Distribution of Funds Upon Termination Sample Clauses

Distribution of Funds Upon Termination. In the event the Plan shall be fully or partially terminated or contributions permanently discontinued, each affected Participant shall be fully vested in his benefit to the extent then funded. The then present value of benefits vested in each Participant shall be determined as of the Plan termination date and the assets of any fund then held by the Trustee as reserves for benefits for Participants shall be allocated to the extent that they shall be sufficient, after providing for expenses of administration (to the extent not paid by the Company), in the following order of priority: Category 1 – (a) annuity benefits in pay status within the three-year period ending on the termination date of the Plan, with the amount of such annuity benefits being equal to the lowest benefit level in such three-year period and at the lowest benefit formula under the Plan during the five-year period prior to termination of the Plan, and (b) annuity benefits which would have been paid during such three-year period had the Participant retired and commenced receipt of his benefits, with the amount of such annuity benefit being equal to the lowest benefit formula under the Plan during the five-year period prior to termination of the Plan. Category 2 - all other benefits guaranteed under Title IV, sections 4044(a)(4)(A) and 4044(a)(4)(B) of ERISA. Category 3 - all other vested benefits under the provisions of the Plan on its termination date. Category 4 - all other accrued benefits for Participants who were not vested as of the date of the Plan termination. If the assets of the fund held by the Trustee as reserves for benefits for Participants and Beneficiaries, as of the date the Plan is terminated, are not sufficient to provide in whole the amounts required within a category (A) in the case of Categories 1 and 2, the assets shall be allocated pro rata among the individuals in such category on the basis of the present value (as of the termination date of the Plan) of their respective benefits and (B) in the case of Category 3, the assets shall be allocated (x) on the basis of benefits that would have been included in Category 3 under the Plan as in effect at the beginning of the five-year period ending on the Plan termination date and, if all such benefits are satisfied in full, then (y) on the basis of benefits under the Plan as amended by the most recent amendment effective during such five-year period. Allocation in any of the above listed categories shall be adjusted for an...
Sample 1
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Distribution of Funds Upon Termination. All amounts remaining in the Emergency Reserve Fund and the Airport Development Fund at the termination of this Agreement and all other Airport Use Agreements shall be transferred by City into its corporate fund. All amounts remaining in any other funds created under this Agreement shall be used by City for the purposes for which such funds were created so long as the Airport is used by any Airline Party for the operation of an Air Transportation Business.
Sample 1
Distribution of Funds Upon Termination. All amounts remaining in any fund or account, including any debt service reserve, established under any Indenture entered into by the Authority shall be distributed or applied in accordance with the provisions of the Indenture under which such fund or account was established. All amounts in any other fund or account established in connection with this Agreement shall be distributed to the Authority, which may use such amounts for any lawful purpose.
Sample 1

Related to Distribution of Funds Upon Termination

  • Payments Upon Termination 4.1 The Customer shall pay the Company liquidated damages (total monthly fee as specified in the Sales and Services Agreement x remaining months in the Term) upon the occurrence of any of the following events before the expiry of the Term:

  • Procedure Upon Termination of Trust (a) Notice of any termination pursuant to the provisions of Section 10.1, specifying the Distribution Date upon which the final distribution shall be made, shall be given promptly by the Trustee by first class mail to the Paying Agent, the Rating Agencies, the Class R-I, Class R-II and REMIC III Certificateholders mailed no later than ten days prior to the date of such termination. Such notice shall specify (A) the Distribution Date upon which final distribution on the Class R-I, Class R-II and REMIC III Certificates will be made, and upon presentation and surrender of the Class R-I, Class R-II and REMIC III Certificates at the office or agency of the Certificate Registrar therein specified, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Class R-I, Class R-II and REMIC III Certificates at the office or agency of the Certificate Registrar therein specified. The Trustee shall give such notice to the Depositor and the Certificate Registrar at the time such notice is given to Holders of the Class R-I, Class R-II and REMIC III Certificates. Upon any such termination, the duties of the Certificate Registrar with respect to the Class R-I, Class R-II and REMIC III Certificates shall terminate and the Trustee shall terminate, or request the Master Servicer and the Paying Agent to terminate, the Certificate Account and the Distribution Account and any other account or fund maintained with respect to the Certificates, subject to the Paying Agent's obligation hereunder to hold all amounts payable to the Class R-I, Class R-II and REMIC III Certificateholders in trust without interest pending such payment.

  • Certain Benefits Upon Termination Executive’s employment shall be terminated upon the earlier of (i) the voluntary resignation of Executive with or without Good Reason; (ii) Executive’s death or permanent disability; or (iii) upon the termination of Executive’s employment by LTC for any reason at any time. In the event of such termination, the below provisions of this Section 6 shall apply, and in the event of a Change in Control, whether or not Executive’s employment is terminated thereby, Section 6(b) shall apply.

  • Deliveries Upon Termination Upon termination of this Agreement, ALPS agrees to cooperate in the orderly transfer of distribution duties and shall deliver to the Fund or as otherwise directed by the Fund (at the expense of the Fund) all records and other documents made or accumulated in the performance of its duties for the Fund hereunder. In the event ALPS gives notice of termination under this Agreement, it will continue to provide the services contemplated hereunder after such termination at the contractual rate for up to 120 days, provided that the Fund uses all reasonable commercial efforts to appoint such replacement on a timely basis.

  • Procedure Upon Termination In the event of termination by Buyer or Seller, as applicable, pursuant to Section 6.1 hereof, written notice thereof shall forthwith be given to the other party and the transactions contemplated by this Agreement shall be terminated without further action by Buyer or Seller. If the transactions contemplated by this Agreement are so terminated:

  • Rights and Payments Upon Termination The Executive’s right to compensation and benefits for periods after the date on which his employment with the Company terminates for whatever reason (the “Termination Date”), shall be determined in accordance with this Section 6 as follows:

  • Payment Upon Termination In the event that the City or Consultant terminates this Agreement pursuant to Section 8, the City shall compensate the Consultant for all outstanding costs and reimbursable expenses incurred for work satisfactorily completed as of the date of written notice of termination. Consultant shall maintain adequate logs and timesheets in order to verify costs incurred to that date. The City shall have no obligation to compensate Consultant for work not verified by logs or timesheets.

  • Actions Upon Termination In the event of termination not the fault of the Contractor, the Contractor shall be paid for the services properly performed prior to termination, together with any reimbursable expenses then due, but in no event shall such compensation exceed the maximum compensation to be paid under the Contract. The Contractor agrees that this payment shall fully and adequately compensate the Contractor and all subcontractors for all profits, costs, expenses, losses, liabilities, damages, taxes, and charges of any kind whatsoever (whether foreseen or unforeseen) attributable to the termination of this Contract. Upon termination for any reason, the Contractor shall provide Seattle with the most current design documents, contract documents, writings and other product it has completed to the date of termination, along with copies of all project-related correspondence and similar items. Seattle shall have the same rights to use these materials as if termination had not occurred.

  • Benefits Upon Termination If the Executive’s employment by the Company is terminated during the Period of Employment for any reason by the Company or by the Executive, or upon or following the expiration of the Period of Employment (in any case, the date that the Executive’s employment by the Company terminates is referred to as the “Severance Date”), the Company shall have no further obligation to make or provide to the Executive, and the Executive shall have no further right to receive or obtain from the Company, any payments or benefits except as follows:

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