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. Fifty (50) percent of any year’s operational surplus (the total excess of revenues over expenses as calculated by auditor) is to be paid to the musicians. These payments shall be made as soon as possible following the Board’s acceptance of the year’s audited statements or the Annual General Meeting of the Society, whichever comes first. Payments may be delayed to accommodate cash flow as needed but must be distributed no later than December 31 of each year. These surplus payments shall be calculated based on the number of actual services performed by individual musicians and shall be distributed only amongst contracted members of the symphony, not substitute or extra musicians. In the event a year’s surplus surpasses $100,000 (operational surplus), any payment due to the musicians beyond $50,000 may be deferred until the next financial year end, and first used (in its entirety if necessary) to reduce or eliminate any operational deficit in that financial year. In the event there is no operational deficit in this year, the fifty (50) percent of any operational surplus held over from the year prior shall be added to the surplus payments in the current year. In the event the fifty (50) percent of the operational surplus is less than $1,000, whereby the cost of administrating the payout would likely exceed the value of the payout, the surplus shall revert to the net assets of the WSO.
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. 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:
Distribution of Surplus. Variable Payment Options shall be credited with any dividends apportioned thereto by the Company. It is anticipated that any such dividends will be modest in amount. Fixed Payment Options In lieu of the Variable Payment Options set forth herein, the whole or part of the proceeds may be made payable under guaranteed Payment Options which do not participate in the investment performance of the Fund. Such Fixed Payment Options shall be based on the provisions and rates offered by the Company on the Date of Issue of this Contract under fixed contracts issued to a similar class of annuitants. The amount applied under a Fixed Payment Option will be transferred from the Fund to the Company's general assets, and the Company will make payments thereunder out of its general assets pursuant to the Fixed Payment Option elected.
