Profit Sharing; Interest Sample Clauses

Profit Sharing; Interest. (a) On the Maturity Date, Borrower shall make a payment in the amount of twenty percent (20%) of all Net Profit received from the sale of the PPE Goods through the Maturity Date (the “Profit Payments”), payable in accordance with Section 3.1; provided, that (i) Borrower shall use its best efforts to complete the sale of all PPE Goods prior to the Maturity Date and (ii) the Profit Payments shall be payable even if such Net Profits from the sale of the PPE Goods have not yet been collected by the Borrower. (b) Initially, the outstanding principal amount of the Term Loan shall not bear interest; provided that upon the occurrence of (i) an Event of Default described in Section 9.1(a) or (ii) a Material Adverse Effect (any such occurrence described in the preceding clauses (i) or (ii), a “Default Interest Event”), the outstanding principal amount of the Term Loan shall bear interest thereafter at a rate per annum equal to ten percent (10.0%), payable monthly commencing on the first day of the first month following the occurrence of such Default Interest Event, in accordance with Section 3.1; provided, further, that in the event the Scheduled Maturity is extended pursuant to Section 2.6 (an “Extension Interest Event”), the outstanding principal amount of the Term Loan shall bear interest thereafter at a rate per annum equal to twenty percent (20.0%), payable monthly commencing on the first day of the first month following the occurrence of such Extension Interest Event, in accordance with Section 3.1. All computations of interest hereunder pursuant to this Article II shall be made on the basis of a year of 360 days for the actual number of days (including the first day but excluding the last day) occurring in the period for which such interest is payable.
Sample 1
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Profit Sharing; Interest. Furthermore, the Borrower shall grant the Lender a profit-related interest of up to 20 % per annum on the outstanding Loan Amount (“Profit-Sharing Interest”). The Profit-Sharing Interest will become due and payable in accordance with section 3.2 (Mandatory Repayment). The actual amount of the Profit-Sharing Interest is derived from the effective profit generated by the Project, as set out in the latest audited financial statements of the Borrower available on the Termination Date and meaning the net profit after deduction of taxes, amortisations, interest and debt (it being understood that only debt and interest repayments to lenders in first and second rank, and the outstanding Loan Amount will be deducted) (the “Effective Profit”). From the Effective Profit, Lender will receive an amount of up to 20% per annum of the outstanding Loan Amount. If the Effective Profit is not sufficient to cover the Profit-Sharing Interest, the payment will be proportionally lower. The Borrower may exercise each of its rights to Voluntary Repayment in accordance with section 3.1 (Voluntary Repayment), if, at the time of exercise, and based on the (interim) financial statements of the Borrower, it can be expected that the profit will reach 20% per annum of the outstanding Loan Amount after deductions as set out hereinabove. The Profit-Sharing Interest will be calculated based on a year of 365 days starting with day following the payment of the Loan Amount to the Borrower (value date) according to section 1. For the avoidance of doubt, the payment of the Profit-Sharing Interest is also secured by the lien on the Construction Parcel as per clause 4 hereinafter and equity holders as well as debtors in lower ranks will only receive a return if the maximum Profit-Sharing Interest (i.e. 20% per annum on the outstanding Loan Amount) is paid to the Lender.
Sample 1

Related to Profit Sharing; Interest

  • Profit Sharing Plan Under the Northrim BanCorp, Inc. Profit Sharing Plan (the “Plan”), Executive shall be eligible to receive an annual profit share based on performance as defined by the Board of Directors. Executive will be classified in the Executive tier under the Plan’s Responsibility Factors. If Employer is required to prepare an accounting restatement due to “material noncompliance of the Employer,” the Employer will recover from the Executive any incentive compensation during the three (3) years prior to the date of the restatement, in excess of what would have been paid under the restatement. Executive’s signature on this Agreement authorizes Employer to offset or deduct from any compensation Employer may owe Executive, any excess payments (in whole or in part) that Executive may owe Employer due to such restatement(s).

  • Profit Sharing Profit sharing, bonuses, or other similar compensation of any kind paid by CM/GC to its employees.

  • Retirement Contribution 1. The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay its cost of the 6.5% or 7.5% retirement contribution for employees in the bargaining unit who are covered under special Law Enforcement retirement plans. 2. The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay the cost of the 6.5% or 7.5% retirement contribution for employees in the following classifications.

  • Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law. (b) It is understood that the administrative intent of this Article is that the Employer contribution is made for individuals who are participants in the medical insurance coverages. Participation will mean that eligible less-than-full-time employees who drop out of coverage will be considered to participate. Additionally, employees who elect to opt out of coverage for a cash incentive will be considered to participate.

