Controlling Beneficiary definition

Controlling Beneficiary means ART so long as (i) any Senior Note remains outstanding (without taking into account any payments pursuant to the Note Policy), or (ii) any Class C Notes owned by ART (including for the purpose of sub-paragraph (ii) of the definition "Controlling Beneficiary", any Affiliate of ART) and/or ART Zurich remain outstanding and ART and/or ART Zurich (or any Affiliate of ART) retains beneficial ownership of all Class C Notes issued to it (for these purposes, Class C Notes shall be deemed to be beneficially owned by ART (or any Affiliate of ART) if credited to ART and/or ART Zurich (or any Affiliate of ART) in the records of a participant (or indirect participant) in the clearing system through which such Class C Notes are held) or (iii) any amount owed to ART under the Reimbursement Agreement or the CD Guarantee is outstanding, or thereafter the Trustee, provided that ART shall not be the Controlling Beneficiary in any of (i), (ii) or (iii) above where an ART Event of Default has occurred and is continuing;
Sample 1
Controlling Beneficiary means MBIA unless an Insurer Default has occurred and is continuing in which event the Majority Managing Agents shall be the Controlling Beneficiary; provided that if the Liquidity Security Agreement is then in effect and the Trigger Date (as defined in the Liquidity Security Agreement) has occurred, the Liquidity Collateral Agent shall be deemed to be the Managing Agent on behalf of Triple-A for purposes of determining who is the Controlling Beneficiary.
Sample 1

Examples of Controlling Beneficiary in a sentence

  • The proposed Macmillan Final Judgment also specifically carves out some conduct, which normally is permitted under the antitrust laws, that Macmillan may pursue unilaterally.

  • No Noteholder will be entitled to proceed directly against the Note Issuer or enforce the Note Security unless the Credit Facility Provider is not the Controlling Beneficiary and the Note Trustee, having become bound so to enforce the Note Security, fails to do so within a reasonable period and such failure will be continuing.

  • Subject to Clause 25 of the Funding 1 Deed of Charge, Clause 12 of the Funding 2 Deed of Charge and Clauses 2, 3 and 4 of the Controlling Beneficiary Deed, any amendments to this Amended and Restated Master Definitions and Construction Schedule will be made only with the prior written consent of each party to this Amended and Restated Master Definitions and Construction Schedule.

  • For the avoidance of doubt, this Deed and Power of Attorney does not extend to the Funding Security Trustee Controlling Directions (as defined in the Controlling Beneficiary Deed).

  • If the Note Trustee has been informed or has actual notice that the Credit Facility Provider is no longer the Controlling Beneficiary, the Note Trustee will as soon as practicable thereafter notify the Noteholders in accordance with Note Condition 15 and the Rating Agency.

  • Each Funding Company and each Funding Security Trustee will exercise all rights, powers, benefits and/or discretions conferred on it under this Deed (including, without limitation, in giving its consent, approval or authorisation to any event, matter or thing requested hereunder) in accordance with the Controlling Beneficiary Deed (as applicable) and (in the case of a Funding Company) the relevant Funding 1 Deed of Charge.

  • Furthermore, any liberty or power which may be exercised or any determination which may be made hereunder by a Funding Security Trustee may be exercised or made in its absolute discretion without any obligation to give reasons therefor, but in any event must be exercised or made in accordance with the provisions of the Funding Deed of Charge or the Funding 2 Deed of Charge (as applicable) and the Controlling Beneficiary Deed.

  • Subject to the Controlling Beneficiary Deed (as applicable) and (in the case of a Funding Company) the relevant Funding 1 Deed of Charge, no amendment or waiver of any provision of this Deed shall be effective unless the same shall be in writing and signed by (or by some person duly authorised by) each of the parties to this Deed.

  • Human Resources Director, Jenny Bentley, announced Thursday, September 27th, orientation is scheduled from 2:00 to 4:00 p.m. and November 7th & 8th is Open enrollment and Health Assessment.

  • Each of the Pledge Agreement, the Equity Pledge Agreement, the Security Assignment and the Japanese Law Security Agreement provide for enforcement of the Bond Security and the exercise of rights generally by the Security Agent at the written direction of the Note Trustee (acting at the direction of the Controlling Beneficiary) in relation to the Bond Security upon the service of a Bond Enforcement Notice.

