Secondary Income definition

Secondary Income means income derived from the re-investment of any Annual Income that is not distributed from the Trust in any Fiscal Year;
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Examples of Secondary Income in a sentence

  • The accountants instructed to prepare the Annual Audit of the Trust in accordance with Subparagraph 11.2(a)(iii) of this Agreement shall certify that, to the best of their knowledge, all steps or things necessary have been completed to entitle the Trust to deduct an amount for a Taxation Year of the Trust equal to the Secondary Income for a Taxation Year of the Trust paid or payable to the Beneficiary in that year in accordance with the Income Tax Act and the terms of this Agreement.

  • Such payments shall be made firstly out of Secondary Income for a Taxation Year of the Trust, secondly, by repayment of Promissory Notes, and thirdly, out of Primary Income for a Taxation Year of the Trust or out of the capital of the Trust Property, as the Financial Trustees shall determine.

  • The Financial Trustees shall calculate the Secondary Income for each Taxation Year of the Trust.

  • Each Promissory Note shall be issued as absolute payment by the Financial Trustees of the obligation to pay the unpaid Secondary Income for a Taxation Year of the Trust to the Beneficiary.

  • For greater certainty, the Secondary Income for a Taxation Year of the Trust shall not be added to the capital of the Trust, but shall be paid to the Beneficiary in the manner provided in this Clause 8.5(b)(i)(B).

  • As soon as practicable and within six (6) months from the end of the Taxation Year of the Trust in which the Secondary Income for a Taxation Year of the Trust is earned, the Financial Trustees shall deliver to the Beneficiary a promissory note substantially in the form as set out in the attached Schedule "A" (referred to as a "Promissory Note") payable to the Beneficiary for the unpaid Secondary Income for a Taxation Year of the Trust.

  • All of the Secondary Income for a Taxation Year of the Trust that has not been paid to the Beneficiary earlier in the Taxation Year of the Trust shall be payable to the Beneficiary on the last day of that Taxation Year.

  • Each Promissory Note will be payable on demand and will bear no interest and shall be issued as evidence of absolute payment by the Trustee of any Secondary Income for a Fiscal Year of the Trust to the Beneficiary.