  • Retirement Contributions On behalf of employees, the State will continue to “pick up” the six percent (6%) employee contribution, payable pursuant to law. The parties acknowledge that various challenges have been filed that contest the lawfulness, including the constitutionality, of various aspects of PERS reform legislation enacted by the 2003 Legislative Assembly, including Chapters 67 (HB 2003) and 68 (HB 2004) of Oregon Laws 2003 (“PERS Litigation”). Nothing in this Agreement shall constitute a waiver of any party’s rights, claims or defenses with respect to the PERS Litigation.

  • Employer Contributions 8.1 Rates at which the Employer shall contribute for each hour of work performed on behalf of each employee employed under the terms of this Agreement are contained in the Appendices attached to and forming part of this Agreement. 8.2 Contributions shall be recorded on a remittance form and remitted to the designated recipient of such contributions on or before the fifteenth (15) day of the month following the month for which contributions are to be made. In the event that any Employer is delinquent in his contributions to the above funds for more than thirty (30) days, the Employer and the Association shall be notified of such delinquency. If after five (5) days from such notice such delinquency has not been paid, the Employer shall pay to the applicable funds, as liquidated damages and not as a penalty, an amount equal to ten percent (10%) of the arrears for the month, or part thereof, in which the Employer is in default. Thereafter, interest shall accumulate at the rate of two percent (2%) per month (24% per year compounded monthly) on any unpaid arrears, including liquidated damages. 8.3 The amounts to be designated as wages and/or Employer contributions to the above funds may be varied from time to time by agreement between the Association and the Union. 8.4 The Board of Trustees of the respective Trust Funds shall have authority to promulgate such agreements, plans and/or rules as may be necessary or desirable for the efficient and successful operation and administration of the said Trust Funds, including provisions for audit security, surety and/or liquidated damages to the extent that such may be necessary for the protection of the beneficiaries of such Trust Funds. 8.5 Any and all agreements, plans or rules established by the Boards of Trustees of the respective Trust Funds shall be appended hereto and shall be deemed to be part of and expressly incorporated herein and the Employer and the Union shall be bound by the terms and provisions thereof. 8.6 All employer contributions due and payable to the above funds, except industry promotion funds, shall be deemed and are considered to be Trust Funds. It is expressly understood that training funds and industry promotion funds are not wages or benefits due to an employee and industry promotion funds are dues for services rendered by the Association. 8.7 The Business Representative of the Local Union may inspect, during regular business hours, the Company's record of time worked by employees and contributions to the plan. 8.8 The Employer shall be responsible for the payment of any government sales taxes applicable to any trust fund contributions payable by the Employer.

  • Rollover Contributions A rollover is a tax-free distribution of cash or other assets from one retirement program to another. There are two kinds of rollover contributions to an IRA. Xx one, you contribute amounts distributed to you from one IRA xx another IRA. Xxth the other, you contribute amounts distributed to you from your employer's qualified plan or 403(b) plan to an IRA. X rollover is an allowable IRA xxxtribution which is not subject to the limits on regular contributions discussed in Part D above. However, you may not deduct a rollover contribution to your IRA xx your tax return. If you receive a distribution from the qualified plan of your employer or former employer, the distribution must be an "eligible rollover distribution" in order for you to be able to roll all or part of the distribution over to your IRA. Xxe portion you contribute to your IRA xxxl not be taxable to you until you withdraw it from the IRA. Xxur employer or former employer will give you the opportunity to roll over the distribution directly from the plan to the IRA. Xx you elect, instead, to receive the distribution, you must deposit it into the IRA xxxhin 60 days after you receive it. An "eligible rollover distribution" is any distribution from a qualified plan that would be taxable other than (1) a distribution that is one of a series of periodic payments for an employee's life or over a period of 10 years or more, (2) a required distribution after you attain age 70 1/2 and (3) certain corrective distributions. If the entire amount in your IRA xxx been contributed in a tax-free rollover from your employer's or former employer's qualified plan or 403(b) plan, you may later roll over the IRA xx a new employer's plan if such plan permits rollovers. Your IRA xxxld then serve as a conduit for those assets. However, you may later roll those IRA xxxds into a new employer's plan only if you make no further contributions to that IRA, xx commingle the IRA xxxlover funds with existing IRA xxxets.

  • Catch-Up Contributions In the case of a Traditional IRA Owner who is age 50 or older by the close of the taxable year, the annual cash contribution limit is increased by $1,000 for any taxable year beginning in 2006 and years thereafter.

  • Matching Contributions The Employer will make matching contributions in accordance with the formula(s) elected in Part II of this Adoption Agreement Section 3.01.

  • Company Contributions The Company shall continue to make a Company Contribution for Plan Years 2017, 2018 and 2019, on the same terms and conditions set forth in the Participant Agreement, with the performance metrics and targets in connection with such Company Contributions for such Plan Years to be established in the sole discretion of the Committee, following consultation with the Chief Executive Officer of the Company.

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