DISTRIBUTION TO THE PARTICIPANT Sample Clauses

DISTRIBUTION TO THE PARTICIPANT. The amount in a Participant's Distribution Account will be distributed to the Participant in cash, (i) in a lump-sum payment, (ii) in annual installments not longer than three (3) years, or (iii) over such longer period as may be required under the terms of the Company's credit facilities then in effect. Where distribution of a Participant's Distribution Account is made in installment payments, interest will be credited to the amount in the Participant's Distribution Account at a floating rate per annum equal to the "Prime Rate" published in THE WALL STREET JOURNAL from time to time during the distribution period. Such interest will accrue beginning on the Settlement Date and will be credited to the Distribution Account quarterly. Notwithstanding the foregoing, if payment of the Distribution Account is in installments the Company may, in its sole discretion, at any time during the installment period, distribute the remaining amount of a Participant's Distribution Account in a single lump sum cash payment, plus interest to the date of payment. Distribution of a Participant's Distribution Account will commence no later than 60 days after the Settlement Date. If a Participant dies before complete distribution of his or her Distribution Account, the remaining amount in the Participant's Distribution Account will be distributed to the Participant's Designated Beneficiary over the same period as distributions were being made to the Participant; except that, the Company may, in its sole discretion, determine to pay the remaining balance of the deceased Participant's Distribution Account (with interest to the date of payment) to the Participant's Designated Beneficiary in a single lump sum payment at any time.
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Related to DISTRIBUTION TO THE PARTICIPANT

  • Account Balance The Servicer must never allow any Custodial T&I Account to become overdrawn as to any individual related Borrower. If there are insufficient funds in the account, the Servicer must advance its own funds to cure the overdraft.

  • 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.

  • Distribution of Benefit The Bank shall distribute the annual benefit to the Executive in twelve (12) equal monthly installments commencing on the first day of the month following Separation from Service. The annual benefit shall be distributed to the Executive for fifteen (15) years.

  • Hardship Distribution Upon the Board of Director's determination (following petition by the Executive) that the Executive has suffered an unforeseeable financial emergency as described in Section 2.2.2, the Company shall distribute to the Executive all or a portion of the Deferral Account balance as determined by the Company, but in no event shall the distribution be greater than is necessary to relieve the financial hardship.

  • Deferral Account Crediting. The Company shall establish a Deferral Account on its books for the Director, and shall credit to the Deferral Account the following amounts:

  • What Forms of Distribution Are Available from a Xxxxxxxxx Education Savings Account Distributions may be made as a lump sum of the entire account, or distributions of a portion of the account may be made as requested.

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  • Certificate Distribution Account The Certificate Distribution Account shall be established as a non-interest bearing trust account pursuant to Section 4.1 of the Sale and Servicing Agreement. Funds on deposit in the Certificate Distribution Account shall be held uninvested. The Certificateholders shall possess all beneficial right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and all proceeds thereof. Except as otherwise provided herein, in the Indenture or in the Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Certificate Paying Agent for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Account, the Servicer on behalf of the Issuer, shall, within ten (10) Business Days (or such longer period) after becoming aware of the fact, establish a new Certificate Distribution Account as an Eligible Account and shall direct the Certificate Paying Agent to transfer any cash then on deposit in the Certificate Distribution Account to such new Certificate Distribution Account.

  • Distribution of Benefits Members of this unit with at least one year of the service to the District may apply for a number of days consistent with a one-for-one match of their individual sick leave accumulation as of the end of the previous contract year brought forward to the year of the onset of disability. The combined benefit of accumulated personal sick leave and disability bank leave may not exceed one hundred-eighty days and may carry over from one contract year to another. Employees with less than one full year of service in the District will not be require to contribute one of their individual accumulated sick leave days to the disability bank. The Board reviews the right to request re-application and documentation from anyone requesting more than forty (40) days from the pool. Any benefits will be minus other insurance coverage (i.e. worker’s compensation, social security, etc.).

  • How do the RMD Rules Impact my Designated Beneficiary or Beneficiaries The RMD rules provide for the determination of your designated beneficiary or beneficiaries as of September 30 of the year following your death. Consequently, any beneficiary may be eliminated for purposes of calculating the RMD by the distribution of that beneficiary’s benefit, through a valid disclaimer between your death and the end of September following the year of your death, or by dividing your IRA account into separate accounts for each of several designated beneficiaries you may have designated.

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