Common use of Payments from the Fund Clause in Contracts

Payments from the Fund. The Trustee shall from time to time, on the written directions of the Plan Administrator, make payments out of the Trust Fund to such persons, in such manner, in such amounts, and for such purposes as may be specified in the written directions of the Plan Administrator, pursuant to Article V, and upon any such payment being made, the amount thereof shall no longer constitute a part of the Trust Fund. Each such written direction shall be accompanied by a certificate of the Plan Administrator that the payment is in accordance with the Plan. The Trustee shall not be responsible in any way with respect to the application of such payments, or, subject to observing the standards hereinabove set forth in Sections 8.1 through 8.5, for the adequacy of the Trust Fund to meet and discharge any and all liabilities under the Plan.

Appears in 2 contracts

Sources: Employee Stock Ownership Plan and Trust (Southwest Georgia Financial Corp), Employee Stock Ownership Plan and Trust (Southwest Georgia Financial Corp)