Common use of Distributions and Withdrawals Clause in Contracts

Distributions and Withdrawals. Subject to applicable laws and regulations and upon the direction of the Employer or Participant, as the case may be, State Street shall in accordance with the terms, as applicable, of the ABA Members Plans, Individually Designed Plans that are Individual Recordkeeping Plans and the Trusts, distribute the account balance or accrued benefit of each Participant. State Street shall make available to each Participant such arrangements as are necessary for the payment of benefits in accordance with applicable law and with the terms, as applicable, of the ABA Members Plans, Individually Designed Plans that are Individual Recordkeeping Plans, and the Trusts. In the case of an Individually Designed Plan that is an Aggregate Recordkeeping Plan, State Street shall make all payments to the trustee of such Plan. In accordance with the applicable Service Standards, State Street shall, subject to Section 11.01, provide each Investor under an Individual Recordkeeping Plan with a written confirmation of each distribution and any withdrawal from the assets for which such Investor is responsible.

Distributions and Withdrawals. Subject to applicable laws and ----------------------------- regulations and upon the direction of the Employer or Participant, as the case may be, State Street shall in accordance with the terms, as applicable, of the ABA Members Plans, Individually Designed Plans that are Individual Recordkeeping Plans and the Trusts, distribute the account balance or accrued benefit of each Participant. State Street shall make available to each Participant such arrangements as are necessary for the payment of benefits in accordance with applicable law and with the terms, as applicable, of the ABA Members Plans, Individually Designed Plans that are Individual Recordkeeping Plans, and the Trusts. In the case of an Individually Designed Plan that is an Aggregate Recordkeeping Plan, State Street shall make all payments to the trustee of such Plan. In accordance with the applicable Service Standards, State Street shall, subject to Section 11.01, provide each Investor under an Individual Recordkeeping Plan with a written confirmation of each distribution and any withdrawal from the assets for which such Investor is responsible.