DURING GRANTOR'S LIFETIME Sample Clauses

DURING GRANTOR'S LIFETIME. (1) At least annually, the Trustee shall add the net income of the trust fund to the principal thereof. The Trustee shall pay over or apply such amounts of principal to or for the benefit of Grantor's issue as shall be living, from time to time, in such amounts and at such times, as the Trustee shall, in its sole discretion, consider appropriate for their education, maintenance, support and health without regard to any other sources of funds available to them; provided, however, that no such payments or applications shall be made to discharge Grantor's legal obligation to provide maintenance or support for such issue; and, provided further, that such power to pay principal shall be subordinate to the exercise or deemed exercise of a power of withdrawal of such issue, under the following paragraphs. (2) In the calendar year in which the trust being held under this agreement is created, or in any subsequent calendar year in which an addition is made to this trust, each of the Grantor's children then living shall have the power, in his or her sole discretion, at any time or times during the calendar year, commencing with such creation or addition, to withdraw from the principal (including any insurance policies held hereunder) of the trust, on a non-cumulative basis from year to year, an amount equal to the lesser of (i) a fraction of the trust fund in the year of creation or subsequent additions (valued at the time of creation or addition) having a numerator equal to one and a denominator equal to the number of persons authorized to make withdrawals at the time any power of withdrawal is exercised or (ii) Five Thousand Dollars ($5,000). (3) The Trustee shall notify in writing each person having a withdrawal power of the existence of the power, the value thereof and the amount he or she is entitled to withdraw during the calendar year the trust is created and during the calendar year when any addition is made. Where multiple additions are made in any given calendar year, the amounts determined under A.(2)(i) shall be separately determined for each such addition and shall be cumulative throughout the year, but non-cumulative from one year to the next. In the case of any such person who is under a legal disability, notification shall be given to his or her legal representative, or, if there is none, and such person is a minor, or to a parent of such person. Each such person receiving notification from the Trustee shall have thirty (30) days after receiving such...
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DURING GRANTOR'S LIFETIME. Subject to the foregoing, during the Grantor’s lifetime, the Grantor may remove the then serving Trust Protector, with or without cause, and appoint in the Trust Protector’s stead a successor to serve in that capacity; provided, however, and notwithstanding the foregoing, neither the Grantor, the Trustee, any beneficiary of the Trust, or the spouse of any of the foregoing, or any other person related to or subordinate to (as defined in Code Section 672(c)) the Grantor shall be appointed as the Trust Protector.
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Related to DURING GRANTOR'S LIFETIME

  • Distributions During Lifetime (a) Notwithstanding any provision of this Agreement to the contrary, the distribution of the Participant’s interest in the Custodial Account shall be made in accordance with the requirements of Code Section 408(a)(6) and the regulations thereunder, the provisions of which are herein incorporated by reference. If distributions are made from an annuity contract purchased from an insurance company, distributions thereunder must satisfy the requirements of Q&A-4 of Section 1.401(a)(9)-6 of the Income Tax Regulations, rather than paragraphs (b), (c) and (d) below and Section 5.

  • Lifetime Benefits This Letter of Understanding forms an integral part of the collective agreement, and is intended to continue in effect during the term of subsequent collective agreements to the extent provided for herein.

  • Partial Disposal During Term of Service Agreement Throughout the Term of the Service Agreement, LEA may request partial disposal of Student Data obtained under the Service Agreement that is no longer needed. Partial disposal of data shall be subject to LEA’s request to transfer data to a separate account, pursuant to Article II, section 3, above.

  • Death During Benefit Period If the Executive dies after the benefit payments have commenced under this Agreement but before receiving all such payments, the Company shall pay the remaining benefits to the Executive's beneficiary at the same time and in the same amounts they would have been paid to the Executive had the Executive survived.

  • Withdrawals during Concession Period 27.3.1 The Concessionaire shall, at the time of opening the Escrow Account, give irrevocable instructions, by way of an Escrow Agreement, to the Escrow Bank instructing, inter alia, that deposits in the Escrow Account shall be appropriated in the following order every month, or at shorter intervals as necessary, and if not due in a month then appropriated proportionately in such month and retained in the Escrow Account and paid out therefrom in the month when due: (a) all taxes due and payable by the Concessionaire for and in respect of the Project; (b) all payments relating to construction of the Project, subject to and in accordance with the conditions, if any, set forth in the Financing Agreements; (c) O&M Expenses, subject to the ceiling, if any, set forth in the Financing Agreements; (d) O&M Expenses and other costs and expenses incurred by the Authority in accordance with the provisions of this Agreement, and certified by the Authority as due and payable to it; (e) Concession Fee or Annual Concession Fee, as the case may be, due and payable to the Authority; (f) monthly proportionate provision of Debt Service due in an Accounting Year; (g) all payments and Damages certified by the Authority as due and payable to it by the Concessionaire; (h) monthly proportionate provision of debt service payments due in an Accounting Year in respect of Subordinated Debt; (i) any reserve requirements set forth in the Financing Agreements; and (j) balance, if any, in accordance with the instructions of the Concessionaire. 27.3.2 The Concessionaire shall not in any manner modify the order of payment specified in Clause 27.3.1, except with the prior written approval of the Authority.

  • 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.

  • Death During Employment If the Executive dies during the term of employment and has not attained the age of seventy years, the Corporation and/or any third party insurance provided by the Corporation, through a coordination of benefits, shall pay the estate of the Executive a death benefit equal to two times the Executive's annual salary. In the event the Executive receives death benefits payable under any group life insurance policy issued to the Corporation, the Corporation's liability under this clause will be reduced by the amount of the death benefit paid under such policy. The Corporation shall pay any remaining death benefits to the estate of the Executive over the course of twelve (12) months in the same manner and under the same terms as the Executive would have been paid if he had still been working for the Corporation. No later than one (1) month from the date of death, the estate of the Executive will also be paid any accumulated vacation pay. Such payments pursuant to this paragraph shall constitute the full compensation of said Executive and he and his estate shall have no further claim for compensation by reason of his employment by the Corporation.

  • Cumulative Sick Leave The normal cumulative sick leave allowance each year shall be ten (10) days for employees on thirty-eight (38) through forty-two (42) week assignments. Teachers on eleven (11) and twelve (12) month assignments shall receive one (1) day per month up to a maximum of twelve (12) days each year. A teacher shall be permitted to carry forward the unused portion of sick leave without limit. The balance of accumulated sick leave shall be printed on the teacher's bi-weekly statement of earnings.

  • 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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