Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is Insolvent. Company shall be considered “Insolvent” for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
Appears in 12 contracts
Samples: Grantor Trust Agreement, Grantor Trust Agreement (Federal Home Loan Bank of New York), Trust Under (Miller Herman Inc)
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) Trustee shall cease payment of benefits to Plan participants Participants and their beneficiaries if the Company is Insolvent. Company shall be considered “"Insolvent” " for purposes of this Trust Agreement if if, (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code, or (iii) Company is determined to be insolvent by the Federal Deposit Insurance Corporation.
Appears in 3 contracts
Samples: Trust Under (Homeside International Inc), Trust Under (Homeside Lending Inc), Trust Agreement (Homeside International Inc)
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is Insolvent. Company shall be considered “"Insolvent” " for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code, or (iii) Company is determined to be insolvent by a Federal or State Regulatory Banking Agency.
Appears in 2 contracts
Samples: Gemstar International Group LTD, Matrix Bancorp Inc
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is Insolventinsolvent. Company shall be considered “Insolvent” "insolvent" for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
Appears in 2 contracts
Samples: Agreement (Packaging Dynamics Corp), Bei Medical Systems Co Inc /De/
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is Insolvent. The Company shall be considered “"Insolvent” " for purposes of this Trust Agreement if (i) the Company is unable to pay its debts as they become due, or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
Appears in 2 contracts
Samples: Trust Agreement (Superior Uniform Group Inc), Trust Agreement (Bay Networks Inc)
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) Trustee shall cease payment of benefits to Plan participants Participants and their beneficiaries if the Company is Insolvent. Company shall be considered “Insolvent” for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
Appears in 2 contracts
Samples: Supplemental Executive Retirement Plan Trust (Lafarge North America Inc), Trust Agreement (Noble Energy Inc)
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) 3.1 Trustee shall cease payment of benefits to the Plan participants Participant and their his beneficiaries if the Company is Insolvent. Company shall be considered “Insolvent” for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
Appears in 2 contracts
Samples: Employment Agreement (Shiloh Industries Inc), Supplemental Executive Retirement Plan (Shiloh Industries Inc)
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) The Trustee shall cease payment of benefits to Plan participants the Participant and their beneficiaries his beneficiary(ies) if the Company is "Insolvent. ." The Company shall be considered “"Insolvent” " for purposes of this Trust Agreement if (i) if the Company is unable to pay its debts as they become due, or (ii) while the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
Appears in 2 contracts
Samples: Trust Agreement (Triarc Companies Inc), Trust Agreement (Triarc Companies Inc)
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) The Trustee shall cease payment of benefits to Plan participants Participants and their beneficiaries if the Company is Insolvent. Company shall be considered “Insolvent” for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
Appears in 2 contracts
Samples: Trust Agreement (One Price Clothing Stores Inc), One Price Clothing Stores Inc
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) Trustee shall cease payment of benefits to Plan participants the Participants and their beneficiaries if the Company is Insolvent. Company shall be considered “"Insolvent” " for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
Appears in 2 contracts
Samples: Trust Agreement (Equitable Resources Inc /Pa/), Trust Agreement (LTV Corp)
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is Insolvent. Company shall be considered “"Insolvent” " for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code, or (iii) Company is determined to be insolvent by any federal and/or state regulatory agency.
Appears in 2 contracts
Samples: Trust Agreement (PNC Financial Services Group, Inc.), Hubbell Incorporated (Hubbell Inc)
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) The Trustee shall cease payment of benefits to Plan participants affected Participants and their beneficiaries if the Company or a subsidiary of the Company (“Subsidiary”) is Insolvent. The Company or a Subsidiary shall be considered “Insolvent” for purposes of this Trust Agreement if (i) the Company or Subsidiary is unable to pay its debts as they become due, or (ii) the Company or Subsidiary is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
Appears in 2 contracts
Samples: Rabbi Trust Agreement (Dole Food Co Inc), Rabbi Trust Agreement (Dole Food Co Inc)
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is Insolvent. Company shall be considered “"Insolvent” " for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
Appears in 2 contracts
Samples: Trust Agreement (National Golf Properties Inc), Pinnacle West Capital Corp
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) Trustee shall cease payment of benefits to Plan participants and their beneficiaries the Executive if the Company is Insolvent. Company shall be considered “Insolvent” for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
Appears in 2 contracts
Samples: Retirement Plan Agreement (Sb Financial Group, Inc.), Retirement Plan Agreement (Sb Financial Group, Inc.)
