Common use of Limited Distributions of Income on Property Clause in Contracts

Limited Distributions of Income on Property. (a) Upon written instructions from the Company, the Trustee will deliver to the Company, on a quarterly basis, from the Property in the Trust Account, an amount equal to the taxes payable by the Company, if any, relating to interest earned on the Property; provided, however, that in no event shall the Company direct the Trustee to disburse amounts pursuant to this Section 2(a) that exceed the income in respect of which such taxes are due and owing. (b) Upon written request from the Company, which may be given from time to time but which may be given not more than once in any calendar month period, the Trustee shall distribute to the Company an amount requested by the Company and certified by the Company to be equal to the income earned on the Property, net of taxes payable through the last day of the month immediately preceding the date of receipt of the Company’s request; provided, however, that the maximum cumulative amount of distributions, net of taxes, that the Company may request and the Trustee shall distribute pursuant to this Section 2(b) shall be $1,200,000. (c) 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 Sections 1(i) and 1(j) hereof.

Appears in 5 contracts

Samples: Investment Management Trust Agreement, Investment Management Trust Agreement (2020 ChinaCap Acquirco, Inc.), Investment Management Trust Agreement (2020 ChinaCap Acquirco, Inc.)

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Limited Distributions of Income on Property. (a) Upon written instructions from receipt by the CompanyTrustee of an Officer's Certificate signed by either of the Chairman or Chief Executive Officer or Chief Financial Officer and the Chief Operating Officer of the Company certifying as true, accurate and complete a copy of any tax return required to be filed on behalf of the Trust Account in respect of income earned on the Property held therein, the Trustee will shall deliver to the Company, on Company for submission to the appropriate taxing authority a quarterly basis, from check made payable to the Property order of such taxing authority in the Trust Accountamount required to pay such taxes; provided , an amount equal to the taxes payable by the Company, if any, relating to interest earned on the Property; provided, howeverhowever , that in no event shall the Company direct the Trustee aggregate amount of all checks issued to disburse amounts taxing authorities pursuant to this Section 2(a) that exceed the income in respect of which such taxes are due and owing. (b) Upon one or more written request requests from the Company, which may be given from time to time but which may be given not more than once in any calendar month period, the Trustee shall distribute to the Company an amount interest earned on the Trust Account, net of taxes payable, up to a maximum of $700,000. The distributions requested by the Company and certified by may be for any amount, provided that (i) in the Company to be equal to the income earned on the Propertyaggregate, net of taxes payable through the last day of the month immediately preceding the date of receipt of the Company’s request; provided, however, that the maximum cumulative amount of distributions, net of taxes, that the Company may request and the Trustee shall distribute pursuant to all distributions under this Section 2(b) shall may not exceed $700,000 and (ii) that such distributions may only be $1,200,000made if and to the extent that interest has been earned on the amount initially deposited into the Trust Account. (c) 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 Sections 1(i) and 1(j) hereof.

Appears in 2 contracts

Samples: Investment Management Trust Agreement (InterAmerican Acquisition Group Inc), Investment Management Trust Agreement (InterAmerican Acquisition Group Inc)

Limited Distributions of Income on Property. (a) Upon written instructions from receipt by the CompanyTrustee of an Officer's Certificate signed by the Chief Executive Officer and Chief Financial Officer of the Company certifying as true, accurate and complete a copy of any tax return required to be filed on behalf of the Trust Account in respect of income earned on the Property held therein, the Trustee will shall deliver to the Company, on Company for submission to the appropriate taxing authority a quarterly basis, from check made payable to the Property order of such taxing authority in the Trust Account, an amount equal required to the taxes payable by the Company, if any, relating to interest earned on the Propertypay such taxes; provided, however, that in no event shall the Company direct the Trustee aggregate amount of all checks issued to disburse amounts taxing authorities pursuant to this Section 2(a) that exceed the income in respect of which such taxes are due and owing. (b) Upon written request from the Company, which may be given from time to time but which may be given not more than once in any calendar month periodquarter, the Trustee shall distribute to the Company an amount requested by the Company and certified by the Company to be equal to one-half of the income earned on the PropertyBase Deposit, net of taxes payable payable, through the last day of the month immediately preceding the date of receipt of the Company’s 's request; provided, ; however, that the maximum cumulative amount of distributions, net of taxes, that the Company may request and the Trustee shall distribute pursuant to this Section 2(b) shall be $1,200,0002,500,000. (c) 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 Sections 1(i) and 1(j) hereof.

Appears in 1 contract

Samples: Investment Management Trust Agreement (Star Maritime Acquisition Corp.)

