Common use of Limited Distributions of Income from Trust Account Clause in Contracts

Limited Distributions of Income from Trust Account. (a) Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit C, the Trustee shall distribute to the Company the amount of interest income earned on the Trust Account requested by the Company to cover any tax obligation owed by the Company. (b) Upon written request from the Company following the Last Date, which may be given in a form substantially similar to that attached hereto as Exhibit D, signed on behalf of the Company by one of the Company’s executive officers, the Trustee shall distribute to the Company up to Fifty Thousand Dollars ($50,000) of interest income earned on the Property and requested by the Company to cover expenses directly related to the Company’s liquidation (i.e., only those expenses incurred after the Last Date attributable to the Company’s liquidation); provided, however, that the Company will not be allowed to withdraw interest income earned on the trust account pursuant to this Section 2(b) unless there are sufficient funds available to pay the Company’s tax obligations on such interest income or otherwise then due at that time. (c) The limited distributions referred to in Sections 2(a) and 2(b) above shall be made only from income collected on the Property. Except as provided in Sections 2(a) and 2(b) above, no other distributions from the Trust Account shall be permitted except in accordance with Section 1(i) or 1(j) hereof. (d) The Company shall provide I-Bankers with a copy of any Termination Letters and/or any other correspondence that it issues to the Trustee with respect to any proposed withdrawal from the Trust Account promptly after such issuance.

Appears in 3 contracts

Samples: Investment Management Trust Agreement (East Stone Acquisition Corp), Investment Management Trust Agreement (East Stone Acquisition Corp), Investment Management Trust Agreement (East Stone Acquisition Corp)

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Limited Distributions of Income from Trust Account. (a) Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit C, the Trustee shall distribute to the Company the amount of interest income earned on the Trust Account requested by the Company to cover any tax obligation owed by the Company. (b) Upon written request from the Company following the Last Date, which may be given in a form substantially similar to that attached hereto as Exhibit D, signed on behalf of the Company by one of the Company’s executive officers, the Trustee shall distribute to the Company up to Fifty Thousand Dollars ($50,000) of interest income earned on the Property and requested by the Company to cover expenses directly related to the Company’s liquidation (i.e., only those expenses incurred after the Last Date attributable to the Company’s liquidation); provided, however, that the Company will not be allowed to withdraw interest income earned on the trust account pursuant to this Section 2(b) unless there are sufficient funds available to pay the Company’s tax obligations on such interest income or otherwise then due at that time. (c) The limited distributions referred to in Sections 2(a) and 2(b) above shall be made only from income collected on the Property. Except as provided in Sections 2(a) and 2(b) above, no other distributions from the Trust Account shall be permitted except in accordance with Section 1(i) or 1(j) hereof. (d) The Company shall provide I-Bankers Maxim with a copy of any Termination Letters and/or any other correspondence that it issues to the Trustee with respect to any proposed withdrawal from the Trust Account promptly after such issuance.

Appears in 3 contracts

Samples: Investment Management Trust Agreement (Fellazo Inc.), Investment Management Trust Agreement (Fellazo Inc.), Investment Management Trust Agreement (Fellazo Inc.)

Limited Distributions of Income from Trust Account. (a) Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit C, the Trustee shall distribute to the Company the amount of interest income earned on the Trust Account requested by the Company to cover any tax obligation owed by the Company. (b) Upon written request from the Company following the Last Date, which may be given in a form substantially similar to that attached hereto as Exhibit D, signed on behalf of the Company by one of the Company’s executive officers, the Trustee shall distribute to the Company up to Fifty One Hundred Thousand Dollars ($50,000100,000) of interest income earned on the Property and requested by the Company to cover expenses directly related to the Company’s liquidation (i.e., only those expenses incurred after the Last Date attributable to the Company’s liquidation); provided, however, that the Company will not be allowed to withdraw interest income earned on the trust account pursuant to this Section 2(b) unless there are sufficient funds available to pay the Company’s tax obligations on such interest income or otherwise then due at that time. (c) The limited distributions referred to in Sections 2(a) and 2(b) above shall be made only from income collected on the Property. Except as provided in Sections 2(a) and 2(b) above, no other distributions from the Trust Account shall be permitted except in accordance with Section 1(i) or 1(j) hereof. (d) The Company shall provide I-Bankers with a copy of any Termination Letters and/or any other correspondence that it issues to the Trustee with respect to any proposed withdrawal from the Trust Account promptly after such issuance.

