Allocation of Each Settlement Payment and Tax Issues Sample Clauses

Allocation of Each Settlement Payment and Tax Issues. Each payment of settlement funds to a Class Member, other than a service payment to a named Plaintiff, shall be (1) forty percent (40%) shall be allocated to wages (inclusive of the employee’s share of payroll taxes, deductions, and contributions); (2) twenty percent (20%) shall be allocated to interest; and (3) forty percent (40%) shall be allocated to civil or statutory penalties or liquidated damages. The portion of each payment attributed to wages shall be reported by the Claims Administrator to government taxing authorities on Form W-2 prepared by the Claims Administrator and applicable withholdings shall be taken. The portions of each payment attributed to interest, penalties, and liquidated damages shall be reported by the Claims Administrator to government taxing authorities as miscellaneous income on Form 1099 and no withholdings shall be taken. The Parties agree that no taxes shall be withheld from service payments or from Class Counsel’s attorneys’ fees and costs, which shall also be reported by the Claims Administrator to government taxing authorities on a Form 1099 issued to the Class Representatives and Class Counsel, respectively. The Claims Administrator shall coordinate and cooperate with Xxxxxx to ensure that all tax withholdings and deductions made in administering the Settlement are done in accordance with all applicable government regulatory requirements.
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Allocation of Each Settlement Payment and Tax Issues. Each payment of settlement funds to a Class Member, other than a service payment to a named Plaintiff, shall be allocated as follows: (1) twenty-four percent (24%) shall be allocated to wages (inclusive of payroll taxes, deductions, and contributions); (2) fourteen percent (14%) shall be allocated to interest; and (3) sixty-two percent (62%) shall be allocated to civil or statutory penalties or liquidated damages. Class counsel shall work with the Claims Administrator to determine appropriate tax withholding and tax reporting procedures. The Parties agree that McDonald’s is not responsible for any tax obligations incurred by the Class Representatives, the Class Members, or Class Counsel as a result of this Settlement, and that McDonald’s is not providing any tax advice to the Class Representatives, the Class Members, or Class Counsel.
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Allocation of Each Settlement Payment and Tax Issues. Each payment of settlement funds to a Class Member from the QSF, other than a service payment to a named Plaintiff, shall be allocated as follows: (1) fifty-five percent (55%) shall be allocated to wages and shall be subject to any required withholdings, payroll taxes, deductions, and contributions; (2) ten percent (10%) shall be allocated to interest; and (3) thirty-five percent (35%) shall be allocated to alleged civil or statutory penalties or liquidated damages. The Parties agree that the amounts described in Paragraph V.C.2(d), (e), (f) and (g) constitute restitution or are being paid to come into compliance with law, in each case within the meaning of Section 162(f)(2) of the Internal Revenue Code of 1986, as amended. The Claims Administrator will be responsible for issuing to Plaintiffs, Class/Certified Subclass Members, and Class Counsel any IRS Forms W-2, 1099, or other tax forms as may be required by law for all amounts paid pursuant to this Agreement. The Claims Administrator will also be responsible for forwarding all payroll taxes and other legally required withholdings to the appropriate government authorities. Neither McDonald’s nor its counsel, nor Class Counsel makes any representation, and have made no representations as to the tax treatment or legal effect of the payments called for in this Settlement Agreement, and Plaintiffs and Class/Certified Subclass Members are not relying on any statement, representation, or calculation by McDonald’s, the Claims Administrator, or Class Counsel in this regard. Plaintiffs and Class/Certified Subclass Members understand and agree that Plaintiffs and Class/Certified Subclass Members will be solely responsible for the payment of any taxes and penalties assessed on the payments described in this Settlement Agreement. Plaintiffs and any Class/Certified Subclass Member who receives any payment under this Agreement should consult with their tax advisors concerning the tax consequences of the individual settlement payments they receive under the Settlement. With respect to the QSF: (1) McDonald’s shall be the “transferor” within the meaning of Treasury Regulation Section 1.468B-1(d)(1) to the QSF;
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Allocation of Each Settlement Payment and Tax Issues. Each payment of settlement (1) forty percent (40%) shall be allocated to wages (inclusive of the employee’s share of payroll taxes, deductions, and contributions); (2) twenty percent (20%) shall be allocated to interest; and (3) forty percent (40%) shall be allocated to civil or statutory penalties or liquidated damages. The portion of each payment attributed to wages shall be reported by the Claims Administrator to government taxing authorities on Form W-2 prepared by the Claims Administrator and applicable withholdings shall be taken. The portions of each payment attributed to interest, penalties, and liquidated damages shall be reported by the Claims Administrator to government taxing authorities as miscellaneous income on Form 1099 and no withholdings shall be taken. The Parties agree that no taxes shall be withheld from service payments or from Class Counsel’s attorneys’ fees and costs, which shall also be reported by the Claims Administrator to government taxing authorities on a Form 1099 issued to the Class Representatives and Class Counsel, respectively. The Claims Administrator shall coordinate and cooperate with Xxxxx to ensure that all tax withholdings and deductions made in administering the Settlement are done in accordance with all applicable government regulatory requirements.
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Allocation of Each Settlement Payment and Tax Issues. Each payment of settlement funds to a Class Member, other than a service payment to the named Plaintiff, shall be allocated as follows: (1) thirty three and one-third percent (33-1/3%) shall be allocated to wages (inclusive of the employee’s share of payroll taxes, deductions, and contributions); (2) thirty three and one- third percent (33-1/3%) shall be allocated to interest; and (3) thirty three and one-third percent (33- 1/3%) shall be allocated to civil or statutory penalties or liquidated damages. The portion of each payment attributed to wages shall be reported by the Claims Administrator to government taxing authorities on Form W-2 prepared by the Claims Administrator and applicable withholdings shall be taken. The portions of each payment attributed to interest, penalties, and liquidated damages shall be reported by the Claims Administrator to government taxing authorities as miscellaneous income on Form 1099 and no withholdings shall be taken. The Parties agree that no taxes shall be withheld from the service payment or from Class Counsel’s attorneys’ fees and costs, which shall also be reported by the Claims Administrator to government taxing authorities on a Form 1099 issued to the Plaintiff and Class Counsel, respectively. The Claims Administrator shall coordinate and cooperate with Xxxxxx to ensure that all tax withholdings and deductions made in administering the Settlement are done in accordance with all applicable government regulatory requirements.
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Related to Allocation of Each Settlement Payment and Tax Issues

