Distribution Election definition
Distribution Election. (a) If there occurs an Event of Default (as defined in the Underlying Securities Indenture) on the Underlying Securities under clauses (1) or (2) of Section 5.01 of the Underlying Securities Indenture, then the Trustee, upon receiving notice of such event, shall, on or immediately after the 30th day after such event, direct the Market Agent to sell the Underlying Securities and a pro rata portion of the Related Assets held by the Trust, in accordance with the Sale Procedures, and the Liquidation Proceeds, if any, shall be divided between the Classes in accordance with the Allocation Ratio and each Class' portion shall be deposited into such Class' Certificate Account and distributed to such Class' Certificateholders pro rata on the first Business Day following such deposit into such Certificate Account.
Distribution Election. (a) If there occurs an Event of Default (as defined in the Underlying Securities Indenture) on the Underlying Securities under clauses (1) or (2) of Section 5.01 of the Underlying Securities Indenture, then the Trustee, upon receiving notice of such event, shall, on or immediately after the 30th day after such event, direct the Market Agent to sell the Underlying Securities and a pro rata portion of the Related Assets held by the Trust, in accordance with the Sale Procedures, and the Liquidation Proceeds, if any, shall be deposited into the Certificate Account for distribution in accordance with the Allocation Ratio on the first Business Day following such deposit into such Certificate Account.
Examples of Distribution Election in a sentence
The Company may distribute Shares to a Member that has made a Distribution Election only to the extent that the Board has determined that such distribution of Shares will be treated as a distribution of property for purposes of section 301 of the Code.
More Definitions of Distribution Election
Distribution Election means the designation by a Director of the manner of distribution of the amounts and quantities held in the Director's Deferred Compensation Accounts upon the director's termination from the Board pursuant to Section 5.4.
Distribution Election. Upon notice of the events set forth in Section 3.04 of the Standard Terms, the Trustee shall exercise the remedy set forth in clause (i) of such Section.
Distribution Election means the written election filed with the Committee in accordance with Section 6.2(b).
Distribution Election means a Participant’s selected Distribution Event(s) and form of distribution of his or her Account or one or more Plan Year Account(s) as specified on his or her Enrollment Form or Change Form in accordance with the provisions of Article 7.
Distribution Election means an election to receive the Convenience Class Distribution Election, the 75% Distribution Election, or the Installment Distribution Election;