Appears in 3 contracts

Samples: Investment Management Trust Agreement (Edoc Acquisition Corp.), Investment Management Trust Agreement (Edoc Acquisition Corp.), Investment Management Trust Agreement (Edoc Acquisition Corp.)

Limited Distributions of Income from Trust Account. (a) Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit C, the Trustee shall distribute to the Company the amount of interest income earned on the Trust Account Property and requested by the Company to cover any income or other tax obligation owed by the Company.; (b) Upon written request from the Company following the Last Date, which may be given in a form substantially similar to that attached hereto as Exhibit D, signed on behalf of the Company by one of the Company’s executive officers, the Trustee shall distribute to the Company up to Fifty Thousand Dollars ($50,000) the amount of interest income earned on the Property and requested by the Company to cover expenses directly related to the Company’s liquidation (i.e., only those expenses incurred after the Last Date attributable to the Company’s liquidation)working capital requirements; provided, however, that the aggregate amount of all such distributions in any year shall not exceed $750,000 and the Company will not be allowed to withdraw interest income earned on the trust account pursuant to this Section 2(b) unless there are sufficient funds available to pay the Company’s tax obligations on such interest income or otherwise then due at that time.; and (c) The limited distributions referred to in Sections 2(a) and 2(b) above shall be made only from income collected on the Property. Except as provided in Sections 2(a) and 2(b) above, no other distributions from the Trust Account shall be permitted except in accordance with Section 1(i) or 1(j) hereof. (d) The In all cases, the Company shall provide I-Bankers the Representatives with a copy of any Termination Letters and/or any other correspondence that it issues to the Trustee with respect to any proposed withdrawal from the Trust Account promptly after such issuance.

Appears in 2 contracts

Samples: Investment Management Trust Agreement (Capitol Investment Corp. IV), Investment Management Trust Agreement (Capitol Investment Corp. IV)

Limited Distributions of Income from Trust Account. (a) Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit C, the Trustee shall distribute to the Company the amount of interest income earned on the Trust Account Property and requested by the Company to cover any income or franchise tax obligation owed by the Company.; (b) Upon written request from the Company following the Last Date, which may be given in a form substantially similar to that attached hereto as Exhibit D, signed on behalf of the Company by one of the Company’s executive officers, the Trustee shall distribute to the Company up to Fifty Thousand Dollars ($50,000) the amount of interest income earned on the Property and requested by the Company to cover expenses directly related to the Company’s liquidation (i.e., only those expenses incurred after the Last Date attributable to the Company’s liquidation); provided, however, that the aggregate amount of all such distributions shall not exceed $100,000 and the Company will not be allowed to withdraw interest income earned on the trust account pursuant to this Section 2(b) unless there are sufficient funds available to pay the Company’s tax obligations on such interest income or otherwise then due at that time.; and (c) The limited distributions referred to in Sections 2(a) and 2(b) above shall be made only from income collected on the Property. Except as provided in Sections 2(a) and 2(b) above, no other distributions from the Trust Account shall be permitted except in accordance with Section 1(i) or 1(j) hereof. (d) The In all cases, the Company shall provide I-Bankers the Representative with a copy of any Termination Letters and/or any other correspondence that it issues to the Trustee with respect to any proposed withdrawal from the Trust Account promptly after at the same time as such issuance.

