BB&T 2015 Annual Report Download - page 295

Section 2. Claims of Company’s Creditors:
2.1 No Security Interest: The parties hereto intend that the Trust Fund shall be subject to the claims of the Company’s
general creditors in the event the Company becomes Insolvent or Bankrupt, as defined in Section 2.5. Accordingly, the Company shall
not create a security interest in the Trust Fund in favor of the Participants in the Plans or any creditor. The Trust shall not. create any
preferred claim over creditors of the Company for any Participant under the Plans. All rights of a Participant created under the Plans
against the Company shall remain unsecured contractual rights of the Participant.
2.2 Suspension of Payments: Notwithstanding any provisions in the Trust to the contrary but subject to the provisions
of Section 14.2, if at any time while the Trust is in existence the Company becomes Insolvent or Bankrupt, the Trustee shall, upon
written notice thereof, suspend the payment of all benefits and other amounts from the Trust Fund and hold the Trust Fund for the
benefit of the Company’s general creditors, and deliver the entire amount of the Trust Fund only as a court of competent jurisdiction, or
duly appointed receiver or other person authorized to act by such a court, may direct to make the Trust Fund available to satisfy the
claims of the Company’s general creditors. Unless the Trustee has actual knowledge of the Company’s Insolvency or Bankruptcy, the
Trustee shall have no duty to inquire whether the Company is Insolvent or Bankrupt, and the Trustee shall be protected in making
distributions hereunder unless and until the Trustee shall have actual knowledge of such Insolvency or Bankruptcy.
2.3 Resumption of Payments: If the Trust shall have any assets following application of Section 2.2, the Trustee shall
resume all its duties and responsibilities under the Trust, including payments to the Participants under the Plans, within thirty days of
the Trustee’s
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Source: BB&T CORP, 10-K, February 25, 2016 Powered by Morningstar® Document Research℠
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