It said that the proffered distinction made no economic sense: if an employer made a contribution of unencumbered
, noncash property in a year prior to the year in which its minimum funding obligation arose, it would not run afoul of the prohibited transaction rules, whereas a violation would occur if the employer made the identical contribution a year later.
This repaid loan, which would otherwise mature in 2013, was secured by five properties, of which one property now secures the new loan and four are now unencumbered
Conversely, a transfer of unencumbered
property to a welfare benefit plan that does not relieve the employer or sponsor of any present or future obligation to make a contribution measured in terms of cash amounts would not constitute a prohibited transaction.
25%) decreases to 60% from 65%, the unencumbered
asset coverage test increases to 1.
4975(f)(3) to mean that voluntary contributions of property will be prohibited transactions if the plan assumes any liens on the contributed property, while voluntary contributions of unencumbered
property will not be a prohibited transaction.
Digital Realty's unencumbered
property pool is sizable and unencumbered
cash flows are robust due to rising demand for datacenter space specifically in a challenging environment for commercial real estate generally.
This seems to indicate that contributions of unencumbered
property to profit-sharing plans, stock bonus plans and other defined contribution plans not subject to the Sec.
Key Fitch credit concerns include the possibility of HR increasing its utilization of secured debt, which although it provides additional liquidity, would decrease the size of the unencumbered
asset pool and reduce financial flexibility - both of which will negatively impact unsecured creditors.
1992), aff'g TC Memo 1990-628, that a contribution of unencumbered
property by an employer to a defined benefit pension plan in satisfaction of the employer's minimum funding obligation constituted a prohibited sale or exchange under Sec.
The affirmations evidence the quality of REG's retail shopping center portfolio, the extent to which REG covers its fixed charges, sizeable unencumbered
asset pool and its solid, albeit slowing operating property fundamentals.
5/25/93, the Supreme Court ruled in an 8-to-1 decision that a transfer of unencumbered
property by a qualified plan sponsor to the plan in order to satisfy its funding obligation gave rise to a prohibited transaction under Sec.
Duke's large unencumbered
asset pool also provides support for the company's 'BBB' ratings.