Monthly Closing Election definition

Monthly Closing Election means an election pursuant to Revenue Procedure 2003-84 (or any successor Revenue Procedure or other applicable Internal Revenue Service guidance) that, if available, and if made on behalf of an eligible Series Pool, permits items of income, gain, loss or deduction of the Series Pool to be determined for federal income tax purposes on the basis of a monthly closing of its books.
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Monthly Closing Election shall have the meaning set forth in Section 2.5(b).
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Monthly Closing Election. ' means an election pursuant to Revenue Procedure 2003-84 (or any successor Revenue Procedure or other applicable Internal Revenue Service guidance) that, if available, and if made on behalf of an eligible Series Pool, permits items of income, gain, loss or deduction of the Series Pool to be determined for federal income tax purposes on the basis of a monthly closing of its books.
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Examples of Monthly Closing Election in a sentence

  • The Series Pool, the Sponsor and each Holder of Certificates (by their purchase of Certificates) agrees to comply with any special tax reporting requirements applicable to the Monthly Closing Election.

  • It is the intention of the parties hereto that Sections 10-12 of this Series Trust Agreement fulfill the requirements of making a Monthly Closing Election under Revenue Procedure 2003-84 and shall be interpreted consistently therewith.

  • Xxxxxxx Mac will have the discretion to make, or if necessary, to instruct the Administrator to take the necessary steps to make, a Monthly Closing Election on behalf of the Series Pool, in which case the Sponsor and each Holder of Certificates (by their purchase of Certificates) will be deemed to have consented to the Monthly Closing Election.

  • The test date is the first day of the month for which the Monthly Closing Election is effective..02 Eligible Partner.

  • Fxxxxxx Mac will have the discretion to make, or if necessary, to instruct the Administrator to take the necessary steps to make, a Monthly Closing Election on behalf of the Series Pool, in which case the Sponsor and each Holder of Certificates (by their purchase of Certificates) will be deemed to have consented to the Monthly Closing Election.

  • There- fore, no new Monthly Closing Consent is required when a consenting partner sells one interest in an electing partnership and acquires another interest in the same part- nership at a time when the partnership continues to have its Monthly Closing Election in effect.

  • Even if the partnership subsequently qualifies as an eligible part- nership, it may not make another Monthly Closing Election without the Commis- sioner’s consent.

  • If for any month the partnership fails to satisfy the test mandated by the preceding sentence, then the partnership’s Monthly Closing Election is terminated as of first day of the month.

  • If for any month the partnership fails to satisfy the test mandated by the preceding sentence, then the partnership's Monthly Closing Election is terminated as of first day of the month.

  • Therefore, no new Monthly Closing Consent is required when a consenting partner sells one interest in an electing partnership and acquires another interest in the same partnership at a time when the partnership continues to have its Monthly Closing Election in effect.


More Definitions of Monthly Closing Election

Monthly Closing Election has the meaning set forth in Section 7.02(a)(i).
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Related to Monthly Closing Election

  • Election cycle means the period beginning on the first day persons are eligible to

  • Election Date has the meaning specified in Section 312(h).

  • Post-Closing Adjustment Amount has the meaning set forth in Section 1.9.3.

  • Final Shared-Loss Month means the calendar month in which the tenth anniversary of the Commencement Date occurs.

  • Post-Closing Period means any taxable period (or portion thereof) beginning after the Closing Date.

  • Post-Closing Adjustment has the meaning set forth in Section 2.04(b)(ii).

  • Pre-Closing Statement has the meaning set forth in Section 2.4(a).

  • Pre-Closing Period means any taxable period ending on or before the Closing Date.

  • Final Closing Statement has the meaning set forth in Section 2.4(a).

  • Election Period means the period immediately preceding the beginning of each Plan Year established by the Administrator, such period to be applied on a uniform and nondiscriminatory basis for all Employees and Participants. However, an Employee's initial Election Period shall be determined pursuant to Section 5.1.

  • Pre-Closing Straddle Period means the portion of the Straddle Period ending on the Closing Date.

  • Post-Closing Statement has the meaning set forth in Section 3.3(c).

  • Final Scheduled Distribution Date means, with respect to the Class A-1 Notes, the Distribution Date in [_______]; with respect to the Class A-2 Notes, the Distribution Date in [_______]; with respect to the Class A-3 Notes, the Distribution Date in [_______]; with respect to the Class B Notes, the Distribution Date in [_______]; with respect to the Class C Certificates, the Distribution Date in [_______]; and with respect to the Class D Certificates, the Distribution Date in [_______].

  • Estimated Closing Statement has the meaning set forth in Section 2.4(a).

  • Post-Closing Straddle Period means the portion of a Straddle Period beginning the day after the Closing Date.

  • Payment Adjustment Date With respect to each ARM Loan, the date on which the Borrower's Monthly Payment changes in accordance with the terms of the related Mortgage Note.

  • Class A-1 Final Scheduled Distribution Date means the Distribution Date.

  • Prepayment Distribution Trigger With respect to any Distribution Date and any Class of Subordinate Certificates (other than the Class M-1 Certificates), a test that shall be satisfied if the fraction (expressed as a percentage) equal to the sum of the Certificate Principal Balances of such Class and each Class of Subordinate Certificates with a Lower Priority than such Class immediately prior to such Distribution Date divided by the aggregate Stated Principal Balance of all of the Mortgage Loans (or related REO Properties) immediately prior to such Distribution Date is greater than or equal to the sum of the related Initial Subordinate Class Percentages of such Classes of Subordinate Certificates.

  • Last Scheduled Distribution Date The Distribution Date in the month immediately following the month of the latest scheduled maturity date for any of the Mortgage Loans.

  • Closing Adjustment Amount shall have the meaning set forth in Section 3.2(c).

  • Settlement Method Election Date With respect to any Settlement of any Transaction, the 2nd Scheduled Trading Day immediately preceding (x) the Valuation Date for such Transaction, in the case of Physical Settlement, or (y) the First Unwind Date for such Transaction, in the case of Cash Settlement or Net Share Settlement.

  • Semi-Annual Distribution Date means the "Distribution Dates" set forth under "Summary of Essential Financial Information--Estimated Distributions--Semi-Annual Distributions" in the Prospectus Part I for a Trust.

  • Initial Closing Price means the RI Closing Value of a Reference Item on the Strike Date

  • Put Closing Date shall have the meaning set forth in Section 2.3.8.

  • Seller Remittance Amount With respect to each Servicer, the meaning assigned to such term in the related Servicing Agreement.

  • Regular primary election means the election on the fourth Tuesday of June of