Applicable Fraction definition

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

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

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

• In the event a Participant’s Service terminates by reason of Retirement, any Matching Award granted to such Participant shall become vested, on a pro-rated basis, such that the aggregate number of Units in respect of such Matching Award in which such Participant shall become vested shall be equal to the number of Restricted Equity Units subject to such Matching Award times the Applicable Fraction, minus the number, if any, of such Restricted Equity Units that may have become vested prior to such date.

• For purposes of applying the Applicable Fraction to the Restricted Equity Units under this Section 2(c), the numerator shall be the number of full months elapsed between the applicable Grant Date and the date of your termination, and the denominator shall be sixty (60).

• For purposes of applying the Applicable Fraction to the Restricted Stock Units under this Section 2(c), the numerator shall be the number of full months elapsed between the start of the applicable Performance Period and the date of the Participant’s termination, and the denominator shall be [number of months in the applicable Performance Period], and in no event shall the Applicable Fraction be greater than one (1).

• If the Participant’s employment with the Company and its Affiliates terminates by reason of Retirement, then the Option shall (1) immediately become vested and exercisable in accordance with Section 3 herein with respect to the Applicable Fraction of the Option, and (2) be immediately forfeited and canceled with respect to the remainder of the Option.

• For purposes of applying the Applicable Fraction to the Option under this Section 3(d), the numerator shall be the number of full months elapsed between the Effective Date and the date of the Participant’s termination, and the denominator shall be [number of months for vesting].

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 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 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. For each Mortgage Loan and REMIC I-1, shall be calculated as follows: · For Collateral Group 1-P and each Group 1 Discount Loan: · For Collateral Group 1 and each Group 1 Discount Loan:

Applicable Fraction means, in relation to a Mortgaged Ship, a fraction having a numerator of an amount equal to the market value of such Mortgaged Ship (as most recently determined in accordance with clause 8.2.2) and a denominator of an amount equal to the aggregate market values of all of the Mortgaged Ships (as most recently determined in accordance with clause 8.2.2), in each case as at the Disposal Reduction Date of such Mortgaged Ship;