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ARTICLE IX - TERMINATION
9.1 TERMINATION. The Bmplayer shall have the right at
any time to terminate the Plan by delivering to the Trustee written
notice of such termination. A complete discontinuance of the
Employer's contributions to the Plan shall be deemed to constitute
a termination. Upon termination of the Plan all unallocated amounts
shall be allocated in accordance with the provisions hereof and _
all amounts credited to all Participants shall become fully Vested
and shall not thereafter be subject to forfeiture. Upon termination
of the Plan, the Employer, by written notice to the Trustee, may
direct either:
(a) continuation of the trust created by this Agreement
and the distribution of benefits at such time and in such manner
as though the plan had not been terminated; or
(b) subject to Paragraphs (c) and (d) of this Section, complete
distribution of the assets in the Trust Fund to the Participants,
in cash or in kind, in one lump-sum payment, or in the form of
a deferred annuity payable at Normal Retirement Date, as soon
as the Trustee deems it in the best interest of tie Participants
(no later than three (3) years after such termination).
(c) Plan Termination Procedure:
(i) The Employer must first notify the Pension Benefit
Guaranty Corporation at least ten (10) days prior to the date
of the proposed termination.
(ii) No termination distribution shall be made pending
notification from the Pension Benefit Guaranty Corporation as
to whether the Trust Assets are sufficient to discharge all
insured benefit obligations. Notification that assets are
not sufficient shall be treated as a termination by the Pension
Benefit Guaranty Corporation as of the date of notification.
(d) Priority of Benefits Upon approval from the Pension
Benefit Guaranty Corporation of the Plan termination, the Administra-
tor shall allocate the assets of the Plan among Participants and Bene-
ficiaries in the following order of priority and subject in any event ~
to the provisions of the Act:
(i) First to that portion of each Participant's Accrued
l Benefit which is derived from his Voluntary Contributions.
i
(ii) Equally among individuals in the following two
- categories: (1) Benefits to Retired Participants and their
Beneficiaries to whom payment commenced at least three (3) '
years prior to the termination date, based on Plan provisions
in effect during the five (5) year period ending on such date; ~
the lowest benefit in any pay status during the most recent #
three (3) year period shall be considered the benefit in pay j
status for such period and (2) Benefits as respects a Partici-
pant wherein payment would have commenced at least three (3)
i years prior to the termination date of the Participant had
actually retired, based on the lowest benefit determined under
~ the Plan provisions in effect during the five (5) year period
~ ending on such date.
i
~ (iii) All other benefits guaranteed (insured under the Act _
i determined without regard to Section 4022(b)(S) thereof; and
additional benefits, if any, under this subparagraph if Section -
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