  • Payments of Post-Closing Adjustment Except as otherwise provided herein, any payment of the Post-Closing Adjustment, together with interest calculated as set forth below, shall (A) be due (x) within five (5) Business Days of acceptance of the applicable Closing Working Capital Statement or (y) if there are Disputed Amounts, then within five (5) Business Days of the resolution described in clause (v) above; and (B) be paid by wire transfer of immediately available funds to such account(s) as is directed by Buyer or Sellers, as the case may be.

  • Payment of Settlement Amount (1) Within thirty (30) days of the Execution Date, the Settling Defendants shall pay the Settlement Amount to Siskinds LLP for deposit into the Trust Account. The Settlement Amount shall be converted into Canadian currency upon deposit into the Trust Account. (2) The Settling Defendants shall deposit the Settlement Amount into the Trust Account by wire transfer. Siskinds LLP shall provide the necessary wire transfer information to Counsel for the Settling Defendants with reasonable advance notice so that the Settling Defendants have a reasonable period of time to comply with section 3.1(1) of this Settlement Agreement. (3) The Settlement Amount and other consideration to be provided in accordance with the terms of this Settlement Agreement shall be provided in full satisfaction of the Released Claims against the Releasees. (4) The Settlement Amount shall be all-inclusive of all amounts, including without limitation, interest, costs, Class Counsel Fees and Class Counsel Disbursements. (5) The Releasees shall have no obligation to pay any amount in addition to the Settlement Amount, for any reason, pursuant to or in furtherance of this Settlement Agreement or the Proceedings or any Other Actions. (6) Once a Claims Administrator has been appointed, Siskinds LLP shall transfer control of the Trust Account to the Claims Administrator. (7) Siskinds LLP and the Claims Administrator shall maintain the Trust Account as provided for in this Settlement Agreement. While in control of the Trust Account, Siskinds LLP and the Claims Administrator shall not pay out all or part of the monies in the Trust Account, except in accordance with this Settlement Agreement, or in accordance with an order of the Courts obtained after notice to the Parties.

  • Calculation and Payment of Additional Rent Tenant shall pay to Landlord, in the manner set forth in Section 4.4.1, below, and as Additional Rent, Tenant’s Share of Direct Expenses for each Expense Year.

  • Timing and Amount of Allocations of Net Income and Net Loss Net Income and Net Loss of the Partnership shall be determined and allocated with respect to each Partnership Year of the Partnership as of the end of each such year. Subject to the other provisions of this Article 6, an allocation to a Partner of a share of Net Income or Net Loss shall be treated as an allocation of the same share of each item of income, gain, loss or deduction that is taken into account in computing Net Income or Net Loss.

  • Payment and Year-End Adjustment Amounts accrued pursuant to this Agreement shall be payable to the Adviser as of the last day of each month. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such fiscal year) do not exceed the Maximum Annual Operating Expense Limit.

  • How Are Contributions to a Xxxx XXX Reported for Federal Tax Purposes You must file Form 5329 with the IRS to report and remit any penalties or excise taxes. In addition, certain contribution and distribution information must be reported to the IRS on Form 8606 (as an attachment to your federal income tax return.)