Appears in 2 contracts

Samples: Investment Management Trust Agreement (Highland Acquisition Corp), Investment Management Trust Agreement (Highland Acquisition Corp)

Limited Distributions of Income from Trust Account. (a) Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit C, the Trustee shall distribute to the Company the amount of interest income earned on the Trust Account requested by the Company to cover any tax obligation owed by the Company. (b) Upon written request from the Company following the Last Date, which may be given in a form substantially similar to that attached hereto as Exhibit D, signed on behalf of the Company by one of the Company’s executive officers, the Trustee shall distribute to the Company up to Fifty Thousand Dollars ($50,000) 50,000 of interest income earned on the Property and requested by the Company to cover expenses directly related to the Company’s liquidation (i.e., only those expenses incurred after the Last Date attributable to the Company’s liquidation); provided, however, that the Company will not be allowed to withdraw interest income earned on the trust account pursuant to this Section 2(b) unless there are sufficient funds available to pay the Company’s tax obligations on such interest income or otherwise then due at that time. (c) The limited distributions referred to in Sections 2(a) and 2(b) above shall be made only from income collected on the Property. Except as provided in Sections 2(a) and 2(b) above, no other distributions from the Trust Account shall be permitted except in accordance with Section 1(i) or 1(j) hereof. (d) The Company shall provide I-Bankers Maxim with a copy of any Termination Letters and/or any other correspondence that it issues to the Trustee with respect to any proposed withdrawal from the Trust Account promptly after such issuance.

Appears in 2 contracts

Samples: Investment Management Trust Agreement (Tenzing Acquisition Corp.), Investment Management Trust Agreement (Tenzing Acquisition Corp.)

Limited Distributions of Income from Trust Account. (a) Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit C, the Trustee shall distribute to the Company the amount of interest income earned on the Trust Account Property and requested by the Company to cover any income or other tax obligation owed by the Company.; (b) Upon written request from the Company following the Last Date, which may be given in a form substantially similar to that attached hereto as Exhibit D, signed on behalf of the Company by one of the Company’s executive officers, the Trustee shall distribute to the Company up to Fifty Thousand Dollars ($50,000) the amount of interest income earned on the Property and requested by the Company to cover expenses directly related to the Company’s liquidation (i.e., only those expenses incurred after the Last Date attributable to the Company’s liquidation); provided, however, that the aggregate amount of all such distributions shall not exceed $100,000 and the Company will not be allowed to withdraw interest income earned on the trust account pursuant to this Section 2(b) unless there are sufficient funds available to pay the Company’s tax obligations on such interest income or otherwise then due at that time.; and (c) The limited distributions referred to in Sections 2(a) and 2(b) above shall be made only from income collected on the Property. Except as provided in Sections 2(a) and 2(b) above, no other distributions from the Trust Account shall be permitted except in accordance with Section 1(i) or 1(j) hereof. (d) The In all cases, the Company shall provide I-Bankers the Representatives with a copy of any Termination Letters and/or any other correspondence that it issues to the Trustee with respect to any proposed withdrawal from the Trust Account promptly after such issuance.

Appears in 1 contract

Samples: Investment Management Trust Agreement (Capitol Acquisition Corp. III)

Limited Distributions of Income from Trust Account. (a) Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit CD, the Trustee shall distribute to the Company the amount of interest income earned on from the Trust Account requested by the Company amount necessary to cover any tax obligation owed by the Company. (b) Upon written request from the Company following the Last Dateand, which may be given in a form substantially similar to that attached hereto as Exhibit D, signed on behalf of the Company by one of the Company’s executive officers, the Trustee shall distribute to the Company up extent there is not sufficient cash in the Trust Account to Fifty Thousand Dollars ($50,000) of interest income earned on pay such tax obligation, liquidate such assets held in the Property and requested Trust Account as shall be designated by the Company in writing to cover expenses directly related to the Company’s liquidation (i.e., only those expenses incurred after the Last Date attributable to the Company’s liquidation)make such distribution; provided, however, that if the tax to be paid is a franchise tax, the written request by the Company will not shall be allowed to withdraw interest income earned on accompanied by a copy of the trust account pursuant to this Section 2(b) unless there are sufficient funds available to pay annual franchise tax xxxx from the Company’s tax obligations on such interest income or otherwise then due at that time.State of Delaware and a statement of the principal financial officer of the Company setting forth the actual amount payable; (cb) The limited distributions referred to in Sections paragraph 2(a) and 2(b) above shall be made only from income collected on the Property, and in no event shall cause the amount in the Trust Account to fall below the amount initially deposited into the Trust Account. Except as provided in Sections paragraph 2(a) and 2(b) above, no other distributions from the Trust Account shall be permitted except in accordance with Section paragraph 1(i) or 1(j) hereof.; and (dc) The In all cases, the Company shall promptly provide I-Bankers Xxxxxx Xxxxxx with a copy of any Termination Letters and/or any other correspondence that it issues to the Trustee with respect to any proposed withdrawal from the Trust Account promptly after such issuance.