Related to Controlling Beneficiary

  • Surviving beneficiary or "surviving descendant" means a beneficiary or a descendant who did not predecease the decedent and is not considered to have predeceased the decedent under section 2702.

  • Successor of a beneficiary means a person who succeeds to substantially all of the rights of a beneficiary by operation of law, including a corporation with or into which the beneficiary has been merged or consolidated, an administrator, executor, personal representative, trustee in bankruptcy, debtor in possession, liquidator, and receiver.

  • Qualified beneficiary means a beneficiary who, on the date the beneficiary's qualification is determined:

  • Income beneficiary means a person to whom net income of a trust is or may be payable.

  • primary beneficiary means the individual for whose primary benefit the trust is then held. For purposes of Section 8.3, a Qualified Entity is a member of each Family Group to which such one or more Qualified Trusts that are its equity holders belong.

  • Refund beneficiary means an individual nominated by a qualified participant or a former qualified participant under section 66 to receive a distribution of the participant's accumulated balance in the manner prescribed in section 67.

  • Financial Beneficiary means any Principal of the Developer or Applicant entity who receives or will receive any direct or indirect financial benefit from a Development, except as further described in Rule 67-21.0025, F.A.C.

  • Initial Beneficiary means ALF LLC, as initial beneficiary under the Titling Trust Agreement and its permitted successors and assigns.

  • Third Party Beneficiary means each of the non-NHS bodies set out in the list attached at Schedule 1, as supplied from time to time by the Authority to the Contractor;

  • land reform beneficiary , in relation to a property, means a person who -

  • Qualified Beneficiaries has the meaning set forth in Section 4.12.

  • legal personal representative means the personal or other legal representative of the shareholder;

  • Remainder beneficiary means a person entitled to receive principal when an income interest ends.

  • Beneficiary means each designated person, or the estate of the deceased Executive, entitled to benefits, if any, upon the death of the Executive, determined according to Article 4.

  • Designated Beneficiary means the beneficiary or beneficiaries the Participant designates, in a manner the Administrator determines, to receive amounts due or exercise the Participant’s rights if the Participant dies or becomes incapacitated. Without a Participant’s effective designation, “Designated Beneficiary” will mean the Participant’s estate.

  • Personal representative means the person or persons who, upon the disability or incompetence of a Participant, shall have acquired on behalf of the Participant, by legal proceeding or otherwise, the power to exercise the rights or receive benefits under this Plan and who shall have become the legal representative of the Participant.

  • Surviving Spouse means the widow or widower, as the case may be, of a Deceased Participant or a Deceased Beneficiary (as applicable).

  • UTI Beneficiary means NILT Trust, in its capacity as the initial beneficiary of the Titling Trust.

  • Former Spouse means the individual who is considered by Applicable Laws to be the Annuitant’s former spouse or common-law partner;

  • Controlling Person With respect to any Person, any other Person who “controls” such Person within the meaning of the Securities Act.

  • Contingent Beneficiary is the person that becomes the Beneficiary if the named Beneficiary dies prior to the Income Date.

  • Control Person means any Person that holds or is one of a combination of Persons that holds a sufficient number of any of the securities of an issuer so as to affect materially the control of that issuer, or that holds more than 20% of the outstanding voting securities of an issuer except where there is evidence showing that the holder of those securities does not materially affect the control of the issuer;

  • Company Control Person means each director, executive officer, promoter, and such other Persons as may be deemed in control of the Company pursuant to Rule 405 under the 1933 Act or Section 20 of the 1934 Act (as defined below).

  • Spouse means, an individual who,

  • Substantial Holder means a Person (including, without limitation, any group of Persons treated as a single “entity” within the meaning of the Treasury Regulation Section 1.382-3) holding Corporation Securities, whether as of the Effective Date, after giving effect to the Plan, or thereafter, representing a Percentage Stock Ownership (including indirect ownership, as determined under applicable Treasury Regulations) in the Corporation of at least 4.75%.

  • Eligible beneficiary means a resident of this state who: