Distribution of Trust Estate Pursuant to Trustor’s Last Will and Testament Sample Clauses

Distribution of Trust Estate Pursuant to Trustor’s Last Will and Testament. If the Trustor’s probated Last Will and Testament specifically devises any specific property (including tangible personal property subject to disposition by a separate writing if permitted under the laws of the jurisdiction of Trustor’s domicile or in which the Trustor’s Last Will and Testament is being probated) which at the time of Trustor’s death is held in this Trust and was contributed to this Trust prior to the execution of such Last will and Testament, the Trustee shall either (a) distribute the property as provided in Trustor’s Last Will and Testament, or (b) in the Trustee’s sole discretion, distribute the property to the Personal Representative of Trustor’s probate estate for distribution by the Personal Representative. Furthermore, if the Trustor’s Last Will and Testament is not admitted to probate, the Trustee may in its discretion distribute to the distributee any specific tangible personal property specifically devised in the Trustor’s Last Will and Testament or in a separate writing (if permitted under the laws of the jurisdiction of Trustor’s domicile or in which the property is located) in accordance with a small estate affidavit or other small estate proceeding allowed by law and Trustee’s determination of the existence and validity of any document purporting to be the last will or such separate writing shall be determinative and final in the absence of intentional fraud or reckless disregard of the facts or the law. Finally, the Trustee may in Trustee’s discretion, upon request of the Personal Representative of Trustor’s probate estate, satisfy any pecuniary devise in Trustor’s probated Last Will and Testament, whether in whole or in part, if the Trustee determines that this action is consistent with the Trustor’s intent as expressed in the Trustor’s Last Will and Testament and this Trust. See section 8.7 below regarding reliance on xxxxx.
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Related to Distribution of Trust Estate Pursuant to Trustor’s Last Will and Testament

  • Termination of Trust Agreement Section 9.01.

  • Application of Trust Funds (a) On each Payment Date, the Paying Agent will distribute to Certificateholders, on the basis of the Percentage Interest evidenced by their Trust Certificates, amounts deposited in the Certificate Distribution Account pursuant to Section 4.06 of the Sale and Servicing Agreement with respect to such Payment Date.

  • Termination of Trust Section 9.01

  • SUBORDINATION TO TRUST AGREEMENT This Agreement and all rights of Company hereunder are expressly subordinated and subject to the lien and provisions of any pledge, transfer, hypothecation, or assignment made at any time by Authority to secure financing. This Agreement is subject and subordinate to the terms, covenants, and conditions of the Trust Agreement, made by Authority, authorizing the issuance of bonds by Authority. Conflicts between this Agreement and the documents mentioned above will be resolved in favor of such documents.

  • Compensation of Trustee Any individual Trustee serving hereunder shall be entitled to: (Choose One) ☐ - No compensation whatsoever. ☐ - Be paid a reasonable fee from the Trust Estate based on the amount of time expended by such Trustee in carrying out his or her duties hereunder. Any corporate Trustee shall be entitled to be paid a fee based upon its fee schedule from time to time that is required to be published.

  • Application of Trust Money The Trustee shall hold in trust money or U.S. Government Obligations deposited with it pursuant to this Article 8. It shall apply the deposited money and the money from U.S. Government Obligations through the Paying Agent and in accordance with this Indenture to the payment of principal of and interest on the Securities.

  • Termination upon Distribution to Certificateholders The respective obligations and responsibilities of Xxxxxx Mae in its corporate capacity and in its capacity as Trustee created hereby shall terminate as to the Trust Fund upon the distribution by Xxxxxx Xxx to all Holders of Certificates of all amounts required to be distributed hereunder and thereunder; provided, however, that in no event shall any trust created hereby continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Xxxxxx X. Xxxxxxx, the late ambassador of the United States to the Court of St. James’s, living on the Issue Date. ARTICLE VII

  • Distribution of Agreement The Employer agrees to make available to each employee a copy of this Agreement and to provide a copy of the same Agreement to all new employees entering the employment of the Employer.

  • Declaration of Trust The Owner Trustee hereby declares that it will hold the Owner Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Trust under the Basic Documents. It is the intention of the parties hereto that the Trust constitute a statutory trust under the Statutory Trust Act and that this Agreement constitute the governing instrument of such statutory trust. The Trust is not intended to be a business trust within the meaning of Section 101(9)(A)(v) of the Bankruptcy Code. It is also the intention of the parties hereto that, solely for Federal, state and local income and franchise tax purposes, on and after the Closing Date, (a) so long as the Trust has only one Certificateholder, the Trust shall be disregarded as a separate entity and (b) at such time as the Trust has more than one Certificateholder, the Trust will be treated as a partnership, with the assets of the partnership being the Receivables and other assets held by the Trust, the partners of the partnership being the Certificateholders, and the Notes being non-recourse debt of the partnership. The Depositor (and any future Certificateholder by the purchase of the Trust Certificate will be deemed to have agreed) and the Owner Trustee agree to take no action inconsistent with such tax treatment. The Trust shall not elect to be treated as an association under Treasury Regulations Section 301.7701-3(a). The parties agree that, unless otherwise required by appropriate tax authorities, the sole Certificateholder or the Trust, as applicable, will file or cause to be filed annual or other necessary returns, reports and other forms consistent with the foregoing characterization of the Trust for such tax purposes. Effective as of the date hereof, the Owner Trustee, shall have all rights, powers and duties set forth herein and, to the extent not inconsistent herewith, in the Statutory Trust Act with respect to accomplishing the purposes of the Trust. Any action taken on behalf of the Trust prior to the date hereof with respect to the filing of financing statements, the Certificate of Trust, a qualification to do business in the State of Alabama or any other similar qualification or license in any other state or jurisdiction, if applicable, is hereby ratified.

  • Replacement of Trustee A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee's acceptance of appointment as provided in this Section. The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Company. The Holders of Notes of a majority in principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the Trustee if:

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