Appears in 1 contract

Samples: Investment Management Trust Agreement (57th Street General Acquisition Corp)

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Limited Distributions of Income from Trust Account. (a) Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit C, the Trustee shall distribute to the Company the amount of interest income earned on the Trust Account Property and requested by the Company to cover any income or franchise tax obligation owed by the Company.Company and for working capital purposes; provided, however, that the aggregate amount of all such distributions for working capital purposes, together with amounts released pursuant to Section 2(b), shall not exceed $600,000; (b) Upon written request from the Company following the Last Date, which may be given in a form substantially similar to that attached hereto as Exhibit D, signed on behalf of the Company by one two of the Company’s executive officers, the Trustee shall distribute to the Company up to Fifty Thousand Dollars ($50,000) the amount of interest income earned on the Property and requested by the Company to cover expenses directly related to the Company’s liquidation (i.e., only those expenses incurred after the Last Date attributable to the Company’s liquidation); provided, however, that the Company will not be allowed to withdraw interest income earned on the trust account for working capital purposes pursuant to Section 2(a) or otherwise pursuant to this Section 2(b) unless there are sufficient funds available to pay the Company’s tax obligations on such interest income or otherwise then due at that time.; and (c) The limited distributions referred to in Sections 2(a) and 2(b) above shall be made only from income collected on the Property. Except as provided in Sections 2(a) and 2(b) above, no other distributions from the Trust Account shall be permitted except in accordance with Section 1(i) or and 1(j) hereof. (d) The In all cases, the Company shall provide I-Bankers the Representative with a copy of any Termination Letters and/or any other correspondence that it issues to the Trustee with respect to any proposed withdrawal from the Trust Account promptly after at the same time as such issuance.

Appears in 1 contract

Samples: Investment Management Trust Agreement (Forum Merger Corp)

Limited Distributions of Income from Trust Account. (a) Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit CD, the Trustee shall distribute to the Company the amount of interest income earned on the Trust Account Property requested by the Company to cover any income or other tax obligation owed by the Company. (b) Upon written request from the Company following the Last DateCompany, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit D, signed on behalf of the Company by one of the Company’s executive officersE, the Trustee shall distribute to the Company up to Fifty Thousand Dollars ($50,000) the amount of interest income earned on the Property and requested by the Company to cover expenses directly related to the Company’s liquidation (i.e., only those expenses incurred after the Last Date attributable to the Company’s liquidation)working capital requirements; provided, however, that the aggregate amount of all such distributions shall not exceed $100,000 and the Company will not be allowed to withdraw interest income earned on the trust account pursuant to this Section 2(b) Property unless there are sufficient funds available to pay the Company’s tax obligations on such interest income or otherwise then due at that time.; and (c) The limited distributions referred to in Sections Section s 2(a) and 2(b) above shall be made only from income collected on the Property. Except as provided in Sections Section s 2(a) and 2(b) above, no other distributions from the Trust Account shall be permitted except in accordance with Section Sections 1(i) or 1(j) hereof. (d) The Company shall provide I-Bankers the Representative with a copy of any Termination Letters Letter, Amendment Notification Letter, and/or any other correspondence that it issues to the Trustee with respect to any proposed withdrawal from the Trust Account promptly after such issuance.

