Common use of Liquidating the Trust Clause in Contracts

Liquidating the Trust. Under this option, the Trustee shall, as soon as administratively practicable, distribute the assets remaining in the Trust Fund, after payment of any expenses properly chargeable thereto, to Participants, Former Participants and Beneficiaries in proportion to their respective Account balances. In case the Plan Administrator directs liquidation of the Trust Fund pursuant to paragraph (a) of this Section, the expenses of administering the Plan and Trust, if not paid by the Employer, shall be paid from the Trust Fund. A liquidation of the Trust Fund may be delayed in the event the Employer has made an application with the Internal Revenue Service for a determination of the Plan's qualified status upon termination and such liquidation is pending a favorable determination.

Liquidating the Trust. Under this option, the Trustee shall, as soon as administratively practicable, distribute the assets remaining in the Trust Fund, after payment of any expenses properly chargeable thereto, to Participants, Former Participants and Beneficiaries in proportion to their respective Account balances. In case the Plan Administrator directs liquidation of the Trust Fund pursuant to paragraph (a) of this Section, the expenses of administering the Plan and Trust, if not paid by the Employer, shall be paid from the Trust Fund. A liquidation of the Trust Fund may be delayed in the event the Employer has made an application with the Internal Revenue Service for a determination of the Plan's ’s qualified status upon termination and such liquidation is pending a favorable determination.

Liquidating the Trust. Under this option, the Trustee shall, as soon as administratively practicable, distribute the assets remaining in the Trust Fund, after payment of any expenses properly chargeable thereto, to Participants, Former Participants and Beneficiaries in proportion to their respective Account balances. In case the Plan Administrator directs liquidation of the Trust Fund pursuant to paragraph (a) of this Section, the expenses of administering the Plan and Trust, if not paid by the Employer, shall be paid from the Trust Fund. A liquidation of the Trust Fund may be delayed in the event the Employer has made an application with the Internal Revenue Service for a 92 determination of the Plan's ’s qualified status upon termination and such liquidation is pending a favorable determination.