Distributable Income definition
Examples of Distributable Income in a sentence
To the extent that there is an amount payable under clause 24.1 which is to be paid in priority to the amounts payable to the Beneficiary, the Beneficiary directs the Trustee to meet the amount payable under clause 24.1 as an application of the Beneficiary's entitlement to the Distributable Income of the Trust.
During the term of this Trust prior to a Change in Control, all Distributable Income received by this Trust, net of expenses and taxes, shall be distributed to the Company no less frequently than semi-annually, unless otherwise directed by the Company, and from and after a Change in Control shall be accumulated and reinvested.
The Trust may distribute to Unitholders monthly on each Distribution Date such percentage of the Distributable Income for the preceding calendar month and, in the case of distributions made on December 31, for the calendar month then ended, as the Trustees may so determine in their discretion.
To the extent that there is an amount payable under clause 30.1 which is to be paid in priority to the amounts payable to the Beneficiary, the Beneficiary directs the Trustee to meet the amount payable under clause 30.1 as an application of the Beneficiary's entitlement to the Distributable Income of the Trust.
Where a Trustee Claim is paid out of the Trust Fund the Trustee must first make the payment out of corpus and then out of any Distributable Income of the Trust not distributed pursuant to clause 5.5(b).