Limited Distributions of Income on Property. (a) Upon written instructions from receipt by the CompanyTrustee of an Officer’s Certificate signed by either of the Chairman of the Board or President and Chief Financial Officer of the Company certifying as true, accurate and complete a copy of any tax return required to be filed on behalf of the Trust Account in respect of income earned on the Property held therein, the Trustee will shall deliver to the Company, on Company for submission to the appropriate taxing authority a quarterly basis, from check made payable to the Property order of such taxing authority in the Trust Accountamount required to pay such taxes; provided , an amount equal to the taxes payable by the Company, if any, relating to interest earned on the Property; provided, howeverhowever , that in no event shall the Company direct the Trustee aggregate amount of all checks issued to disburse amounts taxing authorities pursuant to this Section 2(a) that exceed the income in respect of which such taxes are due and owing. (b) Upon one or more written request requests from the Company, which may be given from time to time but which may be given not more than once in any calendar month period, the Trustee shall distribute to the Company an amount interest earned on the Trust Account, net of taxes payable, up to a maximum of $[1,250,000]. The distributions requested by the Company and certified by may be for any amount, provided that (i) in the Company to be equal to the income earned on the Propertyaggregate, net of taxes payable through the last day of the month immediately preceding the date of receipt of the Company’s request; provided, however, that the maximum cumulative amount of distributions, net of taxes, that the Company may request and the Trustee shall distribute pursuant to all distributions under this Section 2(b) shall may not exceed $[1,250,000] and (ii) that such distributions may only be $1,200,000made if and to the extent that interest has been earned on the amount initially deposited into the Trust Account. (c) 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 Sections 1(i) and 1(j) hereof.

Appears in 1 contract

Samples: Investment Management Trust Agreement (Phoenix India Acquisition Corp.)

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Limited Distributions of Income on Property. (a) Upon written instructions from the Company, the Trustee will deliver If there is any income tax obligation relating to the Company, on a quarterly basis, income from the Property in the Trust Account, an amount equal to then, at the taxes payable by written instruction of the Company, if anythe Trustee shall make available in cash from the Property in the Trust Account an amount specified by the Company as owing to the applicable taxing authority, relating which amount shall be paid directly to interest earned on the Propertytaxing authority (and not through the Company) by electronic funds transfer, account debit or other method of payment; provided, however, that if a taxing authority will not accept payment in no event shall such manner, then any payment which would have been made directly to the taxing authority may be made to the Company, and the Company direct shall forward such payment to the Trustee to disburse amounts pursuant to this Section 2(a) that exceed the income in respect of which such taxes are due and owingtaxing authority. (b) Upon one or more written request requests from the Company, which may be given from time to time but which may be given not more than once in any calendar month period, the Trustee shall distribute to the Company an amount interest earned on the Trust Account, net of taxes payable, up to a maximum of $1,600,000. The distributions requested by the Company and certified by may be for any amount, provided that (i) in the Company to be equal aggregate, all distributions under this Section 2(b) may not exceed $1,600,000 (subject to the income earned on limitation imposed by Section 2(c) below) and (ii) that such distributions may only be made if and to the Property, net of taxes payable through the last day of the month immediately preceding the date of receipt of the Company’s request; provided, however, extent that the maximum cumulative amount of distributionsinterest has been earned, net of taxes, that on the Company may request and amount initially deposited into the Trustee shall distribute pursuant to this Section 2(b) shall be $1,200,000Trust Account. (c) Except as provided in Sections 2(a) and 2(b) aboveabove and as provided in Section 3 and 8(a) below, no other distributions from the Trust Account shall be permitted except in accordance with Sections 1(i) and 1(j) hereofpermitted.

Appears in 1 contract

Samples: Investment Management Trust Agreement (Apex Bioventures Acquisition Corp)

Limited Distributions of Income on Property. (a) Upon written instructions from receipt by the CompanyTrustee of an Officer's Certificate signed by either of the Chairman or Chief Executive Officer or Chief Financial Officer and the Chief Operating Officer of the Company certifying as true, accurate and complete a copy of any tax return required to be filed on behalf of the Trust Account in respect of income earned on the Property held therein, the Trustee will shall deliver to the Company, on Company for submission to the appropriate taxing authority a quarterly basis, from check made payable to the Property order of such taxing authority in the Trust Accountamount required to pay such taxes; provided , an amount equal to the taxes payable by the Company, if any, relating to interest earned on the Property; provided, howeverhowever , that in no event shall the Company direct the Trustee aggregate amount of all checks issued to disburse amounts taxing authorities pursuant to this Section 2(a) that exceed the income in respect of which such taxes are due and owing. (b) Upon one or more written request requests from the Company, which may be given from time to time but which may be given not more than once in any calendar month period, the Trustee shall distribute to the Company an amount interest earned on the Trust Account, net of taxes payable, up to a maximum of $950,000. The distributions requested by the Company and certified by may be for any amount, provided that (i) in the Company to be equal to the income earned on the Propertyaggregate, net of taxes payable through the last day of the month immediately preceding the date of receipt of the Company’s request; provided, however, that the maximum cumulative amount of distributions, net of taxes, that the Company may request and the Trustee shall distribute pursuant to all distributions under this Section 2(b) shall may not exceed $950,000 and (ii) that such distributions may only be $1,200,000made if and to the extent that interest has been earned on the amount initially deposited into the Trust Account. (c) 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 Sections 1(i) and 1(j) hereof.

Appears in 1 contract

Samples: Investment Management Trust Agreement (InterAmerican Acquisition Group Inc)

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