Purpose of the PRT Sample Clauses

The "Purpose of the PRT" clause defines the main objective and intended use of the Pension Risk Transfer (PRT) arrangement within the agreement. It typically outlines that the PRT is established to transfer certain pension-related liabilities from the plan sponsor to an insurer or other third party, specifying which benefits or participant groups are covered. By clearly stating the scope and intent of the PRT, this clause ensures all parties understand the transaction's goals and helps prevent misunderstandings about the arrangement's function.
Purpose of the PRT. 2.2.1 The sole purpose of the PRT is to provide funds for the purpose of discharging Reclamation Obligations. 2.2.2 The PRT shall be administered so that all contributions to and income or gains of the PRT shall be used to: (a) discharge the Reclamation Obligations; (b) compensate the Trustee or its Agents for services rendered or expenses incurred in accordance with this Agreement; (c) discharge the PRT's Tax Obligations; and these payments only.
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Purpose of the PRT. 2.2.1 The sole purpose of the PRT is to provide the funds necessary to carry out Reclamation Work. 2.2.2 Until such Reclamation Work is complete, to the maximum extent permitted by Applicable Laws, and subject to section 2.4, the PRT shall be administered so that all contributions to and income or gains of the PRT shall only be used to: (a) accumulate and disburse the funds required to defray all costs incurred with respect to carrying out Reclamation Work; (b) compensate the Trustee or its Agents for services rendered or expenses incurred in accordance with this Agreement; and (c) discharge the PRT’s Tax Obligations.
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Purpose of the PRT. 2.2.1 The sole purpose of the PRT is to provide the funds necessary to carry out Reclamation Work. 2.2.2 Until such Reclamation Work is complete, to the maximum extent permitted by Applicable Laws, and subject to section 2.4, the PRT shall be administered so that all contributions to and income or gains of the PRT shall only be used to: (a) accumulate and disburse the funds required to defray all costs incurred with respect to carrying out Reclamation Work; (b) compensate the Trustee or its Agents (in accordance with an agreement entered into between the Trustee and the Primary Beneficiary) for services rendered or expenses incurred in accordance with this Agreement; and (c) discharge the PRT’s Tax Obligations.
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Related to Purpose of the PRT

  • Purpose of the Plan The Plan is intended to increase incentives and to encourage Share ownership on the part of (1) employees of the Company and its Affiliates, (2) consultants who provide significant services to the Company and its Affiliates, and (3) directors of the Company who are employees of neither the Company nor any Affiliate. The Plan also is intended to further the growth and profitability of the Company. The Plan is intended to permit the grant of Awards that qualify as performance-based compensation under section 162(m) of the Code.

  • Purpose of the Loan The purpose of the Loan is to provide financing for the Borrower’s activities and investments.

  • PURPOSE OF THE AGREEMENT ‌ The purpose of this Agreement is to authorize PDL NPDL to charter space to PFLG in the Trade (as hereinafter defined).

  • PURPOSE OF THE TRUST The purpose of the Trust shall be to (a) manage, conduct, operate and carry on the business of an investment company; (b) subscribe for, invest in, reinvest in, purchase or otherwise acquire, hold, pledge, sell, assign, transfer, exchange, distribute or otherwise deal in or dispose of any and all sorts of property, tangible or intangible, including but not limited to Securities of any type whatsoever, whether equity or nonequity, of any issuer, evidences of indebtedness of any person and any other rights, interest, instruments or property of any sort to exercise any and all rights, powers and privileges of ownership or interest in respect of any and all such investment of every kind and description, including without limitation, the right to consent and otherwise act with respect thereto, with power to designate one or more Persons to exercise any of said rights, powers and privileges in respect of any of said investments. The Trustees shall not be limited by any law limiting the investments which may be made by fiduciaries.

  • Purpose of DPA The purpose of this DPA is to describe the duties and responsibilities to protect Student Data including compliance with all applicable federal, state, and local privacy laws, rules, and regulations, all as may be amended from time to time. In performing these services, the Provider shall be considered a School Official with a legitimate educational interest, and performing services otherwise provided by the LEA. Provider shall be under the direct control and supervision of the LEA, with respect to its use of Student Data