Separate Trusts. Deemed IRAs established pursuant to this paragraph may be held in a trust separate from the Trust established under the Plan as determined by the Employer’s administrative policy. Any separate trust established to hold Deemed IRA contributions shall satisfy the applicable requirements of Code Sections 408 and 408(A), whose requirements are set forth in Articles XVIII and XIX, and will not be considered an Employer Qualified Plan. All contributions made to a separate trust of a Deemed IRA will be treated as contributions to such Deemed IRA and not to the Employer’s Qualified Plan. Similarly, the requirements of Code Sections 408 and 408(A) and the rules set forth in Articles XVIII and XIX will not be applicable to the Employer’s Qualified Plan established hereunder if the Deemed IRA contributions are made to a separate trust. When a separate Deemed IRA is not established, the Deemed IRA contributions will be included as part of the Employer’s Qualified Plan, but separate accounting of the Deemed IRA contributions must be established as outlined in paragraphs 5.1 and 17.8. Where an Employer Qualified Plan and Deemed IRAs are included in the same Trust, the Trustee of the Plan must be the same Trustee of the IRA; therefore, the Trustee must be either a bank or a non-bank trustee that satisfies the requirements of Code Section 408(a)(2) and the Regulations thereunder.
Separate Trusts. Unless the context otherwise requires, the provisions of this Agreement (including Schedules 1 and 2 hereto) shall apply severally in respect of each Trust. No Trust (or the Sponsor or Trustee acting on its behalf) shall have any liability, responsibility or obligation with respect to any other Trust under or in respect of this Agreement (including such Schedules).
Separate Trusts. The assets of each Employee Plan are invested in a separate trust or under a trust with one or more other such plans where the assets of each plan are separately accounted for and available only to provide benefits to employees and beneficiaries covered under that Plan and to pay allocable administrative expenses. Each Employee Plan is maintained by Key under a plan document, which does not provide for other participating employers. No Employee Plan provides credit with respect to service other than with Key, and neither Key nor any such Employee Plan has liability or responsibility with respect to any such credit. This Section 11.4(b) does not apply to any plan which is a multi-employer plan (as defined in ERISA) as set forth in SCHEDULE 11.4.
Separate Trusts. The Trusts created by this Indenture are separate and distinct trusts for all purposes and the assets of one trust may not be commingled with the assets of any other nor shall the expenses of any trust be charged against the other. The Certificates and/or Book Entry Positions representing the ownership of Units of undivided fractional interest in one Trust shall not be exchangeable for certificates or book entry positions representing ownership of Units of undivided fractional interest in any other Trust.
Separate Trusts. Unless the Unions should otherwise agree that there will be one Trust, there will be a separate Trust for the employees of each Union and for the management/non-contract employees. The trustee of each Trust (collectively, the “Plan Trustees”) will be the registered owner of the Employee Stock held by such Trust. The Company will provide standard indemnification for each Plan Trustee and will pay all reasonable fees and expenses with respect to the operation of each Trust. Each Union, and the Company acting on behalf of the Management Trust, (a) will select an individual or entity to serve as Plan Trustee for the Trust for its employees, which selections, in the case of the Trusts for the employees of the Unions, must be approved by the Company, which approval may not be unreasonably withheld, and (b) must choose either of the following two options concerning decisions to be made by the Plan Trustee for the Trust for its employees with respect to voting, tendering, selling or exchanging (other than in connection with the exercise of the Special Conversion Option) shares of Employee Stock held by such Plan Trustee: either (i) such decisions, except to the extent set forth in the provisos below, may be made by such Plan Trustee in accordance with its fiduciary responsibilities to the participants in its Trust, or
Separate Trusts. If as provided in the Plan, other trustees of separate trusts under the Plan may be appointed, the Trustee under this Trust Agreement shall have no duties or responsibilities for Plan assets not held in the Trust by the Trustee, except as required by applicable law. THE XXXXXXX XXXXXX 401(K) PROFIT SHARING PLAN CUSTODY AGREEMENT THE XXXXXXX XXXXXX 401(K) PROFIT SHARING PLAN CUSTODY AGREEMENT TERMS AND CONDITIONS
Separate Trusts. It is not required that each separate trust established under this instrument will have the same persons as trustee or Cotrustees or that they will have the same number of trustees or Cotrustees. Rather, each such separate trust may be treated separately with respect to the person or persons serving as trustee or Cotrustees.
Separate Trusts. The Company has established a separate trust for each Plant. Each time the Company makes a contribution to the Trust Fund, it shall designate the amount of such contribution allocable to each such separate Trust. The Trustee shall maintain separate records for each Trust and shall credit thereto its pro rata share of all income of the Trust Fund and charge thereto its pro rata share of all expenses (other than expenses attributable to a particular Plant which shall be expenses charged to the Trust named for such Plant) and any losses. The Trustee shall not be precluded from pooling the assets of the Trusts with one another for investment purposes, and may treat each Trust as having received or accrued a ratable portion of the Trust Fund income in any year. The pooling arrangement undertaken as permitted in this Section 2.1 can be terminated at any time by any Trust. No Trust in the pooling arrangement may substitute for itself in such arrangement any person that is not a member of that pooling arrangement
Separate Trusts. When a Settlor adopts the terms of this Master Trust Agreement, a separate trust account will be created for the benefit of each Beneficiary named. The Trustee will obtain a separate taxpayer identification number and maintain each as separate trust account.
Separate Trusts. While all such trusts that are created under Section 2.2 may commingle their trust assets for investment purposes, for all other purposes each trust shall be independent and separate from one another and each shall be accounted for and administered separately from the others.
