Xxxxxx Trusts definition

Xxxxxx Trusts means the Irrevocable Trust FBO Xxxxx Xxxxxx Xxxxxx u/t/d March 20, 2011 and the Irrevocable Trust FBO Xxxx Xxxxxxxxx Xxxxxx u/t/d March 20, 2011.

Xxxxxx Trusts means the stockholders listed under the heading “ Xxxxxx Trusts” on the Schedule of Other Stockholders.

Xxxxxx Trusts means collectively, the Xxxxxxx X. Xxxxxx Family Trust established under Trust Agreement dated May 25, 1993 for the benefit of Xxxxxxx X. Xxxxxx and the Xxxxxxx X. Xxxxxx Family Trust established under Trust Agreement dated May 25, 1993 for the benefit of Xxxxxxx X. Xxxxxx.

Examples of Xxxxxx Trusts in a sentence

• There are two types of revocable trusts: informal trusts, known as Payable on Death (POD) or "Xxxxxx Trusts," and formal trusts, known as "living" or "family" trusts.

• Schedule A of each Xxxxxx Trust Agreement is deleted in its entirety and replaced with Schedule A - Xxxxxx Trusts attached hereto.

• There are two types of revocable trusts: informal trusts ‐ known as Payable on Death (POD) or "Xxxxxx Trusts" ‐ and formal trusts ‐ known as "living" or "family" trusts.

• Each of the Semlers, the Xxxxxx Trusts, Parent and Purchaser expressly acknowledges and agrees that the full amount of the Shareholder Indebtedness shall be satisfied in full through offset of the amounts payable under the promissory notes issuable to each of the Xxxxxx Trusts pursuant to this Section 2.3(a) for each promissory note in an amount equal to fifty percent (50%) of the full amount of the Shareholder Indebtedness.

• The Company Debt shall have been paid and the Semlers shall have been released from the guarantee of the Company's obligations under that certain loan agreement dated June 20, 1996, by and among the Company, the Semlers, individually and in their respective capacities as trustees of the Xxxxxx Trusts, and the United States National Bank of Oregon.

More Definitions of Xxxxxx Trusts

Xxxxxx Trusts means the Xxxxxx Group other than Xxxxxx X. Xxxxxx and Xx. Xxxxxx X.

Xxxxxx Trusts has the meaning set forth in the preamble.

Xxxxxx Trusts means The Xxxx Xxxxxx Trust, The Xxxxxx Xxxxxx Trust and The Xxxxx Xxxxxx Trust, collectively.

Xxxxxx Trusts. In Trust for (ITF) and Payable on Death (POD) Account. A Xxxxxx Trust is not a formal trust. If two or more natural persons open an account with the title indicating (a) the funds are held in trust for one or more other persons, without presenting a trust instrument, or (b) the funds are “payable on death” or “POD” to one or more other persons (commonly referred to as either Xxxxxx Trust, POD, or In Trust for Accounts), the Bank will treat the funds as being owned exclusively by the account owners during their lives. Until all account owners pass away, the beneficiary (ies) named on the account has no entitlement to funds on deposit in the account. Each account owner has the right to revoke the trust or POD designation at any time. Upon the death of all account owners, the Bank shall transfer or pay the balance then remaining in the account to the surviving beneficiary (ies) equally (as tenants in common without right of survivorship), subject to the Bank’s right to setoff against the account any debt of any one or more of the deceased account owners up to the amount of the balancing the account at the time of the death of the last account owner. The death of any beneficiary prior to the death of all account owners shall automatically revoke such beneficiary’s interest in the account. Alaska Uniform Transfer to Minors Act (UTMA). The Alaska Uniform Transfers to Minors Act, as it now exists or as it may be amended, will govern all UTMA accounts. A UTMA is an account in the name of one (1) adult custodian for the benefit of a person who is a minor at the time the account is created. The minor’s social security number must be provided. During the minority of the child, the custodian has all withdrawal rights, but is required to exercise those rights solely for the benefit of the child. The Bank has no duty or agreement whatsoever to monitor or insure that the acts of the custodian are for the child’s benefit. The custodian will not be allowed to pledge the account as collateral for any loan. The custodian agrees to indemnify, defend, and hold the Bank harmless from and against any and all loss, costs, damages, liability, or exposure, including attorney’s fees that the Bank may suffer or incur arising out of any action or claim by any beneficiary or custodian with respect to the authority or actions taken or omitted by the custodian in handling or dealing with the account. Only the custodian may terminate the account and release the funds. If the custodian die...

Xxxxxx Trusts means the Blake Xxxxxxxxx Xxxxxx Trust and the Xxxxxxxxxxx Xxxxx Xxxxxx Trust, Xxxxxx X.

Xxxxxx Trusts. (each Person set forth in this subclause (ii) a “Selling Partner” and collectively, the “Selling Partners”), (iii) Xxxxxx Industries #1, LLC, a Texas limited liability company (acting by and through its sole member, Xxx X. Xxxxxx) in the capacity as the Seller Representative (the “Seller Representative”), and (iv) The Xxxxxxx Group, Inc., a Delaware corporation (the “Buyer”).

Xxxxxx Trusts means those trusts that are defined as the “Xxxxxx Trusts” by the Settlement Agreement, as such Xxxxxx Trusts may, after the date of the Settlement Agreement, from time to time be modified as contemplated by the Settlement Agreement or otherwise, and includes, without limitation, any trusts that may succeed (as contemplated by the Settlement Agreement) to part or all of the corpus of one or more of the Xxxxxx Trusts.