Loyalty Payments Clause Samples

Loyalty Payments. Norco may, at its discretion, pay Loyalty Payments to the Supplier in addition to the Base Price. The Loyalty Payments as at the Commencement Date are set out in Schedule 2. Norco may increase Loyalty Payments during a financial year by notice to the Supplier.

Loyalty Payments. 8.1 The parties agree that any loyalty payment must not be made on a condition that the Farmer will:15 8.1.1 supply milk after the Term; 8.1.2 agree to vary this Agreement to extend the Term under clause 2.2; or 8.1.3 enter a new milk supply agreement with the Processor. 8.2 The parties agree that if this Agreement is terminated before the end of the Term and termination has not occurred in circumstances involving material breach by the Farmer, that the Farmer will be entitled to a portion of the loyalty payment, calculated on the basis of the proportion of the Term in which the Farmer supplied milk before Termination.16

Loyalty Payments. An incentive rate per litre payable to the Supplier because the Supplier has continuously supplied milk to Norco throughout a Guaranteed Supply Period. Member A member of Norco. Minimum Price The rate of fifty cents per litre. Moratorium Period A period of up to 90 days in which a party is unable to comply with its obligations under this agreement due to Unmanageable Circumstances and during which the other party may not terminate this agreement. Norco’s Suppliers' Information Manual The information manual contained in Attachment 1 to this agreement. Out of Specification Milk that does not meet the Required Specifications. Pay Rate & Fee Notice A written notice published by Norco from time to time setting out the price payable for milk that complies with the Required Specifications, comprising: (a) the Base Price; (b) Loyalty Payments; and (c) Bonus Payments together with the rates of all Fees that may apply. Renewed Period Each successive period, equivalent to the Guaranteed Supply Period Term, for which this agreement is extended under clause 27. Required Specifications The milk quality standards identified in section 6 of Norco’s Suppliers’ Information Manual. Second Grade Price A price which is the greater of: (a) fifty percent of the Base Price; or (b) fifty percent of the Minimum Price. Supplier The person, partnership or corporate entity named in this agreement as the Supplier. Supply Date 1 July 2025, or if the Supplier starts supplying Norco after that date, the date on which Norco first picks-up milk from the Supplier under this agreement. Unmanageable Circumstances Events or circumstances beyond the reasonable control of a party including floods, fires and other natural disasters; outbreaks of disease; war or terrorist events; legislation or regulation; acts of any government or statutory body; damage to or destruction of buildings or machinery. DISPUTE RESOLUTION PROCEDURE The procedures set out in this schedule apply if a party to this agreement (the complainant) wishes to raise a complaint in relation to a matter arising under or in connection with the agreement. No party may seek to commence action in a Court or Tribunal without first having completed the procedures set out in this schedule. If a party commences action in a court or tribunal without first complying with the procedures set out in this schedule the other party may plead the provision of this agreement as a bar to litigation. 1. The complainant must first notify the other party...

Loyalty Payments. 1 Merger..........................................................................................................1

Loyalty Payments. (a) The Buyer acknowledges that the Sellers will pay in cash up to $600,000 as "loyalty payments" to certain of its key employees for services previously rendered to the Company and as "matching" payments under the ▇▇▇▇▇▇-▇▇▇▇▇ 401(k) Savings Plan for the period from January 1, 1999 to the Closing Date (together, the "Loyalty Payments"), at their own expense, from the cash portion of the purchase price payable to the Sellers at Closing (but not by the Company prior to Closing). The Buyer agrees that, in the event the net income of the Company for the year ending December 31, 1999 exceeds the net income projected for such year, as reflected in the "▇▇▇▇▇▇ ▇▇▇▇▇ Consolidated Income Statement for the 12 [sic] Period Ending December 31, 1999 Budget," attached as EXHIBIT A-11 hereto (the "▇▇▇▇▇▇ ▇▇▇▇▇ Budget") (the amount of such excess, the "Excess Amount"), by $600,000 or more, the Buyer shall pay and reimburse the Sellers for all Loyalty Payments paid by the Sellers up to $600,000. The Buyer shall make payment of the foregoing reimbursement to the Sellers by no later than March 15, 2000, following its review of all relevant books and records. If the parties do not agree on the amount of Excess Income (the amount so disputed, the "Disputed Amount"), they shall resolve their differences as set forth in Section 11(b) below. If the Sellers do not make any or all of the Loyalty Payments to Company employees as contemplated by this Section 11(a), the Company and the Sellers shall have no liability or obligation to such employees for any such payments after the Closing, and neither the Sellers nor the Company shall commit the Sellers or the Company to make them. (b) If there is a Disputed Amount, then the parties will negotiate in good faith before Closing to determine what the Excess Amount should be. If they fail to reach agreement, then, with the assistance of ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ LLP, Buyer's independent public accountants, Buyer will prepare and deliver to the Sellers a draft balance sheet (the "Draft Balance Sheet") for the Company as of December 31, 1999. The Draft Balance Sheet will (a) set forth the Company's net income for the year ending December 31, 1999 (the "Net Income"), and (b) Net Income in accordance with the principles, policies and practices used in the preparation of the Company's December 31, 1998 balance sheet. Contemporaneously with the delivery of the Draft Balance Sheet, Buyer will deliver to the Sellers such work papers and other documents and...

Loyalty Payments. Any Loyalty Payments shall be made by the Company only prior to the Closing Date and shall not be accrued for after the Closing Date. In the event not all Loyalty Payments are made prior to the Closing Date, neither the Company nor the Buyer shall be obligated any longer to make any such Loyalty Payments in whole or in part.

Loyalty Payments. Suppliers who supply all their livestock in a species during the applicable processing season will maintain their loyalty status in relation to that processing season. Loyalty payments will not be paid made for such supplies. Please refer to the website for further details on loyalty status and associated benefits.