VALUATION OF TRUST; ADJUSTMENT OF PARTICIPANT'S ACCOUNTS Sample Clauses

VALUATION OF TRUST; ADJUSTMENT OF PARTICIPANT'S ACCOUNTS. The Trustee shall determine the net worth of the trust as of each December 31 and at such time or times as may be required or as the Trustee shall deem appropriate. No determination of benefits shall be based upon a determination of net worth made more than one (1) year removed from the date as of which such determination of benefits is to be made. In determining the net worth of the trust, the Trustee shall value the assets of the trust at their fair market value and may deduct any taxes and any expenses incurred in connection with the operation of the trust for which the Trustee is not assured to its satisfaction of obtaining reimbursement from the Companies. In determining the fair market values of the assets of the trust, the Trustee shall use such market values as it deems to be fair, and its judgment with reference thereto shall be binding upon all affected persons. The fair market value of Company stock shall be based upon a valuation by an independent appraiser. If at the time of any valuation of the assets of the trust the Trustee is holding any balance for deferred distribution to any former participant or his or her beneficiary under any arrangement which precludes sharing in the earnings and losses of the trust (whether or not such arrangement calls for the accrual or payment of interest on such balance), such balance and any interest accrued thereon shall be treated as both an asset and a liability of the trust. As of each date as of which the Trustee determines the net worth of the trust, the Trustee shall, except for any balance described in the preceding sentence, adjust the net credit balance in each account of each participant upward or downward, PRO RATA, so that the total of such net credit balances equals the total net worth of the trust. Each such adjustment shall be effected before the making of any credits to participants' accounts as of the same date for contributions or forfeitures and by charging taxes or expenses which the Trustee decides to deduct in accordance with the provisions of this paragraph solely to those accounts of participants that arise by virtue of Company contributions.
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Related to VALUATION OF TRUST; ADJUSTMENT OF PARTICIPANT'S ACCOUNTS

  • Payment of Trust Expenses and Compensation of Trustees The Trustees are authorized to pay or to cause to be paid out of the principal or income of the Trust, or partly out of principal and partly out of income, and to charge or allocate the same to, between or among such one or more of the Series and Classes that may be established and designated pursuant to Article IV, as the Trustees deem fair, all expenses, fees, charges, taxes and liabilities incurred or arising in connection with the Trust, or in connection with the management thereof, including, but not limited to, the Trustees' compensation and such expenses and charges for the services of the Trust's officers, employees, investment adviser, administrator, distributor, principal underwriter, auditor, counsel, depository, custodian, transfer agent, dividend disbursing agent, accounting agent, Shareholder servicing agent, and such other agents, consultants, and independent contractors and such other expenses and charges as the Trustees may deem necessary or proper to incur. Without limiting the generality of any other provision hereof, the Trustees shall be entitled to reasonable compensation from the Trust for their services as Trustees and may fix the amount of such compensation.

  • Adjustments to Capital Accounts At the end of each Fiscal Period, the Capital Accounts of the Partners shall be adjusted in the following manner:

  • Permitted Withdrawals from the Certificate Account and Distribution Account (a) The Master Servicer may from time to time make withdrawals from the applicable subaccount of the Certificate Account for the following purposes:

  • Waiver of Distributions from Trust Account In connection with the Securities purchased pursuant to this Agreement, the Purchaser hereby waives any and all right, title, interest or claim of any kind in or to any distributions from the Trust Account.

  • Permitted Withdrawals From Custodial Account The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:

  • Custodial Accounts; Distribution Account (a) On or prior to the Closing Date, the Master Servicer shall have caused each Servicer to establish and maintain one or more Custodial Accounts, as provided in the related Purchase and Servicing Agreement, into which all Scheduled Payments and unscheduled payments with respect to the related Mortgage Loans, net of any deductions or reimbursements permitted under the related Purchase and Servicing Agreement, shall be deposited. On each Distribution Account Deposit Date, the Servicers shall remit to the Securities Administrator for deposit into the Distribution Account, all amounts so required to be deposited into such account in accordance with the terms of the related Purchase and Servicing Agreements.

  • Permitted Withdrawals from the Collection Accounts and Certificate Account (a) Each Servicer may from time to time make withdrawals from the related Collection Account for the following purposes:

  • Accountants' Certificate as to Adjustments In each case of any adjustment or readjustment in the shares of Common Stock (or Other Securities) issuable on the exercise of this Warrant, the Company at its expense will promptly cause independent certified public accountants of national standing selected by the Company to compute such adjustment or readjustment in accordance with the terms of this Warrant and prepare a certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment is based, including a statement of (a) the consideration received or receivable by the Company for any additional shares of Common Stock (or Other Securities) issued or sold or deemed to have been issued or sold, (b) the number of shares of Common Stock (or Other Securities) outstanding or deemed to be outstanding, and (c) the Purchase Price and the number of shares of Common Stock to be received upon exercise of this Warrant, in effect immediately prior to such issue or sale and as adjusted and readjusted as provided in this Warrant. The Company will forthwith mail a copy of each such certificate to the Holder of this Warrant, and will, on the written request at any time of the Holder of this Warrant, furnish to such Holder a like certificate setting forth the Purchase Price at the time in effect and showing how it was calculated.

  • Permitted Withdrawals from the Certificate Account (a) The Master Servicer may, from time to time, make withdrawals from the Certificate Account for the following purposes (limited, in the case of Servicer reimbursements, to cases where funds in the respective Custodial P&I Account are not sufficient therefor):

  • Permitted Withdrawals From the Loan Combination Custodial Account (a) The Master Servicer may make withdrawals from the Loan Combination Custodial Account for each Serviced Loan Combination only as described below (the order set forth below not constituting an order of priority for such withdrawals), subject to the application of Penalty Charges and Modification Fees in accordance with the related Co-Lender Agreement and Section 3.14 of this Agreement:

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