Initial Beneficiary Clause Samples
The Initial Beneficiary clause designates the first party entitled to receive benefits, rights, or proceeds under an agreement or policy. Typically, this clause identifies a specific individual or entity who will be the recipient of payments, assets, or other entitlements, such as in insurance contracts or trust arrangements. By clearly naming the initial beneficiary, the clause ensures that there is no ambiguity regarding who is to benefit at the outset, thereby preventing disputes and facilitating the smooth execution of the agreement’s terms.
Initial Beneficiary. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.05 and until the issuance of the Certificates, the Depositor shall be the sole beneficiary of the Trust.
Initial Beneficiary. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.05 and until the issuance of the Residual Certificates, the Depositor shall be the sole beneficiary of the Trust.
Initial Beneficiary. Liability of the Holder of the Ownership Certificate. Section 2.08. Situs of Trust. Section 2.09. Title to Trust Property. Section 2.10. Representations and Warranties of the Depositor. Section 2.11. Tax Treatment. Section 2.12. Investment Company.
Initial Beneficiary. The Grantor shall be the initial sole beneficiary of the Trust.