LKE Program definition

LKE Program means an ongoing program of multiple Like Kind Exchanges of 100 or more properties which will be considered an “LKE Program” within the meaning of Internal Revenue Service Revenue Procedure 2003-39.

LKE Program shall have the meaning set forth in the recitals hereto.

LKE Program means that certain program established by Holdings, the Borrower and its Subsidiaries (or any replacement program) for the disposition and exchange of trucks, trailers and other transportation assets, including terminals, in exchanges intended to qualify as “like-kind exchanges” under Section 1031 of the Code with Chicago Deferred Exchange Corporation or any other qualified institution acting as the “qualified intermediary” (as defined under Section 1031 of the Code or the Treasury Regulations promulgated thereunder) for such exchanges.

Examples of LKE Program in a sentence

• Each Legal Entity shall be ultimately and solely responsible for the accuracy of any transfer dates, the Relinquished Property and the Replacement Property descriptions, the Relinquished Property and the Replacement Property values and the Relinquished Property and the Replacement Property matching with respect to each Exchange performed pursuant to its LKE Program.

• Such Legal Entity shall not knowingly cause the QI to become a Disqualified Person during the period commencing on the execution date hereof through and including the date of transfer of any Replacement Property to such Legal Entity as part of the LKE Program.

• Such Legal Entity further acknowledges that it has been advised to seek independent legal and tax advice regarding the LKE Program, regarding whether any Relinquished Property and Replacement Property are like-kind under Sections 1.1031(a)-2 and 1.1031(k)-1 of the Treasury Regulations and to have this Agreement reviewed and approved by independent counsel.

• Owner shall not cause QI to become a Disqualified Person during the period commencing on the execution date hereof through and including the date of transfer of any Replacement Property to such Exchanger as part of its LKE Program.

• The Joint Disbursement Accounts are intended to facilitate the orderly and efficient disbursement of funds to the Sellers, including the disbursement of all funds relating to the acquisition of Replacement Property under the LKE Program.

More Definitions of LKE Program

LKE Program means any “like-kind-exchange program” with respect to certain of the Vehicles of the Company and its Subsidiaries, under which such Vehicles will be disposed of from time to time and proceeds of such dispositions will be held in an LKE Account and used to acquire replacement Vehicles and/or repay indebtedness secured by such Vehicles.

LKE Program has the meaning specified in the Recitals hereto.

LKE Program means that certain program established by Swift Nevada and its Subsidiaries for the disposition and exchange of trucks, trailers and other transportation assets in exchanges intended to qualify as “like-kind exchanges” under Section 1031 of the Code with Chicago Deferred Exchange Corporation or any other qualified institution acting as the “qualified intermediary” (as defined under Section 1031 of the Code or the Treasury Regulations promulgated thereunder) for such exchanges.

LKE Program means any “like-kind-exchange program” with respect to certain of the Vehicles of the Company and its Subsidiaries, under which such Vehicles will be disposed of from time to time and proceeds of such dispositions will be held in an LKE Account and used to acquire replacement Vehicles and/or repay indebtedness secured by such Vehicles, in a series of transactions intended to qualify as a “like-kind-exchange” within the meaning of the Code.

LKE Program is defined in Appendix A to the Master Exchange Agreement.

LKE Program means the like-kind exchange program pursuant to which recognition of taxable gain is deferred by exchanging Liquidated Vehicles for Replacement Vehicles pursuant to Section 1031 of the Internal Revenue Code, as amended, or any statute or regulation of similar effect.

LKE Program means a series of exchanges of one or more Relinquished Properties for one or more Replacement Properties pursuant to a program described in Revenue Procedure 2003-39 and qualifying under one or more “safe harbors” of Sections 4, 5 and 6 of Revenue Procedure 2003-39.