For the sole benefit of definition

For the sole benefit of means no other individual or entity can benefit in any way from the assets or income at the time of a transfer or at any time in the future.
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For the sole benefit of means that for a transfer to a spouse, blind or disabled child, or disabled individual, the transfer is arranged in such a way that no individual or entity except the spouse, blind or disabled child, or disabled indi- vidual can benefit from the assets transferred in any way, whether at the time of the transfer or at any time during the life of the primary beneficiary.
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For the sole benefit of means: A transfer is considered to be for the sole benefit of a spouse, blind or disabled child, or a blind or disabled individual, when the transfer is established using a written agreement that legally binds the parties and clearly expresses that the transfer is for the spouse, blind or disabled child, or blind or disabled individual only, and that no one else can benefit from the assets transferred. Without this agreement, a transfer cannot be determined to be for the sole benefit of the individual.
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Examples of For the sole benefit of in a sentence

  • For the sole benefit of FmHA or its successor agency under Public Law 103–354, prior to beginning development work, the County Super- visor or District Director will review planned development with the bor- rower.

  • For the sole benefit of Princeton University and not Contractor in any manner, Architect/Engineer will observe the Work to ascertain if the Work is being performed in accordance with the Drawings and Specifications and the intent of same and all other construction documents.

  • For the sole benefit of Buyer, 192 this Contract is conditional upon Xxxxx’s review and approval of the provisions of such loan documents.

  • For the sole benefit of Buyer, 183 this Contract is conditional upon Xxxxx’s review and approval of the provisions of such loan documents.

  • For the sole benefit of Agent, the fees, including the arrangement fee and annual administrative fees (the “Agent Fees”) as set forth in the Fee Letter in the amounts and on the dates set forth therein, which fees shall be deemed fully-earned and nonrefundable as of the Closing Date.

  • For the sole benefit of the Agency, prior to beginning develop- ment work, the County Supervisor or District Director will review planned development with the borrower.

  • In managing the investments of the Portfolios, the Contractor will act: • With the skill, prudence, and diligence under the prevailing circumstances that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of like character and with like objectives; and • For the sole benefit of the Program’s beneficiaries.

  • For the sole benefit of 194 Buyer, this Contract is conditional upon Buyer’s review and approval of the provisions of such loan documents.

  • For the sole benefit of Buyer, this Contract is conditional upon Xxxxx's review and approval of the provisions of such loan documents.

  • For the sole benefit of the Agency, prior to beginning development work, the County Supervisor or District Director will review planned development with the borrower.

Related to For the sole benefit of

  • Indemnity, Subrogation and Contribution Agreement means the Indemnity, Subrogation and Contribution Agreement among Xxxxx 0, the Borrower, the Subsidiary Loan Parties and the Collateral Agent, substantially in the form of Exhibit C-3.

  • Parent Indemnified Parties has the meaning set forth in Section 9.2(a).

  • Indemnified Persons has the meaning assigned to such term in Section 7.12(c).

  • Contributing Parties has the meaning assigned to such term in the preamble.

  • Indemnity Cap has the meaning set forth in Section 8.4.3.

  • Indemnified Parties has the meaning set forth in Section 8.2.

  • Buyer Indemnified Parties has the meaning set forth in Section 8.2.

  • Purchaser Indemnified Parties has the meaning set forth in Section 8.2.

  • Agent Indemnitees means Agent and its officers, directors, employees, Affiliates, agents and attorneys.

  • Seller Indemnified Parties has the meaning set forth in Section 8.1.

  • Purchaser Indemnitees has the meaning set forth in Section 7.02.

  • Specified Purchase Agreement Representations means the representations and warranties made by the Seller or the Company in the Purchase Agreement as are material to the interests of the Lenders, but only to the extent that the Borrower (or the Borrower’s Affiliates) has the right (taking into account any applicable cure provisions) to terminate the Borrower’s (or such Affiliates’) obligations under the Purchase Agreement, or to decline to consummate the Acquisition (in each case, in accordance with the terms thereof), as a result of a breach of such representations and warranties.

  • Buyer Indemnitees has the meaning set forth in Section 8.02.

  • Parent Indemnitees has the meaning set forth in Section 8.02.

  • Related Liability with respect to any Asset means any liability existing and reflected on the Accounting Records of the Failed Bank as of Bank Closing for (i) indebtedness secured by mortgages, deeds of trust, chattel mortgages, security interests or other liens on or affecting such Asset, (ii) ad valorem taxes applicable to such Asset, and (iii) any other obligation determined by the Receiver to be directly related to such Asset.

  • Seller Indemnitees has the meaning set forth in Section 8.03.

  • Relief Act Interest Shortfall With respect to any Distribution Date and any Mortgage Loan, any reduction in the amount of interest collectible on such Mortgage Loan for the most recently ended calendar month as a result of the application of the Relief Act.

  • BRRD Liability means a liability in respect of which the relevant Write Down and Conversion Powers in the applicable Bail-in Legislation may be exercised.

  • Indemnification Cap has the meaning set forth in Section 9.4(a).

  • Holder Indemnified Parties has the meaning set forth in Section 7(a).

  • Breach of trust means a breach of any duty imposed on a trustee by this Act or by the terms of the trust;

  • Indemnification Period means the period of time during which Indemnitee shall continue to serve as a director or as an officer of the Corporation, and thereafter so long as Indemnitee shall be subject to any possible Proceeding arising out of acts or omissions of Indemnitee as a director or as an officer of the Corporation.

  • Purchaser Losses shall have the meaning set forth in Section 9.1(a).

  • Purchaser Fundamental Representations means the representations and warranties set forth in Section 4.1 (Organization; Good Standing); Section 4.2 (Corporate Power; Enforceability); Section 4.3(a) (Non-Contravention) and Section 4.8 (Brokers).

  • Liability Cap has the meaning ascribed to it in paragraph 1 of Schedule 9;