Appears in 1 contract

Samples: Investment Management Trust Agreement (Andina Acquisition Corp. III)

Limited Distributions of Income from Trust Account. (a) Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit C, the Trustee shall distribute to the Company the amount of interest income earned on the Trust Account requested by the Company to cover any tax obligation owed by the Company. (b) Upon written request from the Company following the Last Date, which may be given in a form substantially similar to that attached hereto as Exhibit D, signed on behalf of the Company by one two of the Company’s executive officers, the Trustee shall distribute to the Company up to Fifty Thousand Dollars ($50,000) 50,000 of interest income earned on the Property and requested by the Company to cover expenses directly related to the Company’s liquidation (i.e., only those expenses incurred after the Last Date attributable to the Company’s liquidation); provided, however, that the Company will not be allowed to withdraw interest income earned on the trust account pursuant to this Section 2(b) unless there are sufficient funds available to pay the Company’s tax obligations on such interest income or otherwise then due at that time. (c) The limited distributions referred to in Sections 2(a) and 2(b) above shall be made only from income collected on the Property. Except as provided in Sections 2(a) and 2(b) above, no other distributions from the Trust Account shall be permitted except in accordance with Section 1(i) or 1(j) hereof. (d) The Company shall provide I-Bankers Cowen with a copy of any Termination Letters and/or any other correspondence that it issues to the Trustee with respect to any proposed withdrawal from the Trust Account promptly after such issuance.

Appears in 1 contract

Samples: Investment Management Trust Agreement (Constellation Alpha Capital Corp.)

Limited Distributions of Income from Trust Account. (a) Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit CD, the Trustee shall distribute to the Company the amount of interest income earned on the Trust Account requested by the Company to cover any income or franchise tax obligation owed by the Company. (b) Upon written request from the Company following the Last DateCompany, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit D, signed on behalf of the Company by one of the Company’s executive officersE, the Trustee shall distribute to the Company up to Fifty Thousand Dollars ($50,000) the amount of interest income earned on the Property and requested by the Company to cover expenses directly related to the Company’s liquidation (i.e., only those expenses incurred after the Last Date attributable to the Company’s liquidation)working capital requirements; provided, however, that the aggregate amount of all such distributions in any year shall not exceed $125,000 and the Company will not be allowed to withdraw interest income earned on the trust account pursuant to this Section 2(b) unless there are sufficient funds available to pay the Company’s tax obligations on such interest income or otherwise then due at that time. (c) The limited distributions referred to in Sections 2(a) and 2(b) above shall be made only from income collected on the Property. Except as provided in Sections 2(a) and 2(b) above, no other distributions from the Trust Account shall be permitted except in accordance with Section Sections 1(i) or and 1(j) hereof. (d) The Company shall provide I-Bankers Cantor Xxxxxxxxxx with a copy of any Termination Letters Letter, Amendment Notification Letter and/or any other correspondence that it issues to the Trustee with respect to any proposed withdrawal from the Trust Account promptly after such issuance.

Appears in 1 contract

Samples: Investment Management Trust Agreement (Allegro Merger Corp.)

Limited Distributions of Income from Trust Account. (a) Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit CE, the Trustee shall distribute to the Company the amount of interest income earned on the Trust Account requested by the Company to cover any income or other tax obligation owed by the Company. (b) Upon written request from the Company following the Last DateCompany, which may be given in a form substantially similar to that attached hereto as Exhibit D, signed on behalf of the Company by one of the Company’s executive officersE, the Trustee shall distribute to the Company up to Fifty Thousand Dollars ($50,000) the amount of interest income earned on the Property and requested by the Company to cover expenses directly related to the Company’s liquidation (i.e., only those expenses incurred after the Last Date attributable to the Company’s liquidation)working capital requirements; provided, however, that the aggregate amount of all such distributions in any twelve-month period shall not exceed $250,000 and the Company will not be allowed to withdraw interest income earned on the trust account pursuant to this Section 2(b) unless there are sufficient funds available to pay the Company’s tax obligations on such interest income or otherwise then due at that time.; (c) The limited distributions referred to in Sections 2(a) and 2(b) above shall be made only from income collected on the Property. Except as provided in Sections 2(a) and 2(b) above, no other distributions from the Trust Account shall be permitted except in accordance with Section Sections 1(i) or 1(j) hereof.; and (d) The Company shall provide I-Bankers the Representative with a copy of any Termination Letters Letter, Amendment Notification Letter, and/or any other correspondence that it issues to the Trustee with respect to any proposed withdrawal from the Trust Account promptly after such issuance.

Appears in 1 contract

Samples: Investment Management Trust Agreement (Greenrose Acquisition Corp)

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