Common use of Distribution Procedure Clause in Contracts

Distribution Procedure. The Trustee shall make or commence distri- butions to or for the benefit of Participants only on receipt of a direction (in a form approved by the Trustee) from the Plan Administrator certifying that a distribution of a Participant’s benefits is payable pursuant to the Plan, and specifying the manner and amount of payment. The Trustee shall be fully protected in acting upon the directions of the Plan Administrator in making benefit distributions, and shall have no duty to determine the rights or bene- fits of any person under the Plan or to inquire into the right or power of the Plan Administrator to direct any such distribution. A beneficiary designation form completed and filed in accordance with Section 7.4 shall be deemed a direction of the Plan Administrator for purposes of this Section 7.8. The Trustee shall be entitled to assume conclusively that any determination by the Plan Administrator with respect to a distribution meets the requirements of the Plan. The Trustee shall not be required to make any payment hereun- der in excess of the net realizable value of the assets of the Trust held for the Participant at the time of such payment, nor to make any payment in cash unless the Plan Administrator has furnished instructions in a form and man- ner acceptable to the Trustee as to the assets to be converted to cash for the purposes of making payment. The Trustee is expressly authorized to liqui- date any assets held in a Participant’s Account to make a payment under this Section, but shall not be deemed to have exercised any fiduciary discretion in doing so.

Distribution Procedure. The Trustee shall make or commence distri- butions distributions to or for the benefit of Participants only on receipt of a direction (in a form approved by acceptable to the Trustee) from the Plan Administrator certifying that a distribution of a Participant’s benefits is payable pursuant to the Plan, and specifying the manner and amount of payment. The Trustee shall be fully protected in acting upon the directions of the Plan Administrator in making benefit distributions, and shall have no duty to determine the rights or bene- fits benefits of any person under the Plan or to inquire into the right or power of the Plan Administrator to direct any such distribution. A beneficiary designation form completed and filed in accordance with Section 7.4 shall be deemed a direction of the Plan Administrator for purposes of this Section 7.8. The Trustee shall be entitled to assume conclusively that any determination by the Plan Administrator with respect to a distribution meets the requirements of the Plan. The Trustee shall not be required to make any payment hereun- der hereunder in excess of the net realizable value of the assets of the Trust held for the Participant at the time of such payment, nor to make any payment in cash unless the Plan Administrator has furnished instructions in a form and man- ner manner acceptable to the Trustee as to the assets to be converted to cash for the purposes of making payment. The Trustee is expressly authorized to liqui- date liquidate any assets held in a Participant’s Account to make a payment under this Section, but shall not be deemed to have exercised any fiduciary discretion in doing so.