Common use of Trustee Statements Clause in Contracts

Trustee Statements. (a) The Trustee shall render to the Company, the Bank, and the Committee monthly statements of its receipts and disbursements as Trustee hereunder. Within 60 days after the close of each calendar year or any termination of the duties of the Trustee, the Trustee shall prepare, sign and mail to each of the Company, the Bank and the Committee one or more summary reports. These reports shall show all purchases, sales, receipts, disbursements, and other transactions effected by the Trustee during the year or period for which the applicable report or reports are filed, and shall contain an exact description, the cost as shown on the Trustee's books, and the fair market value as of the end of such period, of every item held in the Trust and the amount and nature of every obligation owed by the Trust, and any allocations of Trust Funds made under the terms hereof. Each of the Company and the Bank shall make a copy of such reports (or any adjustment thereof) available for inspection by Participants and Beneficiaries (and persons designated by them) at its principal executive office during business hours for a period of 60 days (30 days in the case of an adjusted report). If within 90 days after receipt of the report neither the Company, the Bank nor any Participant, Beneficiary or Committee member has filed with the Trustee notice of any objection to any act or transaction of the Trustee, the initial report shall become final as between the Trustee, the Company, the Bank, the Committee and the Participants and Beneficiaries. If any objection has been filed, and if the objecting party is satisfied that it should be withdrawn, the objecting party shall in writing filed with the Trustee signify its approval of the report, and it shall become a final report as between the Trustee, the Company, the Bank, the Committee and the Participants and Beneficiaries. If the report is adjusted following an objection thereto, the Trustee shall mail to the Company, the Bank and the Committee the adjusted report, and if within 30 days after receipt of the adjusted report neither the Company, the Bank nor any Participant, Beneficiary or Committee member has filed with the Trustee notice of any objection to the transactions as so adjusted, the adjusted report shall become a final report as between the Trustee, the Company, the Bank, the Committee and the Participants and Beneficiaries. (b) Unless a report is fraudulent, when it becomes a final report it shall be finally settled, and to the extent permitted by law, the Trustee shall be completely discharged and released, as if such report had been settled and allowed by a judgment or decree of a court of competent jurisdiction in an action or proceeding in which the Trustee, the Company, the Bank, and the Participants and Beneficiaries were parties.

Trustee Statements. (a) The Trustee shall render to the Company, the Bank, and the Committee monthly Company quarterly statements of its receipts and disbursements as Trustee hereunder. Within 60 90 days after the close of each calendar year or any termination of the duties of the Trustee, the Trustee shall prepare, sign and mail in duplicate to the Company an account of its acts and transactions as Trustee hereunder. If the Trustee files an account while the Company is Insolvent, the Company shall notify each of its creditors to whom it owes $1,000,000.00 or more that the account has been filed. In the event of Insolvency of the Company, the Bank and the Committee one or more summary reports. These reports shall show all purchases, sales, receipts, disbursements, and other transactions effected by the Trustee during the year or period for which the applicable report or reports are filed, and shall contain an exact description, the cost as shown on the Trustee's books, and the fair market value as of the end of such period, of every item held in the Trust and the amount and nature of every obligation owed by the Trust, and any allocations of Trust Funds made under the terms hereof. Each of the Company and the Bank shall make a copy of such reports account (or any adjustment thereof) available for inspection by Participants and Beneficiaries (and persons designated by them) creditors of the Company, at its principal executive office during ordinary business hours for a period of 60 days (30 days in the case of an adjusted reportaccount). If within 90 days after receipt of the report account neither the CompanyCompany nor, in the Bank nor event of Insolvency, any Participant, Beneficiary or Committee member creditor of the insolvent entity has filed with the Trustee notice of any objection to any act or transaction of the Trustee, the initial report account shall become final an account stated as between the Trustee, the Company, and all persons having or claiming to have an interest in the Bank, the Committee and the Participants and BeneficiariesTrust Fund. If any objection has been filed, and if the objecting party is satisfied that it should be withdrawn, the objecting party shall in a writing filed with the Trustee signify its approval of the reportaccounts, and it shall become a final report an account stated as between the Trustee, the Company, and all persons having or claiming to have an interest in the Bank, the Committee and the Participants and BeneficiariesTrust Fund. If the report account is adjusted following an objection thereto, the Trustee shall mail to the Company, the Bank and the Committee the adjusted report, and if within 30 days after receipt of the adjusted report neither the Company, the Bank nor any Participant, Beneficiary or Committee member has filed with the Trustee notice of any objection to the transactions as so adjusted, the adjusted report shall become a final report as between the Trustee, the Company, the Bank, the Committee and the Participants and Beneficiaries. (b) Unless a report an account is fraudulent, when it becomes a final report an account stated it shall be finally settled, and to the extent permitted by law, the Trustee shall be completely discharged and released, as if such report account had been settled and allowed by a judgment or decree of a court of competent jurisdiction in an action or proceeding in which the Trustee, the Company, and all persons having or claiming to have an interest in the Bank, and the Participants and Beneficiaries Trust were parties.