Amendment and Termination Procedures Sample Clauses
The Amendment and Termination Procedures clause outlines the formal process by which a contract can be changed or ended. Typically, it specifies the requirements for making amendments, such as needing written consent from all parties, and details the steps or notice periods necessary for terminating the agreement. This clause ensures that any modifications or terminations are conducted transparently and with mutual agreement, thereby preventing misunderstandings and protecting the interests of all parties involved.
Amendment and Termination Procedures. The following procedural requirements shall govern the adoption of any amendment or termination (a "Change") of this Plan and Trust:
(a) The Company may adopt any Change by action of its board of directors in accordance with its normal procedures.
(b) The Committee, if acting as Administrator in accordance with Section 15.6, may adopt any amendment within the scope of its authority provided under Section 19.1 and in the manner specified in Section 15.7(a).
(c) Any Change must be (1) set forth in writing, and (2) signed and dated by an executive officer of the Company or, in the case of an amendment adopted by the Committee, at least one of its members.
(d) If the effective date of any Change is not specified in the document setting forth the Change, it shall be effective as of the date it is signed by the last person whose signature is required under clause (2) above, except to the extent that another effective date is necessary to maintain the qualified status of this Plan and Trust under Code sections 401(a) and 501(a).
(e) No Change shall become effective until it is accepted and signed by the Trustee (which acceptance shall not unreasonably be withheld).
Amendment and Termination Procedures. 64 19.6 Termination of Employer's Participation............. 64 19.7 Replacement of the Trustee.......................... 65 19.8 Final Settlement and Accounting of Trustee.......... 65 APPENDIX A - INVESTMENT FUNDS................................... ▇▇ ▇▇▇▇▇▇▇▇ ▇ - PAYMENT OF PLAN FEES AND EXPENSES.................. 67 APPENDIX C - LOAN INTEREST RATE................................. 68 1 DEFINITIONS ----------- When capitalized, the words and phrases below have the following meanings unless different meanings are clearly required by the context:
Amendment and Termination Procedures. The following procedural requirements shall govern the adoption of any amendment or termination (a “Change”) of this Plan and Trust:
(a) The Company or its delegee may adopt any Change by action of its Board of Directors in accordance with its normal procedures.
(b) Any Change must be (1) set forth in writing, and (2) signed and dated by an officer of the Company.
(c) If the effective date of any Change is not specified in the document setting forth the Change, it shall be effective as of the date it is adopted by the Board of Directors of the Company, except to the extent that another effective date is necessary to maintain the qualified status of this Plan and Trust under Code Sections 401(a) and 501(a).
(d) No Change affecting the duties of the Trustee in its capacity as Trustee, or any other capacity, shall become effective until it is accepted and signed by the Trustee (which acceptance shall not unreasonably be withheld).
Amendment and Termination Procedures. The following procedural requirements shall govern the adoption of any amendment or termination (a "Change") of this Plan and Trust:
(a) The Company may adopt any Change by action of its board of directors in accordance with its normal procedures.
(b) The Committee, if acting as Administrator in accordance with Section 15.6, may adopt any amendment within the scope of its authority provided under Section 19.1 and in the manner specified in Section 15.7(a).
(c) Any Change must be (1) set forth in writing, and (2) signed and dated by the Company's board of directors or its designee.
(d) If the effective date of any Change is not specified in the document setting forth the Change, it shall be effective as of the date it is signed in accordance with clause (2) above, except to the extent that another effective date is necessary to maintain the qualified status of this Plan and Trust under Code sections 401(a) and 501(a).
(e) No Change affecting the Trustee in its capacity as Trustee or in any other capacity shall become effective until it is accepted and signed by the Trustee (which acceptance shall not unreasonably be withheld).
Amendment and Termination Procedures. 69 19.6 Termination of Employer's Participation . . . . . . . . 70 19.7
Amendment and Termination Procedures. 62 19.6 Termination of Employer's Participation................... 63 19.7 Replacement of the Trustee................................ 63 19.8 Final Settlement and Accounting of Trustee................ 63 APPENDIX A - INVESTMENT FUNDS................................................ 65 ▇▇▇▇▇▇▇▇ ▇ - ▇AYMENT OF PLAN FEES AND EXPENSES............................... 66 APPENDIX C - LOAN INTEREST RATE.............................................. 67 --------------------------------------------------------------------------------
Amendment and Termination Procedures. A. If the Agent is delinquent in payment of monies due the Company, the Company may, by written notice to the Agent, immediately suspend the Agent's authority under items 1, 2, 3, and 4 of Authority of Agent, to whatever extent the Company may elect, during the period the Agent remains delinquent in such payment. Routine differences in account which are minor in amount will not constitute delinquency in payment under this provision.
