EXCESS ASSETS Sample Clauses

The "Excess Assets" clause defines how any assets remaining after all obligations and liabilities have been satisfied are to be handled. Typically, this clause applies in contexts such as the dissolution of a company, trust, or partnership, where, after debts and required distributions are paid, surplus assets may be distributed among stakeholders according to predetermined rules or proportions. Its core practical function is to ensure a clear and fair process for allocating leftover assets, thereby preventing disputes and providing certainty to all parties involved.
EXCESS ASSETS. Following a complete termination of the Plan by the Employer, any assets which remain after provisions have been made to satisfy all liabilities of the Plan to Participants and Beneficiaries ( ) shall revert to the Employer in cash. ( ) shall be allocated among Participants on a uniform and non-discriminatory basis, subject to the limitation on benefits of Section 8.1 of the Plan.
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EXCESS ASSETS. Excess Assets (as such term is defined in the Participating Trusts) allocable to any Participating Trust that are held in this trust may be returned to the Company in accordance with the provisions of such Participating Trust and 3.2 hereof. Funds not allocated to any Participating Trust shall not be returned to the Company (payments made out of the Company's account on behalf of a Participating Trust pursuant to 3.2 shall not constitute a return to the Company of any unallocated funds).
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EXCESS ASSETS. No amount shall be reverted or returned to an employer prior to the satisfaction of all liabilities of the Plan except amounts contributed based on a good faith mistake of fact may be returned. No amendment, termination, or partial termination of this Plan, prior to the satisfaction of all liabilities with respect to Clergypersons and their Beneficiaries shall make it possible for any part of the corpus or income of the Trust to be used for or diverted to purposes other than for exclusive benefit of the Clergypersons or their Beneficiaries. Any Plan assets remaining after satisfaction of all liabilities of the Plan shall be used to increase benefit levels in a nondiscriminatory manner (as determined in the sole discretion of the Board).
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EXCESS ASSETS. If any assets remain in a Subtrust after death benefits are paid to a Beneficiary in accordance with the terms of the Plan, such excess assets which remain in the Trust shall be allocated to the Participating Company’s Trust in such manner as the Administrator may designate.
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EXCESS ASSETS. At any time after the earlier to occur of (i) the payment all benefits owed to Participants under the Plan and (ii) the completion of the third full calendar year following the year in which a Change of Control occurs, upon the written request of the Company, the Trustee shall repay to the Company any "Excess Assets" in the Trust. "Excess Assets" means any amount by which the sum of the cash surrender value of Policies held in the Trust and the fair market value of all other assets in the Trust, as determined by the Trustee, exceeds the Full Funding Level.
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EXCESS ASSETS. In the event that excess assets remain after death benefits are paid to a Beneficiary in accordance with Section 6.1(c)(1) of the Plan, such excess assets which remain in the Trust shall be allocated to the Participating Company Trust in accordance with Section 4.4 of this Trust.
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EXCESS ASSETS. Prior to termination of the Trust and prior to the occurrence of a Change of Control, if the total assets of the Trust Fund exceed the amount required to pay all remaining payment obligations under Section 3.1, then such amount shall be deemed to be "excess assets." The Trustee shall determine in its sole discretion the amount of any excess assets and return such amount to the Company. Such determination shall be made by the Trustee on an annual basis and any "excess assets" shall be returned to the Company within 45 days following the close of the calendar year. Notwithstanding the foregoing, if the Trust terminates pursuant to Section 8.2 as a result of the Company's payment obligations becoming fully satisfied, all assets shall be returned to the Company as soon as practicable.
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EXCESS ASSETS. 14.1 The Parties acknowledge and agree that the Sellers will be entitled to the economic benefit arising from any receivables, events or procedures listed in Annex 14.1 (“Excess Assets”). The Parties consign that the Sellers will only be entitled to claim the respective amount of the Excess Assets materialized after the final and unappealable decision or ratification of the transaction agreement.
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Related to EXCESS ASSETS

  • Business Assets The Company Assets comprise all of the property and assets of the Business, and none of the Vendor or the Significant Shareholders nor any other person, firm or corporation owns any assets used by the Company in operating the Business, whether under a lease, rental agreement or other arrangement;

  • Gross Asset Value The term "Gross Asset Value" means, with respect to any asset, the asset's adjusted basis for federal income tax purposes, except as follows:

