Spousal Interest definition

Spousal Interest shall have the meaning set forth in Section 8.6.
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Spousal Interest is defined in Section 8.6.
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Spousal Interest means an interest of a spouse in a family home under section 6.4.
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Examples of Spousal Interest in a sentence

  • They may also set aside the agreement if they were concluded fraudulently or by coercion.5.3. Recommendationsa) Clarification on Spousal Interest in Matrimonial PropertyThe courts need to settle the disputed interpretation of Article 45(3) of the Constitution of Kenya and section 7 of the Matrimonial Property Act on how to divide matrimonial property upon divorce.

  • Born maintains no right of redemption in the Subject Real Property.E. Valuation of Spousal Interest in the Subject Real Property As discussed previously, Defendants contend that if a forced sale occurs, Mrs.

  • In the event of the divorce of an Employee Member or the death of an Employee Member’s spouse, as a result of which the Employee Member does not succeed to all of his or her spouse’s community property interest, if any, in the Membership Units held by such Employee Member (the “Spousal Interest”), there shall be deemed to have occurred a Termination Event with respect to the Employee Member, and the Spousal Interest shall be deemed to constitute the Buy/Sell Units for purposes of this Article.

  • The holder’s spouse shall be entitled to share in distributions and allocations in respect of such Unpurchased Spousal Interest as an Assignee in accordance with the terms of the LLC Agreement.

  • For a period of ninety days following the earliest to occur of (1) the qualification of the Spouse’s Personal Representative, (2) the entry of an order of the probate court concluding that the Spouse’s will does not bequeath the entire Spousal Interest to the Shareholder, or (3) the filing of a will contest suit, the Shareholder has the exclusive right and option to purchase the Shares at the purchase price per Share determined pursuant to section 7.1 below to be payable in accordance with section 7.2(b).

  • To the extent that the Corporation elects not to purchase all of the Spousal Interest in the Shares, the Other Shareholders have the right to purchase all or any portion of the remaining Shares not purchased by the Corporation on a Pro Rata basis or as the Other Shareholders may otherwise agree among themselves.

  • Upon the occurrence of such a Termination Event, the Spousal Interest may be purchased from the spouse, as applicable, by the Company in the sole and absolute discretion of the Managers, for the benefit of the Members in accordance with the terms set forth in this Article 6, subject to the foregoing provisions in this Section 6.03.

  • If such Shareholder does not succeed to his or her spouse's interest in the Stock registered in such Shareholder's name (the "Spousal Interest"), then he or she will have an option to purchase all of the Spousal Interest and, upon exercise of such option, his spouse or his spouse's representative, as the case may be, will be obligated to sell the Spousal Interest to such Shareholder.


More Definitions of Spousal Interest

Spousal Interest means any part of a Membership Interest owned or claimed by a Spouse pursuant to community property laws, gift, inheritance, partition or otherwise. Successors means, with respect to any deceased individual who owned directly or indirectly any Membership Interest at his or her death, (i) such deceased individual’s heirs or legatees then owning title to such deceased individual’s Membership Interests or the deceased individual’s Personal Representative, as the case may be, (ii) the deceased individual’s surviving Spouse, to the extent such Spouse owns a community interest in the deceased individual’s Membership Interests, or (iii) the deceased individual’s surviving Domestic Partner, to the extent such Domestic Partner owns an interest in the deceased individual’s Membership Interests.
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Spousal Interest means any interest in the Shares owned or claimed by a Spouse. “Successor” means, with respect to any deceased individual who owned any Shares at the time of that individual’s death, (1) that deceased individual’s heirs or legatees then owning title to that deceased individual’s Shares or the deceased individual’s Personal Representative, as the case may be; and (2) the deceased individual’s surviving Spouse, to the extent that Xxxxxx owns a community interest in the deceased individual’s Shares.
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Related to Spousal Interest

  • Distributional interest means the right under an unincorporated entity’s organic law and organic rules to receive distributions from the entity.

  • Special Interest shall have the meaning assigned thereto in Section 2(c) hereof.

  • Class C Additional Interest is defined in Section 4.1(c).

  • Class B Additional Interest shall have the meaning specified in subsection 4.02(b).

  • Capital Interest means the proportion that a Member's positive Capital Account bears to the aggregate positive Capital Accounts of all Members whose Capital Accounts have positive balances as may be adjusted from time to time.

  • Current Class B-5 Fractional Interest As to any Distribution Date subsequent to the first Distribution Date, the percentage obtained by dividing the Principal Balance of the Class B-6 Certificates by the sum of the Class A Non-PO Principal Balance and the Class B Principal Balance. As to the first Distribution Date, the Original Class B-5 Fractional Interest.

