Use of Trust Funds. (a) Without further specific action of the Trustees, but subject to any limitations or conditions set by the Trustees in its bylaws or regulations, the administrators designated by the Trustees shall disburse or authorize disbursement of moneys from funds of the Trust for any of the following purposes:
(1) Payment of moneys due and certain under or by virtue of any contract, bond, or policy of insurance made or obtained by or on behalf of the Trust, including the costs of audits;
(2) Investment and reinvestment of Trust funds under such standards and limitations as may be approved by the Trustees;
(3) Payment of premiums due on fidelity, performance, errors and omissions, or other bonds and insurance which the Trustees may require in its bylaws to protect the Trust and the Trustees;
(4) Reasonable and necessary expenses incurred by Trustees for such items as travel, meals, lodging, telephone calls and other out-of- pocket expenses incurred in performing their duties as Trustees, provided that the personal services and time devoted by Trustees shall not be compensated by Trust funds.
(5) Payments authorized by the Trust’s annually approved budget.
(6) Payment of Participants claims, and defense costs will be paid from Trust loss funds
(b) Except as provided in Section (a) above Trust funds shall not be disbursed, expended or indebted without express approval of the Trustees
(c) Surplus funds, including the income from investments of the Trust, in excess of obligations payable under this Section may, at the direction of the Trustees, be distributed in whole or in part, from time to time, to Participants in the program, either directly or by way of reduction of premiums, contributions or other fees assessed to Participants. Such distributions shall be based upon such formula as the Trustees shall approve. Except as provided in this section, investment income shall remain with the Trust for reinvestment or satisfaction of the obligations of the Trust as provided in Section (a).
Use of Trust Funds. Except as herein provided under Section 1.2, under no circumstances shall any contributions to the Trust or any part of the Trust Fund be recoverable by the Company from the Trustee, or be used for or diverted to purposes other than for the exclusive purposes of providing benefits to STEM Employees. Upon execution of this Trust Agreement, other than any reversion rights upon the expiration or termination of the Trust, the Company shall have no right, title or interest in the Trust Fund.
Use of Trust Funds. In connection with any funds held in trust for the Client (whether in general or separate interest bearing), when GMA is authorized to release the funds the Client hereby authorizes GMA to apply such monies:
a) first in payment of any outstanding accounts for fees, disbursements, taxes and interest rendered by GMA;
b) second in payment to any other authorized third party who has rendered services on behalf of the Client; and
c) the balance shall be remitted to the Client or as the Client may direct.
Use of Trust Funds. Except as provided in Section 9.1, under no circumstances shall any part of the Trust be recoverable by the Employer or any Affiliated Employer from the Trustee or from any Participant or former Participant, his or her Beneficiaries, or any other person or be used for or diverted to purposes other than for the exclusive purposes of providing benefits to Participants and their Beneficiaries, and defraying reasonable expenses of administering the Plan and Trust; provided, however, that:
(a) if an Employer's contribution or payment is made by a mistake of fact (within the meaning of Section 403 of ERISA), this section shall not prohibit the return of such contribution to the Employer within one year after the payment of such contribution to the Trust; and
(b) if an Employer's contribution or payment is conditioned on initial qualification of the plan under Section 401 of the Code, and if the plan receives an adverse determination with respect to its initial qualification, then this section shall not prohibit the return of such contribution to the Employer, as contemplated by Section 403 of ERISA; and
(c) if an Employer's contribution or payment is conditioned upon the deductibility of such amount under Section 404 of the Code, then, to the extent the deduction is disallowed, this section shall not prohibit the return of such contribution to the Employer (to the extent disallowed) within one year after such determination of disallowance of the deduction.
Use of Trust Funds. Except as provided for in this Agreement and the Plan, under no circumstances shall any contributions by an Employer to the Trust, or any part of the Trust Fund, be recoverable by an Employer from the Trustee, or be used for or diverted to purposes other than for the exclusive purposes of providing benefits to the Members; provided, however, that:
(a) In the event an Employer requests an initial letter of determination from the Internal Revenue Service to the effect that the Plan and this Trust satisfy the requirements of Sections 401 and 501 of the Code, but such request is denied, the contributions of such Employer shall be returned by the Trustees to the Employer within one (1) year of such denial, but only if the request was made by the time prescribed by law for filing the Employer's return for the taxable year in which the Plan is adopted, or such later date as the Secretary of the Treasury may prescribe.
