Common use of Foundation as Administrator Clause in Contracts

Foundation as Administrator. The Trust Agreement provides that the Trustee will assume the responsibilities of the Foundation as administrator of the Plan in the event the Foundation is declared bankrupt, wound up, dissolved or is found by a court of competent jurisdiction to be incapable of performing or to have failed to perform its responsibilities pursuant to the Trust Agreement and the Agreement, provided that the Trustee shall have no obligation to assume any financial liability of the Foundation.

Foundation as Administrator. The Trust Agreement provides that the Trustee will assume the responsibilities of the Foundation as administrator of the Plan in the event the Foundation is declared bankrupt, wound up, dissolved or is found by a court of competent jurisdiction to be incapable of performing or to have failed to perform its responsibilities pursuant to the Trust Agreement and the Agreement, provided that the Trustee shall have no obligation to assume any financial fnancial liability of the Foundation.