Qualified Liquidation Sample Clauses

Qualified Liquidation. The Provisions of this Article X are subject to the requirement that any termination shall be a “qualified liquidation” of each associated REMIC unless 100% of the affected holders of interests in each such REMIC have consented to waive such requirements. For this purpose “affected holders” shall mean each holder of a regular or residual interest which would likely receive a smaller amount in final distributions if the termination were not a “qualified liquidation” and REMIC owed taxes as a result hereof.
Sample 1Sample 2Sample 3See All (47)
AutoNDA by SimpleDocs
Qualified Liquidation. Termination. Section 10.03
Sample 1Sample 2Sample 3See All (8)
Qualified Liquidation. 80 Section 10.02 Termination.............................................................................80 Section 10.03
Sample 1See All (4)
Qualified Liquidation. Upon notice that the Underlying Redeemable Certificate will be redeemed, the Trustee shall, with respect to Lower Tier REMIC II, adopt a plan of complete liquidation that shall result in the “qualified liquidation” of Lower Tier REMIC II within the meaning of Section 860F(a)(4) of the Code and Treasury regulations promulgated thereunder. In connection with such qualified liquidation, the Trustee shall specify the day the Trustee receives notice of the redemption as the first day of the 90-day liquidation period. The Trustee shall transfer all the assets of Lower Tier REMIC II, including the Underlying Redeemable Certificate, pursuant to such qualified liquidation.
Sample 1Sample 2
Qualified Liquidation. For purposes of this part--
Sample 1
Qualified Liquidation. The termination of the GMC REMIC on the Guaranteed Maturity Date is intended to constitute a “qualified liquidation” of the GMC REMIC within the meaning of Section 860F(a)(4) of the Code. In connection therewith, Xxxxxx Xxx, as Trustee of the GMC REMIC, shall adopt a plan of complete liquidation, shall designate the first day of the month of the Guaranteed Maturity Date as the first day of the 90-day liquidation period, and shall cause the statement specified in Treasury Regulation section 1.860F-1 to be attached to the final tax return of the GMC REMIC. The Trustee shall distribute all assets of the GMC REMIC pursuant to such qualified liquidation.” (1) The Final Distribution Date for this Class will be the same as the Final Distribution Date for the related Companion Class(es); provided, however, that if this Class has two or more Companion Classes and their Final Distribution Dates are not the same, the Final Distribution Date for this Class will be the same as the Final Distribution Date for the related Companion Class having the latest (or later, as the case may be) Final Distribution Date. (2) The RL Certificate will not have a Class Balance and will not bear interest. Series Designation Issue Date 2012-1 January 1, 2012 THIS RCR ISSUE SUPPLEMENT accompanies and supplements a certain Trust Agreement, dated as of May 1, 2010, published by the Federal National Mortgage Association (“Xxxxxx Xxx”). Unless otherwise specified, certain words and phrases appearing herein, characterized by initial capital letters, are defined in such Trust Agreement and will have the meanings so defined. The collective terms of such Trust Agreement and this RCR Issue Supplement will govern the composition of the Trust Fund, the beneficial ownership of which is evidenced by the Series of Certificates having the above designation, and have no applicability to any other trust fund. If any provision of this RCR Issue Supplement conflicts with or contradicts a provision of the Trust Agreement, the provisions of this RCR Issue Supplement will control. With respect to the Series of Certificates having the above designation, Xxxxxx Xxx has deposited into the Trust Fund certificates evidencing the Classes of Xxxxxx Xxx Guaranteed REMIC Pass-Through Certificates specified in the related Prospectus Supplement and evidencing beneficial interests in the related REMIC Trust, and intends to issue hereunder the separate Combinable Classes and the separate RCR Classes specified in the relate...
Sample 1
Qualified Liquidation. The termination of the Upper Tier REMIC on the Guaranteed Maturity Date is intended to constitute a “qualified liquidation” of the Upper Tier REMIC within the meaning of Section 860F(a)(4) of the Code. In connection therewith, Xxxxxx Xxx, as Trustee of the Upper Tier REMIC, shall adopt a plan of complete liquidation, shall designate the first day of the month of the Guaranteed Maturity Date as the first day of the 90- day liquidation period, and shall cause the statement specified in Treasury Regulation section 1.860F-1 to be attached to the final tax return of the Upper Tier REMIC. The Trustee shall distribute all assets of the Upper Tier REMIC pursuant to such qualified liquidation.
Sample 1
AutoNDA by SimpleDocs

Related to Qualified Liquidation

  • Cash Liquidation 7 Certificate...................................................................7

  • Qualified Distributions Qualified distributions from your Xxxx XXX (both the contributions and earnings) are not included in your income. A qualified distribution is a distribution which is made after the expiration of the five-year period beginning January 1 of the first year for which you made a contribution to any Xxxx XXX (including a conversion from a Traditional IRA), and is made on account of one of the following events. • Attainment of age 59½ • Disability • First-time homebuyer purchase • Death For example, if you made a contribution to your Xxxx XXX for 2007, the five-year period for determining whether a distribution is a qualified distribution is satisfied as of January 1, 2012.

