Distributions on Trust Fund Certificates; Xxxxxx Xxx Guaranty. On each Distribution Date, Xxxxxx Mae shall withdraw from the Trust Account the applicable portion of the Lower Tier Distribution Amount distributable thereon and shall make the distributions to the Holders of each related Class of Trust Fund Certificates in the respective amounts and in the applicable manner determined as provided herein. In the event that the amount on deposit in the Trust Account on any Distribution Date shall be less than the applicable portion of the Lower Tier Distribution Amount, Xxxxxx Xxx shall provide from its own funds the amount of any insufficiency. In addition, in the event that (i) the Lower Tier Distribution Amount shall be insufficient to pay all interest due and payable on the Trust Fund Certificates during a particular month or (ii) any Distribution Date occurring during such month is a Final Distribution Date for a Class of Trust Fund Certificates (other than an Interest Only Class) and the distribution during such month of the Lower Tier Distribution Amount will not be sufficient to reduce the Class Balance of such Class to zero on such Final Distribution Date, then Xxxxxx Mae shall (a) withdraw from the Trust Account such amount as shall be necessary to remedy any such insufficiency and (b) to the extent that funds in the Trust Account shall be insufficient therefor, apply its own funds towards remedying the same. Any distribution of principal pursuant to the preceding sentence shall be deemed to be part of the Principal Distribution Amount for purposes of all future calculations of Class Factors.

Distributions on Trust Fund Certificates; Xxxxxx Xxx Guaranty. On each Distribution Date, Xxxxxx Mae shall withdraw from the Certificate Account and shall make the distributions to the Holders of each Class of Trust Fund Certificates in the respective amounts and in the applicable manner determined pursuant to Section 3.02. In the event that the amount on deposit in the Certificate Account shall be less than the Certificate Distribution Amount for such Distribution Date, then Xxxxxx Xxx shall provide from its own funds the amount of any insufficiency. In addition, in the event that on any Distribution Date that is a Final Distribution Date for a Class of Trust Fund Certificates (other than an Interest Only Class), the applicable portion of the Certificate Account will not be sufficient to reduce the Class Balance of such Class to zero on such Final Distribution Date, then Xxxxxx Mae shall apply its own funds to remedy the same.

Distributions on Trust Fund Certificates; Xxxxxx Xxx Guaranty. On each Distribution Date, Xxxxxx Mae shall withdraw from the Trust Account the Lower Tier Distribution Amount and shall make the distributions to the Holders of each Class of Certificates in the respective amounts and in the applicable manner determined pursuant to Section 3.02. In the event that the amount on deposit in the Trust Account allocable to principal shall be less than the Principal Distribution Amount or, correspondingly, the amount on deposit in the Trust Account allocable to interest shall be less than the Interest Distribution Amount, then Xxxxxx Xxx shall apply its own funds in respective amounts sufficient to remedy the same. Any distribution of principal pursuant to the preceding sentence shall be deemed to be a distribution of principal for purposes of all future calculations of Certificate Principal Factors.

Distributions on Trust Fund Certificates; Xxxxxx Xxx Guaranty. On each Distribution Date, Xxxxxx Mae shall withdraw from the Trust Account the Lower Tier Distribution Amount and shall make the distributions to the Holders of each Class of Trust Fund Certificates in the respective amounts and in the applicable manner determined pursuant to Section 3.02 hereof. In the event that the amount on deposit in the Trust Account on any Distribution Date shall be less than the applicable Lower Tier Distribution Amount, Xxxxxx Xxx shall provide from its own funds the amount of any insufficiency so that the full Lower Tier Distribution Amount is distributed on such Distribution Date. In addition, in the event that

