NET FISCAL BENEFIT Sample Clauses

NET FISCAL BENEFIT. ‌ 10.1 Other than as set out in this Agreement, Resource Revenues and the tax bases associated with Resource Revenues shall not be included in the calculation of the Territorial Formula Financing Payment. 10.2 In respect of Resource Revenues derived in each fiscal year beginning on the Transfer Date, an amount equal to 100 percent of the Resource Revenue Subject to Offset shall be deducted from the GNWT’s Territorial Formula Financing Payment.‌ 10.3 For the purpose of section 10.2, Resource Revenue Subject to Offset in a fiscal year shall be equal to total Resource Revenues less the lesser of:‌ (a) 50 percent of Resource Revenues, or, (b) five percent of the GNWT’s Gross Expenditure Base used in the determination of the GNWT’s Territorial Formula Financing Payment for the fiscal year to which the Resource Revenues are attributable. 10.4 The GNWT shall be responsible for making Settlement and Land Claim Agreement Payments. 10.5 The GNWT shall provide the Minister of Finance of Canada with an assessment of the amount of Resource Revenues derived in each fiscal year on or before December 1 of the following fiscal year. 10.6 Sections 10.2 and 10.3 may be amended with the written consent of Canada and the GNWT. 10.7 The GNWT shall Consult Aboriginal Parties with respect to any proposed amendment of sections 10.2 and 10.3. 10.8 Canada and the GNWT shall conduct a review of sections 10.2 and 10.3:‌ (a) in the fifth year following the Transfer Date and at five year intervals thereafter; or (b) at any other time as may be agreed by Canada and the GNWT. 10.9 The purpose of the review referred to in section 10.8 is to ensure that the Net Fiscal Benefit: (a) remains consistent with the principles of Territorial Formula Financing Payments; (b) corresponds to the benefits received by resource-producing provincial jurisdictions under the provincial equalization program; and (c) continues to provide an additional incentive for the Northwest Territories to develop natural resources. 10.10 Canada and the GNWT shall make best efforts to complete a review referred to in section 10.8 within six months from the beginning of the review.‌ 10.11 Unless otherwise agreed by Canada and the GNWT, any adjustment arising from a review referred to in section 10.8 shall take effect on April 1st of the fiscal year immediately following the review.‌ 10.12 Notwithstanding section 10.11, if, despite making best efforts, Canada and the GNWT are unable to complete the review within the six mont...
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NET FISCAL BENEFIT. Chapter 10 explains how the Net Fiscal Benefit is calculated, and refers to an agreement with Aboriginal Parties that will set out how it will be shared. This is separate from the financial matters described in Chapter 9. The Net Fiscal Benefit is the amount of resource revenue that the GNWT can keep each year – and that will not be deducted from its annual Territorial Formula Financing payment from the federal government.
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NET FISCAL BENEFIT. Other than as set out in the provisions of this Chapter 13, Resource Revenues and the tax bases associated with Resource Revenues shall not be included in the calculation of the Territorial Formula Financing Payment.
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NET FISCAL BENEFIT. ‌ 11.1 Other than as set out in the provisions of this chapter, Resource Revenues shall not be included in the calculation of the Territorial Formula Financing Payment. 11.2 In respect of Resource Revenues derived in each fiscal year beginning on the Transfer Date, an amount equal to 100 percent of the Resource Revenue Subject to Offset shall be deducted from the GN’s Territorial Formula Financing Payment.‌ 11.3 For the purpose of section 11.2, Resource Revenue Subject to Offset in a fiscal year shall be equal to:‌ (a) the greater of: (i) total Resource Revenues less $9,000,000; and (ii) zero dollars; or (b) upon the election of GN, total Resource Revenues less the lesser of:‌ (i) 50 percent of Resource Revenues; or (ii) five percent of the GN’s Gross Expenditure Base used in the determination of the GN’s Territorial Formula Financing Payment for the fiscal year to which the Resource Revenues are attributable. 11.4 The Minister of Finance of the GN may make the election referred to in subsection 11.3(b) by communicating it in writing to the Minister of Finance of the GC prior to December 1 of the fiscal year following the year in which the Resource Revenues in respect of which the election is made have been derived.‌ 11.5 Once made, the election referred to in section 11.4 cannot be revoked and the calculation of Resource Revenue Subject to Offset in all subsequent years shall be done pursuant to subsection 11.3(b). 11.6 The GN shall be responsible for making Settlement and Land Claims Agreement Payments. 11.7 The GN shall provide the Minister of Finance of the GC with an assessment of the amount of Resource Revenues derived in each fiscal year on or before December 1 of the following fiscal year. 11.8 Sections 11.2 and 11.3 may be amended with the written consent of the GC and the GN. 11.9 The GN shall Consult with NTI with respect to any proposed amendment of sections 11.2 and 11.3. 11.10 The GC and the GN shall conduct a review of sections 11.2 and 11.3:‌ (a) in the fifth year following the Transfer Date and at five year intervals thereafter; or (b) at any other time as may be agreed by the GC and the GN. 11.11 The purpose of the review referred to in section 11.10 is to ensure that the Net Fiscal Benefit: (a) remains consistent with the principles of Territorial Formula Financing Payments; (b) corresponds to the benefits received by resource-producing provincial jurisdictions under the provincial equalization program; and (c) continues to provide an ad...
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NET FISCAL BENEFIT. ‌ 11.1 Other than as set out in the provisions of this chapter, Resource Revenues shall not be included in the calculation of the Territorial Formula Financing Payment. 11.2 In respect of Resource Revenues derived in each fiscal year beginning on the Transfer Date, an amount equal to 100 percent of the Resource Revenue Subject to Offset shall be deducted from the GN’s Territorial Formula Financing Payment.‌ 11.3 For the purpose of section 11.2, Resource Revenue Subject to Offset in a fiscal year shall be equal to:‌
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Related to NET FISCAL BENEFIT