  • Qualified Charitable Distributions If you are age 70½ or older, you may take tax-free Xxxx XXX distributions of up to $100,000 per year and have these distributions paid directly to certain charitable organizations. Special tax rules may apply. For further detailed information and effective dates you may obtain IRS Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs), from the IRS or refer to the IRS website at xxx.xxx.xxx.

  • Qualified Reservist Distributions If you are a qualified reservist member called to active duty for more than 179 days or an indefinite period, the payments you take from your IRA during the active duty period are not subject to the 10 percent early distribution penalty tax.

  • Application of Net Liquidation Proceeds For all purposes under this agreement, Net Liquidation Proceeds received from a Servicer shall be allocated first to accrued and unpaid interest on the related Mortgage Loan and then to the unpaid principal balance thereof.

  • Distributions Upon Liquidation Notwithstanding Section 5.1, proceeds from a Liquidating Event shall be distributed to the Partners in accordance with Section 13.2.

  • Qualified HSA Funding Distribution If you are eligible to contribute to a health savings account (HSA), you may be eligible to take a one-time tax-free HSA funding distribution from your IRA and directly deposit it to your HSA. The amount of the qualified HSA funding distribution may not exceed the maximum HSA contribution limit in effect for the type of high deductible health plan coverage (i.e., single or family coverage) that you have at the time of the deposit, and counts toward your HSA contribution limit for that year. For further detailed information, you may wish to obtain IRS Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans.

  • Distributions in Liquidation Following the dissolution of the Company and the commencement of winding up and the liquidation of its assets, distributions to the Members shall be governed by Section 12.2.

  • Liquidation etc As long as the Class B Distribution and Service Plan is in effect, the Series shall not change the manner in which the Distribution Fee is computed (except as may be required by a change in applicable law after the date hereof) or adopt a plan of liquidation without the consent of the Distributor (or any designee or transferee of the Distributor's rights to receive payment hereunder in respect of Class B shares) except in circumstances where a surviving entity or transferee of the Series' assets adopts the Class B Distribution and Service Plan and assumes the obligations of the Series to make payments to the Distributor (or its transferee) hereunder in respect of Class B shares.

  • Acquisition/Liquidation Procedure The Company agrees: (i) that, prior to the consummation of any Business Combination, it will submit such transaction to the Company's stockholders for their approval ("Business Combination Vote") even if the nature of the acquisition is such as would not ordinarily require stockholder approval under applicable state law; and (ii) that, in the event that the Company does not effect a Business Combination within 18 months from the consummation of this Offering (subject to extension for an additional six-month period, as described in the Prospectus), the Company will be liquidated and will distribute to all holders of IPO Shares (defined below) an aggregate sum equal to the Company's "Liquidation Value." With respect to the Business Combination Vote, the Company shall cause all of the Initial Stockholders to vote the shares of Common Stock owned by them immediately prior to this Offering in accordance with the vote of the holders of a majority of the IPO Shares. At the time the Company seeks approval of any potential Business Combination, the Company will offer each of holders of the Company's Common Stock issued in this Offering ("IPO Shares") the right to convert their IPO Shares at a per share price equal to the amount in the Trust Fund (inclusive of any interest income therein) on the record date ("Conversion Price") for determination of stockholders entitled to vote upon the proposal to approve such Business Combination ("Record Date") divided by the total number of IPO Shares. The Company's "Liquidation Value" shall mean the Company's book value, as determined by the Company and audited by BDO. In no event, however, will the Company's Liquidation Value be less than the Trust Fund, inclusive of any net interest income thereon. If holders of less than 20% in interest of the Company's IPO Shares vote against such approval of a Business Combination, the Company may, but will not be required to, proceed with such Business Combination. If the Company elects to so proceed, it will convert shares, based upon the Conversion Price, from those holders of IPO Shares who affirmatively requested such conversion and who voted against the Business Combination. Only holders of IPO Shares shall be entitled to receive liquidating distributions and the Company shall pay no liquidating distributions with respect to any other shares of capital stock of the Company. If holders of 20% or more in interest of the IPO Shares vote against approval of any potential Business Combination, the Company will not proceed with such Business Combination and will not convert such shares.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!