Late Contributions. If a Plan Sponsor delays in making a Contribution to the Plan on behalf of any Participant until after the 15th day specified in Sections 5.1(b), 5.2(c), 5.3(d), or 5.5(c), then the Plan Sponsor will make such delayed Contribution to the Plan as soon as possible thereafter, along with imputed earnings, if any, on such delayed Contribution as determined under the IRS’s Self Correction Program (being a part of the Employee Plans Compliance Resolution System), credited from the day after such 15th day until the Accounting Date such Contribution was actually credited to the Participant’s Account. For the purpose of Code §415, such replacement contributions (including imputed earnings) will be treated as specified in Section 4.5. Any special services provided by the Administrator in connection with this Section are subject to the additional charges provided for in Section 10.7(c).
Late Contributions. If any Party fails to make its contribution to the registered capital as required by Articles 6.1 and 6.2 hereof in the manner and in accordance with the schedule set forth in Appendix I hereto, the matter shall be handled in accordance with the Several Provisions on Capital Contributions by Parties to Chinese-foreign Joint Ventures. In addition, should the breaching Party fail to make its contributions or fail to make its contributions in full within thirty (30) days from the scheduled contribution date, the breaching Party shall pay to the Joint Venture Company interest on the value of each late contribution until the date when such contribution is actually made. The rate of interest shall be equal to two percent (2%) over the prime rate quoted by the Hong Kong and Shanghai Banking Corporation for overdraft borrowings in US Dollars during the same period.
Late Contributions. Each Employer agrees to be bound by all resolutions or formal actions of the trustees of the aforementioned funds regarding the collection of contributions and acknowledges that said trustees have broad powers to ensure the timely payment of contributions. Each Employer hereby agrees that if the payment of fringe benefit contributions as required herein is made more than fifteen (15) days after the due date for said contributions as set forth in Section 11 above, then in that event each Employer agrees to pay liquidated damages and interest in addition to the contributions due and owing, according to the collection policy of the trustees.
Late Contributions. If the payment of any sums pursuant to this Article is made later than twenty days after the time specified herein, the respective trustees may require the employer to add 10% to the amount due or $50, whichever is greater, plus one percent (1 per month as - liquidated damages. If it becomes necessary for the trustees to file - suit against the employer for delinquent payment of monies to such funds the employer agrees to pay, in addition to the liquidated damages, all litigation costs, including, but not limited to, a reasonable attorney fee.
Late Contributions. To the maximum extent permitted by applicable law, the Plan Administrator shall cause the employing Participating Company to correct delayed contributions and repayments in accordance with this Subsection 4.5. For delayed Employer contributions that are corrected within two payroll periods, the Participating Company shall restore to the Member’s account only the principal amount. For delayed Member contributions, delayed loan repayments, other delayed investment-related payroll deductions that are not corrected as of the earliest date on which contributions can reasonably be segregated from the employer’s general assets, the Participating Company shall restore to the Member’s account the principal amount together with an amount equal to the principal amount multiplied by the greater of: (a) the actual rate of return the Member would have earned but for the delay or (b) the underpayment rate of Section 6621(a)(2) of the Code; provided, however, for the sake of administrative convenience, the Plan Administrator shall have the option of using, in lieu of the actual rate, the highest rate of return among the available investment alternatives of the Fund during the period of the delay. For delayed Employer contributions that are not corrected within two payroll periods, the Participating Company shall restore to the Member’s account the principal amount adjusted to reflect the actual rate of return that would have been credited to the Member’s account but for the error; provided, however, for the sake of administrative convenience, the Plan Administrator shall have the option of using, in lieu of the actual rate, such rate of return as shall be reasonably prudent under the circumstances.
5.1 Named Fiduciaries for the Plan: The “Named Fiduciaries” of the Plan shall be the Trustees and the Plan Administrator. Solely for purposes of directing investments in their own accounts and not for purposes of the operation or administration of the Plan, Members and Former Members and Qualified Beneficiaries entitled under the Plan Instrument to direct investments in their own accounts, shall be named Fiduciaries under the Plan. The Trustees may rely upon any investment direction of such a Member, Former Member or Qualified Beneficiary, as long as any such direction is proper on its face and consistent with the Plan Instrument and the Trust Agreement. Furthermore, each Trustee may rely upon any direction, information, or action of another Trustee as being proper under this P...