  • Settlement Payments On the first Business Day of each month (“Interest Settlement Date”), Agent will advise each Lender by telephone, fax or telecopy of the amount of such Lender’s share of interest and fees on each of the Loans as of the end of the last day of the immediately preceding month. Provided that such Lender has made all payments required to be made by it under this Agreement, Agent will pay to such Lender, by wire transfer to such Lender’s account (as specified by such Lender on the signature page of this Agreement or the applicable Assignment and Acceptance Agreement, as amended by such Lender from time to time after the date hereof or in the applicable Assignment and Acceptance Agreement) not later than 3:00 p.m. Toronto time on the next Business Day following the Interest Settlement Date, such Lender’s share of interest and fees on each of the Loans. Such Lender’s share of interest on each Loan will be calculated for that Loan by adding together the Daily Interest Amounts for each calendar day of the prior month for that Loan and multiplying the total thereof by the Interest Ratio for that Loan. Such Lender’s share of the Unused Line Fee described in subsection 2.3(A) shall be an amount equal to (a)(i) such Lender’s average Revolving Loan Commitment during such month, less such Lender’s average Daily Loan Balance of the Revolving Loan for the preceding month, multiplied by (b) the percentage required by subsection 2.3(A). Such Lender’s share of all other fees paid to Agent for the benefit of Lenders hereunder shall be paid and calculated based on such Lender’s Commitment with respect to the Loans on which such fees are associated. To the extent Agent does not receive the total amount of any fee owing by Borrower under this Agreement, each amount payable by Agent to a Lender under this subsection 9.8(A)(4) with respect to such fee shall be reduced on a pro rata basis. Any funds disbursed or received by Agent pursuant to this Agreement, including, without limitation, under subsections 9.7, 9.8(A)(1), and 9.9, prior to the Settlement Date for such disbursement or payment shall be deemed advances or remittances by GE Canada Finance, in its capacity as a Lender, for purposes of calculating interest and fees pursuant to this subsection 9.8(A)(4).

  • Actual Settlement Date Accounting With respect to any sale or purchase transaction that is not posted to the Account on the contractual settlement date as referred to in Section 2.5, Bank shall post the transaction on the date on which the cash or Financial Assets received as consideration for the transaction is actually received by Bank.

  • Tax Treatment of Swap Payments and Swap Termination Payments For federal income tax purposes, each holder of a Floating Rate Certificate is deemed to own an undivided beneficial ownership interest in a REMIC regular interest and the right to receive payments from either the Net WAC Rate Carryover Reserve Account or the Swap Account in respect of the Net WAC Rate Carryover Amount or the obligation to make payments to the Swap Account. For federal income tax purposes, the Trust Administrator will account for payments to each Floating Rate Certificates as follows: each Floating Rate Certificate will be treated as receiving their entire payment from REMIC III (regardless of any Swap Termination Payment or obligation under the Interest Rate Swap Agreement) and subsequently paying their portion of any Swap Termination Payment in respect of each such Class’ obligation under the Interest Rate Swap Agreement. In the event that any such Class is resecuritized in a REMIC, the obligation under the Interest Rate Swap Agreement to pay any such Swap Termination Payment (or any shortfall in Swap Provider Fee), will be made by one or more of the REMIC Regular Interests issued by the resecuritization REMIC subsequent to such REMIC Regular Interest receiving its full payment from any such Floating Rate Certificate. The REMIC regular interest corresponding to a Floating Rate Certificate will be entitled to receive interest and principal payments at the times and in the amounts equal to those made on the certificate to which it corresponds, except that (i) the maximum interest rate of that REMIC regular interest will equal the Net WAC Pass-Through Rate computed for this purpose by limiting the Swap Notional Amount of the Interest Rate Swap Agreement to the aggregate Stated Principal Balance of the Mortgage Loans and (ii) any Swap Termination Payment will be treated as being payable solely from Net Monthly Excess Cashflow. As a result of the foregoing, the amount of distributions and taxable income on the REMIC regular interest corresponding to a Floating Rate Certificate may exceed the actual amount of distributions on the Floating Rate Certificate.

  • Adjustment of Minimum Quarterly Distribution and Target Distribution Levels (a) The Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution, Third Target Distribution, Common Unit Arrearages and Cumulative Common Unit Arrearages shall be proportionately adjusted in the event of any distribution, combination or subdivision (whether effected by a distribution payable in Units or otherwise) of Units or other Partnership Securities in accordance with Section 5.10. In the event of a distribution of Available Cash that is deemed to be from Capital Surplus, the then applicable Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and Third Target Distribution, shall be adjusted proportionately downward to equal the product obtained by multiplying the otherwise applicable Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and Third Target Distribution, as the case may be, by a fraction of which the numerator is the Unrecovered Capital of the Common Units immediately after giving effect to such distribution and of which the denominator is the Unrecovered Capital of the Common Units immediately prior to giving effect to such distribution. (b) The Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and Third Target Distribution, shall also be subject to adjustment pursuant to Section 6.9.

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