Waiver Election definition

Waiver Election means a written election by a Participant during the Election Period to receive the payment of the Participant’s vested Accrued Benefit in a manner other than a Qualified Joint and Survivor Annuity or a Qualified Preretirement Survivor Annuity. A Waiver Election must be consented to by the Participant’s Spouse. The Spouse’s consent must acknowledge the effect of the waiver and must be witnessed by either the Plan representative or a notary public as required at the sole discretion of the Committee. The Spouse’s consent will be deemed made if the Participant establishes to the satisfaction of the Committee that (i) there is no Spouse; or (ii) the Spouse cannot be located. If the Spouse is legally incompetent to give consent, the Spouse’s legal guardian, even if the guardian is the Participant, may give consent. Also, if the Participant is legally separated or the Participant has been abandoned (within the meaning of local law) and the Participant has a court order to such effect, spousal consent is not required unless a Qualified Domestic Relations Order provides otherwise. Similar rules apply to a plan subject to the requirements of Section 401(a)(11)(B)(iii)(l) of the Code. Any consent made or deemed made hereunder shall be valid only with respect to the Spouse who signs, or is deemed to have signed, the consent. The Waiver Election of a Qualified Preretirement Survivor Annuity shall identify the Beneficiary or class of Beneficiaries or any contingent Beneficiaries. The Waiver Election of a Qualified Joint and Survivor Annuity shall identify the Beneficiary or class of Beneficiaries or contingent Beneficiary, if applicable, and the method of payment. Any change in the Waiver Election shall require a new

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Waiver Election means an election to waive any benefits for a spouse under the Plan, but only if the spouse of the Participant consents to the election and such consent: (i) is in writing, (ii) acknowledges the effect of the election, including the identity of the alternate survivor beneficiary, and (iii) is witnessed by a notary public. If a married Participant, following a Waiver Election, changes the identity of the alternate survivor beneficiary, the spouse must consent to such change in the

Waiver Election means a written election by a Participant to designate the payment of the Participant's Accrued Benefit to a beneficiary other than a Participant's Spouse. A Waiver Election must be consented to by the Participant's Spouse. The Spouse's consent must acknowledge the effect of the waiver and must be witnessed by a notary public or a member of the Committee. The Spouse's consent will be deemed made if the Participant establishes to the satisfaction of the Committee that (i) there is no Spouse; or (ii) the Spouse cannot be located. If the Spouse is legally incompetent to give consent, the Spouse's legal guardian, even if the guardian is the Participant, may give consent. Also, if the Participant is legally separated or the Participant has been abandoned (within the meaning of local law) and the Participant has a court order to such effect, spousal consent is not required unless a Qualified Domestic Relations Order provides otherwise. Any consent made or deemed made hereunder shall be valid only with respect to the Spouse who signs, or is deemed to have signed, the consent. The Waiver Election shall identify the beneficiary or class of beneficiaries or any contingent beneficiaries. Any change in the Waiver Election shall require a new spousal consent unless the original consent of the Spouse expressly permits designations by the Participant without any requirement of further consent by the Spouse and acknowledges that the more restrictive consent could have been given. A revocation of a prior Waiver Election may be made by a Participant without the consent of the Spouse at any time before death. The Participant may revoke a Waiver Election at any time, but any new Waiver Election must comply with the requirements of this subparagraph. A former Spouse's consent to a Waiver Election shall not be binding on a new Spouse.

Examples of Waiver Election in a sentence

A Waiver Election may not be made if the Company has previously made a Physical Settlement Election.
If CNL fails to deliver a ROFO Investment Response Notice within such fifteen (15) Business Days period, CNL shall be deemed to have made the Waiver Election.
If such definitive joint venture agreement is not executed and delivered within thirty (30) days of receipt by Bainbridge of notice of the exercise by CNL of the Acceptance Election, then CNL shall automatically be deemed to have made the Waiver Election and Bainbridge may proceed as if the Waiver Election had initially been made by CNL.
If CNL makes, or is deemed to have made, the Waiver Election, Bainbridge shall thereafter have the right to pursue such Opportunity for its own account without the participation of the CNL Entities and, at Bainbridge’s option, with any other third party participation on such terms as it shall elect.
If Employee voluntarily terminates employment and a Non-Compete Waiver Election not been made (or has been made without the written consent of Employee), NIKE shall pay Employee a monthly payment equal to one-twenty-fourth (1/24) of Employee’s then-current Annual NIKE Income while the Restriction Period is in effect.
If Sabre makes a Waiver Election in accordance with the second preceding sentence and such breach or default is not a Catastrophic Event, then AOL shall have no right to terminate the Preview Agreement for such breach or default during the Relevant Period.
In the event of a Non-Compete Waiver Election, NIKE shall not be obligated to pay Employee for any period of time as to which the covenant not to compete has been waived.
Notwithstanding the general allocation provisions set forth in this 8.2 and the distribution provisions in 7.2, if the Company makes a Waiver Election pursuant to 8.2.2(c) of the Fund Agreement, appropriate adjustments shall be made to the allocations and distributions otherwise provided for herein in a manner consistent with the intended operation, principles of implementation and terms of any such Waiver Election, as contemplated by 8.2.2(c) of the Fund Agreement.
Election of Remedies and Waiver: Election of Remedies and Waiver will follow Montana law 39-31-306(5).
No Partner shall have the right to demand or receive property other than cash in return for its Capital Contribution; and if upon dissolution the Partnership property remaining after the payment or discharge of debts and liabilities of the Partnership is insufficient to return said contributions, no Limited Partner shall have any recourse against the General Partner or any other Limited Partner.

More Definitions of Waiver Election

Waiver Election has the meaning specified in Section 8.15.

Waiver Election shall have the meaning set forth in Section 3.1.