Distributions During Your Life Sample Clauses

Distributions During Your Life. No tax penalty is imposed on distributions from your XXX after you reach age 59 1/2 or become permanently disabled. Distributions must begin no later than the first day of April following the calendar year in which you reach age 70 1/2. Generally, you are permitted to receive your XXX in a lump sum or installments over a period not extending beyond your life expectancy or the joint life and last survivor expectancy of you and your Beneficiary. You may also request a distribution of any part of your XXX balance. Life expectancies are determined in accordance with the IRS tables. Unless otherwise elected by you prior to the required commencement of your distributions, your life expectancy and that of your spouse will not be recalculated annually. An election by you to recalculate shall be irrevocable and shall apply to all subsequent years. The life expectancy of a nonspousal Beneficiary cannot be recalculated. All distributions are taxed at ordinary income tax rates and are not eligible for capital gains treatment or five-year averaging. If you direct distributions to be made over your life or the joint lives of you and your designated Beneficiary, the Custodian will purchase with your XXX an immediate annuity contract from an insurance company you choose and your payments will be made under the annuity. You must provide a completed annuity application from the insurance company of your choosing. When requesting a distribution, you must specify the reason for the distribution. Examples are: premature distributions (i.e., distributions before age 59 1/2), rollovers, disability, death, normal (at or after age 59 1/2), excess contribution returns and other.
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Distributions During Your Life. The balance of your IRA must be paid to you on or before April 1 following the calendar year in which you attain age 70½ or used to provide equal or substantially equal payments starting on or before April (“Required Beginning Date”) for:
Sample 1

Related to Distributions During Your Life

  • Distributions During Lifetime (a) Notwithstanding any provision of this Agreement to the contrary, the distribution of the Participant’s interest in the Custodial Account shall be made in accordance with the requirements of Code Section 408(a)(6) and the regulations thereunder, the provisions of which are herein incorporated by reference. If distributions are made from an annuity contract purchased from an insurance company, distributions thereunder must satisfy the requirements of Q&A-4 of Section 1.401(a)(9)-6 of the Income Tax Regulations, rather than paragraphs (b), (c) and (d) below and Section 5.2. The required minimum distributions calculated for this XXX may be withdrawn from another XXX of the Participant in accordance with Q&A-9 of Section 1.408-8 of the Income Tax Regulations. If this is an inherited XXX within the meaning of Code Section 408(d)(3)(C), the preceding sentence and paragraphs (b), (c), and (d) below do not apply.

  • Allocations During Period of Liquidation During the period commencing on the first day of the Fiscal Year during which a Dissolution Event occurs and ending on the date on which all of the assets of the Company have been distributed to the Unit Holders pursuant to Section 10.2 of this Agreement (the “Liquidation Period”), the Unit Holders shall continue to share Profits, Losses, gain, loss and other items of Company income, gain, loss or deduction in the manner provided in Article III of this Agreement.

  • Death During Distribution of a Benefit If the Executive dies after any benefit distributions have commenced under this Agreement but before receiving all such distributions, the Bank shall distribute to the Beneficiary the remaining benefits at the same time and in the same amounts they would have been distributed to the Executive had the Executive survived.

  • Sales During Pre-Settlement Period Notwithstanding anything herein to the contrary, if at any time on or after the time of execution of this Agreement by the Company and an applicable Purchaser, through, and including the time immediately prior to the Closing (the “Pre-Settlement Period”), such Purchaser sells to any Person all, or any portion, of any shares of Common Stock to be issued hereunder to such Purchaser at the Closing (collectively, the “Pre-Settlement Shares”), such Purchaser shall, automatically hereunder (without any additional required actions by such Purchaser or the Company), be deemed to be unconditionally bound to purchase, and the Company shall be deemed unconditionally bound to sell, such Pre-Settlement Shares to such Purchaser at the Closing; provided, that the Company shall not be required to deliver any Pre-Settlement Shares to such Purchaser prior to the Company’s receipt of the purchase price of such Pre-Settlement Shares hereunder; and provided further that the Company hereby acknowledges and agrees that the forgoing shall not constitute a representation or covenant by such Purchaser as to whether or not during the Pre-Settlement Period such Purchaser shall sell any shares of Common Stock to any Person and that any such decision to sell any shares of Common Stock by such Purchaser shall solely be made at the time such Purchaser elects to effect any such sale, if any.

  • Allocations During the Revolving Period During the Revolving Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders or the Holder of the Seller Interest and pay or deposit from the Collection Account the following amounts as set forth below:

  • Allocations During the Rapid Amortization Period During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below:

  • Death During Payment of a Benefit If the Executive dies after any benefit payments have commenced under Article 2 of this Agreement but before receiving all such payments, the Company shall pay the remaining benefits to the Beneficiary at the same time and in the same amounts they would have been paid to the Executive had the Executive survived.

  • Distributions; Upstream Payments Declare or make any Distributions, except Upstream Payments and Permitted Distributions; or create or suffer to exist any encumbrance or restriction on the ability of a Subsidiary of Parent to make any Upstream Payment, except for restrictions under the Loan Documents, under Applicable Law or in effect on the Closing Date as shown on Schedule 9.1.15.

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