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • Early Retirement Benefit Upon Termination of Service prior to the Normal Retirement Age for reasons other than death, Change of Control or Disability, the Company shall pay to the Director the benefit described in this Section 4.2 in lieu of any other benefit under this Agreement.

  • Retirement Benefit (i) In consideration of the Executive's past services to the Company, the Executive shall be entitled to a retirement benefit, payable monthly for his life, in an amount equal to 50 percent of his highest monthly Base Salary during the Employment Term. Such payments shall commence on the first day of the month coincident with or next following the later of the Executive's attainment of age 58 or the end of the Employment Term (the "Commencement Date"); provided, however, that if the Employment Term terminates prior to his attainment of age 58, the Executive may elect by written notice to the Company to have such payments commence on the first day of any month after such termination of employment (the "Early Commencement Date") in a monthly amount equal to the monthly amount that the Executive would have received at the Commencement Date, reduced by one-third of one percent (.33%) per month for each month by which the Early Commencement Date precedes the Commencement Date. The amount of each payment hereunder shall be increased on each January 1 following the Early Commencement Date or Commencement Date, as applicable, by an amount determined by multiplying the amount of each monthly payment made in the preceding year by the percentage increase, if any, in the cost of living from the preceding January 1, as reflected by the Consumer Price Index. The Executive's election to have his retirement benefit payments commence on the Early Commencement Date shall not affect the Company's obligation to pay consulting fees to the Executive in accordance with Section 4 hereof. The retirement benefit shall be an unconditional, but unsecured, general credit obligation of the Company to the Executive, and nothing contained in this Agreement, and no action taken pursuant to it, shall create or be construed to create a trust of any kind between the Company and the Executive. The Executive shall have no right, title or interest whatever in or to any investments which the Company may make (including, but not limited to, an insurance policy on the life of the Executive) to aid it in meeting its obligations hereunder. (ii) From time to time, the Company shall make such contributions to the trust established under the Trust Agreement dated as of December 18, 1986 (the "1986 Trust") between the Company, as grantor, and Wixxxxx X. Xxxxxxxx, as successor trustee, to provide a sufficient reserve for the discharge of its obligation to pay the retirement benefit to the Executive as provided in clause (i) of this Section 3(c) and clauses (ii) and (iii) of Section 5(a) hereof.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • SUPPLEMENTAL BENEFITS The employer shall maintain a “Supplemental Unemployment Benefits Plan” pursuant to the Employment Insurance Act and Regulations in regard to maternity, parental and adoption leave. The employer shall make amendments as appropriate to ensure that the Plan provides the maximum permissible benefits in conjunction with Articles 17.06, 17.07 or 17.08.

  • Early Retirement Benefits If elected in the Adoption Agreement, an Early Retirement benefit may be available to individuals who meet the age and Service requirements that are specified in the Adoption Agreement. A Participant who attains his or her Early Retirement Date will become fully vested, regardless of any vesting schedule which otherwise might apply. If a Participant separates from Service with a nonforfeitable benefit before satisfying the age requirements, but after having satisfied the Service requirement, the Participant will be entitled to elect an Early Retirement benefit upon satisfaction of the age requirement.

  • Change in Control Benefit If a Change in Control occurs followed within twenty-four (24) months by Separation from Service prior to Normal Retirement Age, the Bank shall distribute to the Executive the benefit described in this Section 2.4 in lieu of any other benefit under this Article.

  • Public Benefit It is XR's understanding that the commitments it has agreed to herein, and actions to be taken by XR under this Settlement Agreement confer a significant benefit to the general public, as set forth in Code of Civil Procedure § 1021.5 and Cal. Admin. Code tit. 11, § 3201. As such, it is the intent of XR that to the extent any other private party serves a notice and/or initiates an action alleging a violation of Proposition 65 with respect to XR's alleged failure to provide a warning concerning actual or alleged exposure to DEHP prior to use of the Covered Products it has manufactured, distributed, sold, or offered for sale in California, or will manufacture, distribute, sell, or offer for sale in California, such private party action would not confer a significant benefit on the general public as to those Covered Products addressed in this Settlement Agreement, provided that XR is in material compliance with this Settlement Agreement.

  • Change of Control Benefit Upon a Change of Control, the Company shall pay to the Executive the benefit described in this Section 2.4 in lieu of any other benefit under this Agreement.

  • Dental Benefits The County offers dental and orthodontic benefits to full and part-time regular employees and their eligible dependent(s). Benefit provisions, co­ payments and deductibles are outlined in the Evidence of Coverage. The employee contribution is $13 per pay period ($28.26 per month). The County shall contribute to part-time eligible employees on a pro-rated basis, in accordance with Section 10.2.6.

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