Distributions Upon the Beneficiary’s Death Sample Clauses

Distributions Upon the Beneficiary’s Death. Any assets that remain in the Beneficiary’s separate Trust sub-account at the Beneficiary’s death shall be treated in accordance with the provisions below.
Sample 1Sample 2Sample 3See All (5)
AutoNDA by SimpleDocs
Distributions Upon the Beneficiary’s Death. Any assets that remain in the Beneficiary’s Trust sub-account at the Beneficiary’s death shall be further administered as per Article 6 of the Trust. The Grantor acknowledges that any assets to be distributed under Article 6 paragraph 6.3 of the Trust shall be distributed to those remaindermen indicated in Exhibit “B” of this Agreement.
Sample 1Sample 2See All (4)
Distributions Upon the Beneficiary’s Death. If this trust account is funded with the Beneficiary’s own money, federal law requires that all unspent money in the account remaining at the time of the Beneficiary’s death be used to reimburse the State(s) for medical services received up to the total amount that the State(s) has spent on medical services for the Beneficiary throughout the Beneficiary’s lifetime. If a balance remains after the State(s) has been reimbursed (which is highly unlikely, unless the Beneficiary has drawn Medicaid benefits for only a short period of time), said balance shall be disbursed as follows: If the Beneficiary is a minor or is incompetent, the remainder shall be that individual’s “heirs at law” as determined by the California Probate Code. 1. Name: Percentage: Relationship to Beneficiary: Address: City: State: Zip: Phone: 2. Name: Percentage: Relationship to Beneficiary: Address: City: State: Zip: Phone: 3. Name: Percentage: Relationship to Beneficiary: Address: City: State: Zip: Phone: If the Beneficiary’s residence changes from California to another state, distributions may cease until appropriate arrangements can be made within the sole discretion of the Trustee. If appropriate arrangements cannot be made, the Beneficiary’s trust sub-account will be terminated by the Trustee with the remaining sub-account property distributed according to Section F, above. 2. The share for a remainderman named in (F)(1) who does not survive the beneficiary shall lapse and be distributed prorated to the remaindermen stated on page 3 or as otherwise stated as follows:
Sample 1Sample 2
Distributions Upon the Beneficiary’s Death. Any assets that remain in the Beneficiary’s separate Trust sub-account at the
Sample 1
Distributions Upon the Beneficiary’s Death. 3.01. Upon the death of a Beneficiary, any amounts that remain in that Beneficiary’s Trust sub-account, after payment of Trust’s published closing fees, shall be administered, subject to the limitations below, so as to conform with all of the requirements of 42 U.S.C. § 1396p(D)(4)(c) and/or related statutes, including state statutes and regulations that are consistent with the provisions and purposes of the Omnibus Budget Reconciliation Act of 1993, amending 42 U.S.C. § 1396p and pertaining to reimbursement to the States for government assistance provided on behalf of the individual Beneficiary. 3.02. If the Beneficiary designates in its Joinder Agreement that any remaining property or assets that remain in the Beneficiary’s Trust sub-account are be retained by the Trust and are to be used for the administration and care of other beneficiaries under the Master Trust for the purposes of: To aid disabled persons, as defined in 42 U.S.C. § 1382c(a)(3), who are indigent to the Trust as Beneficiaries; or To provide disabled persons, as defined in 42 U.S.C. § 1382c(a)(3), with equipment, medication, or services deemed suitable for such persons by the Trustee, then said retained amounts shall not be subject to any Medicaid payback provisions or any other government assistance repayment provisions. Subject to all provisions herein, gifts or devises to the Trust shall be similarly treated unless a specific purpose is specified by the donor. 3.03. If the Beneficiary designates heirs, subsequent beneficiaries, or distributees other than the Trust as indicated in Section 3.2 above, then such property or assets shall be distributed as follows: If there are sufficient funds, property or assets in the Beneficiary’s Trust sub-account to cover all state or Federal repayment claims then the funds shall be distributed in the following order: Payment of permitted Trust administrative expenses and taxes, including Closing fees as provided under the Trust and Joinder Agreement; To each state in which the Beneficiary received government assistance, based on each state’s proportionate share of the total government assistance paid by all of the states on the Beneficiary’s behalf; Twenty (20%) percent of the remaining funds shall be retained by the Trust to be used for the purposes identified under Section 3.02 above; The remainder to Beneficiary’s named heirs or distributees as designated under the Joinder Agreement. If there are not sufficient funds, property or assets in the Be...
Sample 1
Distributions Upon the Beneficiary’s Death. Upon the death of the Beneficiary, any amounts remaining in the Beneficiary's Trust Sub- account shall be held, administered and distributed as follows:
Sample 1
Distributions Upon the Beneficiary’s Death 
Sample 1
AutoNDA by SimpleDocs

Related to Distributions Upon the Beneficiary’s Death

  • Distributions Upon Dissolution Upon the dissolution of the Company, the properties of the Company to be sold shall be liquidated in orderly fashion and the proceeds thereof, and the property to be distributed in kind, shall be distributed as follows: (a) First, to the payment and discharge of all of the Company’s debts and liabilities, to the necessary expenses of liquidation and to the establishment of any cash reserves which the Member determines to create for unmatured and/or contingent liabilities or obligations of the Company. (b) Second, to the Member.

  • Distributions Upon Liquidation Notwithstanding Section 5.1, proceeds from a Liquidating Event shall be distributed to the Partners in accordance with Section 13.2.

  • Company Obligations Upon Termination of Employment During the Term of this Agreement, the Company shall have the following obligations upon the termination of the Executive’s employment with the Company as described in this Section 5:

  • Vacation Credits Upon Death Earned but unused vacation entitlement shall be made payable, upon termination due to death, to the employee's dependent, or where there is no dependent, to the employee's estate.

