Established Securities Market. The holder or transferee of the Residual Interest delivers to the Owner Trustee a certification that it has neither acquired nor will it transfer a Residual Interest it purchases or cause the Residual Interest to be marketed on or through an “established securities market” within the meaning of Section 7704(b)(1) of the Code, including an over-the-counter market or an interdealer quotation system that regularly disseminates firm buy or sell quotations; and
Established Securities Market. Except for Investments purchased for a Yield-restricted defeasance escrow, if an Investment is purchased or sold in an arm’s-length transaction on an established securities market (within the meaning of Code § 1273), the purchase or sale price constitutes the fair market value. Where there is no established securities market for an Investment, market value must be established using one of the paragraphs below. The fair market value of Investments purchased for a Yield-restricted defeasance escrow must be determined in a bona fide solicitation for bids that complies with Regulations § 1.148-5.
Established Securities Market. For purposes of section 7704(b) and this sec- tion, an established securities market includes—
Established Securities Market. An exchange that is officially recognised and supervised by a governmental authority in which the market is located and that has a meaningful annual value of shares traded on the exchange.
Established Securities Market. An “established securities market” means an exchange that is officially recognized and supervised by a governmental authority in which the market is located and that has a meaningful annual value of shares traded on the exchange. In the State of Qatar, this is the Qatar Exchange (“QE”).
Established Securities Market. If an Investment is purchased or sold in an arm’s length transaction on an established securities market (within the meaning of Section 1273 of the Code), the purchase or sale price constitutes Fair Market Value. See Treas. Reg. § 1.148-5(d)(6)(i).
Established Securities Market. No investment may be acquired with proceeds of the Lease, or investment proceeds thereof, for an amount (including transaction costs) in excess of the fair market value of such investment, or sold or otherwise disposed of for an amount (including transaction costs) less than the fair market value of the investment. The fair market value of any investment is the price a willing buyer would pay to a willing seller to acquire the investment in a bona fide, arm’s-length transaction. Fair market value will be determined in accordance with Regulations § 1.148-5. Except for investment purchased for a yield-restricted defeasance escrow, if an investment is purchased or sold in an arm’s-length transaction on an established securities market (within the meaning of Code § 1273), the purchase or sale price constitutes the fair market value. The purchase price of a certificate of deposit (a “CD”) is treated as its fair market value on the purchase date if (1) the CD has a fixed interest rate, a fixed payment schedule, and a substantial penalty for early withdrawal, (2) the yield on the CD is not less than the yield on reasonably comparable direct obligations of the United States, and (3) the yield is not less than the highest yield published or posted by the CD issuer to be currently available on reasonably comparable CDs offered to the public. For investments not previously described, the fair market value may be established through a competitive bidding process, in which (1) at least three bids on the investment are received from persons with no financial interest in the Lease (e.g., as underwriters or brokers); and (2) the yield on the investment must be equal to or greater than the yield offered under the highest bid. The fair market value of investments purchased for a yield-restricted defeasance escrow must be determined in a bona fide solicitation for bids that complies with Regulations § 1.148-5.
