INSTALLMENT FORMULA Sample Clauses

INSTALLMENT FORMULA. 1. FORMULA PERIOD 1. In respect of Formula Period 1 as defined below: (x) If Formula Profits of the Holding Corp equal One Million Dollars ($1,000,000.00) (hereinafter the "FORMULA PERIOD 1 EARNINGS TARGET"), MIOA will pay the Shareholders an amount equal to Seven Hundred Forty-Three Thousand Five Hundred Ninety Dollars ($743,590.00) (hereinafter the "FORMULA PERIOD 1 INSTALLMENT PAYMENT"); (y) If Formula Profits exceed the Formula Period 1 Earnings Target, MIOA will pay the Shareholders the Formula Period 1 Installment Payment plus One Dollar ($1.00) for each dollar of Formula Profits in excess of the Formula Period 1 Earnings Target; or, (z) If Formula Profits are less than the Formula Period 1 Earnings Target, the amount the Shareholders shall be paid shall be equal to: the actual Formula Profits of the Holding Corp divided by the Formula Period 1 Earnings Target; then multiple the resulting quotient (i.e., percentage) by the Formula Period 1 Installment Payment; the resulting product shall then be reduced by ten percent (10%) of the Formula Period 1 Earnings Target. 2. FORMULA PERIOD 2. In respect of Formula Period 2: (x) If Formula Profits of the Holding Corp equal One Million Three Hundred Thousand Dollars ($1,300,000.00) (hereinafter the "FORMULA PERIOD 2 EARNINGS TARGET"), MIOA will pay the Shareholders an amount equal to Nine Hundred Sixty-Six Thousand Six Hundred Sixty-Seven Dollars ($966,667.00) (hereinafter the "FORMULA PERIOD 2 INSTALLMENT PAYMENT"); (y) If Formula Profits exceed the Formula Period 2 Earnings Target, MIOA will pay the Shareholders the Formula Period 2 Installment Payment plus One Dollar ($1.00) for each dollar of Formula Profits in excess of the Formula Period 2 Earnings Target; or, (z) If Formula Profits are less than the Formula Period 2 Earnings Target, the amount the Shareholders shall be paid shall be equal to: the actual Formula Profits of the Holding Corp divided by the Formula Period 2 Earnings Target; then multiple the resulting quotient (i.e., percentage) by the Formula Period 2 Installment Payment; the resulting product shall then be reduced by ten percent (10%) of the Formula Period 2 Earnings Target. 3. FORMULA PERIOD 3. In respect of Formula Period 3: (x) If Formula Profits of the Holding Corp equal One Million Six Hundred Thousand Dollars ($1,600,000.00) (hereinafter the "FORMULA PERIOD 3 EARNINGS TARGET"), MIOA will pay the Shareholders an amount equal to One Million One Hundred Eighty-nine Thousand Seven Hundr...
Sample 1
AutoNDA by SimpleDocs
INSTALLMENT FORMULA. 1. In respect to Formula Period 1:(x) If Formula Profits equal the product of One Million One Hundred Thousand Dollars ($1,100,000.00) multiplied by the Prorated Percentage (defined below), MIOA will pay the Shareholder an amount equal to the product of Six Hundred Sixty Thousand Dollars ($660,000.00) multiplied by the Prorated Percentage; (y) If Formula Profits exceed the product of One Million One Hundred Thousand Dollars ($1,100,000.00) multiplied by the Prorated Percentage (defined below), MIOA will pay the Shareholder an amount equal to the product of Six Hundred Sixty Thousand Dollars ($660,000.00) multiplied by the Prorated Percentage plus One Dollar ($1.00) for each Dollar in excess of the product of One Million One Hundred Thousand Dollars ($1,100,000.00) multiplied by the Prorated Percentage (defined below);or, (z) If Formula Profits are less than the product of the Prorated Percentage multiplied by One Million One Hundred Thousand Dollars ($1,100,000.00), the amount the Shareholder shall receive shall be equal to: sixty-seven percent (67%) of the Formula Profits for Formula Period 1 divided by the product of the Prorated Percentage multiplied by One Million One Hundred Thousand Dollars ($1,100,000.00) with the resulting quotient multiplied by the product of the Prorated Percentage multiplied by Six Hundred Sixty Thousand Dollars ($660,000.00). For these purposes the "Prorated Percentage" shall be a fraction the numerator of which shall equal the number of days from the Effective Date through March 31, 1999 and the denominator of which shall equal 365. 2. In respect to Formula Period 2: (x) If Formula Profits equal One Million One Hundred Thousand Dollars ($1,100,000.00), MIOA will pay the Shareholder the sum of Six Hundred Sixty Thousand Dollars ($660,000.00); (y) If Formula Profits exceed One Million One Hundred Thousand Dollars ($1,100,000.00), MIOA will pay the Shareholder the sum of Six Hundred Sixty Thousand Dollars ($660,000.00) plus One Dollar ($1.00) for each Dollar in excess of One Million One Hundred Thousand Dollars ($1,100,000.00) or, (z) If Formula Profits are less than One Million One Hundred Thousand Dollars ($1,100,000.00), the amount the Shareholder shall receive shall be equal to: sixty-seven percent (67%) of the Formula Profits for Formula Year 2 divided by One Million One Hundred Thousand Dollars ($1,100,000.00) with the resulting quotient multiplied by Six Hundred Sixty Thousand Dollars ($660,000.00). 3. In respect to Formul...
Sample 1

Related to INSTALLMENT FORMULA

  • Installment Payments For purposes of Code Section 409A, Employee’s right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Company.

