Rights of Payees Sample Clauses

Rights of Payees. The Payees have the right to receive the annuity payments set forth under this Certificate. Such right to annuity payments is enforceable by the Payees solely against Prudential and no other person including the Plan, Plan sponsor, Contract-Holder or any affiliate thereof.
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Rights of Payees. In the election of a Payment Option the right can be given to the Payee: . To withdraw principal and interest under the Fourth or Fifth Option; or . To withdraw the commuted value of payments certain under the First, Second, or Sixth Option. Payments under the Life Income Options cannot be commuted, except for payments certain. No Payee can assign, anticipate, commute or withdraw the payments under any Payment Option, unless the right is reserved in the election of the Option.
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Rights of Payees. A Payee under the First Variable Payment Option has the right to withdraw the commuted value of payments certain. A Payee under the Fourth or Fifth Variable Payment Option has the right to withdraw the value of any remaining Accumulation Units. After the death of the Payee under the Second of Third Variable Payment Option or the surviving Payee under the Sixth Variable Payment Option, a Payee named to receive any unpaid payments certain can withdraw the commuted value of the payments certain. In the election of a Fixed Payment Option the right can be given to the payee to withdraw all or part of the principal and interest under the Fourth or Fifth Option. No Payee can assign, anticipate or withdraw the payments under any Fixed Payment Option, unless the right is reserved in the election of the Option. Payments in One Sum. Amounts payable in one sum will be payable: . As of the Surrender Date in case of surrender; . As of the Death Valuation Date in case of the death of the Annuitant prior to the Maturity Date; . As of the Maturity Date in case of maturity; . As of the date the request is received by the Company at its Home Office in case of request for withdrawal of amounts under Payment Options; or -------------------------------------------------------------------------------- V11 . As of the date proof of death of the Payee is received by the Company at its Home Office in case of an amount to be paid in one sum at the death of the Payee. An amount payable in one sum will be paid within 7 days of the date it is payable, subject to the Suspension of Payments provision.
Sample 1
Rights of Payees. In the election of a Payment Option the right can be given to the Payee: . To withdraw principal and interest under the Fourth or Fifth Option; or . To withdraw the commuted value of payments certain under the First, Second or Sixth Option. Payments under the Life Income Options cannot be commuted, except for payments certain. No Payee can assign, commute or withdraw the payments under any Payment Option, unless the right is reserved in the election of the Option. Limitations If installments under an Option are less than $20, proceeds can be applied to a Payment Option only with the consent of the Company.
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Related to Rights of Payees

  • Rights of Beneficiaries Each Beneficiary shall be entitled to participate in the rights and benefits due to a Beneficiary hereunder according to his Beneficial Interest. Each Beneficiary shall take and hold the same subject to all the terms and provisions of this Agreement. The interest of the Beneficiary hereby is declared and shall be in all respects personal property and upon the death of an individual Beneficiary, his Beneficial Interest shall pass as personal property to his legal representative and such death shall in no way terminate or affect the validity of this Agreement, provided that the Trustee shall not be required to evidence a book entry transfer of a deceased Beneficiary’s Beneficial Interest to his legal representative until the Trustee shall have received Letters Testamentary or Letters of Administration and written notice of the death of the deceased Beneficiary. A Beneficiary shall have no title to, right to, possession of, management of, or control of, the Trust Assets except as herein expressly provided. No widower, widow, heir, or devisee of any person who may be a Beneficiary shall have any right of dower, homestead, or inheritance, or of partition, or of any other right, statutory or otherwise, in any property forming a part of Trust Assets but the whole title to the Trust Assets shall be vested in the Trustee and the sole interest of the applicable Beneficiaries shall be the rights and benefits given to such Persons under this Agreement.

  • Rights of Parties Nothing in this Agreement, whether express or implied, is intended to confer any rights or remedies under or by reason of this Agreement on any Persons other than the parties hereto and their respective successors and assigns, nor shall any provision give any third Persons any right of subrogation or action over against any party to this Agreement. Without limiting the generality of the foregoing, it is expressly understood that this Agreement does not create any third party beneficiary rights.

  • Rights of Participants Any participant in a Lender's interests hereunder may assert any claim for yield protection under Section 4.03 that it could have asserted if it were a Lender hereunder. If such a claim is asserted by any such participant, it shall be entitled to receive such compensation from the Borrower as a Lender would receive in like circumstances; provided, however, that with respect to any such claim, the Borrower shall have no greater liability to the Lender and its participant, in the aggregate, than it would have had to the Lender alone had no such participation interest been created.

  • Limitations on Rights of Participants A Participant shall not be entitled to receive any greater payment under Section 2.12 or 2.13 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.14 unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 2.14(e) as though it were a Lender.

  • Contract Rights of Officers Appointment of an officer or agent shall not of itself create contract rights. An officer’s removal shall not affect the officer’s contract rights, if any, with the Company. An officer’s resignation shall not affect the Company’s contract rights, if any, with the officer.

  • Rights of Agent (a) In administering the Credit, the Agent may retain, at the expense of the Lenders if such expenses are not recoverable from the Borrower, such solicitors, counsel, auditors and other experts and agents as the Agent may select, in its sole discretion, acting reasonably and in good faith after consultation with the Lenders.

  • Limitations on Rights of Third Parties The provisions of this Agreement are solely for the benefit of the Seller, the Issuer, the Indenture Trustee (for the benefit of the Secured Parties) and the other Persons expressly referred to herein, and such Persons shall have the right to enforce the relevant provisions of this Agreement. Nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Recovery Property or under or in respect of this Agreement or any covenants, conditions or provisions contained herein.

  • Rights of Contribution The Guarantors agree among themselves that, in connection with payments made hereunder, each Guarantor shall have contribution rights against the other Guarantors as permitted under applicable law. Such contribution rights shall be subordinate and subject in right of payment to the obligations of such Guarantors under the Loan Documents and no Guarantor shall exercise such rights of contribution until all Obligations have been paid in full and the Commitments have terminated.

  • Rights of Participant The Participant shall not have the rights of a stockholder of the Company with respect the Shares represented by the Restricted Stock Units, including, without limitation, the right to vote the Shares represented by the Restricted Stock Units, unless and until such Shares have been delivered to the Participant in accordance with Paragraph 9.

  • Rights of Agents It is understood and agreed that the Agents shall have the same rights and powers hereunder (including the right to give such instructions) as the other Lenders and may exercise such rights and powers, as well as their rights and powers under other agreements and instruments to which they are or may be party, and engage in other transactions with the Loan Parties, as though they were not the Agents. Each Agent and their respective Affiliates may accept deposits from, lend money to, and generally engage in any kind of commercial or investment banking, trust, advisory or other business with the Loan Parties and their Affiliates as if it were not an Agent thereunder.

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