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Distributions; Xxxxxx Xxx Guaranty On or before each Determination Date (or as soon thereafter as is reasonably practicable), Xxxxxx Mae shall calculate the Lower Tier Distribution Amount for the current calendar month. On each Distribution Date, Xxxxxx Xxx shall withdraw from the Certificate Account the portion of the Lower Tier Distribution Amount distributable thereon and shall make the distributions to the Holders of the related Lower Tier Regular Classes in the respective amounts and in the applicable manner determined pursuant to Section 2.02. In the event that the amount on deposit in the Certificate Account on any Distribution Date shall be less than the applicable portion of the Lower Tier Distribution Amount distributable thereon, Xxxxxx Mae shall provide from its own funds the amount of any such insufficiency. In addition, in the event that (i) the applicable portion of the Lower Tier Distribution Amount shall be insufficient to pay all interest due and payable on the related Lower Tier Regular Classes on such Distribution Date or (ii) such Distribution Date is a Final Distribution Date for any Class and the distribution on such Distribution Date of the applicable portion of the Lower Tier Distribution Amount will not be sufficient to reduce the Class Balance of such Class to zero on such Final Distribution Date, then Xxxxxx Xxx shall (a) withdraw from the Certificate Account, such amount as shall be necessary to remedy such insufficiency and (b) to the extent that funds in the Certificate Account shall be insufficient therefor, apply its own funds towards remedying the same.
What Forms of Distribution Are Available from a Xxxxxxxxx Education Savings Account Distributions may be made as a lump sum of the entire account, or distributions of a portion of the account may be made as requested.
Execution, Authentication, Availability and Dating of the Residual Certificates The Residual Certificates shall be executed on behalf of Xxxxxx Mae by an Authorized Officer of Xxxxxx Xxx under the corporate seal of Xxxxxx Mae, which may be in facsimile form and be imprinted or otherwise reproduced thereon, and shall be attested by the Secretary, Assistant Secretary, or a second Authorized Officer of Xxxxxx Xxx. The signature of any of these Persons on the Residual Certificates may be manual or facsimile. A Residual Certificate bearing the manual or facsimile signature of individuals who were at any time officers of Xxxxxx Mae shall bind Xxxxxx Xxx, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Certificate or did not hold such offices at the date of such Certificate. At any time and from time to time after the execution and delivery of this Trust Agreement, Xxxxxx Mae may deliver Residual Certificates executed by Xxxxxx Xxx to the Certificate Registrar for authentication and the Certificate Registrar shall authenticate and make available such Certificates as provided in this Trust Agreement and not otherwise. No Residual Certificate shall be entitled to any benefit under this Trust Agreement or be valid for any purpose, unless there appears on such Residual Certificate a certificate of authentication substantially in the form provided for herein, executed by the Certificate Registrar by the manual or facsimile signature of one of its authorized signatories, and such certificate upon any Residual Certificate shall be conclusive evidence, and the only evidence, that such Residual Certificate has been duly authenticated and made available hereunder. Each Residual Certificate shall be dated the date of its authentication.
Classes of Trust Fund Certificates The Trust Fund Certificates authorized by this Trust Agreement shall be divided into the Classes listed on the cover of the Prospectus Supplement (other than the Class 46-RL Certificate), which Classes shall have the Class designations, original Class Balances, Interest Rates and Final Distribution Dates specified in the Prospectus Supplement.
How Are Contributions to a Xxxx XXX Reported for Federal Tax Purposes You must file Form 5329 with the IRS to report and remit any penalties or excise taxes. In addition, certain contribution and distribution information must be reported to the IRS on Form 8606 (as an attachment to your federal income tax return.)
Treatment of Passthru Payments and Gross Proceeds The Parties are committed to work together, along with Partner Jurisdictions, to develop a practical and effective alternative approach to achieve the policy objectives of foreign passthru payment and gross proceeds withholding that minimizes burden.
When Must Distributions from a Xxxxxxxxx Education Savings Account Begin? Distribution of a Xxxxxxxxx Education Savings Account must be made (or otherwise will be deemed made) no later than 30 days from the earlier of the beneficiary’s death or attainment of age 30. A distribution from a Xxxxxxxxx Education Savings Account may be rolled over to another beneficiary’s Xxxxxxxxx Education Savings Account according to the requirements of Section (4). Note that the Economic Growth and Tax Relief Reconciliation Act of 2001 waives the distribution age limitation if the beneficiary of the Xxxxxxxxx Education Savings Account is a “Special Needs” student.
How Are Distributions from a Xxxxxxxxx Education Savings Account Taxed For Federal Income Tax Purposes? Amounts distributed are generally excludable from gross income if they do not exceed the beneficiary’s “qualified higher education expenses” for the year or are rolled over to another Xxxxxxxxx Education Savings Account according to the requirements of Section (4). “Qualified higher education expenses” generally include the cost of tuition, fees, books, supplies, and equipment for enrollment at (i) accredited post-secondary educational institutions offering credit toward a bachelor’s degree, an associate’s degree, a graduate-level or professional degree or another recognized post-secondary credential and (ii) certain vocational schools. In addition, room and board may be covered if the beneficiary is at least a “half-time” student. This amount may be reduced or eliminated by certain scholarships, qualified state tuition programs, HOPE, Lifetime Learning tax credits, proceeds of certain savings bonds, and other amounts paid on the beneficiary’s behalf as well as by any other deductions or credits taken for the same expenses. The definition of “qualified education expenses” includes expenses more frequently and directly related to elementary and secondary school education, including the purchase of computer technology or equipment or Internet access and related services. To the extent payments during the year exceed such amounts, they are partially taxable and partially non-taxable similar to payments received from an annuity. Any taxable portion of a distribution is generally subject to a 10% penalty tax in addition to income tax unless the distribution is (i) due to the death or disability of the beneficiary, (ii) made on account of a scholarship received by the beneficiary, or (iii) is made in a year in which the beneficiary elects the HOPE or Lifetime Learning credit and waives the exclusion from income of the Xxxxxxxxx Education Savings Account distribution. You may be allowed to take both the HOPE or Lifetime Learning credits while simultaneously taking distributions from Xxxxxxxxx Education Savings Accounts. However, you cannot claim a credit for the same educational expenses paid for through Xxxxxxxxx Education Savings Account distributions. To the extent a distribution is taxable, capital gains treatment does not apply to amounts distributed from the account. Similarly, the special five- and ten-year averaging rules for lump-sum distributions do not apply to distributions from a Xxxxxxxxx Education Savings Account. The taxable portion of any distribution is taxed as ordinary income. The IRS does not require withholding on distributions from Xxxxxxxxx Education Savings Accounts.
Application of this Revenue Sharing Agreement to Notes The terms of this Revenue Sharing Agreement shall apply to each Note as if the terms of this Revenue Sharing Agreement were fully set forth in each Note.
How Are Contributions to a Xxxxxxxxx Education Savings Account Reported for Federal Tax Purposes? Contributions to a Xxxxxxxxx Education Savings Account are reported on IRS Form 5498-ESA.

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