Actual Beneficiary definition

Actual Beneficiary means the natural person who ultimately owns or controls the Legal Person, or the natural person in whose name an activity is carried out or a transaction is made and/or who has, directly or indirectly, the right of ownership or control over at least 25% of the shares or voting right of the Legal Person or over the assets subject to trust management, and, as appropriate, the persons who have effective control of the Legal Person, thus identified in accordance with the criteria set forth in the Applicable Laws.
Actual Beneficiary in relation to the Client, means the ultimate beneficiary of the Account or, where the Client is a company or body corporate, the individuals who are the ultimate beneficial owners of the share capital of the company or body corporate, and includes a beneficiary holding an interest through a nominee or trust;
Actual Beneficiary. : means the natural person who owns or exercises substantial control on the client or the person on whose behalf the transactions are conducted, including a person exercising substantial control over a JP or a legal arrangement.

Examples of Actual Beneficiary in a sentence

  • If CMS determines that at least one beneficiary was either directly adversely affected (i.e., actual beneficiary harm), or had the substantial likelihood of being adversely affected (i.e., substantial likelihood of beneficiary harm) by a sponsor’s deficiency, a CMP can be issued under the termination authority.Example of Actual Beneficiary Harm: A sponsor fails to provide an appropriate transition process for new enrollees who are prescribed non-formulary Part D drugs that represent ongoing therapy.

  • Acceptors are bound not to negotiate, sell or limit their Stock ownership, and not to conduct business whose object or effect is that a third party becomes an Actual Beneficiary of Stock, during two (2) months following the First Stage Award Date, as it is established in the Acceptance.

  • IRS 990 form Cause Related Expenditures via: Program Services (IRS 990 line 13)Model B – Only Actual Beneficiary Related Costs Considered As Output Variables A closer examination of what is included in “program services” (line 13) reveals that possible “misinformation” can be “hidden” therein.

Related to Actual Beneficiary

  • Financial Beneficiary means any Principal of the Developer or Applicant entity who receives or will receive any direct or indirect financial benefit from a Development, except as further described in Rule 67-21.0025, F.A.C.

  • Income beneficiary means a person to whom net income of a trust is or may be payable.

  • Initial Beneficiary means ALF LLC, as initial beneficiary under the Titling Trust Agreement and its permitted successors and assigns.

  • Surviving Spouse means the widow or widower, as the case may be, of a Deceased Participant or a Deceased Beneficiary (as applicable).

  • Designated Beneficiary means the beneficiary or beneficiaries the Participant designates, in a manner the Administrator determines, to receive amounts due or exercise the Participant’s rights if the Participant dies or becomes incapacitated. Without a Participant’s effective designation, “Designated Beneficiary” will mean the Participant’s estate.

  • Qualified beneficiary means a beneficiary who, on the date the beneficiary's qualification is determined:

  • Remainder beneficiary means a person entitled to receive principal when an income interest ends.

  • Annual Benefit means an annual sum of fifty thousand dollars ($50,000) multiplied by the Applicable Percentage (defined below) and then reduced to the extent required: (i) under the other provisions of this Agreement; (ii) by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; and (iii) in order for the Employer to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (eg., FICA, FUTA, SDI).

  • Refund beneficiary means an individual nominated by a qualified participant or a former qualified participant under section 66 to receive a distribution of the participant's accumulated balance in the manner prescribed in section 67.

  • primary beneficiary means the individual for whose primary benefit the trust is then held. For purposes of Section 8.3, a Qualified Entity is a member of each Family Group to which such one or more Qualified Trusts that are its equity holders belong.

  • Beneficiary means each designated person, or the estate of the deceased Executive, entitled to benefits, if any, upon the death of the Executive, determined according to Article 4.

  • Surviving beneficiary or "surviving descendant" means a beneficiary or a descendant who did not predecease the decedent and is not considered to have predeceased the decedent under section 2702.

  • Third Party Beneficiary means each of the non-NHS bodies set out in the list attached at Schedule 1, as supplied from time to time by the Authority to the Contractor;

  • Former Spouse means the individual who is considered by Applicable Laws to be the Annuitant’s former spouse or common-law partner;

  • Contingent Beneficiary is the person that becomes the Beneficiary if the named Beneficiary dies prior to the Income Date.

  • Accrued Benefit have the meanings specified in ERISA.

  • Special benefit means, for purposes of a property-based district, a particular and distinct benefit over and above general benefits conferred on real property located in a district or to the public at large. Special benefit includes incidental or collateral effects that arise from the improvements, maintenance, or activities of property-based districts even if those incidental or collateral effects benefit property or persons not assessed. Special benefit excludes general enhancement of property value.

  • Spouse means, an individual who,

  • land reform beneficiary , in relation to a property, means a person who -

  • Beneficiary(ies means the individual or individuals designated in the Application by the Subscriber(s) to whom, or on whose behalf, Educational Assistance Payments are agreed to be paid, provided such individual qualifies under the Applicable Legislation and the Plan at the time such payments are made;

  • Annuity Benefit means a benefit payable by us as described in Part VII.

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

  • Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Termination Benefit means the benefit set forth in Article 7.

  • Qualified Beneficiaries has the meaning set forth in Section 4.12.