Sole benefit of definition

Sole benefit of means that no individual or entity, except the person for whom the trust was
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Examples of Sole benefit of in a sentence

  • Sole benefit of: A transfer is considered for the sole benefit of a spouse, blind or disabled child, or a disabled individual if the transfer is arranged in such a way that no individual or entity except the spouse, blind, or disabled child, or disabled individual can benefit from the assets transferred in any way, whether at the time of the transfer or at any time in the future.EE.

Related to Sole benefit of

  • Interests of the beneficiaries means the beneficial interests provided in the terms of the trust.

  • Benefit Amount shall have the meaning set forth in Section 20.12 hereof.

  • Title Benefit Amount has the meaning set forth in Section 6.2(d).

  • Economic Capital Account Balances has the meaning set forth in Section 5.01(g) hereof.

  • Economic Capital Account Balance has the meaning provided in Section 5.1(e) hereof.

  • Capital Account Limitation has the meaning set forth in Section 4.05(b) hereof.

  • Eligible beneficiary means a resident of this state who:

  • Maximum Benefit Amount means the maximum amount payable for coverage provided to You as shown in the Schedule of Benefits.

  • the benefit Acts means the SSCBA, the Jobseekers Act 1995, the State Pension Credit Act 2002 and the Welfare Reform Act 2007;

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

  • Mutual benefit corporation means a nonprofit corporation:

  • Book Capital Account means, for any Holder at any time, the Book Capital Account of the Holder for such day, determined in accordance with Section 8.1 hereof.

  • REIT Provisions of the Code means Sections 856 through 860 of the Code and any successor or other provisions of the Code relating to real estate investment trusts (including provisions as to the attribution of ownership of beneficial interests therein) and the regulations promulgated thereunder.

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

  • 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.

  • UTI Beneficiary means NILT Trust, in its capacity as the initial beneficiary of the Titling Trust.

  • 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.

  • Non-U.S. Benefit Plan has the meaning set forth in Section 3.20(a).

  • Deemed Partnership Interest Value means, as of any date with respect to any class of Partnership Interests, the Deemed Value of the Partnership Interests of such class multiplied by the applicable Partner's Percentage Interest of such class.

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

  • Irrevocable trust means a trust over which no person holds a power of revocation. A power holder's lack of capacity to exercise a power of revocation negates the power of revocation unless an agent of the power holder under a durable power of attorney, a conservator of the power holder, or a plenary guardian of the power holder is serving and the agent, conservator, or guardian is authorized to exercise the power of revocation.

  • Tax Allocation Agreement means the Tax Allocation Agreement between Corporation and New D&B.

  • Defined Contribution Dollar Limitation means, for any Limitation Year, $46,000, as adjusted for increases in the cost-of-living under Code section 415(d). If a short Limitation Year is created because of a Plan amendment changing the Limitation Year to a different 12-consecutive month period, the Defined Contribution Dollar Limitation for the short Limitation Year will not exceed the amount determined in the preceding sentence multiplied by a fraction, the numerator of which is the number of months in the short Limitation Year and the denominator of which is 12.

  • Other Benefit Obligations means all obligations, arrangements, or customary practices, whether or not legally enforceable, to provide benefits, other than salary, as compensation for services rendered, to present or former directors, employees, or agents, other than obligations, arrangements, and practices that are Plans. Other Benefit Obligations include consulting agreements under which the compensation paid does not depend upon the amount of service rendered, sabbatical policies, severance payment policies, and fringe benefits within the meaning of IRC ss. 132.

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

  • Indemnification Cap has the meaning set forth in Section 9.3(a).