  • Current Class B-4 Fractional Interest As to any Distribution Date subsequent to the first Distribution Date, the percentage obtained by dividing the sum of the Principal Balances of the Class B-5 and Class B-6 Certificates by the sum of the Class A Non-PO Principal Balance and the Class B Principal Balance. As to the first Distribution Date, the Original Class B-4 Fractional Interest.

  • Class A Additional Interest shall have the meaning specified in subsection 4.02(a).

  • Current Class B-2 Fractional Interest As to any Distribution Date subsequent to the first Distribution Date, the percentage obtained by dividing the sum of the Principal Balances of the Class B-3, Class B-4, Class B-5 and Class B-6 Certificates by the sum of the Class A Non-PO Principal Balance and the Class B Principal Balance. As to the first Distribution Date, the Original Class B-2 Fractional Interest.

  • Current Class B-1 Fractional Interest As to any Distribution Date subsequent to the first Distribution Date, the percentage obtained by dividing the sum of the Principal Balances of the Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates by the sum of the Class A Non-PO Principal Balance and the Class B Principal Balance. As to the first Distribution Date, the Original Class B-1 Fractional Interest.

  • Current Class B-3 Fractional Interest As to any Distribution Date subsequent to the first Distribution Date, the percentage obtained by dividing the sum of the Principal Balances of the Class B-4, Class B-5 and Class B-6 Certificates by the sum of the Class A Non-PO Principal Balance and the Class B Principal Balance. As to the first Distribution Date, the Original Class B-3 Fractional Interest.

  • Personal interest means a financial benefit or liability accruing to a School Board member or employee or to a member of the immediate family of the School Board member or employee. Such interest shall exist by reason of

  • Class R-1 Residual Interest The uncertificated undivided beneficial interest in REMIC I which has been designated as the single class of “residual interest” in REMIC I pursuant to Section 2.06.

  • Upper-Tier Residual Interest The sole class of “residual interests”, within the meaning of Code Section 860G(a)(2), in the Upper-Tier REMIC and evidenced by the Class R Certificates.

  • registered interest means an international interest, a registrable non-consensual right or interest or a national interest specified in a notice of a national interest registered pursuant to Chapter V;

  • Deferred Interest shall have the meaning set forth in Section 4.1.

  • Original Class B-5 Fractional Interest As to the first Distribution Date, the percentage obtained by dividing the Original Class B-6 Principal Balance by the sum of the Original Class A Non-PO Principal Balance and the Original Class B Principal Balance. The Original Class B-5 Fractional Interest is specified in Section 11.20.

  • Fractional Interest As defined in Section 5.02(d).

  • Original Class B-4 Fractional Interest As to the first Distribution Date, the percentage obtained by dividing the sum of the Original Class B-5 Principal Balance and the Original Class B-6 Principal Balance by the sum of the Original Class A Non-PO Principal Balance and the Original Class B Principal Balance. The Original Class B-4 Fractional Interest is specified in Section 11.19.

  • Lower-Tier Residual Interest The sole class of “residual interests”, within the meaning of Code Section 860G(a)(2), in the Lower-Tier REMIC and evidenced by the Class R Certificates.

  • Original Class B-1 Fractional Interest As to the first Distribution Date, the percentage obtained by dividing the sum of the Original Class B-2 Principal Balance, the Original Class B-3 Principal Balance, the Original Class B-4 Principal Balance, Original Class B-5 Principal Balance and the Original Class B-6 Principal Balance by the sum of the Original Class A Non-PO Principal Balance and the Original Class B Principal Balance. The Original Class B-1 Fractional Interest is specified in Section 11.16.

  • Original Class B-2 Fractional Interest As to the first Distribution Date, the percentage obtained by dividing the sum of the Original Class B-3 Principal Balance, the Original Class B-4 Principal Balance, Original Class B-5 Principal Balance and the Original Class B-6 Principal Balance by the sum of the Original Class A Non-PO Principal Balance and the Original Class B Principal Balance. The Original Class B-2 Fractional Interest is specified in Section 11.17.

  • Class R-2 Residual Interest The uncertificated undivided beneficial interest in REMIC II which has been designated as the single class of “residual interest” in REMIC II pursuant to Section 2.11. The Class R-2 Residual Interest, together with the REMIC II Regular Interests, shall be deemed to be a separate series of beneficial interests in the assets of the Trust consisting of the REMIC II Assets pursuant to Section 3806(b)(2) of the Statutory Trust Statute.

  • Cash Interest means interest paid in the form of cash.

  • Residual Interest The sole class of "residual interests" in a REMIC within the meaning of Section 860G(a)(2) of the Code.

  • Substantial interest means holding of a beneficial interest by an individual or his spouse or minor child, whether singly or taken together in the shares of a company, the amount paid up on which exceeds ten per cent of the paid up capital of the company; or the capital subscribed by all the partners of a partnership firm;