SBSTC definition
Examples of SBSTC in a sentence
Further, the Employer hereby agrees that SBSTC shall not serve as, and shall not be deemed to be, a co-trustee under any circumstances.
If SBSTC is appointed as Trustee, the Employer shall automatically be deemed to be so authorized to manage and direct the investment of the entire Fund; provided, the Employer may specify in the Adoption Agreement that such direction shall be made by the Plan Administrator.
If the alternate Trust Agreement is specified in Part XIV.B, the Trustee should execute the alternate Trust Agreement in lieu of executing the Adoption Agreement in this section.] Signature: /s/▇▇▇▇▇▇▇▇ ▇▇▇▇▇, SBSTC Date: October 1, 1996 Signature: Date: Signature: Date: Participating Affiliates Execution.
Notwithstanding the foregoing, if SBSTC is not the sole Trustee under the Plan, SBSTC shall serve in a nondiscretionary, custodial capacity only subject to the directions of the Employer or the Plan Administrator and SBSTC shall have no duties with respect to assets held by any other person including, without limitation, any other Trustee for the Fund.
To the extent the exercise of any such power would require the exercise of discretion by SBSTC as the Trustee (other than the management and control of any assets invested in any common or collective trust maintained by SBSTC or its affiliates), SBSTC as Trustee shall exercise such power only in accordance with the specific direction of the Plan Administrator, the Employer or an Investment Manager.
To the extent such laws are not preempted by federal law, this Trust Agreement shall be construed and interpreted under the laws of the state specified in the Adoption Agreement; provided, if SBSTC has been appointed as Trustee, this Trust Agreement shall be governed by and construed in accordance with the laws of the State of Delaware.
Finally, if SBSTC is Trustee, any discretionary powers, duties or responsibilities assigned to the Trustee in this Trust Agreement shall be exercised or performed by SBSTC only upon the direction of the Plan Administrator, the Employer or an Investment Manager, and SBSTC shall exercise no discretion with respect to the investment or management of the Fund except to the extent that Fund assets are invested in a common or collective group trust maintained by SBSTC or an affiliate of SBSTC.
If SBSTC is the Trustee, all payments to be paid by means of a check from the Trustee shall be paid from a non-interest bearing checking account to be maintained with an affiliate of the Trustee.
For purposes of this Trust Agreement, "SBSTC" shall mean Smit▇ ▇▇▇▇▇▇ ▇▇▇arson Trust Company and any successor in interest to Smit▇ ▇▇▇▇▇▇ ▇▇▇arson Trust Company.
To the extent such laws are preempted by federal law, this Trust Agreement shall be construed and interpreted under the laws of the state specified in the Adoption agreement; provided, if SBSTC has been appointed as Trustee, this Trust Agreement shall be governed by and construed in accordance with the laws of the State of Delaware.