Common use of Accounting by Trustee Clause in Contracts

Accounting by Trustee. 6.1 Trustee shall keep accurate and detailed records of all investments, receipts, disbursements, and all other transactions required to be made, including such specific records as shall be agreed upon in writing between Bancshares and Trustee. Within 30 days following the close of each calendar year and within 30 days after the removal or resignation of Trustee, Trustee shall deliver to Bancshares a written account of its administration of the Trust during such year or during the period from the close of the last preceding year to the date of such removal or resignation, setting forth all investments, receipts, disbursements and other transactions effected by it, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or sales (accrued interest paid or receivable being shown separately), and showing all cash, securities and other property held in the trust at the end of such year or as of the date of such removal or resignation, as the case may be. In the absence of the filing in writing with Trustee by Bancshares of exceptions or objections to any such account within 90 days, Bancshares shall be deemed to have approved such account; in such case, or upon the written approval by Bancshares of any such account, Trustee shall be released, relieved and discharged with respect to all matters and things set forth in such account as though such account had been settled by the decree of a court of competent jurisdiction. Trustee may conclusively rely on determinations of Bancshares of valuations for the assets of the Trust for which Trustee deems there to be no readily determinable fair market value.

Accounting by Trustee. 6.1 Trustee shall keep accurate and detailed records of all investments, receipts, disbursements, and all other transactions required to be made, including such specific records as shall be agreed upon in writing between Bancshares Visteon and Trustee. Within 30 90 days following the close of each calendar year and within 30 45 days after the removal or resignation of Trustee, Trustee shall deliver to Bancshares Visteon a written account of its administration of the Trust during such year or during the period from the close of the last preceding year to the date of such removal or resignation, setting forth all investments, receipts, disbursements and other transactions effected by it, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or sales (accrued interest paid or receivable being shown separately), and showing all cash, securities and other property held in the trust Trust at the end of such year or as of the date of such removal or resignation, as the case may be. In the absence of the filing in writing with Trustee by Bancshares Visteon of exceptions or objections to any such account within 90 days, Bancshares Visteon shall be deemed to have approved such account; in such case, or upon the written approval by Bancshares Visteon of any such account, Trustee shall be released, relieved and discharged with respect to all matters and things set forth in such account as though such account had been settled by the decree of a court of competent jurisdiction. Trustee may conclusively rely on determinations of Bancshares Visteon of valuations for the assets of the Trust for which Trustee deems there to be no readily determinable fair market valuevalue and on determinations of the issuing insurance company of valuations for insurance contracts/policies.

Accounting by Trustee. 6.1 The Trustee shall keep accurate and detailed records of all investments, receipts, disbursements, disbursements and all other transactions required to be made, including such specific records as shall be agreed upon in writing between Bancshares the Company and the Trustee. Within 30 90 days following the close of each calendar year and within 30 90 days after the removal or resignation of the Trustee, the Trustee shall deliver to Bancshares the Company a written account of its administration of the Trust during such year or during the period from the close of the last preceding year to the date of such removal or resignation, setting forth all investments, receipts, disbursements and other transactions effected by it, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or sales (accrued interest paid or receivable being shown separately), and showing all cash, securities and other property held in the trust Trust at the end of such year or as of the date of such removal or resignation, as the case may be. In Unless protested by written notice to the absence Trustee within 120 days of receipt thereof by the filing in writing with Trustee by Bancshares of exceptions or objections to Company, any such written account within 90 days, Bancshares shall be deemed to have accepted and approved such account; in such caseby the Company, or upon and the written approval by Bancshares of any such account, Trustee shall be released, relieved and discharged with respect to all matters and things set forth in such account discharged, as though if such account had been settled and allowed by the a judgment or decree of a court of competent jurisdiction, in an action or proceeding in which the Company and all persons having a beneficial interest in the Trust were parties. Nothing contained in this Agreement shall deprive the Trustee may conclusively rely on determinations of Bancshares of valuations for or the assets Company of the Trust right to have a judicial settlement of its accounts. In any proceeding for which a judicial settlement of the Trustee's accounts, or for instructions in connection with the Trust, the only necessary party thereto in addition to the Trustee deems there to shall be no readily determinable fair market valuethe Company. If the Trustee or the Company so elects, it may bring in as a defendant party or parties any other person or persons.

Accounting by Trustee. 6.1 Trustee shall keep accurate and detailed records of all investments, receipts, disbursements, and all other transactions required to be made, including such specific records as shall be agreed upon in writing between Bancshares Company and Trustee. Within 30 days following the close of each calendar year and within 30 60 days after the removal or resignation of Trustee, Trustee shall deliver to Bancshares Company a written account of its administration of the Trust during such year or during the period from the close of the last preceding year to the date of such removal or resignation, setting forth all investments, receipts, disbursements and other transactions effected by it, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or sales (accrued interest paid or receivable being shown separately), and showing all cash, securities and other property held in the trust Trust at the end of such year or as of the date of such removal or resignation, as the case may be. In the absence of the filing in writing with Trustee by Bancshares Company of exceptions or objections to any such account within 90 dayssix months of the completion of the annual audit of the Plans by Company or its appointed auditor, Bancshares Company shall be deemed to have approved such account; in such case, or upon the written approval by Bancshares Company of any such account, Trustee shall be released, relieved and discharged with respect to all matters and things set forth in such account as though such account had been settled by the decree of a court of competent jurisdiction. Trustee may conclusively rely on determinations of Bancshares Company of valuations for the assets of the Trust for which Trustee deems there to be no readily determinable fair market valuevalue and on determinations of the issuing insurance company of valuations for insurance contracts/policies. Trustee shall revalue the Trust assets as of the last business day of each calendar month at current market values, as determined by Trustee. Trustee may rely conclusively upon the determination of Company with respect to the fair market value of any Trust assets which Trustee deems not to have a readily ascertainable fair market value and upon the determination of the issuer of any insurance contracts/policies with respect to the fair market value of such insurance contracts/policies. Net investment gains and losses (i.e., appreciation or depreciation in the value of assets, income and losses) shall be allocated by Company proportionately among participants' Accounts as of the end of each calendar month. Company shall maintain the record of the Accounts of each participant and Participating Subsidiary in the Trust.

