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

Limited Distributions of Income on Property. (a) Upon receipt by the Trustee 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 shall deliver to the Company for submission to the appropriate taxing authority a check made payable to the order of such taxing authority in the amount required to pay such taxes; provided, however, that in no event shall the aggregate amount of all checks issued to taxing authorities pursuant to this Section 2(a) exceed the income in respect of which such taxes are due and owing. (b) Upon written request from the Company, which may be given not more than once in any calendar quarter, the Trustee shall distribute to the Company an amount equal to one-half of the income earned on the Base Deposit, net of taxes payable, over the Income Threshold (as hereinafter defined) through the last day of the month immediately preceding the date of receipt of the Company’s request; provided, however, that the maximum amount of distributions, net of taxes, that the Company may request and the Trustee shall distribute pursuant to this Section 2(b) shall be $2,500,000. For purposes of this Agreement, the “Income Threshold” shall mean the product of (i) the number of Units sold to the Underwriters upon exercise of the Underwriters’ over-allotment option, and (ii) $.20. (If the Underwriters’ over-allotment option is not exercised, the Income Threshold shall be zero.) (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.

Limited Distributions of Income on Property. (a) Upon receipt by the Trustee of an Officer’s Certificate signed by the Chief Executive Officer and Chief Financial Officer of the Company certifying as true, accurate and complete that a copy of any tax return required to be filed payment is due (including an estimated payment) on behalf of the Trust Account in respect of income earned on the Property held therein, the Trustee shall deliver to the Company for submission to the appropriate taxing authority a check made payable to the order of such taxing authority in the amount required to pay such taxes; provided, however, that in no event shall the aggregate amount of all checks issued to taxing authorities pursuant to this Section 2(a) 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 not more than once in any calendar quartermonth period, the Trustee shall distribute to the Company an amount which may not exceed the lesser of (y) the aggregate amount of income actually received or paid on amounts in the Trust Account less an amount equal to oneestimated taxes that are or will be due on such income at an assumed rate of 40% and (z) $2,500,000 (or up to $2,875,000 if the underwriters' over-half allotment option is exercised in full or such lesser pro-rated amount upon partial exercise of the income earned on the Base Deposit, net of taxes payable, over the Income Threshold (as hereinafter defined) through the last day of the month immediately preceding the date of receipt of the Company’s request; provided, however, that the maximum amount of distributions, net of taxes, that over-allotment option). The distributions requested by the Company may request and be for any amount, provided that (i) in the Trustee shall distribute pursuant to aggregate, all distributions under this Section 2(b) shall be may not exceed $2,500,000. For purposes of this Agreement, 2,500,000 (or up to $2,875,000 if the “Income Threshold” shall mean the product of (i) the number of Units sold to the Underwriters underwriters' over-allotment option is exercised in full or such lesser pro-rated amount upon partial exercise of the Underwriters’ over-allotment option), and (ii) $.20. (If that such distributions may only be made if and to the Underwriters’ over-allotment option is not exercised, extent that interest has been earned on the Income Threshold shall be zeroamount 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.

Limited Distributions of Income on Property. (a) Upon receipt by the Trustee 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 shall deliver to the Company for submission to the appropriate taxing authority a check made payable to the order of such taxing authority in the amount required to pay such taxes; providedprovided , howeverhowever , that in no event shall the aggregate amount of all checks issued to taxing authorities pursuant to this Section 2(a) exceed the income in respect of which such taxes are due and owing. (b) Upon written request from the Company, which may be given not more than once in any calendar quarterand, if required, only after the Income Threshold Amount (as hereinafter defined) has been achieved, the Trustee shall distribute to the Company an amount equal to oneup to $2,200,000 ($2,500,000 if the Underwriters’ over-half allotment option is exercised in full) of the income earned on the Base Deposit, net of taxes payable, over the Income Threshold (as hereinafter defined) through the last day of the month immediately preceding the date of receipt of the Company’s request; provided, however, that the maximum amount of distributions, net of taxes, that the Company may request and the Trustee shall distribute pursuant to this Section 2(b) shall be $2,500,000. For purposes of this Agreement, the “Income Threshold” shall mean the product of (i) the number of Units sold to the Underwriters upon exercise of the Underwriters’ over-allotment option, and (ii) $.200.20. (If the Underwriters’ over-allotment option is not exercised, the Income Threshold shall be zero.) (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.