Common use of Payment Upon Constructive Receipt Clause in Contracts

Payment Upon Constructive Receipt. Notwithstanding any other provision of this Trust Agreement, if any amounts held in the Trust Fund are found in a "determination" (within the meaning of Section 1313(a) of the Code) to have been includible in the taxable income of a Participant or Beneficiary prior to, or without, payment of corresponding amounts under the Covered Arrangements, and the Participant or Beneficiary provides the Trustee with such determination, the Trustee promptly shall forward the determination to the Committee. The Trustee then, unless directed otherwise by the Committee, shall make a finding as to the extent to which such determination applies to (i) Company Benefits, Bank Benefits or Joint Benefits and (ii) amounts otherwise arising out of the Participant's or Beneficiary's interest in, or relationship to, the Trust. Then, subject to the provisions of Section 5.1(b) and (c) hereof (without regard to whether there has been an Irrevocable Election or Change in Control), the Trustee shall pay to such Participant or Beneficiary, as soon as practicable, an amount equal to the sum of (A) the amount described in (i) above, reduced by Benefits already paid (whether by the Trust or otherwise) which were included in such determination (so as to avoid any double payment of the same Benefits), plus (B) solely with respect to the amount described in

Payment Upon Constructive Receipt. Notwithstanding any other provision of this Trust Agreement, if any amounts held in the Trust Fund are found in a "determination" (within the meaning of Section 1313(a) of the Code) to have been includible in the taxable income of a Participant or Beneficiary prior to, or without, payment of corresponding amounts under the Covered Designated Arrangements, and the Participant or Beneficiary provides the Trustee with such determination, the Trustee promptly shall forward the determination to the Committee. The Trustee then, unless directed otherwise by the Committee, shall make a finding as to the extent to which such determination applies to (i) Company Benefits, Bank Benefits or Joint Benefits and (ii) amounts otherwise arising out of the Participant's or Beneficiary's interest in, or relationship to, the Trust. Then, subject to the provisions of Section 5.1(b) and (c) hereof (without regard to whether there has been an Irrevocable Election or Change in Control), the Trustee shall pay to such Participant or Beneficiary, as soon as practicable, an amount equal to the sum of (A) the amount described in (i) above, reduced by Benefits already paid (whether by the Trust or otherwise) which were included in such determination (so as to avoid any double payment of the same Benefits), plus (B) solely with respect to the amount described inin (ii) above, an amount (as determined by the Trustee) sufficient to pay all taxes, interest