless the Trustee has actual knowledge of Bank's Insolvency, or has received written notice from the Company Bank or a person claiming to be a creditor of the Company alleging that the Company Bank is Insolvent, or otherwise has actual knowledge of the Company’s Insolvency, the Trustee shall have no duty to inquire whether the Company Bank is Insolvent. The Trustee may in all events rely on such evidence concerning the Company’s Bank's solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s Bank's solvency.
4.5 (iii) If at any time the Trustee has determined that the Company Bank is Insolvent, the Trustee shall discontinue payments to Participants Plan participants or their beneficiaries and shall hold the assets of the Trust for the benefit of the Company’s Bank's general creditors until directed otherwise by a court of competent jurisdictioncreditors. Nothing in this Trust Agreement shall in any way diminish any rights of Participants or Plan participants and their beneficiaries to pursue their rights as general creditors of the Company Bank with respect to benefits due under the Agreement Plans or otherwise.
4.6 The (iv) Trustee shall resume the payment of benefits to Participants Plan participants or their beneficiaries in accordance with Article 3 Section 2 of this Trust Agreement only after the Trustee has determined that the Company Bank is not Insolvent (or is no longer Insolvent). Any .
(c) Provided that there are sufficient assets, if Trustee discontinues the payment of benefits from the Trust pursuant to Section 3(b) hereof and subsequently resumes such determination payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to Plan participants or their beneficiaries under the terms of the Plans for the period of such discontinuance, less the aggregate amount of any payments made to Plan participants or their beneficiaries by Bank in lieu of the Trustee shall be final and binding. The Trustee shall promptly communicate payments provided for hereunder during any such determination period of discontinuance, the result increased by interest at a rate equal to the Chief Executive Officer prime rate as from time to time in effect at the First National Bank of Chicago at the beginning of the Company month in writingwhich payments are discontinued, compounded annually on the amount delayed.
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Trustee Responsibility Regarding Payments to Trust. Beneficiary When the The Company is Is Insolvent. -----------------------------------------
4.1 At all times during the continuation of the Trust, as provided in Sections 2.4 and 2.5 hereof, the principal and income of the Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below.
4.2 The (a) Trustee shall cease payment of benefits to Participants and beneficiaries payments hereunder if he is notified in accordance with Section 4.3 that 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, or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
4.3 (b) At all times during the continuance of this Trust, as provided in Section 1(d) hereof, the principal and income of this Trust shall be subject to claims of general creditors of the Company under federal and state law as set forth below.
(1) The Board of Directors and the Chief Executive Officer of the Company shall notify have the duty to inform Trustee in writing of the Company’s Insolvency promptly after the Company becomes Insolvent's Insolvency. If a person claiming to be a creditor of the Company alleges in writing to the Trustee that the Company has become Insolvent, the Trustee shall determine whether the Company is Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to Participants Executives or their beneficiaries. The .
(2) Unless Trustee shall promptly communicate any such determination to the Chief Executive Officer has actual knowledge of the Company in writing.
4.4 Unless the Trustee Company's Insolvency, or has received written notice from the Company or a person claiming to be a creditor of the Company alleging that the Company is Insolvent, or otherwise has actual knowledge of the Company’s Insolvency, the Trustee shall have no duty to inquire whether the Company is Insolvent. The Trustee may in all events rely on such evidence concerning the Company’s 's solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s 's solvency.
4.5 (3) If at any time the Trustee has determined that the Company is Insolvent, the Trustee shall discontinue payments to Participants or beneficiaries hereunder and shall hold the assets of the this Trust for the benefit of the Company’s 's general creditors until directed otherwise by a court of competent jurisdictioncreditors. Nothing in this Trust Agreement shall in any way diminish any rights of Participants Executives or their beneficiaries to pursue their rights as general creditors of the Company with respect to benefits due under the Agreement Benefits Arrangements or otherwise.
4.6 The (4) Trustee shall resume the payment of benefits to Participants or beneficiaries payments in accordance with Article 3 Section 4 of this Trust Agreement only after the Trustee has determined that the Company is not Insolvent (or is no longer Insolvent). Any .
(c) Provided that there are sufficient assets, if Trustee discontinues the payment from this Trust pursuant to Section 5 hereof and subsequently resumes such determination made payments, the first payment following such discontinuance shall include the aggregate amount of all payments due under the terms hereof for the period of such discontinuance, less the aggregate amount, if any, paid directly to Executives or their beneficiaries by the Trustee shall be final and binding. The Trustee shall promptly communicate any such determination to the Chief Executive Officer of the Company in writinglieu of the payments provided for hereunder during any such period of discontinuance.
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Samples: Trust Agreement (Rayonier Inc)
