Applicable Fraction definition

Applicable Fraction means Applicable Fraction as defined in Section 42(c)(1)(B) of the IRC.

Applicable Fraction means as provided by I.R.C. § 42(c)(1)(B).

Applicable Fraction means the fraction, the numerator of which is the number of Tax Credit Units and the denominator of which is the total number of residential rental units less any unit exempted by Revenue Ruling 92-61; or the fraction, the numerator of which is the floor space of the Tax Credit Units and the denominator of which is the total floor space of the residential rental units less any unit exempted by Revenue Ruling 92-61, whichever is less. The Eligible Basis of a building is multiplied by the Applicable Fraction to determine the Qualified Basis of a building for Tax Credit purposes.

Examples of Applicable Fraction in a sentence

• Notwithstanding any provision herein to the contrary, a Qualifying Substitute Mortgage Loan shall be deemed to have the same Applicable Fraction as that of the Deleted Mortgage Loan for which it was substituted.

• The Applicable Fraction of the portion of any Stock Option held by such Participant which has not theretofore become exercisable shall immediately become vested and exercisable.

• The Applicable Fraction of the portion of any Stock Appreciation Right held by such Participant which has not theretofore become exercisable shall immediately become vested and exercisable.

• For example, if the last annual meeting of stockholders was held on June 1, 2011 and a director is elected or appointed to the Board for the first time on August 15, 2011, the Applicable Fraction would be 10/12, and the Prorated Annual Option would vest as to 1/10 th of the shares subject to the Prorated Annual Option per month over 10 months.

• If the Participant’s Service terminates due to Retirement, Disability or death before the Option has otherwise become vested, then the Option shall immediately become vested and exercisable with respect to the Applicable Fraction of the Option Shares, and shall be immediately forfeited and canceled with respect to the remaining Option Shares.

More Definitions of Applicable Fraction

Applicable Fraction means the fraction defined in Section 42(c)(1)(B) of the Code.

Applicable Fraction means the smaller of the Unit Fraction or the Floor Space Fraction, all calculated in accordance with Section 42(c)(1) of the Code.

Applicable Fraction. With respect to each Pool 1 Mortgage Loan and either of Collateral Group 1 or Collateral Group 2, the fraction set forth in Section 1.03, or such fraction multiplied by the Principal Balance of such Mortgage Loan, as the context requires.

Applicable Fraction means the fraction used to determine the qualified basis of a qualified low-income Building which is the smaller of the Unit Fraction or the Floor Space Fraction.

Applicable Fraction means a fraction, the numerator of which is the number of days elapsed from the Grant Date of an Award to the date of the Participant’s termination of Service and the denominator of which is the number of days between the Grant Date and the date the Award was scheduled to become exercisable or otherwise vest.

Applicable Fraction. For each Mortgage Loan and REMIC LT1, shall be calculated as follows: · For Collateral Group 2 and each Mortgage Loan in Loan Group 1 with a Net Rate greater than or equal to 6.00% per annum, but less than 6.25% per annum: 6.25% minus the Net Rate on such Mortgage Loan 0.25%; · For Collateral Group 3 and each Mortgage Loan in Loan Group 1 with a Net Rate greater than or equal to 6.00% per annum, but less than 6.25% per annum: 1 minus é6.25% minus the Net Rate on such Mortgage Loanù ë 0.25% û; · For Collateral Group 3 and each Mortgage Loan in Loan Group 1 with a Net Rate greater than or equal to 6.25% per annum, but less than 6.50% per annum: 6.50% minus the Net Rate on such Mortgage Loan 0.25%; · For Collateral Group 4 and each Mortgage Loan in Loan Group 1 with a Net Rate greater than or equal to 6.25% per annum, but less than 6.50% per annum: 1 minus é6.50% minus the Net Rate on such Mortgage Loanù ë 0.25% û; · For Collateral Group 4 and each Mortgage Loan in Loan Group 1 with a Net Rate greater than or equal to 6.50% per annum, but less than 7.50% per annum:

Applicable Fraction. For each Mortgage Loan and REMIC I-1, shall be calculated as follows: · For Collateral Group 1-P and each Group 1 Discount Loan: 5.50% minus the Net Rate on such Discount Loan 5.50%; · For Collateral Group 1 and each Group 1 Discount Loan: the Net Rate on such Discount Loan