Income and Principal of Family Trust Sample Clauses

Income and Principal of Family Trust. The Trustee shall pay to or apply for the benefit of the surviving Trustor and Trustors’ issue, including those who are age twenty-one (21) or older, as much of the net income and principal of the Family Trust as the Trustee, in the Trustee’s discretion, shall deem necessary for their proper support, health, maintenance and education, after taking into consideration, to the extent the Trustee shall deem advisable, any other income or resources of the surviving Trustor or of Trustors’ issue, known to the Trustee and reasonably available for these purposes; provided, however, that the personal residence of a beneficiary shall not be considered by the Trustee to be available for these purposes. In addition, the Trustee may, if the Trustee shall deem advisable, apply net income and principal of the trust for the support of the surviving spouse of any deceased issue of Trustors. Any net income not distributed shall be accumulated and added to principal. In exercising the discretions conferred by this subpara graph, the Truàtee may pay more to or apply more for some beneficiaries than others and may make payments to or applications of benefits for one or more beneficiaries to the exclusion of others if the Trustee shall deem this necessary or appropriate in the light of the circumstances, the size of the trust estate, and the probable future needs of the beneficiaries. The Trustee shall be mindful of the fact that Trustors’ primary concern in establishing this trust is the surviving Trustor’s welfare, and that the interests of others in the trust are to be subordinate. Any payment or application of benefits pursuant to this subparagraph shall be charged against the Family Trust as a whole rather than against the ultimate distributive share of the beneficiary to whom or for whose benefit the payment is made.
Sample 1
AutoNDA by SimpleDocs

Related to Income and Principal of Family Trust

  • Investment Entity Wholly Owned by Exempt Beneficial Owners An Entity that is a Jersey Financial Institution solely because it is an Investment Entity, provided that each direct holder of an Equity Interest in the Entity is an exempt beneficial owner, and each direct holder of a debt interest in such Entity is either a Depository Institution (with respect to a loan made to such Entity) or an exempt beneficial owner.

  • 225-2, Buy American Certificate This provision applies to solicitations containing the clause at 52.225-1.

  • Funds that Qualify as Exempt Beneficial Owners The following Entities shall be treated as Non-Reporting Finnish Financial Institutions and as exempt beneficial owners for purposes of sections 1471 and 1472 of the U.S. Internal Revenue Code.

  • What Will Happen After We Receive Your Letter When we receive your letter, we must do two things:

  • Business Tax Certificate Unless the City Treasurer determines in writing that a contractor is exempt from the payment of business tax, any contractor doing business with the City of San Diego is required to obtain a Business Tax Certificate (BTC) and to provide a copy of its BTC to the City before a Contract is executed.

  • Sponsored Investment Entity and Controlled Foreign Corporation A Financial Institution described in subparagraph B(1) or B(2) of this section having a sponsoring entity that complies with the requirements of subparagraph B(3) of this section.

  • Investment Advisor The Buyer is an investment advisor registered under the Investment Advisors Act of 1940.

  • Investment of Funds NCPS will not commingle Escrow Funds received by it in escrow with funds of others and shall not invest such Escrow Funds. The Escrow Funds will be held in a non-interest bearing account.

  • Warrantholder not a Shareholder Except as may be specifically provided herein, nothing in this Indenture or in the holding of a Warrant Certificate, entitlement to a Warrant or otherwise, shall, in itself, confer or be construed as conferring upon a Warrantholder any right or interest whatsoever as a Shareholder, including, but not limited to, the right to vote at, to receive notice of, or to attend, meetings of Shareholders or any other proceedings of the Corporation, or the right to Dividends and other allocations.

  • Shareholders Agreement For so long as the ratio of the number of the Equity Securities owned by the Star Group on a fully diluted basis divided by the number of the Equity Securities owned by the Investor Group on a fully diluted basis is at least 0.6, the Guarantor may not take any of the actions set forth in schedule II of the Shareholders’ Agreement without the prior written approval of Star. For the purpose of this clause “on a fully diluted basis” means taking into account any shares issued or issuable under warrants, options and convertible instruments (or other equity equivalents).

Time is Money Join Law Insider Premium to draft better contracts faster.