terminate

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terminate

To end.(1) For leases,this term implies an ending before the natural expiration time, as by default.When reviewing leases, pay close attention to the rights and responsibilities “upon termination”or “at expiration,”because these are two completely different circumstances. (2) For partnerships, it means the end of the partnership business and affairs, although that might technically be before formal dissolution of the partnership.(3) Under the Uniform Commercial Code,it means legally ending a contract,without default by either side.

References in periodicals archive ?
As a result of these events, ElkCorp has the right to terminate the Carlyle merger agreement upon payment to Carlyle of a termination fee of $29 million, and thereafter is free to accept BMCA's offer, which expires if not accepted on or before February 6, 2007.
However, if the taxpayer terminates a GST trust election for a trust for which transfers were subject to an ETIP and such termination is filed by the year in which the ETIP expires, the termination will effectively release prior transfers to the trust that were otherwise subject to a prior GST trust election.
The IRS ruled that, because the LLCs and the LP were disregarded as entities separate from their owners, the fact that the LLCs or LP owned the S corporation would not terminate the S election.
One of the dangers inherent in any transaction involving the stock of a qualified Subchapter S subsidiary (QSub) is that it may inadvertently terminate the parent's QSub election.
The Service ruled that the temporary conversions did not terminate the initial S election.
His new plan commences on January 1, 2005 and terminates on the earlier of December 31, 2005 or when all of the shares subject to the plans are sold.
simply ensure that the S corporation's articles of incorporation authorize only one class of stock), there are several traps that could give rise to a prohibited second class of stock and terminate S status.
If the taxpayer terminates the swap at that time, the taxpayer will receive a payment from its counterparty, representing the present value of anticipated future payments under the swap.

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