Accounting by Trustee. 6.1 Trustee shall keep accurate and detailed records of all investments, receipts, disbursements, and all other transactions required to be made, including such specific records as shall be agreed upon in writing between Bancshares Company and Trustee. Within 30 one hundred twenty (120) days following the close of each calendar year and within 30 ninety (90) days after the removal or resignation of Trustee, Trustee shall deliver to Bancshares Company a written account of its administration of the Trust during such year or during the period from the close of the last preceding year to the date of such removal or resignation, setting forth all investments, receipts, disbursements and other transactions effected by it, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or sales (accrued interest paid or receivable being shown separately), and showing all cash, securities and other property held in the trust Trust at the end of such year or as of the date of such removal or resignation, as the case may be. In the absence of the filing in writing with Trustee by Bancshares Company of exceptions or objections to any such account within 90 daysdays following the receipt of such accounting, Bancshares Company shall be deemed to have approved such account; in such case, or upon the written approval by Bancshares Company of any such account, Trustee shall be released, relieved and discharged with respect to all matters and things set forth in such account as though such account had been settled by the decree of a court of competent jurisdiction. Trustee may conclusively rely on determinations of Bancshares Company of valuations for the assets of the Trust for which Trustee deems there to be no readily determinable fair market valuevalue and on determinations of the issuing insurance company of valuations for insurance contracts/policies.

Accounting by Trustee. 6.1 Trustee shall keep accurate and detailed records of all investments, receipts, disbursements, and all other transactions required to be made, including such specific records as shall be agreed upon in writing between Bancshares Company and Trustee. Within 30 90 days following the close of each calendar year and within 30 90 days after the removal or resignation of Trustee, Trustee shall deliver to Bancshares Company a written account of its administration of the Trust during such year or during the period from the close of the last preceding year to the date of such removal or resignation, setting forth all investments, receipts, disbursements and other transactions effected by it, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or sales (accrued interest paid or receivable being shown separately), and showing all cash, securities and other property held in the trust Trust at the end of such year or as of the date of such removal or resignation, as the case may be. In The Company shall have sixty (60) days after the absence Trustee's mailing of each such quarterly or final account within which to file with the filing Trustee written objections to such account. Upon the expiration of each such period, the Trustee shall be forever released and discharged from all liability and accountability to the Company with respect to the propriety of its acts and transactions shown in writing such account except with Trustee by Bancshares of exceptions or objections respect to any such account acts or transactions as to which the Company files written objections within 90 dayssuch sixty-day period with the Trustee. Notwithstanding anything herein to the contrary, Bancshares the Trustee shall have no duty or responsibility to obtain valuations of any assets of the Trust Fund, the value of which is not readily determinable on an established market. Company shall bear sole responsibility for determining said valuations and shall be deemed responsible for providing said valuations to have approved such account; Trustee in such case, or upon the written approval by Bancshares of any such account, Trustee shall be released, relieved and discharged with respect to all matters and things set forth in such account as though such account had been settled by the decree of a court of competent jurisdictiontimely manner. Trustee may conclusively rely on determinations of Bancshares of such valuations for the assets of the Trust for which Trustee deems there provided by Company and shall be indemnified and held harmless by Company with respect to be no readily determinable fair market valuesuch reliance.

Accounting by Trustee. 6.1 Trustee shall keep accurate and detailed records of all investments, receipts, disbursements, and all other transactions required to be made, including such specific records as shall be agreed upon in writing between Bancshares Company and Trustee. Within 30 90 days following the close of each calendar year quarter and within 30 90 days after the removal or resignation of Trustee, Trustee shall deliver to Bancshares Company a written account of its administration of the Trust during such year quarter or during the period from the close of the last preceding year quarter to the date of such removal or resignation, setting forth all investments, receipts, disbursements and other transactions effected by it, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or sales (accrued interest paid or receivable being shown separately), and showing all cash, securities and other property held in the trust Trust at the end of such year quarter or as of the date of such removal or resignation, as the case may be. The Company may approve such account by an instrument in writing delivered to Trustee. In the absence of the Company's filing in writing with Trustee by Bancshares of exceptions or objections to any such account within 90 daysone hundred eighty (180) days after its receipt, Bancshares Company shall be deemed to have so approved such account; in . In such case, or upon the written approval by Bancshares Company of any such account, Trustee shall, to the extent permitted by applicable law, be discharged from all liability to Company for its acts or failures to act described by such account, and Company shall be releasedthereafter reimburse, relieved indemnify (as provided in Section 8(b) hereof) and discharged with hold harmless Trustee, individually and as Trustee, of, from and against any and all expenses, losses, damages, liabilities, demands, charges and claims of any kind or nature whatsoever in respect to all matters and things set forth in of its acts, omissions, transactions, duties, obligations or responsibilities as Trustee during the period covered by such account. The foregoing, however, shall not preclude the Trustee from having its account as though such account had been settled by the decree of a court of competent jurisdiction. Trustee may conclusively rely on determinations Company shall not be liable to any person for approving, disapproving or failing to approve any statement of Bancshares of valuations for the assets of the Trust for which Trustee deems there to be no readily determinable fair market valueaccount rendered by Trustee.