Of the Trust. (a) it is a Delaware statutory trust;
Of the Trust. As an inducement to Seller to enter into this Agreement, the Trust hereby represents, warrants and covenants to Seller as follows:
Of the Trust. The Bank of New York Trust Company, N.A. (as successor to JX Xxxxxx Cxxxx Bank, N.A.), as trustee of the Trust (the “Trustee”), on behalf of the Trust, covenants and agrees with the several Underwriters as follows:
Of the Trust. If Employee fails to execute a "Designation of Method of Benefit Payment" form and deliver it to the Trustee, the Trustee shall pay over and distribute such one-half (1/2) portion of the Trust in one lump-sum to Employee or his beneficiary, as the case may be. The Trust shall provide that upon making any distribution to Employee, the Trustee shall withhold from such distribution the amount, if any, required to be withheld for federal, state and local taxes.
Of the Trust. 4 Notwithstanding the provisions directing the Trustee to apply principal liberally, the Trust expressly conveyed broad latitude to the Trustee to act in 4 Since Appellant has not identified an ambiguity in the Trust documents, there is no need for us to consider the circumstances under which Decedent executed the Trust, nor is there any need for us to resort to general rules of construction in interpreting the relevant provisions. its sole discretion in deciding whether to invade principal to provide support and maintenance to Appellant. In addition, the residual paragraph at the conclusion of section A of the SIXTH Article of the Trust affirmatively empowered the Trustee to consider other resources available to Appellant when considering discretionary payments under section A.1.b. We agree with the Orphans’ court that the Trustee may consider such resources when distributing principal for any purpose under section A.1.b. and not simply for Appellant’s housing needs. As the Orphans’ court aptly observed: Furthermore, [t]he [Orphans’ c]ourt interprets the final sentence [of the residual paragraph of the SIXTH Article] to be a confluence of two distinct directions given by the [D]ecedent. The Trustee, in its discretion, is authorized by the [D]ecedent to distribute unlimited principal for the purchase, expansion, improvement or replacement of one or more homes for [Appellant], up to the exhaustion of the [T]rust. The Trustee is also directed to give consideration to [Appellant’s] other available resources as the Trustee deems appropriate to making discretionary distributions. Trial Court Opinion, 9/24/13, at 7. For each of these reasons, we conclude that Appellant is not entitled to relief on her second claim. Order affirmed in part and vacated in part. Case remanded. Jurisdiction relinquished. Judgment Entered. Xxxxxx X. Xxxxxxx, Esq. Prothonotary
Of the Trust. For as long as this Agreement is effective, the Trust shall on behalf of each Fund furnish to Forum any and all amendments to its Organic Documents and prospectuses. SECTION 2.
Of the Trust. Until a transfer is so recorded, the holder of record of Shares shall be deemed to be the holder of such Shares for all purposes hereunder and neither the Trustees nor the Trust, nor any transfer agent or registrar or any officer, employee, or agent of the Trust, shall be affected by any notice of a proposed transfer.
Of the Trust. At the direction of the Depositor, the Trustee shall execute such further documents as may be required to evidence any transfer of any or all of the rights, interests or obligations under the Warrant Agreement and any related Warrant Certificates.
Of the Trust. The Trustees shall promptly call and give notice of a meeting of Shareholders for the purpose of voting upon removal of any Trustee of the Trust when requested to do so in writing by Shareholders holding not less than 10% of the Shares then outstanding. If the Trustees shall fail to call or give notice of any meeting of Shareholders (including a meeting involving only the holders of Shares of one or more but less than all Series) for a period of 30 days after written application by Shareholders holding at least 25% of the Shares then outstanding requesting a meeting be called for any other purpose requiring action by the Shareholders as provided herein or in the Bylaws, then Shareholders holding at least 25% of the Shares then outstanding may call and give notice of such meeting, and thereupon the meeting shall be held in the manner provided for herein in case of call thereof by the Trustees.
Of the Trust. Interest on the unpaid principal balance, at an annual interest rate (the "Interest Rate") equal to 8.0%, shall be paid quarterly, in arrears, on each January 1, April 1, July 1 and October 1, commencing January 1, 1997, and shall be calculated on the basis of a 360-day year of 30-day months. Whenever any pay- ment falls due on a Saturday, Sunday or public holiday, such payment shall be made on the next succeeding business day. This Note shall be construed under the laws of the State of Delaware. The undersigned represents and warrants that the indebtedness represented by this Note was incurred for the purpose of purchasing shares of Common Stock, $1.00 par value, of the Company. This Note may not be assigned by the Company, other than by operation of law, without the prior express written consent of the undersigned. The Company shall have no recourse whatsoever to any assets of the Trustee in its individual or corporate ca- pacity for repayment. The Trustee is entering into this Agreement not in its individual or corporate capacity but solely as Trustee, and no personal or corporate liability or personal or corporate responsibilities are assumed by, or shall at any time be asserted or enforceable against, the Trustee in its individual or corporate capacity under, or with respect to, this Agreement. WACHOVIA BANK OF NORTH CAROLINA N.A., on behalf of THE XXXXX XXXXXXXX COR- PORATION EMPLOYEE STOCK BENEFIT TRUST By: Name: Title: Schedule A PRINCIPAL PAYMENT DATES Date Amount January 1, 1997 $ 26,892,860 January 1, 1998 $ 26,892,860 January 1, 1999 $ 26,892,860 January 1, 2000 $ 26,892,860 January 1, 2001 $ 26,892,860 January 1, 2002 $ 26,892,860 January 1, 2003 $ 26,892,860 January 1, 2004 $ 26,892,860 January 1, 2005 $ 26,892,860 January 1, 2006 $ 26,892,860 January 1, 2007 $ 26,892,860 January 1, 2008 $ 26,892,860 January 1, 2009 $ 26,892,860 January 1, 2010 $ 26,892,860 January 1, 2011 $188,249,960
