Common use of Rights of Beneficiaries Clause in Contracts

Rights of Beneficiaries. Each Beneficiary shall be entitled to participate in the rights due to a Beneficiary hereunder and the Plan. Each Beneficiary shall take and hold its Beneficial Interest subject to all in the terms and provisions of this Agreement and the Plan. The Beneficial Interests shall not be certificated and shall not be transferable, assignable, pledged or hypothecated in whole or in part. No Beneficiary shall have legal title to any part of the Liquidating Trust Assets. Any such transfer shall not be effective. The interest of a Beneficiary of the Liquidating Trust is in all respects personal property, and upon the death, insolvency or incapacity of an individual Beneficiary, such Beneficiary’s Beneficial Interest shall pass to the legal representative of such Beneficiary. A Beneficiary shall have no title to, or any right to possess, manage or control, the Liquidating Trust Assets, or any portion thereof or interest therein, except as expressly provided herein. No surviving spouse, heir or devisee of any deceased Beneficiary shall have any right of dower, homestead or inheritance, or of partition, or any other right, statutory or otherwise, in the Liquidating Trust Assets, but the whole title to all the Liquidating Trust Assets shall be vested in the Liquidating Trust Administrator and the sole interest of the Beneficiaries shall be the rights and benefits provided to such persons under this Agreement and the Plan.

Rights of Beneficiaries. Each Beneficiary shall be entitled to participate participation in the rights and benefits due to a Beneficiary hereunder and the Planaccording to his Beneficial Interest. Each Beneficiary shall take and hold its Beneficial Interest the same subject to all in the terms and provisions of this Agreement and the Planof Trust. The Beneficial Interests shall not be certificated Interest of each Beneficiary is hereby declared and shall not be transferable, assignable, pledged or hypothecated in whole or in part. No Beneficiary shall have legal title to any part of the Liquidating Trust Assets. Any such transfer shall not be effective. The interest of a Beneficiary of the Liquidating Trust is in all respects personal property, property and upon the death, insolvency or incapacity death of an individual Beneficiary, such Beneficiary’s Beneficiary his Beneficial Interest shall pass to the his legal representative and heirs, as applicable, and such death shall not terminate or affect the validity of such Beneficiarythis Agreement. A Beneficiary shall have no title to, possession of, management of, or any right to possess, manage or controlcontrol of, the Liquidating Trust AssetsEstate except as herein expressly provided. No widower, widow, heir, or devisee or any portion thereof or interest therein, except as expressly provided herein. No surviving spouse, heir or devisee of any deceased person who may be a Beneficiary shall have any right of dower, homestead homestead, or inheritance, or of partition, or of any other right, statutory or otherwise, in any property whatever forming a part of the Liquidating Trust AssetsEstate, but the whole title to all the Liquidating Trust Assets Estate shall be vested in the Liquidating Trust Administrator Trustee and the sole interest of the Beneficiaries shall be the rights and benefits provided given to such persons under this Agreement of Trust. The Beneficiaries will be treated as the grantors and deemed owners of the PlanLiquidating Trust for federal income tax purposes, and they will be treated for federal income tax purposes as owning undivided interests in its assets.

Rights of Beneficiaries. Each Beneficiary shall be entitled to participate participation in the rights and benefits due to a Beneficiary hereunder and the Planaccording to his or her Beneficial Interest. Each Beneficiary shall take and hold its Beneficial Interest the same subject to all in the terms and provisions of this Agreement and the Planof Trust. The Beneficial Interests shall not be certificated Interest of each Beneficiary is hereby declared and shall not be transferable, assignable, pledged or hypothecated in whole or in part. No Beneficiary shall have legal title to any part of the Liquidating Trust Assets. Any such transfer shall not be effective. The interest of a Beneficiary of the Liquidating Trust is in all respects personal property, property and upon the death, insolvency or incapacity death of an individual Beneficiary, such Beneficiary’s Beneficiary his or her Beneficial Interest shall pass to the his or her legal representative and such death shall not terminate or affect the validity of such Beneficiarythis Agreement. A Beneficiary shall have no title to, possession of, management of, or any right to possess, manage or controlcontrol of, the Liquidating Trust AssetsEstate except as herein expressly provided. No widower, widow, heir, or devisee or any portion thereof or interest therein, except as expressly provided herein. No surviving spouse, heir or devisee of any deceased person who may be a Beneficiary shall have any right of dower, homestead homestead, or inheritance, or of partition, or of any other right, statutory or otherwise, in any property whatever forming a part of the Liquidating Trust AssetsEstate, but the whole title to all the Liquidating Trust Assets Estate shall be vested in the Liquidating Trust Administrator Trustees and the sole interest of the Beneficiaries shall be the rights and benefits provided given to such persons under this Agreement of Trust. The Beneficiaries will be treated as the grantors and deemed owners of the PlanLiquidating Trust, and they will be treated for federal income tax purposes as owning undivided interests in its assets.

Rights of Beneficiaries. Each Beneficiary shall be entitled to participate participation in the rights and benefits due to a Beneficiary hereunder and the Planaccording to his Beneficial Interest. Each Beneficiary shall take and hold its Beneficial Interest the same subject to all in the terms and provisions of this Agreement and the Planof Trust. The Beneficial Interests shall not be certificated Interest of each Beneficiary is hereby declared and shall not be transferable, assignable, pledged or hypothecated in whole or in part. No Beneficiary shall have legal title to any part of the Liquidating Trust Assets. Any such transfer shall not be effective. The interest of a Beneficiary of the Liquidating Trust is in all respects personal property, property and upon the death, insolvency or incapacity death of an individual Beneficiary, such Beneficiary’s Beneficiary his Beneficial Interest shall pass to the his legal representative and such death shall not terminate or affect the validity of such Beneficiarythis Agreement. A Beneficiary shall have no title to, possession of, management of, or any right to possess, manage or controlcontrol of, the Liquidating Trust AssetsEstate except as herein expressly provided. No widower, widow, heir, or devisee or any portion thereof or interest therein, except as expressly provided herein. No surviving spouse, heir or devisee of any deceased person who may be a Beneficiary shall have any right of dower, homestead homestead, or inheritance, or of partition, or of any other right, statutory or otherwise, in any property whatever forming a part of the Liquidating Trust AssetsEstate, but the whole title to all the Liquidating Trust Assets Estate shall be vested in the Liquidating Trust Administrator Trustees and the sole interest of the Beneficiaries shall be the rights and benefits provided given to such persons under this Agreement of Trust. The Beneficiaries will be treated as the grantors and deemed owners of the PlanLiquidating Trust, and they will be treated for federal income tax purposes as owning undivided interests in its assets.