Use of Trust Fund. The Trustees shall (i) apply the Trust Fund, at such times, in such manner, and in such amounts as they may determine, or as may be required by restricted donations, to the uses and purposes set forth in Paragraph 2 above, and (ii) may make contributions to other charitable organizations to be used within the State of New Mexico or in other locations where such funds can be used to further the purposes stated above and in a
Use of Trust Fund. 3.1 The Trust Fund shall be used solely for the purposes of paying amounts that are payable under the Plan and any taxes, expenses for administration and other amounts payable in respect of the Trust Fund.
Use of Trust Fund. Trustee shall use the Trust Fund to pay fees ----------------- and other expenses (i) to settle liabilities incurred by Seller prior to the Closing, (ii) reasonably incurred in connection with the dissolution or winding up of Seller; (iii) reasonably incurred by Seller in connection with the termination of any contracts or the assignment of any Assigned Contracts to Buyer; (iv) reasonably incurred in connection with the distribution of the assets of Seller to its stockholders; or (v) to the extent approved beforehand in writing at the sole discretion of Buyer, necessary to defend Seller against claims from third parties. Except as otherwise agreed by Buyer in writing, the Trustee shall not use the Trust Fund for any other purpose.
Use of Trust Fund. Other than the reasonable administrative costs of managing the Trust Fund, including, but not limited to the Director of Legacy Planning program and management fees, the Trustees may withdraw from the Trust Fund as of the end of each fiscal year, December 31, up to a maximum amount equal to the percentages as stated in 4(a) through (e) below. The percentages to be paid out are to be based on a weighted average of the December 31 fair market value of the trust fund of the last five years with the most recent year having the greatest weight and the oldest year having the least weight. The withdrawals shall be paid out at such time or times, in such manner, and in such amounts as the Trustees may determine, to the extent consistent with the provisions of 4(a) through (e) below. The Trustees shall adopt an Investment Policy providing for prudent investment of the corpus of the Trust, inflation proofing and growth and the following provisions shall be in effect:
Use of Trust Fund. The Trustees, except as herein limited, shall have the power and authority and are directed to distribute from time to time exclusively for any of the purposes of the Trust set forth in Section 2 hereof, such amounts of income or principal of the Trust Fund as they in their discretion may direct. The Trustees shall distribute the income of the Trust Fund for each taxable year at such time and in such manner as not to become subject to the tax on undistributed income imposed by Section 4942 of the Code or the Regulations.
Use of Trust Fund. The Trustees shall (i) apply the Trust Fund, at such times, in such manner, and in such amounts as they may determine, or as may be required by restricted donations, to the uses and purposes set forth in Paragraph 2(b), above, and (ii) may make contributions to other charitable organizations to be used within the United States or any of its possessions and in a manner not inconsistent with the uses and purposes set forth in Paragraph 2(b), above, as determined by a Majority of the Trustees. For this purpose, the term “charitable organizations” shall mean a corporation, trust, or community chest, fund, or foundation, created or organized in the United States or in any possession, or under the law of the United States, any state, the District of Columbia, or any possession of the United States, organized and operated exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals, no part of the net earnings of which inures to the benefit of any private shareholder or individual, and no substantial part of the activities of which is carrying on propaganda, or otherwise attempting, to influence legislation, and which does not participate in, or intervene in (including the publishing or distributing of statements), any political campaign on behalf of any candidate for public office. Any other provisions of this Agreement notwithstanding, the Trustees shall distribute the trust income for each taxable year at such time and in such manner as not to become subject to the tax on undistributed income imposed by Section 4942 of the Internal Revenue Code of 1986, or corresponding provisions of any subsequent federal tax laws. It is intended that the Foundation be a operating foundation within the meaning of Section 4942(j)(3) of the Internal Revenue Code of 1986.
Use of Trust Fund. The terms of the Trust shall govern the establishment of the Trust Fund from which the benefits provided by the Plan shall be paid. All contributions paid over to the Trustees shall be invested in accordance with the terms of the Plan and Trust.
Use of Trust Fund. Under no circumstance shall any portion of the Trust Fund or income of the Trust Fund, either on winding up or termination of the Trust Fund, or at any other time, revert to or accrue to the benefit of any Participating Employer. However, nothing in this Subsection 13.03 (or any other provision of this Agreement) in any way precludes the Board from applying surplus assets within the Trust Fund to the reduction (in whole or in part) of Contributions otherwise payable by the Participating Employers or the Members (or both), or in considering the amount of surplus assets within the Trust Fund when determining the rates of Contributions which the Participating Employers and Members must make.
