Default Beneficiary Clause Samples
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Default Beneficiary. If: (i) a Participant fails to name a Beneficiary in accordance with Section 7.05(A); or (ii) the Beneficiary (and all contingent or successive Beneficiaries) whom the Participant designates predecease the Participant, are invalid for any reason, or disclaim the Participant's Vested Account Balance and the Plan Administrator has accepted the disclaimers as valid, then the Trustee (subject to any contrary provision in Appendix B under Section 7.05(C)) will distribute the Participant's Vested Account Balance in accordance with Section 6.03 in the following order of priority to:
Default Beneficiary. If no Beneficiary designation is in effect at the time of an Optionee's death, or if no designated Beneficiary survives the Optionee, or if such designation conflicts with applicable law, the Optionee's estate shall be considered the Beneficiary. If the Board or Committee is in doubt as to the right of any person to exercise the Option, the Company may refuse to recognize such exercise, without liability for any interest or dividends on the Option Stock, until the Board or Committee determines the person entitled to exercise the Option, or the Company may apply to any court of appropriate jurisdiction and such application shall be a complete discharge of the liability of the Company therefor.
Default Beneficiary. In the event the Participant does not have a valid Designated Beneficiary, the Designated Beneficiary will be (select one):
1. □ determined under Plan Section 3.6.1.
2. □ the Participant’s spouse; if no spouse, the Participant’s estate.
3. □ other (e.g., the Participant’s spouse; if no spouse the Participant’s children; if no children the Participant’s estate):
Default Beneficiary. The following special rules apply if:
(i) the Employer Plan allows a Participant to designate a Beneficiary for his or her Account in accordance with the Custodian’s account agreement rather than in accordance with the Employer’s Plan; and
(ii) Participant has not designated a beneficiary at the Employer Plan level and/or the Employer
Default Beneficiary. If an Event of Default has occurred and is continuing, the Administrative Agent may perform, or cause to be performed, any additional appraisal reports and field exams, and all such reports and field exams shall be performed at the Borrower’s sole cost and expense. Notwithstanding anything herein to the contrary, (i) no Credit Party nor any Affiliate thereof nor any of the foregoing’s respective equity holders are intended to, and no such Person shall be, third party beneficiaries of any appraisal reports, field exams or collateral audit conducted by any Secured Party or any other Person at the direction of any Secured Party, (ii) no Secured Party is obligated to share any such material or information with any Person other than the directly intended and express beneficiary thereof and (iii) as a condition to any disclosure of such material or information which a Secured Party may, but is not obligated to, provide, the applicable Secured Party may require that the Borrower execute and deliver a confidential, non-reliance, or other disclosure agreement in form and substance acceptable to the disclosing Secured Party (which agreement would not go into effect until the delivery of the applicable audit, appraisal report or field exam).
Default Beneficiary. If a Participant dies without having a valid Beneficiary designation in effect, the Participant’s Account will be distributed to the deceased Participant’s default Beneficiary.
Default Beneficiary. If no primary or contingent beneficiaries designated pursuant to Section 3(a) or 3(b) have survived the Account Owner, or if no beneficiaries have been properly designated at the time of the Account Owner’s death, the primary beneficiaries shall be the Account Owner’s surviving spouse, or if none, his surviving issue per stirpes, or if none, his estate.
Default Beneficiary. If there is no surviving designated Beneficiary at the date of the Clergyperson's death, any benefit payable under Section 5.01 shall be paid by the Trustee to the Spouse (if he/she survives the Clergyperson); otherwise, to the estate of the deceased.
Default Beneficiary. In the case of a Participant who is married, the Participant's Beneficiary shall be the Participant's Spouse, but if the Participant's Spouse consents as provided in this Section 7.7, or if the Participant is not married, then the Participant shall have the right to designate that after such Participant's death such Participant's accounts shall be distributed to a designated Beneficiary or Beneficiaries.
Default Beneficiary. 10 (d) If the Beneficiary Dies During Payment..................... 10 5.5