UPON THE SETTLER'S WIFE'S DEATH Sample Clauses

UPON THE SETTLER'S WIFE'S DEATH. The following provisions shall apply after the Settlor's Wife's death.
Sample 1
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UPON THE SETTLER'S WIFE'S DEATH. The following provisions shall apply after the Settlor's Wife's death. 1. Unless the Settlor's Wife provides otherwise by specific reference to this Article in a Will or other writing, the Trustees shall pay any increase in death taxes payable upon the death of the Settlor's Wife caused by the inclusion of a marital trust or a portion of a marital trust in her gross estate (to the extent such taxes are not paid from the assets of the estate of the Settlor's Wife as directed by the Xxxxx Xxxxxx Revocable Trust) from the principal of the trust or portion so included. The Trustees may rely upon the written statement by the Settlor's Wife's Trustees of the amounts thus payable. If there is more than one marital trust, the Trustees shall pay such death taxes from Marital Trust II or included portion thereof rather than the Reverse QTIP Trust or Marital Trust I until Marital Trust II is exhausted, and only then from the Reverse QTIP Trust, Marital Trust I or included portion thereof. To the maximum extent possible, no such tax shall be payable from the assets or portion of the Xxxxxxx Xxxxxx Testamentary Charitable Lead Trust ("CLAT") eligible for an estate tax charitable deduction under Code Section 2055(a) or 2055(e)(2)(B)). 2. The Settlor's Wife shall have the power, by a provision in her Will specifically referring to this Special Power of Appointment, to appoint all or any portion of the principal of Marital Trust II (but in no event shall this power extend to any of the principal of Marital Trust I) to the Settlor's descendants, per stirpes, pursuant to the terms of the Descendants' Trusts; and to appoint all or any portion of the principal of the Reverse QTIP Trust to one or more persons out of a class composed of the Settlor's decendants, pursuant to the terms of the Descendants' Trusts. 12 <PAGE> 3. The balance of all property then held in the Marital Trust (to the extent that the Settlor's Wife shall fail to validly exercise the power of appointment granted to her pursuant to the provisions of subparagraph 2. hereinabove) shall be administered as follows: a. All voting shares of LMM Family Corp. and MCI Holdings Corporation, together with all non-voting shares of LMM Family Corp. and MCI Holdings Corporation and any other shares of a corporation that are subject to the terms and conditions of Article XX, relating to S Corporation Shares, shall be distributed to a separate trust known as the "LMM Family Corp. Descendants' Trust," to be administered (sub...
Sample 1

Related to UPON THE SETTLER'S WIFE'S DEATH

  • Termination Upon Executive’s Death If the Executive’s employment terminates during the Term due to the Executive’s death, then:

  • Executive’s Death In the event Executive shall die after, or within six months prior to, the date a Change in Control occurs and this Agreement becomes operative, all amounts and benefits which would have been payable or due to Executive if Executive had continued to live (including, in the event Executive dies after a Voluntary or Involuntary Termination, the amounts and benefits described in Section 4(c) hereof) shall be paid and provided in accordance with the terms of this Agreement to the executors, administrators, heirs or personal representatives of Executive's estate.

  • Termination Due to Executive’s Death This Agreement will terminate automatically on the date the Executive dies. As of that date, and subject to Section 5.04[6], the Company will make the following payments to the person the Executive designates on the attached Beneficiary designation form or, with respect to any Equity Incentive, the beneficiary the Executive designates under the Stock Incentive Plan under which the award was issued (“Beneficiary”):

  • Termination Upon Death of Executive Executive’s employment under this Agreement shall be terminated upon the death of Executive. In such case, the Employer shall be obligated to pay to the surviving spouse of Executive, or if there is none, to the Executive’s estate: (i) that portion of Executive’s Base Salary that would otherwise have been paid to him for the month in which his death occurred, and (ii) any amounts due him pursuant to the Northrim Bank Savings Incentive Plan (401-K) and the Northrim BanCorp, Inc. Profit Sharing Plan, any supplemental deferred compensation plan, and any other death, insurance, employee benefit plan or stock benefit plan provided to Executive by the Employer, according to the terms of the respective plans.

  • Termination for Death Following a Change in Control, if the Executive’s employment with the Company is terminated by reason of his death, the Executive’s benefits shall be determined in accordance with the Company’s retirement, survivor’s benefits, insurance, and other applicable programs then in effect.

  • Termination by Death If the Executive dies during the Employment Term, the Executive’s employment will terminate and the Executive’s beneficiary or if none, the Executive’s estate, shall be entitled to receive from the Company, the Executive’s accrued, but unpaid, Base Salary through the date of termination of employment and any vested benefits under any Employee Plan in accordance with the terms of such Employee Plan and applicable law.

  • Disability; Death If the Company terminates Executive’s employment as a result of Executive’s Disability, or Executive’s employment terminates due to Executive’s death, then Executive will not be entitled to receive any other severance or other benefits, except for those (if any) as may then be established under the Company’s then existing written severance and benefits plans and practices or pursuant to other written agreements with the Company.

  • Termination for Retirement or Death If Executive’s employment is terminated by reason of his retirement or death following a Change in Control, Executive’s benefits shall be determined in accordance with Company’s retirement, survivor’s benefits, insurance, and other applicable programs then in effect, and Executive shall not be entitled to any other benefits provided by this Agreement.

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