Corrective Distributions. The Sponsor shall continuously measure for any material deviation between the Class Value per Share of each Class of each Initial Fund and the Closing Trading Prices of such Class’ Shares where the Closing Trading Prices are based on one or more trades occurring within the last 30 minutes of trading. Following the later to occur of (1) the expiration of 90 calendar days following the inception of an Initial Fund’s operations and (2) the commencement of such Fund’s third Measuring Period, if the Closing Trading Prices of the Shares of any Class of such Fund deviate in the amount set forth in the table below from their Class Value per Share for the period of time set forth in the table below, such Fund shall distribute to each of its Shareholders (x) a number of its Down Shares equal to the number of its Up Shares held by such Shareholder (including those to be distributed on such Distribution Date for the related Regular Distribution or Special Distribution) and (y) a number of its Up Shares equal to the number of its Down Shares held by such Shareholder (including those to be distributed on such Distribution Date for the related Regular Distribution or Special Distribution) (a “Corrective Distribution”). Corrective Distributions will be made on the next scheduled Regular Distribution Date or Special Distribution Date, in addition to the Regular Distribution or Special Distribution. If the Closing Trading Price for a Share of a Fund on any Business Day is not based on one or more trades occurring on the Exchange during the last 30 minutes of that day, the Closing Trading Price for that day will be deemed not to have deviated from such Share’s Class Value per Share on that day for the purposes of measuring for a Corrective Distribution. Initial Fund Closing Trading Price Deviation from Class Value per Share of Any Fund Class Duration of Deviation(1) AccuShares S&P GSCI Spot Fund 5.0% 3 business days AccuShares S&P GSCI Agriculture and Livestock Spot Fund 5.0% 3 business days AccuShares S&P GSCI Industrial Metals Spot Fund 5.0% 3 business days AccuShares S&P GSCI Crude Oil Spot Fund 5.0% 3 business days AccuShares S&P GSCI Xxxxx Oil Spot Fund 5.0% 3 business days AccuShares S&P GSCI Natural Gas Spot Fund 7.5% 3 business days AccuShares Spot CBOE VIX Fund 10.0% 3 business days (1) Days must be consecutive.
Corrective Distributions. The Plan will make corrective distributions (or additional corrective distributions, if corrective distributions are already being made to correct a violation of the ADP Test or ACP Test), to the extent other corrective action is not taken or such other action is not sufficient to completely eliminate the Multiple Use Test violation. Such corrective distributions may be determined as if they were being made to correct a violation of the ADP Test or a violation of the ACP Test, or a combination of both, as determined by the Plan Administrator. Any corrective distribution that is treated as if it were correcting a violation of the ADP Test will be determined under the rules described in Section 17.2(d). Any corrective distribution that is treated as if it were correcting a violation of the ACP Test will be determined under the rules described in Section 17.3(d).
Corrective Distributions. Nothing in this Article 8 precludes the Plan Administrator from making a distribution to a Participant, to the extent such distribution is made to correct a qualification defect in accordance with the corrective procedures under the IRS’ voluntary compliance programs. Thus, for example, nothing in this Article 8 would preclude the Plan from making a corrective distribution to an Employee who received contributions under the Plan prior to becoming an Eligible Participant. Any such distribution must be made in accordance with the correction procedures applicable under the IRS’ voluntary correction programs.
Corrective Distributions. On or prior to the Termination Date and subject to the terms of the Plan, corrective distributions will be made if mandated by applicable law and regulations.
Corrective Distributions. Nothing in this Article shall preclude the Administrator from making a distribution to a Participant, to the extent such distribution is made to correct a qualification defect in accordance with the corrective procedures under any voluntary compliance program.
Corrective Distributions. 7.12.1. EXCESS DEFERRALS ($7,000 LIMIT).
Corrective Distributions. If the Plan Administrator determines ------------------------ that Deferral Amounts or Employer Matching Contributions in excess of the amount permitted under Subsections (a), (b) or (c) were made to the Plan, then the Plan Administrator will cause the Trustee to make a corrective distribution of any such excess (and income allocable thereto as computed in accordance with Subsection (g)) to the Highly Compensated Employees within 12 months of the close of the Plan Year to which the excess is attributed based on the excess amounts determined under Subsection (e). Such a distribution is not subject to spousal consent. In the case of a corrective distribution required hereunder because of an excess arising under Subsection (c), reductions shall first be made from the Highly Compensated Employees' Deferral Amounts and then from their Employer Matching Contributions, if necessary.
Corrective Distributions. If any amount remitted under the Contract for a Participant for any calendar year exceeds the dollar limitation of Code Section 402(g), then upon receipt of written notice to the Company of such excess remittance and request for a corrective distribution, the Company shall make such corrective distribution according to Code Section 402(g) and IRS regulations issued under that Section to the Participant. The Company shall not be responsible for determination of the amount of any such excess or required corrective distribution, nor for making such corrective distribution sooner than 30 days after receipt of written notice from an Employer at the Company’s home office of the need for a corrective distribution and sufficient details necessary to make the distribution. The Company shall be fully protected in relying on information provided to it with respect to such corrective distributions. A “corrective distribution” for purposes of this Section 2.3 shall mean the amount of any Salary Reduction Contribution for a calendar year in excess of the limits of Code Section 402(g) and any earnings attributable to such amount. If the Employer’s tax-deferred annuity arrangement is a Plan which is subject to ERISA, then the Employer may direct that corrective distributions be made. If the Employer’s tax-deferred annuity arrangement is not a Plan which is subject to ERISA, then the Participant is solely responsible for determining whether a corrective distribution is necessary and requesting such corrective distribution be made.
Corrective Distributions. 49 SECTION 115 EXCESS DEFERRALS ($7,000 LIMIT)....................................................49 (a)
Corrective Distributions. Notwithstanding any other provision herein and to the extent permitted by law, if any Employer contribution made hereto is made as a result of a computational, recordkeeping, data entry or similar ministerial or administrative error, the Custodian may return to the contributing Employer the amount of such erroneous contribution. Such amounts shall not be considered to be distributions hereunder.
