Liquidating Account definition
Examples of Liquidating Account in a sentence
From funds in the Liquidating Account, the Bank shall redeem at par all of the Holder’s Class B Stock, in the amount specified in Schedule II hereto, pursuant to the terms of Section 411 of the Act and Section 2.2 of the Bylaws and shall cancel such Class B Stock.
Each Liquidating Account shall be charged with the expenses attributable to the administration and management of such Account (including, but not limited to, brokerage fees, settlement charges, stamp taxes, duty, stock listing and related expenses, attorneys’ fees, and auditing fees).
The Holder acknowledges and agrees that the Government, upon acquisition of the Bank’s loan portfolio, shall make no further advances on the Liquidating Account Loan(s) and that unadvanced Liquidating Account Loan funds are hereby rescinded.
Each Liquidating Account shall be maintained and administered solely for the ratable benefit of the Participating Plans whose cash, securities, or other assets have been transferred thereto or deposited therein, and each Participating Plan whose cash, securities, or other assets have been transferred to or deposited in such Account shall have a beneficial interest therein equal to the portion of such account represented by the value of such assets so transferred or deposited.
The Trustee, in its discretion, shall determine the period during which the Trustee may continue to hold any such assets in a Liquidating Account.
For purposes of purchases or redemptions of Units and of determining net asset value and the net investment income, gains, or losses that are allocable among Participating Plans, the value, income, gain, or losses of any assets held in any Liquidating Account shall be excluded.
No further contributions shall be made to any Liquidating Account after its establishment, except that the Trustee may, if in the Trustee’s reasonable opinion such action is advisable for the protection of any asset held therein, borrow on the security of the assets held in such Liquidating Account and make and renew such note or obligation therefor as the Trustee may determine.
Any investment held in a Liquidating Account shall be segregated and shall be administered or realized upon solely for the benefit ratably of those Participating Trusts which were participants in the Trust from which such asset has been transferred at the time of the transfer of such investment to a Liquidating Account.
In determining the basis upon which admissions to and withdrawals from a Trust shall be made pursuant to this Article V, the value of any asset which has been transferred to a Liquidating Account shall be excluded.
The Holder acknowledges and agrees that the Government, upon acquisition of the Bank’s loan portfolio, shall make no further advances on the Liquidating Account Loan(s) and the unadvanced Liquidating Account Loan funds are hereby rescinded.