Subordinated Beneficiary definition

Subordinated Beneficiary means the holder of the Subordinated Beneficial Interest.
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Subordinated Beneficiary means the holder of the Subordinated Beneficial Interests.
Sample 1Sample 2Sample 3

Examples of Subordinated Beneficiary in a sentence

  • The Trustee of the First Trust will delegate to the Trustor of the First Trust, in accordance with the appointment by the Trustor of the First Trust, as the Subordinated Beneficiary, the administration of the Trust of the First Trust and any other matters incidental thereto as set out in the First Trust Agreement to the extent permitted by Applicable Laws.

  • Neither the Trustor of the First Trust nor the Subordinated Beneficiary may terminate the appointment of the Trustee of the First Trust (notwithstanding the provisions in Paragraph 1 of Article 58 of the Trust Act) unless such termination is in accordance with the First Trust Agreement or Paragraph 4 of Article 58 of the Trust Act.

  • VWFSJ in its capacity as Subordinated Beneficiary, may also receive dividends on the Subordinated Beneficial Interests, subject to certain conditions.

  • Upon its termination or resignation, the Trustee of the First Trust will promptly settle the existing rights and obligations of the Trustee of the First Trust as against the Trustor of the First Trust, the Subordinated Beneficiary and the Trustee of the Second Trust and deliver to the Successor Trustee or to a person designated by the Trustor of the First Trust, all records, files, and information held in accordance with the First Trust Agreement.

  • In such case, payments of the principal of and dividend on the Subordinate Beneficial Interest to the Subordinated Beneficiary will only be made after all other distributions have been made and when any amounts still remain in the Trust Collection Ledger after such distributions.

  • Notwithstanding Paragraph 1 of Article 164 of the Trust Act, the First Trust will not be terminated by the Subordinated Beneficiary or the Trustee of the Second Trust.

  • But the church gives them some support in kind (material things) when these are available, unlike in other churches where salaries for the clergy are part of the conditions of service.

  • The First Trust Agreement also provides that any Uncollectable Auto Loan Receivables may be distributed to the Subordinated Beneficiary as a distribution in kind, only if an Early Amortization Event does not occur.

  • All Additional Subordinated Beneficial Interests will be integrated into the Subordinated Beneficial Interests held by the Subordinated Beneficiary upon the creation thereof.

  • If no Insolvency Event has occurred with respect to the Subordinated Beneficiary and the Trust Assets of the First Trust fall short of (or are expected to fall short of) the amount required for such payment amount, the Trustee of the First Trust may request the Subordinated Beneficiary to pay such shortfall; provided, further, that such amount may not be charged to the Trustee of the Second Trust.

Related to Subordinated Beneficiary

  • 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.

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

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

  • 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.

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

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

  • Qualified Beneficiaries has the meaning set forth in Section 4.12.

  • Vested Benefits means amounts that are vested or that Executive is otherwise entitled to receive, without the performance by Executive of further services or the resolution of a contingency, under the terms of or in accordance with any investment and savings plan or retirement plan (including any plan providing retiree medical benefits) of the Company or its affiliates, and any ERPs or ESPs related thereto, and any deferred compensation or employee stock purchase plan or similar plan or program of the Company or its affiliates.

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

  • Spouse means, an individual who,

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

  • 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.

  • 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.

  • 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.

  • 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.

  • Distributee means an Employee or former Employee. In addition, the Employee's or former Employee's surviving spouse and the Employee's spouse or former spouse who is the alternate payee under a Qualified Domestic Relations Order are considered Distributees with regard to the interest of the spouse or former spouse.

  • 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.

  • Annuitant means a person who receives a retirement allowance or a disability allowance;

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

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

  • Alternate Payee means any spouse, former spouse, child, or other dependent of a Participant who is recognized by a qualified domestic relations order as having a right to receive all, or a portion of, the benefits payable under a Plan with respect to such Participant.

  • Joint Annuitant means the individual specified as such in the Data Pages. The Joint Annuitant must be the spouse of the Annuitant on the Contract Date.

  • Representative payee means an individual, agency, or institution selected by a court or the Social Security Administration to receive and manage benefits on behalf of another person.

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

  • Covered benefits or “benefits” means those health care services to which a covered person is entitled under the terms of a health benefit plan.