Common use of Principal Distributions Clause in Contracts

Principal Distributions. During the lifetime of ▇▇▇▇▇▇▇'s spouse, the Trustee, shall pay as much of the principal from the Trust Estate as the Trustee shall deem proper, in the Trustee's sole and absolute discretion, to or for the benefit of ▇▇▇▇▇▇▇'s children or grandchildren. up to the entire amount of the trust corpus together with any accumulated income thereon (including to the Trustee(s) themselves if they are a named remaindermen). A Trustee may only make a distribution to himself upon the consent of a co-trustee, or, in the event there is only one Trustee acting, upon the consent of a successor Trustee as a condition precedent to the Trustee making any said distributions. This paragraph is expressly intended to negate the provisions of section 10-10.1 of Estate Powers and Trust Laws of the State of New York. Any distributions made pursuant to the provisions herein shall be considered as advancements in determining the beneficiary's respective share as provided for hereinafter. In no event shall the Trustee invade principal to or for the benefit of ▇▇▇▇▇▇▇'s spouse. The Grantor directs that the provisions of Section 7-1.6 of the Estates, Powers and Trust Law of the State of New York, or any successor statute thereto, shall not be available to require any invasion of principal by the Trustees or any court.

Principal Distributions. During the lifetime of ▇▇▇▇▇▇▇'s spousethe Grantor, the Trustee, Trustee shall pay as much of the principal from the Trust Estate as the Trustee shall deem proper, in the Trustee's sole and absolute discretion, to or for the benefit of ▇▇▇▇▇▇▇'s children or grandchildren. up to the entire amount of the trust corpus together with any accumulated income thereon (including to the Trustee(s) themselves if they are a named remaindermen). In the event any remainder beneficiary’s interest is to be held in a continuing trust upon the death of the Grantor, the Trustee shall be governed by the standard for distributions contained in said continuing trust to prevent this power from affecting said beneficiary’s right to obtain or maintain government benefits, or giving said beneficiary’s creditors any rights hereunder. A Trustee may only make a distribution to himself upon the consent of a co-trustee, or, in the event there is only one Trustee acting, upon the consent of a successor Trustee as a condition precedent to the Trustee making any said distributions. This paragraph is expressly intended to negate the provisions of section 10-10.1 of Estate Powers and Trust Laws of the State of New York. Any distributions made pursuant to the provisions herein shall be considered as advancements in determining the beneficiary's respective share as provided for hereinafter. In The Trustee shall have no event shall the Trustee right to invade principal to or of the Trust Estate for the benefit of ▇▇▇▇▇▇▇the Grantor or Grantor's spouse. The Grantor directs that the provisions of Section 7-1.6 of the Estates, Powers and Trust Law of the State of New York, or any successor statute thereto, shall not be available to require any invasion of principal by the Trustees Trustee or any court.