RCA Trustee definition
Examples of RCA Trustee in a sentence
If and provided that it has funds to do so, on or before each Renewal Date the RCA Trustee shall pay to the Qualifying Bank which has agreed to issue the Letter of Credit for the next year the premium for such Letter of Credit; such premium to be paid from monies then held in the RCA Trust and/or Contributions made by the Company.
In conjunction with the execution of the RCA Trust Agreement, the Company shall make a Contribution to enable the RCA Trustee to purchase the initial Letter of Credit; and thereafter, on or before each Renewal Date, the Company shall make a Contribution to enable the RCA Trustee to purchase a renewal or replacement Letter of Credit.
For greater certainty, after all of the obligations of the RCA Trust have been satisfied, the RCA Trustee shall remit to the Company for its absolute use and benefit, the balance of the RCA Trust.
Prior to the Renewal Date of the initial Letter of Credit, and thereafter prior to the Renewal Date of each succeeding Letter of Credit, the RCA Trustee shall purchase a renewal or replacement Letter of Credit in an amount sufficient to cover 110% of the Company's liability for Excess Benefits for the following Year.
The Executive acknowledges that the full amount of the interim or final disbursement may be delayed until such time as the RCA Trustee has received the "refundable tax" from the government of Canada, provided that the RCA Trustee may, with the consent of the Company, borrow all or such portion of the amount of the "refundable tax" in order to complete the required disbursement or to accelerate the payment of it and the Company agrees to pay the cost of such borrowing.
In conjunction with the execution and delivery of the RCA Trust Agreement, the RCA Trustee shall purchase the initial Letter of Credit in an amount sufficient to cover 110% of the Company's liability for Excess Benefits for the remainder of the Year to June 30, 1998.
Fifty percent of the payment from the Letter of Credit shall be applied by the RCA Trustee to purchase the annuity contract noted above; and 50% of such payment from the Letter of Credit shall represent the "refundable tax" required to be withheld and remitted to the Receiver General of Canada pursuant to the Income Tax Act.
The Executive acknowledges that the RCA Trustee may be obliged to reclaim part or all of the "refundable tax' in order to make any required disbursements to the Executive or any other person entitled to a benefit from this RCA Plan.
Payment of the Supplementary Benefits or other benefits from this RCA Plan shall not be made until the person entitled to the payment delivers to the Company or the RCA Trustee, as applicable, reasonable proof or evidence of the facts necessary to calculate the Supplementary Benefits or other benefits.
The RCA Trustee may be obliged to reclaim part or all of the Refundable Tax in order to make any required disbursements to the Executive or any other person entitled to a benefit from this RCA Plan.