BB&T 2015 Annual Report Download - page 296

determination that the Company is not Insolvent or Bankrupt or is no longer Insolvent or Bankrupt. In making such determination, the
Trustee may retain outside experts competent to advise the Trustee as to whether the Company is in fact Insolvent or Bankrupt. The
expense of retaining such outside experts shall be deemed a Trust expense within the meaning of Section 7.2. The first payment to a
Participant upon such resumption shall include the aggregate amount of all payments that would have been made to the Participant in
accordance with the Plans during the period of discontinuance less the aggregate amount of payments under the Plans made to the
Participant directly by the Company during any period of discontinuance.
2.4 Notice of Insolvency: The Company, by its approval and execution of this Trust Agreement, represents and agrees
that the Board of Directors of BB&T Corporation and the Committee under the BB&T Non-Qualified Defined Contribution Plan and
the BB&T Supplemental Defined Contribution Plan for Highly Compensated Employees (the “Committee”) shall each have the
fiduciary duty and responsibility on behalf of the Company’s creditors to give to the Trustee prompt written notice of any event of the
Company’s Insolvency or Bankruptcy. The Trustee shall be entitled to rely thereon to the exclusion of all directions or claims to pay
benefits thereafter made.
2.5 Insolvency: The Company shall be deemed to be Insolvent or Bankrupt upon the occurrence of either of the
following:
(a) The Company is unable to pay its debts as they fall due; or
(b) The Company shall make an assignment for the benefit of creditors, file a petition in bankruptcy, petition or
apply to any tribunal for the appointment of a custodian, receiver, liquidator, sequestrator or any trustee for it or
a substantial part of its assets, or shall commence any case under any bankruptcy, reorganization, arrangement,
readjustment of debt, dissolution or liquidation law or statute of any jurisdiction (federal or state), whether now
or hereafter in effect; or there shall have been filed any such petition or application, or any such case shall have
been
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Source: BB&T CORP, 10-K, February 25, 2016 Powered by Morningstar® Document Research℠
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