Deceased member Sample Clauses

Deceased member. A person who, at the time of his or her death, was an ac- tive duty member of a Uniformed Serv- ice under a call or order that did not specify a period of 30 days or less.
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Deceased member. In the event of the death of a Member (such Member, the "Deceased Member"), the interest of the Deceased Member may be transferred to the Deceased Member's estate or heirs-at-law; provided, however, that within ninety (90) days of receipt of notice of such death, the Company shall have the right to acquire the Deceased Member's entire Membership Interest at a price equal to the fair market value of such Membership Interest (determined by closing the books as of the day prior to the date of redemption, with allocations to be made hereunder as if the taxable year of the Company had ended on that date).
Sample 1
Deceased member. The Company shall, at the option of the Estate or Member's widow, repurchase a Deceased Member's interest by agreeing to distribute out his Capital Account. The pay out shall be done in three (3) equal, annual payments, the first one due within ninety (90) days of the Estate's or widow's election to be bought out. No interest shall be paid on the outstanding balance. If the Estate's or widow does not exercise this option within one (1) year after the death of the Member, such non-exercise shall be deemed an election by the Widow or inheriting "Family" member to become a Member and a disposition of the interest shall become subject to this agreement as such. If said share is inherited by a Non-Family member, such Transferee may Petition the Company for admittance as a Member under Section 5.3 B) above, except that if such request is rejected, Transferee may require the Company to purchase his interest on the same terms as the Widow, under this provision, or may seek to sell his interest under the terms of 5.3 B)
Sample 1

Related to Deceased member

  • Spouse The spouse of an eligible employee (if legally married under Minnesota law). For the purposes of health insurance coverage, if that spouse works full-time for an organization employing more than one hundred (100) people and elects to receive either credits or cash (1) in place of health insurance or health coverage or (2) in addition to a health plan with a seven hundred and fifty dollar ($750) or greater deductible through his/her employing organization, he/she is not eligible to be a covered dependent for the purposes of this Article. If both spouses work for the State or another organization participating in the State's Group Insurance Program, neither spouse may be covered as a dependent by the other, unless one spouse is not eligible for a full Employer Contribution as defined in Section 3A. Effective January 1, 2015 if both spouses work for the State or another organization participating in the State’s Group Insurance Program, a spouse may be covered as a dependent by the other.

  • Surviving Spouse The term "Surviving Spouse" shall mean the person, if any, who shall be legally married to the Executive on the date of the Executive's death.

  • Death of Member Upon the death of the Member, the Company shall be dissolved. By separate written documentation, the Member shall designate and appoint the individual who will wind down the Company’s business and transfer or distribute the Member's Interests and Capital Account as designated by the Member or as may otherwise be required by law.

  • Limited Partner The name and address of the New Limited Partner of the Partnership is 0000 X. Xxxx Xxxxx Xxxxxxxxx, 0xx Xxxxx, Xxxxx, Xxxxxxx 00000. The names and addresses of any other Limited Partners shall be set forth on Exhibit B, as amended from time to time, attached hereto and incorporated herein by this reference. The Partnership Interest of a Limited Partner shall be referred to herein as a “Limited Partnership Interest.”

  • How do the RMD Rules Impact my Designated Beneficiary or Beneficiaries The RMD rules provide for the determination of your designated beneficiary or beneficiaries as of September 30 of the year following your death. Consequently, any beneficiary may be eliminated for purposes of calculating the RMD by the distribution of that beneficiary’s benefit, through a valid disclaimer between your death and the end of September following the year of your death, or by dividing your IRA account into separate accounts for each of several designated beneficiaries you may have designated.

  • Substituted Member (a) An assignee of any Units or other interests in the Company of a Member, or any portion thereof, shall become a substituted Member entitled to all the rights of a Member if and only if the assignor gives the assignee such right.

  • Death, Incompetency, or Bankruptcy of Member On the death, adjudicated incompetence, or bankruptcy of a Member, unless the Company exercises its rights under Section 8.5, the successor in interest to the Member (whether an estate, bankruptcy trustee, or otherwise) will receive only the economic right to receive distributions whenever made by the Company and the Member's allocable share of taxable income, gain, loss, deduction, and credit (the "Economic Rights") unless and until a majority of the other Members determined on a per capita basis admit the transferee as a fully substituted Member in accordance with the provisions of Section 8.3.

  • Designated Beneficiary The individual who is designated as the Beneficiary under the Plan in accordance with Section 401(a)(9) of the Code and the regulations thereunder.

  • No Designated Beneficiary If the Participant dies before the date distributions begin and there is no designated beneficiary as of September 30 of the year following the year of the Participant’s death, distribution of the Participant’s entire interest will be completed by December 31 of the calendar year containing the fifth anniversary of the Participant’s death.

  • Participant See Section 7(a) hereof.

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