SETTLEMENT ON DEATH BEFORE THE SETTLEMENT ON DEATH Sample Clauses

SETTLEMENT ON DEATH BEFORE THE SETTLEMENT ON DEATH. ANNUITY DATE If a participant dies before the annuity date, the beneficiary may elect: 1. To receive annuity income under annuity income Options One, Two, or Five. Election of an annuity income option is subject to the following conditions: (a) Payments must begin within one year of the participant's death. (b) The guaranteed period under Option Two or the designated period under Option Five may not be longer than the beneficiary's life expectancy under the applicable tables specified by the Internal Revenue Service. (c) The annuity value as of the date of the first income payment will be applied. OR 2. To receive a lump sum settlement equal to the cash value on the date the payment is made. If the lump sum settlement becomes payable because of the death of participant prior to attaining age 65, the lump sum settlement will be equal to the larger of: (a) The purchase payments less amounts already applied to an annuity income option, and less any prior partial surrenders; or (b) The value of any separate account accumulation units, plus 100% of the accumulated payment value of the participant's interest in the general account. If the spouse of the participant is the beneficiary, the spouse may delay election of an income option under 1 above, to the later of (a) one year after the participant's death or (b) a date no later than the date on which the participant would have attained age 70 1/2. In any event, distribution under the lump sum option above must be made within 5 years of the death of the participant. Unless a participant has elected otherwise, if there is more than one named beneficiary living at the time of the participant's death, each will share in the proceeds equally. If a participant outlives all beneficiaries, the proceeds will be paid to the participant's estate in a lump sum. No beneficiary will have the right to assign, anticipate or commute any future payments under any of the options, except as provided in the election or by law. The rights to the proceeds will pass as if the participant outlived the beneficiary if the beneficiary dies at the same time as the participant or within 15 days of the participant's death and prior to the date due proof of the participant's death is received. Due proof of death will be a certified death certificate, an attending physician's statement, a decree of a court of competent jurisdiction as to the finding of death, or such other documents as the Company may, at its option, accept. 6.02
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Related to SETTLEMENT ON DEATH BEFORE THE SETTLEMENT ON DEATH

  • Payment on Settlement Date On contractual settlement date, the account of the Fund will be charged for all purchased Investments settling on that day, regardless of whether or not delivery is made. Likewise, on contractual settlement date, proceeds from the sale of Investments settling that day will be credited to the account of Fund, irrespective of delivery. Exceptions to contractual settlement on purchases and sales, that will continue to settle delivery versus payment, include real estate, venture capital, international trades, open-ended mutual funds, non standard depository settlements and in-kind trades.

  • Repayment on Termination Date The Borrower hereby agrees to repay the outstanding principal amount of (i) all Revolving Credit Loans in full on the Revolving Credit Maturity Date, and (ii) all Swingline Loans in accordance with Section 2.2(b) (but, in any event, no later than the Revolving Credit Maturity Date), together, in each case, with all accrued but unpaid interest thereon.

  • Payment on Termination If Employee's employment is terminated by Employee with or without cause, or by Bank with or without cause, Employee shall be paid all base salary and benefits accrued under the Agreement as of the termination date.

  • Settlement Method Election Date The third Scheduled Trading Day immediately preceding the First Expiration Date.

  • Date of Settlement All offers of Certificated Securities solicited by a Selling Agent or made by a Purchasing Agent and accepted by the Company will be settled on a date (the “Settlement Date”) which is the third business day after the date of acceptance of such offer, unless the Company and the purchaser(s) agree to settlement (a) on another business day after the acceptance of such offer or (b) with respect to an offer accepted by the Company prior to 10:00 a.m., New York City time, on the date of such acceptance.

  • Payment on Non-Banking Days Whenever any payment to be made hereunder shall be stated to be due on a day which is not a Banking Day, such payment may be made on the next succeeding Banking Day, and such extension of time shall in such case be included in the computation of interest on the Advances or the fees hereunder, as the case may be.

  • Payment on non-Business Day If any payment by the Borrower under a Finance Document would otherwise fall due on a day which is not a Business Day:

  • Payment on Non-Business Days Whenever any payment to be made shall be due on a day which is not a Business Day, such payment may be due on the next succeeding Business Day.

  • Termination on Death If this Agreement terminates pursuant to the death of Executive under subsection 6(e), then the Company shall pay to Executive’s wife, if she has not predeceased him and if she is married to Executive on the date of his death, a lump sum payment (the “Widow Payment”) in cash equal to one year of Executive’s salary at the then current rate in effect at the time of Executive’s death. The Company shall make the Widow Payment within 60 calendar days after the Executive’s death. If Executive is not married at the time of his death or if Executive’s wife has predeceased Executive, the Company shall not be obligated to make any payment to Executive’s estate. If the Company elects to purchase life insurance for Executive to fund, in whole or in part, its obligations under this subsection 7(d), Executive agrees to designate his wife as the primary beneficiary of such insurance while he is married, and any payment of the Widow Payment by the Company will be less the sum of any life insurance purchased by the Company payable to Executive’s beneficiaries upon his death. Additionally, in the event of Executive’s death, the Company shall pay to Executive’s wife, or his estate if she has predeceased him or is not married to him on the date of his death, Executive’s accrued but unpaid salary and any amount due (and not previously paid) to Executive under subsection 3(e) for reasonable expenses incurred by Executive in the performance of his duties hereunder.

  • Trade Settlement at Termination Termination will be without prejudice to the completion of any transaction already initiated. On, or after, the effective date of termination, the Sub-Adviser shall be entitled, without prior notice to the Adviser or a Fund, to direct the Fund’s custodian to retain and/or realize any assets of the Fund as may be required to settle transactions already initiated. Following the date of effective termination, any new transactions will only be executed by mutual agreement between the Adviser and the Sub-Adviser.

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