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is Insolventinsolvent. Company shall be considered “"Insolvent” " for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
Appears in 2 contracts
Samples: Contran Corp, Contran Corp
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is Insolvent. Company shall be considered “Insolvent” for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
Appears in 2 contracts
Samples: Trust Agreement (Macerich Co), Macerich Co
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is Insolvent. Company shall be considered "Insolvent" or in “InsolventInsolvency” for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
Appears in 1 contract
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) The Trustee shall cease payment of benefits to Plan participants Participants and their beneficiaries Beneficiaries if the Company is Insolvent. Company shall be considered “Insolvent” for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
Appears in 1 contract
Samples: Trust Agreement (Pittston Co)
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is Insolvent. Company shall be considered “Insolvent” for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy CodeCode or any comparable state or federal regulatory law.
Appears in 1 contract
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) The Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is Insolvent. The Company shall be considered “Insolvent” for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.if:
Appears in 1 contract
Samples: Trust Agreement (Teco Energy Inc)
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) Trustee shall cease payment of benefits Share Releases to Plan participants Noteholders and their beneficiaries if the Company is Insolvent. The Company shall be considered “"Insolvent” " for purposes of this Trust Agreement if (i) the Company is unable to pay its debts as they become due, or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
Appears in 1 contract
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) Trustee shall cease payment of benefits to Plan participants Participants and their beneficiaries if the Company is Insolvent. Company shall be considered “"Insolvent” " for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
Appears in 1 contract
Samples: Trust Agreement (Sun Co Inc)
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) The Trustee shall cease payment of benefits to Plan participants the Company to pay to Participants and their beneficiaries Beneficiaries if the Company is "Insolvent". The Company shall be considered “"Insolvent” " for purposes of this Trust Agreement if (i) the Company is unable to pay its debts as they become due, or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
Appears in 1 contract
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) The Trustee shall cease payment of benefits to Plan participants Participants and their beneficiaries if the Company is Insolvent. The Company shall be considered “"Insolvent” " for purposes of this Trust Agreement if (i) the Company is unable to pay its debts as they become due, or (ii) the Company is becomes subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
Appears in 1 contract
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) The Trustee shall cease payment payments under the terms of benefits to the Plan participants and their beneficiaries if the Company is Insolvent. The Company shall be considered “"Insolvent” " for purposes of this Trust Agreement if (i) the Company is unable to pay its debts as they become due, or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
Appears in 1 contract
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) Trustee shall cease payment of benefits to Plan participants Participants and their beneficiaries if the Company is Insolvent. Company shall be considered “Insolvent” for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
Appears in 1 contract
Samples: Agreement (NYSE Group, Inc.)
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is Insolventinsolvent. Company shall be considered “Insolvent” for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
Appears in 1 contract
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is Insolvent, subject to the provisions of section 3(b) below. Company shall be considered “Insolvent” for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code."
Appears in 1 contract
Samples: Agreement (Wisconsin Energy Corp)
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) Trustee shall cease payment of benefits to the Plan participants Recipients and their beneficiaries if the Company is Insolventinsolvent. Company shall be considered “Insolvent” insolvent for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
Appears in 1 contract
Samples: Compensation and Equity Incentive Plan Trust (Stanley, Inc.)
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) The Trustee shall cease payment of benefits to Plan participants Participants and their beneficiaries if the Company is Insolvent. The Company shall be considered “"Insolvent” " for purposes of this Trust Agreement if (i) the Company is unable to pay its debts as they become due, or and (ii) the Company is becomes subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
Appears in 1 contract
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) 3.1 The Trustee shall cease payment of benefits to Plan participants Participants and their beneficiaries surviving spouses if the Company is Insolvent. The Company shall be considered “"Insolvent” " for purposes of this Trust Agreement if (i) the Company is unable to pay its debts as they become due, or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy CodeCode or under state court receivership law.
Appears in 1 contract
Samples: Trust Agreement (Nortek Inc)
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) Trustee shall cease payment of benefits to Plan participants Executive and their his beneficiaries if the Company is Insolvent. Company shall be considered “Insolvent” for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
Appears in 1 contract
Samples: Separation Agreement and Release of Claims (Sirius Xm Radio Inc.)
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) Trustee At all times during the continuance of this Trust, as provided in Section 1(d) hereof, the principal and income of the Trust shall cease payment be subject to claims of benefits to Plan participants and their beneficiaries if general creditors of the Company is Insolvent. Company shall be considered “Insolvent” for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy CodeFederal and state law.