  • Dissolution Winding Up and Termination Upon the occurrence of a liquidating Event, the General Partner shall have the full power and authority to proceed with the liquidation of the Partnership and to take all steps which they may deem necessary or desirable to wind up the Partnership's affairs, having for such purpose all the powers referred to and provided for in Article VI appropriate to accomplish the same and allowing for a reasonable time in order to minimize losses attendant to the liquidation, so that the Partnership may be terminated in accordance with the Act. In the event that there is no General Partner, the Limited Partner may designate one or more Partners or a non-Partner or both to proceed with the liquidation of the Partnership's assets and the termination of the Partnership. In the event that a liquidator is designated pursuant to the preceding sentence, hereinafter in this Article all references to the General Partner shall be deemed to refer to such liquidator.

  • Withdrawals upon Termination 27.4.1 Notwithstanding anything to the contrary contained in this Agreement, all amounts standing to the credit of the Escrow Account shall, upon Termination, be appropriated in the following order: (a) all taxes due and payable by the Concessionaire for and in respect of the Project; (b) 55% (fifty five per cent) of Debt Due excluding Subordinated Debt; (c) outstanding Annual Concession Fee; (d) all payments and Damages certified by the Authority as due and payable to it by the Concessionaire; (e) incurred or accrued O&M Expenses; (f) retention and payments relating to the liability for defects and deficiencies set forth in Article 35; (g) outstanding Debt Service including the balance of Debt Due; (h) outstanding Subordinated Debt; (i) any other payments required to be made under this Agreement; and (j) balance, if any, in accordance with the instructions of the Concessionaire: Provided that no appropriations shall be made under Sub-clause (j) of this Clause 27.4.1 until a Vesting Certificate has been issued by the Authority under the provisions of Clause 34.4. 27.4.2 The provisions of this Article 27 and the instructions contained in the Escrow Agreement shall remain in full force and effect until the obligations set forth in Clause 27.4.1 have been discharged.

  • DISTRIBUTIONS AFTER DISSOLUTION Upon dissolution, the Company must pay its debts before distributing cash, assets, or capital to the Member or the Member’s interests. The Member agrees that any distributions occurring after the dissolution of the Company will follow the process outlined in this Agreement and Section 00-00-000 of the Act.

  • Winding Up Affairs Upon Termination In the event that this Contract is terminated for any reason, the parties agree that the provisions of this paragraph survive termination: i. The parties shall account for and properly present to each other all claims for fees and expenses and pay those which are undisputed and otherwise not subject to set off under this Contract. Neither party may withhold performance of winding up provisions solely based on nonpayment of fees or expenses accrued up to the time of termination; ii. Contractor shall satisfactorily complete work in progress at the agreed rate (or a pro rata basis if necessary) if so requested by the City; iii. Contractor shall execute any documents and take any actions necessary to effectuate an assignment of this Contract if so requested by the City; and iv. Contractor shall preserve, protect and promptly deliver possession to the City of all proprietary information in accordance with paragraph (21). v. In the event that dispute(s) arise during the winding up of affairs upon termination, the parties agree to meet and negotiate in good faith to resolve any such dispute(s).

  • Liquidating Distributions Notwithstanding anything to the contrary in this Article VII or in Section 8.3 of the Master Agreement, upon the sale of the Property or the dissolution and liquidation of the Series in accordance with the provisions of this Agreement and of Section 8.3 of the Master Agreement, the proceeds of liquidation of the Series or the sale of the Property will be distributed within ninety (90) days of the date of sale of the Property or the dissolution and liquidation in the following order and priority: (i) First, to creditors of the Series, including the Members who are creditors, to the extent otherwise permitted by law, in satisfaction (whether by payment or the making of reasonable provision for payment thereof) of all debts, liabilities, obligations and expenses of the Series, including, without limitation, the expenses incurred in connection with the liquidation of the Series; and (ii) Second, to the Members pro rata in proportion to their holdings of Shares, with such Distributions to be made by the end of the Fiscal Year during which the liquidation occurs (or, if later, ninety (90) days after the date of the liquidation).

  • Upon Death or Disability If the Executive dies, all provisions of Section 3 of this Agreement (other than rights or benefits arising as a result of such death) and the Employment Term shall be automatically terminated; provided, however, that an amount equal to the earned and unpaid Incentive Payments to the date of death and the Standard Termination Payments shall be paid to the Executive’s surviving spouse or, if none, the Executive’s estate (as set forth above), and the death benefits under the Company’s employee benefit plans shall be paid to the Executive’s beneficiary or beneficiaries as properly designated in writing by the Executive. If the Executive is unable to perform the essential functions of the Executive’s job under this Agreement, with or without reasonable accommodation, by reason of physical or mental disability or incapacity (“Disability”) and such disability or incapacity shall have continued for any period aggregating six months within any 12 consecutive months, the Company may terminate this Agreement and the Employment Term at any time thereafter. In such event, the Executive shall be entitled to receive the Executive’s normal compensation hereunder during said time of disability or incapacity, and shall thereafter be entitled to receive the “Disability Incentive Payment” (as described in the penultimate sentence of this subsection (b)) and the Standard Termination Payments (as set forth above). The portion of the payment representing the Disability Incentive Payment shall be paid in a lump sum determined on a net present value basis, using a reasonable discount rate determined by the Board. The Disability Incentive Payment shall be equal to the target Incentive Payment that the Executive would have been eligible to receive for the year in which the Employment Term is terminated multiplied by a fraction, the numerator of which is the number of days in such year before and including the day of termination of the Employment Term and the denominator of which is the total number of days in such year. Subject to Section 19 below, the Disability Incentive Payment shall be payable in a lump sum on the 60th day after termination of the Executive’s employment.

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