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 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 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.

Appears in 3 contracts

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

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Limited Distributions of Income on Property. (a) Upon receipt by the Trustee of an Officer's ’s Certificate signed by either of the Chairman of the Board or Chief Executive Officer or President and 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 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.

Appears in 2 contracts

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

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