Endowment Care Funds definition

Endowment Care Funds has the meaning set forth in Section 1.1(h). “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. “ERISA Affiliate” means any entity, trade or business that is a member of a group described in section 414(b), (c), (m) or (o) of the Code or section 4001(b)
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Endowment Care Funds. The Owned Pre-construction Trust Funds and their counterpart at SVMP or the Managed Businesses (the “NFP Pre-construction Trust Funds”) are collectively referred to as the “Pre-construction Trust Funds.” The Pre-Need Trust Funds, the Endowment Care Funds and the Pre-construction Trust Funds are collectively referred to as the “Trust Funds”). At or prior to Closing, Buyer shall confirm in writing to Seller and Seller’s Trustees (as defined below) its compliance with the above requirements and acceptance by Buyer’s Trustee of its/their designation and appointment as such. After the Closing Date, all amounts held in the Owned Trust Funds shall be transferred for safekeeping to Buyer’s Trustee, pursuant to Section 5.5, and assuming compliance with these requirements by Buyer, Buyer agrees that all such amounts will be held, administered and withdrawn in accordance with state and federal law. Promptly following the Closing, Buyer shall obtain and post with the requisite authorities in Alabama, California, Hawaii, Iowa, Illinois, Kentucky and South Carolina bonds which are legally and financial adequate to cause the release of the existing bonds regarding the relevant Location Pre-/At-Need Contract performance liability. At closing, Seller shall also provide sufficient information regarding trust or other funds or accounts maintained by SVMP or the Managed Businesses to permit Buyer to discharge its duties pursuant to the terms of the Management Agreements or otherwise with regard to the NFP Pre-Need Trust Funds, the NFP Endowment Care Funds and the NFP Pre-construction Trust Funds.
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Endowment Care Funds has the meaning set forth in Section 1.1(h).
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Examples of Endowment Care Funds in a sentence

  • Cemetery Authority, or its agent, shall be responsible for maintaining records for the purpose of identifying those Endowment Care Funds which relate to specific Endowment Care Purchasers.

  • Trustee agrees to accept all Endowment Care Funds paid on behalf of Cemetery Authority and to maintain such accounts and records as are necessary to carry out its obligations as Trustee.

  • Cemetery Authority may at any time this Trust Agreement is in effect, and in any amount, pay or direct that moneys constituting Endowment Care Funds be paid to Trustee for deposit into the Endowment Care Trust Fund established hereunder by Trustee for Cemetery Authority.

  • Trustee shall not be responsible for any Endowment Care Funds that shall be deposited pursuant to this Trust Agreement until such Endowment Care Funds shall have been actually delivered to Trustee for deposit into Cemetery Authority’s Endowment Care Trust Fund.

  • Trustee shall maintain such records for the Endowment Care Trust Fund as will evidence the amounts received for deposit, the amounts disbursed and withdrawn, the total amount of Endowment Care Funds held and the location, description, and character of the investments of the Endowment Care Trust Fund.

  • Further, Trustee shall not be liable to anyone whomsoever or accountable before any court for any act or omission taken or made in accordance with any direction of an Investment Advisor as to the investment and/or reinvestment of the Endowment Care Funds.

  • The corpus of the Endowment Care Funds held in the Endowment Care Trust Fund shall be retained by the Trustee and shall not, under any circumstances, be withdrawn.

  • For purposes of determining the amount of Taxes owed by Sellers with respect to the Pre-Need Trust Funds and the Endowment Care Funds, the amount of such Taxes shall be computed as if the tax year of such funds ended on the date of the Final Trust Delivery (as defined in Section 5.5(e) below).

  • The income from the Endowment Care Funds remaining after payment of such fees and expenses (the “Net Income”) shall be used exclusively for the endowment care of the cemetery.

  • Board of Trustees agrees to accept all Endowment Care Funds paid on behalf of Cemetery Authority and to maintain such accounts and records as are necessary to carry out its obligations as Board of Trustees.