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. ' 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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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.

  • 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.

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

  • An eligible partnership may make a Monthly Closing Election by fil- ing a statement with the appropriate ser- vice center.

  • 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.

  • Retaliation includes, but is not limited to, any form of intimidation, reprisal, or harassment.

  • The partnership’s Monthly Closing Election is effective no later than the second calendar month after the cal- endar month in which the partner acquires the partnership interest.

  • SCOPEThis revenue procedure applies to eli- gible partnerships (described in section3.01 of this revenue procedure) that elect to close their books monthly (the Monthly Closing Election) and to eligible partners (described in section 3.02 of this revenue procedure) that consent to take into account their distributive shares of part- nership income on a monthly basis (the Monthly Closing Consent)..01 Eligible Partnership.


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 2.5(d).

  • Election Period shall have the meaning set forth in Section 14.3(a).

  • Pre-Closing Straddle Period means the portion of a 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 (i) the Class A-1 Notes, the February 8, 2017 Distribution Date, (ii) the Class A-2-A Notes, the June 10, 2019 Distribution Date, (iii) the Class A-2-B Notes, the June 10, 2019 Distribution Date, (iv) the Class A-3 Notes, the October 8, 2020 Distribution Date, (v) the Class B Notes, the March 8, 2021 Distribution Date, (vi) the Class C Notes, the January 10, 2022 Distribution Date, (vii) the Class D Notes, the February 8, 2022 Distribution Date and (viii) the Class E Notes, the September 8, 2023 Distribution Date.

  • 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.

  • Scheduled Closing Date Has the meaning specified in the NPA.

  • 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 2.3(b)(i)(A).

  • 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.