(b) To the extent disallowed as a deduction under Section 404 of the Code, a contribution of an Employer for any Plan Year shall be returned by the Trustees to the Employer within one (1) year after the final disallowance of the deduction by the Courts.
(c) A contribution made by an Employer due to a mistake of fact may be returned to the Employer within one (1) year after payment of the contribution.
Use of Trust Funds. The Owner Trustee and the Owner Trust will not pay out any funds to any company or Person except (i) as contemplated by the Overall Transaction; (ii) in the ordinary course of business including the operation and/or repair of the Vessels and other vessels owned, managed or operated by such parties and (iii) the servicing of Permitted Indebtedness provided, however, it shall not prepay any such Permitted Indebtedness other than the Outstanding Indebtedness; (l)
Use of Trust Funds. No part of the assets or net earnings of the Trust Fund shall inure to the benefit of or be distributable either directly or indirectly to its Trustees, contributors, officers, employees, the Board, or other private persons, except that the Trustees shall be authorized and empowered to pay reasonable compensation for services rendered on behalf of the Trust Fund and to make payments and distributions in furtherance of the purposes set forth in this Article. No part of the assets or earnings of the Trust Fund shall be used for the carrying on of propaganda or otherwise attempting to influence legislation, and the Trust Fund shall not participate in, or intervene in (including the publishing or distribution of statements), any political campaign on behalf of any candidate for public office. Notwithstanding any other provision of this Amended Trust Agreement, the Trust Fund created hereunder shall not carry on any other activities not permitted to be carried on (i) by a trust exempt from federal income taxation under section 509 (a) (2) of the Code or (ii) by a trust, contributions to which are deductible under section 170(c)(2) of the Code.
Use of Trust Funds. 5.1 Attorney In Fact’s Authority. Without prejudice to Section 3.3 above, the Attorney In Fact shall have the right, upon receipt of written instructions from the relevant Managing Agent in the form attached hereto as Schedule B (which instructions shall be copied by the relevant Managing Agent to the Trustee and to Lloyd’s), at any time and from time to time to instruct the Trustee in writing to make withdrawals from the relevant Trust Funds for the purposes set out in Sections 5.2(a) and 5.2(b). The Trustee shall confirm that the instructions received from the Attorney In Fact accord with the copy instructions received by the Trustee from the relevant Managing Agent and shall, subject to such confirmation, make withdrawals from the relevant Trust Funds in accordance with the instructions in writing of the Attorney In Fact. No other statement or document need be presented to the Trustee by the Attorney In Fact in order to instruct the Trustee to make a withdrawal from any Trust Fund.
Use of Trust Funds. Amounts withdrawn from a Trust Fund shall be applied as follows:
(a) with respect to a Trust established by a Licensed Grantor such withdrawals shall be made to pay Claims arising under Illinois Policies issued by such Licensed Grantor or for which such Licensed Grantor is liable under any contract of Reinsurance to Close, and
(b) with respect to a Trust established by a Reinsuring Grantor such withdrawals shall be made only and without diminution because of the insolvency of the Reinsuring Grantor for whom such Trust was established (i) to pay or reimburse one or more Licensed Grantors for the amounts for which the Reinsuring Grantor is liable under the Reinsurance Agreement in respect of any losses and allocated loss adjustment expenses paid by such Licensed Grantor, but not recovered from such Reinsuring Grantor, or (ii) in respect of unearned premiums due to such Licensed Grantors but not otherwise paid by such Reinsuring Grantor.
Use of Trust Funds. Under no circumstances shall any part of the Employer's Trust Fund be recoverable by the Employer or any Affiliated Employer from the Trustee or from any Participant or Former Participant, his or her Beneficiaries, or any other person, or be used for or diverted to purposes other than for the exclusive purposes of providing benefits to Participants and their Beneficiaries; provided, however, that:
(a) an Employer's excess contribution may be returned to such Employer in accordance with the provisions of Section 9.7(b) of the Plan, and
(b) the portion, if any, of the Trust Fund attributable to an Employer not required for the satisfaction of all liabilities to Participants and their Beneficiaries shall, upon such Employer's termination of the Plan, revert to such Employer.
