Distribution of Surplus. It is understood that surplus accumulations, if any, will be used only for the purpose of reducing premium costs. Surplus accumulations must be disposed of within reasonable time limits. Questions in this respect will be referred to the Joint Welfare Board for decision.
Distribution of Surplus. The current practice for surpluses generated by the Health and Welfare Trust is for both parties to take a contribution holiday. It is agreed that the Union may use employee surpluses or increased employee contributions to improve benefits provided by the Health and Welfare Trust. Such benefits must be pooled separately in such a way that the additional benefits paid for by employees do not impact on the present or future experience of the base plan such that the Company’s present or future costs would be increased.
Distribution of Surplus. The current practice for surpluses generated by the Health and Welfare Trust is for both parties to take a contribution holiday. It is agreed that the Union may use employee surpluses or increased employee contributions to improve benefits provided by the Health and Welfare Trust. Such funds must be pooled separately in such a way that the additional benefits paid for by employees do not impact on the present or future experience of the base plan such that the employer’s present or future costs would be increased. It is understood that surplus accumulations, if any, will be used only for the purpose of reducing premium costs. Surplus accumulations must be disposed of within reasonable time limits.
Distribution of Surplus. 8.1 In September of each year the accumulated surplus identified in clause 7.3(b) shall be distributed in accordance with the relevant provisions of this clause 8.
Distribution of Surplus. The balance of the award in respect of the Unit, if any, shall be distributed to the Owner of the Unit and to each mortgagee of the Unit, the remittance being made payable jointly to the Owner and such mortgagees.
Distribution of Surplus. 10.1. Any dividends of the Company shall, subject to mandatory provisions of Belgian law, be distributed to the Shareholders in proportion to their respective shareholdings from time to time in the Company. The Shareholders undertake to vote in favour of any distribution of dividends by the Company to the extent that the financial means so distributed are not reasonably required or necessary for the operation of the Company (taking into account that part of the Hire to be received by the Company under the Charter was prepaid to the Company) and always provided that any amounts due under the Shareholders Loans have been repaid. In this context, the Shareholders further undertake to repay all debt (including the Shareholders Loans) as soon as possible, taking into account the Company’s financial means not reasonably required or necessary for the operation of the Company (taking into account that a part of the Hire to be received by the Company under the Charter was prepaid to the Company). Any disagreement respecting the question whether the financial means so distributed are not reasonably required or necessary for the operation of the Company, shall be resolved by the Shareholders and subject to the provisions of Article 9.2.
Distribution of Surplus. It is understood that surplus accumulations, if any, will be used only for the purpose of reducing premium costs. Surplus accu- mulations must be disposed of within reasonable time limits.
Distribution of Surplus. (1) If a creditor has sold consumer goods under section 26 or section 32, the credit- or must pay the following persons the amount of any surplus by satisfying the claims of those persons in the following order:
Distribution of Surplus. 10.1. Any dividends of the Company shall, subject to mandatory provisions of Belgian law, be distributed to the Shareholders in proportion to their respective shareholdings from time to time in the Company. The Shareholders undertake to vote in favour of any distribution of dividends by the Company to the extent that the financial means so distributed are not reasonably required or necessary for the operation of the Company and always provided that any amounts due under the Bonds and any Shareholders Loans have been repaid. In this context, the Shareholders further undertake to repay all debt (including the Bonds) as soon as possible, taking into account the Company’s financial means not reasonably required or necessary for the operation of the Company. Any disagreement respecting the question whether the financial means so distributed are not reasonably required or necessary for the operation of the Company, shall be resolved by the Shareholders and subject to the provisions of Article 10.2. SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE REDACTED MATERIAL HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH FIVE ASTERISKS (*****).
Distribution of Surplus. 11.1 Subject to the terms and conditions of the Security Documents and to Clause 4.9 and (in the case of approving dividends) to the passing of a resolution of the Shareholders at a General Meeting as described in Clause 7.1, the net cash surplus of the Company (if any) from time to time shall be distributed as follows:
