DEFINITION OF ANNUITY AMOUNT Sample Clauses

DEFINITION OF ANNUITY AMOUNT. The annuity amount shall be that percent (expressed in dollars) of the initial net fair market value of the assets passing in trust under this Article, as finally determined for Federal estate tax purposes (the "initial value") which, when paid over the term described in Paragraph J. below, will result in a charitable estate tax deduction under Code Sections 2055(a) and 2055(e)(2)(B) that is equal to the lesser of: (i) the smallest portion of the initial value which will result in a charitable estate tax deduction under Code Section 2055 (a) that is equal (or as near to equal as possible) to the initial value; or (ii) the largest amount (and no more) which will not cause the trust to be subject to the taxes on "excess business holdings" under Code Section 4943, pursuant to the exemption provided Code Section 4947(b)(3) or any other applicable section of the Code and the Regulations thereunder.
Sample 1
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DEFINITION OF ANNUITY AMOUNT. The Annuity Amount to be distributed in the first year of the GRAT term shall be that amount which, if not exactly a whole dollar amount, shall be rounded up to the nearest whole dollar, expressed as a percentage of the fair market value as finally determined for Federal gift tax purposes, of the property initially contributed to the GRAT, paid as provided herein, such that, by increasing the Annuity Amount in each succeeding year of the GRAT term by twenty percent (20%), the value of the remainder interest, as finally determined for Federal gift tax purposes, shall equal the greater of (1) One-Tenth of One Percent (0.10%) of the fair market value of the property initially contributed to the GRAT as finally determined for Federal gift tax purposes, at the time of such initial contribution (or, if it is not mathematically possible for the remainder to equal exactly One Tenth of One Percent (0.10%), then that percentage that can be mathematically determined which is closest to but less than One Tenth of One Percent (0.10%) and (2) the smallest amount such that the Annuity Amount will constitute a “qualified annuity interest” within the meaning of Reg. § 25.2702-3(b)(1). The Annuity Amount to be distributed in each succeeding year of the GRAT term shall be one hundred twenty percent (120%) of the Annuity Amount for the immediately preceding year.
Sample 1

Related to DEFINITION OF ANNUITY AMOUNT

  • Determination of Amount In lieu of the payment of the Exercise Price multiplied by the number of Units for which this Purchase Option is exercisable (and in lieu of being entitled to receive Common Stock and Warrants) in the manner required by Section 2.1, the Holder shall have the right (but not the obligation) to convert any exercisable but unexercised portion of this Purchase Option into Units ("Conversion Right") as follows: upon exercise of the Conversion Right, the Company shall deliver to the Holder (without payment by the Holder of any of the Exercise Price in cash) that number of shares of Common Stock and Warrants comprising that number of Units equal to the quotient obtained by dividing (x) the "Value" (as defined below) of the portion of the Purchase Option being converted by (y) the Current Market Value (as defined below). The "Value" of the portion of the Purchase Option being converted shall equal the remainder derived from subtracting (a) (i) the Exercise Price multiplied by (ii) the number of Units underlying the portion of this Purchase Option being converted from (b) the Current Market Value of a Unit multiplied by the number of Units underlying the portion of the Purchase Option being converted. As used herein, the term "Current Market Value" per Unit at any date means the remainder derived from subtracting (x) the exercise price of the Warrants multiplied by the number of shares of Common Stock issuable upon exercise of the Warrants underlying one Unit from (y) the Current Market Price of the Common Stock multiplied by the number of shares of Common Stock underlying the Warrants and the Common Stock issuable upon exercise of one Unit. The "Current Market Price" of a share of Common Stock shall mean (i) if the Common Stock is listed on a national securities exchange or quoted on the Nasdaq National Market, Nasdaq SmallCap Market or NASD OTC Bulletin Board (or successor such as the Bulletin Board Exchange), the last sale price of the Common Stock in the principal trading market for the Common Stock as reported by the exchange, Nasdaq or the NASD, as the case may be; (ii) if the Common Stock is not listed on a national securities exchange or quoted on the Nasdaq National Market, Nasdaq SmallCap Market or the NASD OTC Bulletin Board (or successor such as the Bulletin Board Exchange), but is traded in the residual over-the-counter market, the closing bid price for the Common Stock on the last trading day preceding the date in question for which such quotations are reported by the Pink Sheets, LLC or similar publisher of such quotations; and (iii) if the fair market value of the Common Stock cannot be determined pursuant to clause (i) or (ii) above, such price as the Board of Directors of the Company shall determine, in good faith.

  • Determination of Applicable Interest Rate As soon as practicable on each Interest Rate Determination Date, Bank shall determine (which determination shall, absent manifest error in calculation, be final, conclusive and binding upon all parties) the interest rate that shall apply to the LIBOR Advances for which an interest rate is then being determined for the applicable Interest Period and shall promptly give notice thereof (in writing or by telephone confirmed in writing) to Borrower.

  • Fixed Annuity 10 1.16 Fund(s) ........................................................... 10 1.17

  • Definition of Regular Straight Time Rate of Pay The regular straight time rate of pay is that prescribed in wage schedule of the Collective Agreement.

  • Calculation of Amounts Binding Effect of Interpretations and Actions of Master Servicer...............................

  • Determination of Net Asset Value The net asset value per share of each class and each series of Shares of the Trust shall be determined in accordance with the 1940 Act and any related procedures adopted by the Trustees from time to time. Determinations made under and pursuant to this Section 2 in good faith and in accordance with the provisions of the 1940 Act shall be binding on all parties concerned.

  • Definition of Affiliate The term “Affiliate” shall mean an entity that is directly or indirectly owned, operated, or controlled by another entity.

  • CALCULATION OF NET ASSET VALUE U.S. Trust will calculate the Fund's daily net asset value and the daily per-share net asset value in accordance with the Fund's effective Registration Statement on Form N-2 (the "Registration Statement") under the Securities Act of 1933, as amended (the "Securities Act"), including its current prospectus. If so directed, U.S. Trust shall also calculate daily the net income of the Fund

  • Allocation of Applied Realized Loss Amounts Any Applied Realized Loss Amounts shall be allocated by the Trustee to the most junior Class of Subordinated Certificates then Outstanding in reduction of the Class Certificate Balance thereof.

  • Determination of Realized Tax Benefit Section 2.1. Basis Adjustments and Section 704(c) Allocations; The LLC 754 Election.

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