Appears in 1 contract
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) The Trustee shall cease payment of benefits to Plan participants the Participant and their his beneficiaries if the Company is Insolvent. The Company shall be considered “Insolvent” for purposes of this Trust Agreement if (i) the Company is unable to pay its debts as they become due, or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
Appears in 1 contract
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) The Trustee shall cease payment of benefits to Plan participants an Employer’s Participants and their beneficiaries if the Company Employer is Insolvent. Company An Employer shall be considered “Insolvent” for purposes of this Trust Agreement if (i) Company the Employer is unable to pay its debts as they become due, or (ii) Company the Employer is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
Appears in 1 contract
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a1) Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is Insolventinsolvent. Company shall be considered “Insolvent” "insolvent" for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
Appears in 1 contract
Samples: Ivex Packaging Corp /De/
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) Trustee shall cease make no payment of benefits to Plan participants and or their beneficiaries if at a time when the Company is Insolvent. The Company shall be considered “"Insolvent” " for purposes of this Trust Agreement if (i) the Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
Appears in 1 contract
Samples: Indenture of Trust (Qmed Inc)
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) Trustee At all times during the continuance of this Trust, as provided in Section l(d) hereof, the principal and income of the Trust shall cease payment be subject to claims of benefits to Plan participants and their beneficiaries if general creditors of the Company is Insolvent. Company shall be considered “Insolvent” for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy CodeFederal and state law.
Appears in 1 contract
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) The Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is Insolvent. The Company shall be considered “Insolvent” for purposes of this Trust Agreement if (i) the Company is unable to pay its debts as they become due, or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
Appears in 1 contract
Samples: Trust Agreement (Flowserve Corp)
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is or becomes Insolvent. Company shall be considered “'Insolvent” ' for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
Appears in 1 contract
Samples: Agreement (Fresh Choice Inc)
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) A. Trustee shall cease payment of benefits to Plan participants Participants and their beneficiaries Beneficiaries if the Company is Insolvent. Company shall be considered “Insolvent” for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
Appears in 1 contract
Samples: Non Qualified Pension Trust Agreement (People's United Financial, Inc.)
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) Trustee At all times during the continuance of this Trust, as provided in Section 1 (d) hereof, the principal and income of the Trust shall cease payment be subject to claims of benefits to Plan participants and their beneficiaries if general creditors of the Company is Insolvent. Company shall be considered “Insolvent” for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy CodeFederal and state law.
Appears in 1 contract
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) Trustee shall cease payment of benefits to Plan participants the Deferred Compensation Agreement participant and their beneficiaries his beneficiary if the Company is Insolvent. Company shall be considered “"Insolvent” " for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
Appears in 1 contract
Samples: Executive Deferred Compensation Agreement (Pemco Aviation Group Inc)
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) The Trustee shall cease payment of benefits payments to Plan participants and their beneficiaries the Executive if the Company is Insolvent, subject to the provisions of Section 3(b) below. The Company shall be considered “Insolvent” for purposes of this Trust Agreement if (i) the Company is unable to pay its debts as they become due, or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy CodeCode (which circumstances shall individually or collectively constitute the Company’s “Insolvency”).
Appears in 1 contract
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) Trustee shall cease payment of benefits to Plan participants Executive and their his beneficiaries if the Company is Insolvent. Company shall be considered “Insolvent” for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
Appears in 1 contract
Samples: Agreement (St Joe Co)
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is Insolvent. Company shall be considered “"Insolvent” " for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
Appears in 1 contract
Samples: Trust Agreement (Summit Bancorp/Nj/)
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is Insolvent. Company shall be considered “Insolvent” Insolvent for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
Appears in 1 contract
Samples: Trust Under (Chart Industries Inc)
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is Insolvent. Company shall be considered “Insolvent” "insolvent" for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy CodeCode or (iii) Company is determined to be insolvent by the Board of Governors of the Federal Reserve System.
Appears in 1 contract
Samples: Trust Under Agreement and Plan of Merger (Interchange Financial Services Corp /Nj/)
Trustee Responsibility Regarding Payments to Trust Beneficiary When Company Is Insolvent. (a) Trustee shall cease payment of benefits to Plan participants Employee and their beneficiaries his beneficiary(ies) if the Company is Insolvent, subject to the provisions of paragraph (b) of this Section. Company shall be considered “Insolvent” for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
Appears in 1 contract
