Regarding Tax Effects Sample Clauses

Regarding Tax Effects. In general, it is Settlor’s intent (notwithstanding any provision which would in any way restrict this intent) that federal (if any) or state estate tax credit, exemption or deduction which would otherwise be available to Settlor’s estate and to this Trust shall be applied to the greatest extent possible to reduce estate tax liability; in particular, no provision in this Agreement, wherever it may appear, shall be applied with regard to any particular situation in a manner that would interpret the provision to have the effect of disqualifying Xxxxxxx’s estate from obtaining a deduction for estate tax purposes, except where the explicit language of the Agreement so intends. It is also Xxxxxxx’s intent that, to the extent permitted by law, income tax on tax qualified retirement accounts (“Plan Accounts”) not be accelerated due to the application of any provision of this Agreement. Therefore, any contrary provision of this Agreement notwithstanding, no non-individual (except for this Trust, as it may qualify as a designated beneficiary without acceleration of income taxation of any such Plan Accounts) shall have any interest in Plan Accounts under this Agreement, no power of appointment granted in this Agreement shall be exercised in a manner which has the effect of accelerating income tax liability with regard to any Plan Account, and no Plan Account shall be subject to demand for payment for any taxes or share of estate debts and obligations otherwise equitably apportionable to that Plan Account.
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Related to Regarding Tax Effects

  • Financial Consequences The Department reserves the right to impose financial consequences when the Contractor fails to comply with the requirements of the Contract. The following financial consequences will apply for the Contractor’s non-performance under the Contract. The Customer and the Contractor may agree to add additional Financial Consequences on an as-needed basis beyond those stated herein to apply to that Customer’s resultant contract or purchase order. The State of Florida reserves the right to withhold payment or implement other appropriate remedies, such as Contract termination or nonrenewal, when the Contractor has failed to comply with the provisions of the Contract. The Contractor and the Department agree that financial consequences for non-performance are an estimate of damages which are difficult to ascertain and are not penalties. The financial consequences below will be paid and received by the Department of Management Services within 30 calendar days from the due date specified by the Department. These financial consequences below are individually assessed for failures over each target period beginning with the first full month or quarter of the Contract performance and every month or quarter, respectively, thereafter. Deliverable Performance Metric Performance Due Date Financial Consequence for Non-Performance Contractor will timely submit completed Quarterly Sales Reports All Quarterly Sales Reports will be submitted timely with the required information Reports are due on or before the 30th calendar day after the close of each State fiscal quarter $250 per Calendar Day late/not received by the Contract Manager Contractor will timely submit completed MFMP Transaction Fee Reports All MFMP Transaction Fee Reports will be submitted timely with the required information Reports are due on or before the 15th calendar day after the close of each month $100 per Calendar Day late/not received by the Contract Manager Failure to timely provide Quarterly Sales Reports, transaction fee reports, or other reports as required will result in the imposition of financial consequences and repeated failures or non- payment of financial consequences owed under this Contract may result in the Contractor being found in default and the termination of the Contract. No favorable action will be considered when Contractor has outstanding Contract Quarterly Sales Reports, MFMP Transaction Fee Reports, or any other documentation owed to the Department or Customer, to include fees / monies, that is required under this Contract.

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