Irrevocability of Trust. Except as otherwise provided in this Agreement, the Trust created by this Agreement is hereby expressly declared to be irrevocable.
Irrevocability of Trust. Prior to the occurrence of a "Preliminary Change in Control" (hereinafter referred to as a "Preliminary CIC"), the Trust shall be revocable and may be altered or amended in any substantive respect, or revoked or terminated by the Grantors in whole or in part provided that no such amendment may increase the duties of the Trustee without its consent. In the event of a Preliminary CIC, the Trust may not be altered or amended in any substantive respect, or revoked or terminated by the Grantor or Grantors incurring a Preliminary CIC unless a majority of the Beneficiaries, determined as of the day before such Preliminary CIC, agree in writing to such an alteration, amendment, revocation or termination provided that no such amendment may increase the duties of the Trustee without its consent. If after a Preliminary CIC occurs but fails to become a Change in Control, thereafter the Trust shall again be revocable and may be altered or amended in any substantive respect, or revoked or terminated by the Grantors in whole or in part provided that no such amendment may increase the duties of the Trustee without its consent. Notwithstanding the preceding, the Trust may be amended following a Preliminary CIC or a Change in Control without approval of the Beneficiaries to protect the tax status or ERISA status of this Trust. For purposes of this Trust, Preliminary CIC and other capitalized terms if not defined in the Trust shall have the same meaning as set forth in the Grantor's respective Deferred Compensation Plan for Directors. 5.
Irrevocability of Trust. The Trust shall be irrevocable and may not be altered or amended in any substantive respect, or revoked or terminated by the Grantor in whole or in part, without the express written consent of a majority of the Beneficiaries of the Trust; provided, however, that the Trust may be amended, as may be necessary either (i) to obtain a favorable ruling from the Internal Revenue Service with respect to the tax consequences of the establishment and settlement of the Trust, or (ii) to make nonsubstantive changes, which have no effect upon the amount of any Beneficiary’s benefits, the time of receipt of benefits, the identity of any recipient of benefits, or the reversion of any assets to the Grantor prior to the Trustee’s satisfaction of all the Trustee’s obligations hereunder; provided, further, that in the event of a “Change of Control” as defined in Section 12.4 of the Retirement Income Plan of General Xxxxx, Inc. (hereinafter referred to as a “Change in Control”), the Trust may not be altered or amended in any substantive respect, or revoked or terminated by the Grantor’s successor unless a majority of the Beneficiaries, determined as of the day before such Change in Control, agree in writing to such an alteration, amendment, revocation or termination.
Irrevocability of Trust. Subject to the provisions of paragraph THREE, above, regarding the claims of unsecured creditors of Grantor, the Trust shall be irrevocable and may not be altered or amended in any substantive respect, or revoked or terminated by the Grantor in whole or in part, without the express written consent of a majority of the Beneficiaries of the Trust; provided, however, that the Trust Agreement may be amended, as may be necessary, either:
Irrevocability of Trust. The Voting Trust created by this Agreement is declared expressly irrevocable except as otherwise specifically stated herein.
Irrevocability of Trust. The Trust hereby established shall be irrevocable and shall terminate only upon the complete distribution of the assets of the Trust to the participants or their beneficiaries.
Irrevocability of Trust. This trust shall be irrevocable, and can only be amended or terminated by mutual agreement between the Arkansas Department of Human Services and Trustee.
Irrevocability of Trust. 2 5. Change in Control and Preliminary Change in Control...............3 6.
Irrevocability of Trust. 3.01 This Trust is irrevocable. This Trust cannot be altered, amended, revoked or terminated by the Grantor. The Trust shall be irrevocable and the Grantor hereby expressly acknowledges that the Grantor has no right or power, whether alone or in conjunction with others, in whatever capacity, to alter, amend, revoke or terminate the Trust or any of the terms of this Trust Agreement, in whole or in part, or to designate the persons who shall possess or enjoy the Trust property or the income therefrom. By this Trust Agreement the Grantor intends to and does hereby relinquish absolutely and forever for possession or enjoyment of or right to the income from the Trust property, whether directly, indirectly or constructively, and every interest of any nature, present or future, in the Trust property. During the Grantor’s lifetime, this Trust shall only be subject to modification or termination in the following manner; (1) by a Florida Court of competent jurisdiction for the purpose of maintaining all of the terms, provisions and conditions of this trust in compliance with federal and state laws now and hereafter promulgated governing Medicaid, income trusts, and other federal and state benefit programs, or
Irrevocability of Trust. This Trust is irrevocable, and Sealaska shall not have the right or power to alter, amend, revoke or terminate this Trust. In no event shall the Trust Fund ever revert to Sealaska.
