FIBRA Sample Clauses

FIBRA. The main purpose of the Trust is the acquisition or construction of real estate properties in Mexico destined for lease or the acquisition of the right to obtain income from the lease of such real estate properties, as well as to grant financing for such purposes secured by the respective leased real estate properties directly or through trusts (including, without limitation, through Investment Trusts), in accordance with Articles 187 and 188 of the LISR and other applicable tax provisions. For purposes of the above, the parties hereto agree to observe the following provisions: (i) at least 70% (seventy percent) of the Trust Estate shall be invested, directly or through trusts (including, without limitation, through Investment Trusts), in Real Estate Assets, and the remainder of such estate shall be invested in Permitted Investments; (ii) the real estate properties constructed or acquired shall be destined for lease and shall not be sold within a period of 4 (four) years following the date of construction completion or acquisition, respectively; provided, that the Trust shall not dispose of the trust certificates it acquires from any Investment Trust before a 4 (four) year period as of the acquisition date to the extent such acquisition breaches the real estate property disposal restriction referred to in this paragraph (ii), in both cases, without the prior consent of the Ordinary Holders Meeting; (iii) the Trustee shall distribute to the Holders at least once a year, in each case no later than March 15, at least 95% (ninety-five percent) of the Tax Result of the immediately preceding Fiscal Year generated by the assets that comprise the Trust Estate; provided, that in the event the Tax Result of a Fiscal Year is greater than amount distributed to the Holders up to March 15 of the immediately succeeding year, the Trustee shall pay the applicable income tax for such difference at a rate of 30% (thirty percent), on behalf of and without identifying the Holders, within the 15 (fifteen) calendar days following such March 15; (iv) the Trust shall comply with all other requirements set forth under Articles 187 and 188 of the LISR and other applicable tax provisions to qualify as a FIBRA; (v) the Manager shall determine the Tax Result, Tax Profit and Tax Loss of the Trust for each Fiscal Year; (vi) the Holders of the CBFIs that are required to do so shall accumulate the Tax Result distributed by the Trustee or the relevant financial intermediary and may credit a...
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