Provisions Applicable in "Top Heavy Sample Clauses

Provisions Applicable in "Top Heavy. Plan Years. For any Plan Year in which the Plan is deemed to be “Top-Heavy,” the following provisions shall apply to any Member who has not terminated employment before such Plan Year:
Sample 1
AutoNDA by SimpleDocs
Provisions Applicable in "Top Heavy. Years. For any Plan Year in which the Plan is deemed to be "Top Heavy," the following provisions shall apply: 18.2.1 The amount of Employer contributions and forfeitures which shall be allocated to the account of any active Participant who (i) is employed by an Employer or Affiliate on the last date of the Plan Year and (ii) is not a Key Employee shall be (x) at least three percent (3%) of such Participant's compensation (as defined in section 415 of the Code) for such Plan Year, or, (y) if less, an amount equal to such compensation multiplied by the highest contribution rate for any key employee. For purposes of this Section 18.2.1, the contribution rate for each individual Key Employee shall be determined by dividing the contributions and forfeitures allocated to such Key Employee's account, including amounts allocated under defined contribution plans required to be aggregated with this Plan to determine whether it is "Top Heavy;" provided, however, that clause (y) above does not apply if any such plan enables a defined benefit plan required to be so aggregated to meet the requirements of section 401(a)(4) or 410 of the Code. The minimum allocation provisions of this Section 18.2.1 shall, to the extent necessary or appropriate, be deemed satisfied in whole or in part by benefits to the Participant provided under any other plan maintained by an Employer or Affiliate (whether or not an Applicable Plan). 18.2.2 For purposes of complying with the provisions of section 415(e) of the Code, the 1.25 under section 415(e) is reduced to 1.00 unless the following conditions are met: (i) the percentage described in Section 18.1.4 does not exceed ninety percent (90%), and (ii) four percent (4%)" is substituted for "three percent (3%)" in Section 18.2. 1. Notwithstanding any other provisions of this Plan, if the sum of the fractions described in sections 415(e)(2) and (3) of the Code as applied to this Plan, calculated by substituting "100%" for "125%" in each such section, for any Participant exceeds 100% for the last Plan Year before the Plan becomes "Top Heavy," such fractions shall be adjusted, in accordance with applicable regulations, so that their sum does not exceed 100% for such Plan Year.
Sample 1

Related to Provisions Applicable in "Top Heavy

  • Other Provisions Applicable to Adjustments The following provisions shall be applicable to the making of adjustments of the number of shares of Common Stock into which this Warrant is exercisable and the Current Warrant Price provided for in Section 4:

  • Other Provisions Applicable to Adjustments Under this Section 4. The following provisions shall be applicable to the making of adjustments in the Warrant Price hereinbefore provided in Section 4:

  • Other Provisions applicable to Adjustments under this Section The following provisions shall be applicable to the making of adjustments of the number of shares of Common Stock for which this Warrant is exercisable and the Warrant Price then in effect provided for in this Section 4:

  • General Provisions Applicable to Loans Section 6.1 Minimum Amounts for Committed Borrowings, Conversions or Continuations and Prepayments.

  • Special Provisions Applicable to LIBOR Rate (i) The LIBOR Rate may be adjusted by Agent with respect to any Lender on a prospective basis to take into account any additional or increased costs to such Lender of maintaining or obtaining any eurodollar deposits or increased costs, in each case, due to changes in applicable law occurring subsequent to the commencement of the then applicable Interest Period, including any Changes in Law (including any changes in tax laws (except changes of general applicability in corporate income tax laws)) and changes in the reserve requirements imposed by the Board of Governors, which additional or increased costs would increase the cost of funding or maintaining loans bearing interest at the LIBOR Rate. In any such event, the affected Lender shall give Borrowers and Agent notice of such a determination and adjustment and Agent promptly shall transmit the notice to each other Lender and, upon its receipt of the notice from the affected Lender, Borrowers may, by notice to such affected Lender (A) require such Lender to furnish to Borrowers a statement setting forth in reasonable detail the basis for adjusting such LIBOR Rate and the method for determining the amount of such adjustment, or (B) repay the LIBOR Rate Loans of such Lender with respect to which such adjustment is made (together with any amounts due under Section 2.12(b)(ii)). (ii) In the event that any change in market conditions or any Change in Law shall at any time after the date hereof, in the reasonable opinion of any Lender, make it unlawful or impractical for such Lender to fund or maintain LIBOR Rate Loans or to continue such funding or maintaining, or to determine or charge interest rates at the LIBOR Rate, such Lender shall give notice of such changed circumstances to Agent and Borrowers and Agent promptly shall transmit the notice to each other Lender and (y) in the case of any LIBOR Rate Loans of such Lender that are outstanding, the date specified in such Lender’s notice shall be deemed to be the last day of the Interest Period of such LIBOR Rate Loans, and interest upon the LIBOR Rate Loans of such Lender thereafter shall accrue interest at the rate then applicable to Base Rate Loans, and (z) Borrowers shall not be entitled to elect the LIBOR Option until such Lender determines that it would no longer be unlawful or impractical to do so.

  • Provisions Solely to Define Relative Rights The provisions of this Article XII are and are intended solely for the purpose of defining the relative rights of the Holders of the Securities on the one hand and the holders of Senior Debt on the other hand. Nothing contained in this Article XII or elsewhere in this Indenture or in the Securities is intended to or shall (a) impair, as between the Company and the Holders of the Securities, the obligations of the Company, which are absolute and unconditional, to pay to the Holders of the Securities the principal of and any premium and interest (including any Additional Interest) on the Securities as and when the same shall become due and payable in accordance with their terms, (b) affect the relative rights against the Company of the Holders of the Securities and creditors of the Company other than their rights in relation to the holders of Senior Debt or (c) prevent the Trustee or the Holder of any Security (or to the extent expressly provided herein, the holder of any Preferred Security) from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, including filing and voting claims in any Proceeding, subject to the rights, if any, under this Article XII of the holders of Senior Debt to receive cash, property and securities otherwise payable or deliverable to the Trustee or such Holder.

  • General Provisions Applicable to Loans and Letters of Credit 4.1. Interest Rates and Payment Dates 4.2. Conversion and Continuation Options 4.3. Minimum Amounts of Sets

  • TOP-HEAVY PROVISIONS A. Top Heavy Status

  • Provisions Applicable to Certain Agreements The provisions in this section are applicable only to the types of orders specified in the first sentence of each subsection. If this Agreement is not of the type described in the first sentence of a subsection, then that subsection does not apply to the Agreement.

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