B. If the Agent's license is suspended by the State Insurance Department, the Agent's authority under items 1 & 2 of Authority of Agent are suspended for duration of State Insurance Department suspension.
C. This Agreement shall terminate:
1. Automatically, if any public authority cancels or declines to renew the Agent's license or certificate of authority;
2. Upon the Company giving at least 180 days written notice in advance to the Agent unless a shorter time period is mutually agreed upon.
D. In the event this Agreement is terminated in accordance with Section C2 above, the Company will:
1. At the Agent's request, provide the Agent with a complete list of existing direct ▇▇▇▇ policies placed by the Agent with the Company, including the expiration date of such policies.
2. At the Agent's request, authorize the reinsurance of all existing policies with another company, in which event the Agent shall, at no cost to the Company, arrange with an other insurer acceptable to the Company for the prompt assumption of such risks on terms acceptable to the Company and Agent. The reinsurance will be effective as of the termination date of this Agreement, and the Company agrees to promptly deliver to the assuming company a bordereau of the business reinsured.
E. In the event of termination of this Agreement, the Agent having and continuing to promptly account for and pay to the Company the premiums for which he may be liable, the Agent's records, use and control of expirations will remain the property of the Agent and be left in his undisputed possession; otherwise the records, use and control of all expirations of business placed with the Company will become vested in the Company. If, in disposing of these records and expirations, the Company does not realize sufficient money to discharge in full the Agent's indebtedness to the Company, the Agent will remain liable for the balance of the indebtedness. Any amount realized in excess of indebtedness, less expense of disposing of the records and expirations, will be returned to the Agent.
Amendment and Termination Procedures. 55 19.6 Termination of Employer's Participation . . . . . . . . 56 19.7 Replacement of the Trustee . . . . . . . . . . . . . . 56 19.8 Final Settlement and Accounting of Trustee . . . . . . 56 APPENDIX A - INVESTMENT FUNDS . . . . . . . . . . . . . . . . . . 58 APPENDIX B - PAYMENT OF PLAN FEES AND EXPENSES . . . . . . . . . 59 APPENDIX C - LOAN INTEREST RATE . . . . . . . . . . . . . . . . . 60
Amendment and Termination Procedures. The following procedural requirements shall govern the adoption of any amendment or termination (a "Change") of this Plan and Trust:
(a) The Plan Sponsor may adopt any Change by action of its board of directors in accordance with its normal procedures.
(b) The Committee, if acting as Administrator in accordance with Section 15.6, may adopt any amendment within the scope of its authority provided under Section 19.1 and in the manner specified in Section 15.7(a).
(c) Any Change must be (1) set forth in writing, and (2) signed and dated by an executive officer of the Plan Sponsor or, in the case of an amendment adopted by the Committee, at least one of its members.
(d) If the effective date of any Change is not specified in the document setting forth the Change, it shall be effective as of the date it is signed by the last person whose signature is required under clause (2) above, except to the extent that another effective date is necessary to maintain the qualified status of this Plan and Trust under Code sections 401(a) and 501(a). --------------------------------------------------------------------------------
(e) A copy of any Change shall be provided to the Trustee.
(f) No Change affecting the Trustee in its role as Trustee under the Plan or in any other capacity shall become effective until it is accepted and signed by the Trustee (which acceptance shall not unreasonably be withheld).
Amendment and Termination Procedures. The following procedural requirements shall govern the adoption of any amendment or termination (a "Change") of the Plan and Trust:
(a) The Company may adopt any Change in accordance with its established internal governance procedures.
(b) Any Change must be (1) set forth in writing, and (2) signed and dated by an executive officer of the Company.
(c) If the effective date of any Change is not specified in the document setting forth the Change, it shall be effective as of the date it is signed by the last person whose signature is required under clause (2) above, except to the extent that another effective date is necessary to maintain the qualified status of the Plan and Trust under Code sections 401(a) and 501(a).
(d) No Change shall become effective until it is accepted and signed by the Trustee (which acceptance shall not unreasonably be withheld).