Scheduled Termination Date. This Agreement shall terminate effective upon the earlier of (i) the end of the Taxable Year that includes the 50th anniversary of the Original Sale Date, or (ii) the end of the Taxable Year that includes the 16th anniversary of the date upon which all rights of sale and exchange granted under the Exchange Agreement have terminated. Upon the Scheduled Termination Date, IBGI shall have no further payment obligations under this Agreement, other than for (i) any Tax Benefit Payment agreed to by IBGI and IBG Holdings as due and payable but unpaid as of the Scheduled Termination Date and (ii) any Tax Benefit Payment with respect to the Covered Taxable Year ending with the Scheduled Termination Date.
Appears in 4 contracts
Samples: Exchange Agreement (Interactive Brokers Group, Inc.), Tax Receivable Agreement (Interactive Brokers Group, Inc.), Tax Receivable Agreement (Interactive Brokers Group, Inc.)
Scheduled Termination Date. This Agreement shall terminate effective upon the earlier of (i) the end of the Taxable Year that includes the 50th anniversary of the Original Sale Date, or (ii) the end of the Taxable Year that includes the 16th anniversary of the date upon which all rights of sale and exchange granted under the Exchange Agreement have terminated. Upon the Scheduled Termination Date, IBGI the Corporation shall have no further payment obligations under this Agreement, other than for (i) any Tax Benefit Payment agreed to by IBGI the Corporation and IBG Holdings as due and payable but unpaid as of the Scheduled Termination Date and (ii) any Tax Benefit Payment with respect to the Covered Taxable Year ending with the Scheduled Termination Date.
Appears in 2 contracts
Samples: Tax Receivable Agreement (Imperial Capital Group, Inc.), Tax Receivable Agreement (Imperial Capital Group, Inc.)
