Defaulting Beneficiary definition

Defaulting Beneficiary means a Beneficiary in breach of any obligation(s) under the Grant Agreement and/or this Consortium Agreement.
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Defaulting Beneficiary has the meaning ascribed to such term as set forth in Section 4.5;
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Examples of Defaulting Beneficiary in a sentence

  • Where the IMI2 JU terminates the participation of a Defaulting Beneficiary due to his breach of any obligation under the Grant Agreement in accordance with the provisions of the Grant Agreement, subject to the continuation in force of Clauses 13.4.2 and 13.5, that Defaulting Beneficiary’s participation under, and as a Beneficiary to, this Consortium Agreement shall be deemed to have been terminated.

  • The Coordinator is entitled to recover any payments already paid to a Defaulting Beneficiary.

  • However, this Consortium Agreement or the participation of one or more Beneficiaries to it may be terminated (a) by a non-Defaulting Beneficiary by the mutual written consent of the Beneficiaries and subject without limitation to Sections 3.3, 4.1 and 9.9.2.1 of this Consortium Agreement; (b) for a Defaulting Beneficiary subject and without limitation to Sections 3.3, 4.2 and 9.9.2.2 of this Consortium Agreement and (c) by the mutual written consent of all of the Beneficiaries on terms to be agreed.

  • In the event of a breach by a Beneficiary (Defaulting Beneficiary) of its obligations under this Consortium Agreement or the Grant Agreement which is irremediable or which is not remedied within thirty (30) calendar days of a written notice from the Coordinator, then the other Beneficiaries in the Consortium Council may jointly decide to terminate this Consortium Agreement with respect to the Defaulting Beneficiary following a minimum of 30 calendar days prior to written notice by the Coordinator.

  • The General Assembly should agree on a procedure regarding additional costs which are not covered by the Defaulting Beneficiary or the mutual insurance mechanism (as provided for in the Grant Agreement).

  • In addition, a Defaulting Beneficiary shall bear any reasonable and justifiable additional costs occurring to the other Beneficiaries in order to perform the leaving Beneficiary´s task and necessary additional efforts to fulfil them as a consequence of the Beneficiary leaving the consortium.

  • However, for communications relating to a specific Beneficiary (other than with respect to Deliverables agreed upon in the relevant WPs and the submission of reports and guarantees provided by such Beneficiary to the Coordinator), the Coordinator shall request the views of the specific Beneficiary and, except in the case it is a Defaulting Beneficiary, incorporate the input of such a Beneficiary in the relevant communication.

  • The FY2008 budget has been adjusted to reflect the correct position count in Mental Health Support Services.

  • Where the IHI JU terminates the participation of a Defaulting Beneficiary due to his breach of any obligation under the Grant Agreement in accordance with the provisions of the Grant Agreement, subject to the continuation in force of Clauses 13.4.2 and 13.5 of this Consortium Agreement, that Defaulting Beneficiary’s participation under, and as a Beneficiary to, this Consortium Agreement shall be deemed to have been terminated.

  • If such breach is substantial and is not remedied within that period or is not capable of remedy, the Project Management Committee may decide to declare the Beneficiary to be a Defaulting Beneficiary and to decide on the consequences thereof which may include termination of its participation.

Related to Defaulting Beneficiary

  • 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.

  • 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.

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

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

  • 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.

  • 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.

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

  • 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.

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

  • 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.

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

  • Termination Benefit means the benefit set forth in Article 7.

  • Disability Benefit means the benefit set forth in Article 8.

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

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

  • Accrued Benefit means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.

  • CDS Participant means a participant in CDS that holds security entitlements in Units on behalf of beneficial owners of those Units;

  • Beneficiary(ies means the beneficiary(ies) designated by the Participant who are entitled to receive any distributions from the Plan payable upon the death of the Participant.

  • 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;

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

  • Non-U.S. Participant means any Participant that if it were a Lender would qualify as a Non-U.S. Lender.

  • Other Participant means a cooperative project participant other than the United States.

  • Disability benefit recipient means a member who is receiving a disability benefit.

  • Voting Participant has the meaning specified in Section 10.06(d).

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Retired Participant means a person who has been a Participant, but who has become entitled to retirement benefits under the Plan.