Domestic Trust Sample Clauses

Domestic Trust. The Trust shall at all times be maintained as a domestic trust in the United States.
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Domestic Trust. The Trust shall be maintained at all times as a domestic trust in the United States and shall be at all times qualified under section 401(a) of the Code, or any successor provision thereto, and exempt from federal income taxation under section 501(a) of the Code, or any successor provision thereto, as long as any assets of a Plan are held by a Trustee hereunder.
Sample 1
Domestic Trust. THE TRUST SHALL AT ALL TIMES BE MAINTAINED AS A DOMESTIC TRUST IN THE UNITED STATES. 1.7. TRUSTEE NOT RESPONSIBLE FOR ENFORCING CONTRIBUTIONS OR FOR SUFFICIENCY. THE TRUSTEE SHALL HAVE NO RESPONSIBILITY FOR ENFORCING PAYMENT OF ANY CONTRIBUTION TO THE PLAN, FOR THE TIMING OR AMOUNT THEREOF, OR FOR THE ADEQUACY OF THE TRUST FUND OR TO MEET OR DISCHARGE ANY OR OTHER LIABILITIES OF SUCH PLAN.
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Domestic Trust. The Court Test A trust satisfies the court test under a safe harbor (Reg. §301.7701-7(c)(1)) if • the trust instrument does not direct that the trust be administered outside of the U.S.; • the trust in fact is administered exclusively in the U.S.; and • the trust is not subject to an automatic migration provision. Domestic Trust - The Court Test • Administered in the U.S. means all steps necessary to carry out the duties imposed by the terms of the trust and applicable law including maintaining the records of the trust, filing tax returns, managing and investing trust assets, defending the trust from suits by creditors, and determining the amount and timing of distribution must be performed in the U.S. Treas. Reg. §301.7701-7(c)(3)(v). • If both a U.S. court and a foreign court are able to exercise primary supervision over the administration of the trust, the trust meets the court test. Treas. Reg. §301.7701- 7(c)(4)(i)(D). • The trust is subject to automatic migration provision if the trust document provides that a U.S. court’s attempt to assert jurisdiction or otherwise supervise the trust directly or indirectly would cause the trust to migrate from the U.S. Treas. Reg. §301.7701- 7(c)(4)(ii). Domestic Trust – The Court Test Example: A U.S. citizen, creates a trust for A's own benefit and the benefit of A's spouse, B, a United States citizen. The trust instrument provides that the trust is to be administered in State Y, a state within the U.S., by DC, a State Y corporation. The trust instrument also provides that in the event that a creditor sues the trustee in a U.S. court, the trust will automatically migrate from State Y to Country Z, a foreign country, so that no U.S. court will have jurisdiction over the trust. A court within the U.S. is not able to exercise primary supervision over the administration of the trust because the United States court's jurisdiction over the administration of the trust is automatically terminated in the event the court attempts to assert jurisdiction. Therefore, the trust fails to satisfy the court test from the time of its creation and is a foreign trust. Domestic Trust - The Control Test A trust satisfies the Control Test if one or more U.S. persons have the authority to control all substantial decisions of the trust. Treas. Reg. §301.7701-7(d) • U.S. Person: The term U.S. person means a U.S. person within the meaning of Code §7701(a)(30). For example, a domestic corporation is a U.S. person, regardless of whether its s...
Sample 1

Related to Domestic Trust

  • Domestic Subsidiary Any Subsidiary of the Borrower that is organized under the laws of any political subdivision of the United States.

  • Foreign Subsidiary Any Subsidiary that is organized under the laws of a jurisdiction other than the United States of America and the States (or the District of Columbia) thereof.

  • Real Estate Investment Trust Commencing with its taxable year ended December 31, 2009, the Company has been organized and operated in conformity with the requirements for qualification and taxation as a real estate investment trust (“REIT”) under the Code, and its proposed method of operation will enable it to continue to meet the requirements for qualification and taxation as a REIT under the Code.

  • Grantor Trust The Trust is intended to be a grantor trust, of which the Sponsor is the grantor, within the meaning of subpart E, part I, subchapter J, chapter 1, subtitle A of the Internal Revenue Code of 1986, as amended, and shall be construed accordingly.

  • Additional Foreign Subsidiaries Notify the Administrative Agent promptly after any Person becomes a Material First Tier Foreign Subsidiary, and at the request of the Administrative Agent, promptly thereafter (and, in any event, within 45 days after such request, as such time period may be extended by the Administrative Agent in its sole discretion), cause (i) the applicable Credit Party to deliver to the Administrative Agent a Foreign Pledge Agreement pledging 65% of the total outstanding voting Equity Interests (and 100% of the non-voting Equity Interests) of any such new Material First Tier Foreign Subsidiary and a consent thereto executed by such new Material First Tier Foreign Subsidiary (including if applicable, original certificated Equity Interests (or the equivalent thereof pursuant to the Applicable Laws and practices of any relevant foreign jurisdiction) evidencing the Equity Interests of such new Material First Tier Foreign Subsidiary, together with an appropriate undated stock or other transfer power for each certificate duly executed in blank by the registered owner thereof), (ii) such Person to deliver to the Administrative Agent such opinions, documents and certificates referred to in Section 6.1 as may be reasonably requested by the Administrative Agent, (iii) such Person to deliver to the Administrative Agent such updated Schedules to the Loan Documents as requested by the Administrative Agent with regard to such Person and (iv) such Person to deliver to the Administrative Agent such other documents as may be reasonably requested by the Administrative Agent, all in form, content and scope reasonably satisfactory to the Administrative Agent.

  • Designation of Subsidiary Borrowers The Company may at any time and from time to time designate any Eligible Domestic Subsidiary as a Domestic Subsidiary Borrower or any Eligible Foreign Subsidiary as a Foreign Subsidiary Borrower by delivery to the Administrative Agent of a Borrowing Subsidiary Agreement executed by such Subsidiary and the Company and the satisfaction of the other conditions precedent set forth in Section 4.03, and upon such delivery and satisfaction such Subsidiary shall for all purposes of this Agreement be a Subsidiary Borrower and a party to this Agreement; provided, that in the case of the designation of a Foreign Subsidiary Borrower, the Administrative Agent and the Lenders shall have received at least 10 Business Days prior written notice of such designation during which period the Administrative Agent and the Lenders shall have an opportunity to review drafts of the documentation to be provided under Section 4.03 in connection with such designation and to discuss such designation with the Administrative Agent and/or the Company as applicable. If the Company shall at any time execute and deliver to the Administrative Agent a Borrowing Subsidiary Termination with respect to any Subsidiary Borrower, such Subsidiary shall cease to be a Subsidiary Borrower and a party to this Agreement; provided, that no Borrowing Subsidiary Termination will become effective as to any Subsidiary Borrower at a time when any principal of or interest on any Loan to such Borrower shall be outstanding hereunder; provided, further, that such Borrowing Subsidiary Termination shall be effective to terminate the right of such Subsidiary Borrower to make further Borrowings under this Agreement. As soon as practicable upon receipt of a Borrowing Subsidiary Agreement, the Administrative Agent shall furnish a copy thereof to each Lender.

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