Common use of Unclaimed Amounts Clause in Contracts

Unclaimed Amounts. Unclaimed amounts shall consist of benefits to be paid to Participants or Beneficiaries but that cannot be distributed because of inability to locate the distributee after making a reasonable due diligence effort to do so. Unclaimed amounts shall become Forfeitures and shall be applied in accordance with Section 6.13(e) of the Plan after the expiration of one year from the date as of which they were originally directed to be distributed. In accordance with the foregoing, any such Forfeiture shall be and remain assets of the Plan, until paid or distributed in accordance with the provisions of the Plan, and in no event shall any such Forfeiture escheat to, or otherwise be paid to, any governmental unit under any escheat or unclaimed property law. If the intended distributee of an unclaimed amount or his or her Beneficiary subsequently appears and files a claim for the forfeited benefit, it shall be restored, without adjustment for gains or losses after the date of forfeiture, in accordance with Section 6.13(d) of the Plan.