Reserve Allocation Clause Samples

Reserve Allocation. Under Section 10 of the Law (2008 revision), the net profits of the Authority, after provision for all expenditure and reserves, shall be allocated such that the Currency Reserve Assets represent at least 100% of demand liabilities and the General Reserve does not exceed 15% of demand liabilities. Any surplus, not allocated in accordance with the above, shall be transferred to the general revenue of the Cayman Islands Government. Note 17 - Reserves and Capital continued 2009/10 $ 2008/9 $ 2007/8 $ Budget Estimated Actual Actual Capital: The capital of the Authority is $100,000,000. The Cayman Islands Government is the sole subscriber.

Reserve Allocation. Under Section 10 of the Law (2004 revision), the net profits of the Authority, after provision for all expenditure and reserves, shall be allocated such that the Currency Reserve Assets represent at least 100% of demand liabilities and the General Reserve does not exceed 15% of demand liabilities. Any surplus, not allocated in accordance with the above, shall be transferred to the general revenue of the Cayman Islands Government. Opening Balance: 10,800,000 10,583,760 10,923,390 Transfers in: Transfer from Net Income 2,263,564 3,410,072 5,805,391 Transfer from Paid-up Share Capital Transfers out: To Paid-up Share Capital (525,000) (525,000) (525,000) To Capital Expenditure Reserve (848,700) (250,000) (2,615,900) To PSL Reserve (1,000,000) Excess Payable to CI Govt (814,864) (2,418,832) (2,004,121) Demand Liabilities (closing balance) 72,500,000 72,000,000 70,558,404 15% of Demand Liabilities 10,875,000 10,800,000 10,583,761

Reserve Allocation. Under Section 10 of the Law (2004 revision), the net profits of the Authority, after provision for all expenditure and reserves, shall be allocated such that the Currency Reserve Assets represent at least 100% of demand liabilities and the General Reserve does not exceed 15% of demand liabilities. Any surplus, not allocated in accordance with the above, shall be transferred to the general revenue of the Cayman Islands Government. Opening Balance: Transfers in: Transfer from Net Income 854,210 19,090 0 3,573,508 Transfers out: To Paid-up Share Capital (525,000) To Capital Expenditure Reserve (75,000) (375,163) Excess Payable to CI Govt (1,066,335) 15% of Demand Liabilities 13,221,000 12,285,000 Currency Issue Reserve: Prior to 1 January 2003 the cost of printing of notes or minting of coins (unissued and issued) was recorded against the Currency Issue Reserve. The Currency Issue Reserve was set at a level deemed necessary to meet an estimated future printing or minting cost. This effectively expensed the cost of printing or minting in that period. After 1 January 2003 the cost of printing and minting is set up as a Stock of unissued currency and only the cost of currency issued into a circulation is expensed. The Currency Issue Reserve will remain at $375,000 in 2008/9.

Reserve Allocation. Katy shall cause the Company to establish ------------------ and keep available adequate reserves with respect to working capital, taxes, future capital expenditures, and Priority Return distributions in such amounts as the Company shall reasonably deem necessary or appropriate in its reasonable judgment.

Reserve Allocation. 1. Port’s primary metered service in Building 102 serves the Pier 70 Shipyard facility (Shipyard) and has a reserve capacity of 6.2 MW based on the historical peak load of 6.2 MW recorded in March 2015. 2. Pursuant to the Memorandum of Understanding between Port and SFPUC, approved by Port Commission Resolution 20-06 and San Francisco Public Utilities Commission Resolution 20-0021 (Pier 70 Temp Power MOU), Port granted SFPUC the right to use up to 1.6 MW of the 6.2 MW capacity to provide power service for the construction and permanent needs of the development project in the Pier 70 Special Use District (Pier 70 Development), the TWS, and the ▇▇▇▇▇▇ building located at Pier 70 (▇▇▇▇▇▇ Building), leaving approximately 4.6 MW of capacity for the Shipyard. 3. Port agrees that during the term of this MOU it will: (a) operate the electric service at Building 102 under an upper limit of no greater than 1.1 MW peak load; and (b) allow SFPUC to use an additional 3.5 MW of this capacity to serve the Mission Rock Development and Mariposa Pump Station loads. 4. The table below describes the Mission Rock Development and Mariposa Pump Station loads, use of, maximum electric demands, and timing for temporary electrical service needs: End User Use Maximum Demand Termination Mission Rock Temporary construction power and Phase 1 permanent power 3.0 MW Upon cut-over to BCTD permanent electric service Mariposa Pump Station load Temporary and permanent power 0.5 MW Upon cut-over to BCTD permanent electric service