Beneficiary’s Interest Sample Clauses

Beneficiary’s Interest. The interest of any Beneficiary in such proceeds shall be limited to the amount of, and encumber only, the interest of Tenant in such insurance proceeds as defined in Section VIII.A.2.b above, to the extent of the then outstanding principal and accrued interest secured under the deeds of trust of such Beneficiary; provided, however, that if the interest of Tenant in such insurance proceeds is insufficient to repay the then outstanding principal and accrued interest secured under the deeds of trust of such Beneficiary, the interest of such Beneficiary shall include Landlord’s interest as defined in Section VIII.A.2.a above to the extent necessary to repay such outstanding principal and accrued interest. Any portion of Landlord’s interest remaining after the outstanding principal and accrued interest secured by such deeds of trust is repaid shall remain the sole property of Landlord. The respective interests and rights of two or more Beneficiaries in and to such interests of Tenant shall be determined between them in accordance with the priority of their respective deeds of trust of this Lease.
Sample 1
AutoNDA by SimpleDocs
Beneficiary’s Interest. The Beneficiary’s interest shall be limited to Tenant’s interest under subparagraph b immediately above, to the extent of the then outstanding principal and accrued interest secured under the deeds of trust of such Beneficiary; provided, however, that if such Tenant’s interest is not sufficient to repay the then outstanding principal and accrued interest secured under the deeds of trust of such Beneficiary, then such Beneficiary’s interest shall include Landlord’s interest under subparagraph a above to the extent necessary to repay such outstanding principal and accrued interest. Any portion of Landlord’s interest remaining after the outstanding principal and accrued interest secured by such deeds of trust is repaid shall remain the sole property of Landlord. In no event shall such Beneficiary be deemed to have any interest in any compensation or damages payable for or on account of the taking of all or part of the Land or any buildings or other improvements existing on the Land at the commencement of the Term, which amounts shall be the sole property of Landlord. The interest, and rights of two or more Beneficiaries in and to the interest of Tenant shall be determined in turn according to the respective priorities of their deeds of trust.
Sample 1
Beneficiary’s Interest. It is understood and agreed between the parties hereto, and by any person or persons who may become entitled to any interest under this trust, that the interest of any beneficiary hereunder shall consist solely of a power of direction to deal with the title to said property and to manage and control said property as hereinafter provided, and the right to receive the proceeds from rentals and from mortgages, sales or other dispositions of said premises, and that such right in the avails of said property shall be deemed to be personal property and may be assigned and transferred as such; that in case of the death of any beneficiary hereunder during the existence of this trust, his or her right and interest hereunder shall, except as herein otherwise specifically provided, pass to his or her executor or administrator, and not to his or her heirs at law; and that no beneficiary now has, and that no beneficiary hereunder at any time shall have any right, title or interest in or to any portion of said real estate as such, either legal or equitable, but only an interest in the earnings, avails and proceeds as aforesaid. The death of any beneficiary hereunder shall not terminate the trust nor in any manner affect the powers of the Trustee hereunder. Notwithstanding any provision of law to the contrary, an assignment of any beneficial interest and the power of direction hereunder, or either of the foregoing, shall be null, void, ineffective and of no force and effect unless and until the original or duplicate of such assignment is expressly acknowledged and receipted in writing by the Trustee as being in satisfactory form and substance. Every assignment of beneficial interest not so acknowledged and receipted by the Trustee shall be null, void, ineffective and of no force and effect as to any such assignee or subsequent purchaser, without the necessity of any notification from Trustee.
Sample 1

Related to Beneficiary’s Interest

  • Beneficiary The Participant may file with the Committee a written designation of a beneficiary on such form as may be prescribed by the Committee and may, from time to time, amend or revoke such designation.

  • Beneficiary Rights If the Traditional IRA Owner dies before his or her entire interest is distributed to him or her, the entire remaining interest will be distributed as follows.

  • Contingent Beneficiary While the Annuitant is alive, the Owner may, by written Request, designate or change a Contingent Beneficiary from time to time. The Company shall not be bound by any change of Contingent Beneficiary unless it is made in writing and recorded at the Retirement Resource Operations Center.

  • DEATH OF BENEFICIARY Unless otherwise provided in the Beneficiary designation, if any Beneficiary dies before the Owner, that Beneficiary's interest will go to any other primary Beneficiaries named, according to their respective interests. If there are no primary Beneficiaries, the Beneficiaries' interest will pass to a contingent Beneficiary, if any. Prior to the Annuity Commencement Date, if no Beneficiary or contingent Beneficiary survives the Owner, the Death Benefits will be paid to the Owner's estate. Unless otherwise provided in the Beneficiary designation, once a Beneficiary is receiving Death Benefits or annuity payments under an Annuity Payment Option, the Beneficiary may name his or her own Beneficiary to receive any remaining benefits due under the Contract, should the original Beneficiary die prior to receipt of all benefits. If no Beneficiary is named or the named Beneficiary predeceases the original Beneficiary, any remaining benefits will continue to the original Beneficiary's estate. A Beneficiary designation must be made by Notice to LNY.

  • No Beneficiary Designation If the Executive dies without a valid beneficiary designation, or if all designated Beneficiaries predecease the Executive, then the Executive’s spouse shall be the designated Beneficiary. If the Executive has no surviving spouse, the benefits shall be made to the personal representative of the Executive’s estate.

  • Designated Beneficiary The individual who is designated as the Beneficiary under the Plan in accordance with Section 401(a)(9) of the Code and the regulations thereunder.

  • Third Party Beneficiary The Owner Trustee is a third-party beneficiary to this Agreement and is entitled to the rights and benefits hereunder and may enforce the provisions hereof as if it were a party hereto.

  • Entire Agreement; No Third Party Beneficiaries; Rights of Ownership This Agreement (including the documents and the instruments referred to herein) constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof, and is not intended to confer upon any person other than the parties hereto any rights or remedies hereunder.

  • Designation of Beneficiary The depositor may designate a beneficiary or beneficiaries to receive benefits from the custodial account in the event of the depositor’s death. In the event the depositor has not designated a beneficiary, or if all beneficiaries shall predecease the depositor, the following persons shall take in the order named: a. The spouse of the depositor; b. If the spouse shall predecease the depositor or if the depositor does not have a spouse, then to the depositor’s estate.

  • Third Party Beneficiary Rights The parties do not intend to create in any other individual or entity the status of third party beneficiary and this Contract shall not be construed so as to create such status. The rights, duties and obligations contained in this Contract shall operate only between the parties to this Contract, and shall inure solely to the benefit of the parties to this Contract. The provisions of this Contract are intended only to assist the parties in determining and performing their obligations under this Contract. The parties to this Contract intend and expressly agree that only parties signatory to this Contract shall have any legal or equitable right to seek to enforce this Contract, to seek any remedy arising out of a party's performance or failure to perform any term or condition of this contract, or to bring an action for the breach of this Contract.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!