  • PAYMENT FOR WORK The H-GAC Customer is responsible for making payment to the Contractor upon delivery and acceptance of the goods or completion of the services and submission of the subsequent invoice.

  • Payment for TIPS Sales TIPS Members may make payments for TIPS Sales directly to Vendor, Vendor’s Authorized Reseller, or as otherwise agreed to in the applicable Supplemental Agreement after receipt of the invoice and in compliance with applicable payment statutes. Regardless of how payment is issued or received for a TIPS Sale, Vendor is responsible for all reporting and TIPS Administration Fee payment requirements as stated herein.

  • Payment Due Dates Notwithstanding the provisions of Sections II and III above, payment due date shall be at least invoice date plus 30 days. If the County is late in issuing an invoice, the contracting entity would always have at least invoice date plus 30 days to pay. If the County is early in issuing an invoice, the contracting entity would still have a payment due date of either 60 days after the beginning of the quarter (quarterly invoices) or 30 days after the beginning of the service month (monthly invoices).

  • Payment for annual leave (a) Before going on annual leave, an employee will be paid the amount of wages they would have received for ordinary time worked had they not been on leave during that period. (b) At the election of the employee such payments may be paid in accordance with the usual pay day relevant to the period of leave being taken.

  • Treatment of Installment Payments Each payment of termination benefits under this Agreement shall be considered a separate payment, as described in Treas. Reg. Section 1.409A‑2(b)(2), for purposes of Section 409A of the Code.

  • Payment Frequency As of the Cutoff Date and as shown on the books of CNHICA: (A) Receivables having an aggregate Statistical Contract Value of approximately 59.84% of the Aggregate Statistical Contract Value had annual scheduled payments, (B) Receivables having an aggregate Statistical Contract Value of approximately 2.65% of the Aggregate Statistical Contract Value had semi-annual scheduled payments, (C) Receivables having an aggregate Statistical Contract Value of approximately 0.73% of the Aggregate Statistical Contract Value had quarterly scheduled payments, (D) Receivables having an aggregate Statistical Contract Value of approximately 32.13% of the Aggregate Statistical Contract Value had monthly scheduled payments, and (E) the remainder of the Receivables had irregularly scheduled payments.

  • Payment for Overtime 1. Except as provided in 2.C.3., below, overtime shall be compensated at one and one-half (1 1/2) times the regular rate. 2. Except as provided in 2.C.3., below, for all regular, limited-term and probationary employees, overtime may be converted to compensatory time or paid for at the option of the agency/department. Consideration shall be given to effectuating the wishes of employees. The maximum number of CTO hours which may be accrued by any employee is eighty (80). If an employee accrues 80 hours of CTO, he/she cannot accrue additional CTO until he/she uses some of the hours in his/her bank; instead, employees will be paid for all overtime work performed in excess of that amount. 3. Overtime hours worked by extra help employees shall be paid. 4. Compensatory time earned and accrued by an employee in excess of thirty-two (32) hours may be scheduled off for an employee by his or her agency/department; however, consideration shall be given to effectuating the wishes of those employees requesting specific compensatory time off periods. 5. No scheduled compensatory time off will be cancelled except in cases of emergency. 6. In no case may an employee's work schedule be changed during the workweek when the purpose of such change is to avoid overtime compensation. 7. Time worked as overtime shall not be used to earn fringe benefits or to serve out probation or merit increase periods. Compensatory time off may be used as part of the established workweek to earn fringe benefits and to serve out probationary and merit increase periods. 8. An employee separating from the County service shall be paid for accumulated compensatory time in a lump sum payment.

  • Interest Rates and Payment Dates (a) Each Eurodollar Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurodollar Rate determined for such day plus the Applicable Margin. (b) Each ABR Loan shall bear interest at a rate per annum equal to the ABR plus the Applicable Margin. (i) If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), all outstanding Loans and Reimbursement Obligations (whether or not overdue) shall bear interest at a rate per annum equal to (x) in the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section plus 2% or (y) in the case of Reimbursement Obligations, the rate applicable to ABR Loans under the Revolving Facility plus 2%, and (ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans under the relevant Facility plus 2% (or, in the case of any such other amounts that do not relate to a particular Facility, the rate then applicable to ABR Loans under the Revolving Facility plus 2%), in each case, with respect to clauses (i) and (ii) above, from the date of such non-payment until such amount is paid in full (as well after as before judgment). (d) Interest shall be payable in arrears on each Interest Payment Date, provided that interest accruing pursuant to paragraph (c) of this Section shall be payable from time to time on demand.

  • Treatment of Each Installment as a Separate Payment For purposes of applying the provisions of Section 409A to this Agreement, each separately identified amount to which the Executive is entitled under this Agreement shall be treated as a separate payment. In addition, to the extent permissible under Section 409A, any series of installment payments under this Agreement shall be treated as a right to a series of separate payments.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!