  • Purchased Assets Upon the terms set forth in this Agreement and subject to the conditions hereof and the provisions of Section 1.6, at the Closing, Seller will sell, transfer, assign, convey and deliver to Buyer, and Buyer will purchase and accept from Seller, all right, title and interest of Seller in, to and under the following properties (collectively, the “Purchased Assets”): (a) subject to Section 1.5, the Land, together with all structures, buildings, improvements, machinery, fixtures, and equipment affixed or attached to the Land and all easements and rights appurtenant thereto, including: (i) all easements, privileges and rights belonging or in any way appurtenant to the Land; and (ii) any and all air rights, subsurface rights, development rights, and water rights appurtenant to the Land (all of the foregoing being collectively referred to herein as the “Owned Real Property”), but expressly excluding the Removed Real Property; (b) all tangible personal property owned by Seller and used in connection with the Owned Real Property as of the date of this Agreement, including, specifically, without limitation, all equipment, furniture, tools and supplies (including all construction materials, work-in-process, finished goods, goods in transit, manufactured and purchased supplies and other materials) and any other personal property as is owned by the Seller, whether located on the Owned Real Property or with suppliers or others as of the date of this Agreement (collectively, the “Personal Property”); (c) the Home Sale Contracts as of the Closing Date (the “Assigned Home Sale Contracts”); (d) all ▇▇▇▇▇▇▇ money deposits and other forms of security (whether or not held in escrow) held or controlled by or for Seller pursuant to the Assigned Home Sale Contracts (“Home Sale Contract Deposits”); (e) all customer and vendor lists, and business and financial records, books, and documents (including any books and records or documents relating to Taxes imposed on the Purchased Assets), to the extent any of the foregoing are related to or used with respect to the Owned Real Property, Personal Property or the Assigned Contracts, including all of Seller’s rights to architectural and engineering plans, subject to applicable fees for the reuse, signing and sealing of such plans, water and sewer, electrical and building plans, and all other plans and specifications, drawings and other similar documents, in each case relating to the Owned Real Property; (f) all rights, obligations, and duties of Seller arising out of Contracts relating to the construction of Housing Units in the Ordinary Course or otherwise listed on Section 1.1(f) of the Disclosure Schedule (other than those related to Housing Units that have been sold prior to the Closing) (collectively, the “Other Contracts” and, together with the Assigned Home Sale Contracts, the “Assigned Contracts”); (g) all Permits in the name of Seller and related to the Owned Real Property (the “Assigned Permits”); and (h) all of Seller’s rights as declarant or similar capacity under CC&Rs with respect to Associations.

  • Commingling Assets The assets of your IRA cannot be commingled with other property except in a common trust fund or common investment fund.

  • Collection of Taxes, Assessments and Similar Items; Servicing Accounts To the extent the terms of a Mortgage provide for Escrow Payments, the Servicer shall establish and maintain one or more accounts (the “Servicing Accounts”), into which all collections from the Mortgagors (or related advances from Sub-Servicers) for the payment of taxes, assessments, fire, flood, and hazard insurance premiums, and comparable items for the account of the Mortgagors (“Escrow Payments”) shall be deposited and retained. Servicing Accounts shall be Eligible Accounts. The Servicer shall deposit in the clearing account in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities on a daily basis, and in no event more than one (1) Business Day after the Servicer’s receipt thereof, all Escrow Payments collected on account of the Mortgage Loans and shall thereafter deposit such Escrow Payments in the Servicing Accounts, in no event later than the second Business Day after the deposit of good funds into the clearing account, and retain therein, all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting the timely payment of any such items as required under the terms of this Agreement. Withdrawals of amounts from a Servicing Account may be made by the Servicer only to (i) effect timely payment of taxes, assessments, fire, flood, and hazard insurance premiums, and comparable items; (ii) reimburse itself out of related collections for any Servicing Advances made pursuant to Section 3.01 (with respect to taxes and assessments) and Section 3.11 (with respect to fire, flood and hazard insurance); (iii) refund to Mortgagors any sums as may be determined to be overages; (iv) for application to restore or repair the related Mortgaged Property in accordance with Section 3.11; (v) pay interest, if required and as described below, to Mortgagors on balances in the Servicing Account; or, only to the extent not required to be paid to the related Mortgagors, to pay itself interest on balances in the Servicing Account; or (vi) clear and terminate the Servicing Account at the termination of the Servicer’s obligations and responsibilities in respect of the Mortgage Loans under this Agreement in accordance with Article X. As part of its servicing duties, the Servicer shall pay to the Mortgagors interest on funds in Servicing Accounts, to the extent required by law and, to the extent that interest earned on funds in the Servicing Accounts is insufficient, to pay such interest from its own funds, without any reimbursement therefor. Notwithstanding the foregoing, the Servicer shall not be obligated to collect Escrow Payments if the related Mortgage Loan does not require such payments but the Servicer shall nevertheless be obligated to make Servicing Advances as provided in Section 3.01 and Section 3.11. In the event the Servicer shall deposit in the Servicing Accounts any amount not required to be deposited therein, it may at any time withdraw such amount from the Servicing Accounts, any provision to the contrary notwithstanding. To the extent that a Mortgage does not provide for Escrow Payments, the Servicer (i) shall determine whether any such payments are made by the Mortgagor in a manner and at a time that is necessary to avoid the loss of the Mortgaged Property due to a tax sale or the foreclosure as a result of a tax lien and (ii) shall ensure that all insurance required to be maintained on the Mortgaged Property pursuant to this Agreement is maintained. If any such payment has not been made and the Servicer receives notice of a tax lien with respect to the Mortgage Loan being imposed, the Servicer shall, promptly and to the extent required to avoid loss of the Mortgaged Property, advance or cause to be advanced funds necessary to discharge such lien on the Mortgaged Property unless the Servicer determines the advance to be nonrecoverable. The Servicer assumes full responsibility for the payment of all such bills and shall effect payments of all such bills irrespective of the Mortgagor’s faithful performance in the payment of same or the making of the Escrow Payments and shall make Servicing Advances to effect such payments subject to its determination of recoverability.