Substitute Payments. Substitute payments received by the Portfolio from a borrower in lieu of any dividends, distributions or other financial benefits paid out in respect of a loaned security shall not be considered part of the Portfolio's Net Securities Lending Income for purposes of calculating the fee payable by the Portfolio pursuant to this Paragraph 2, except that (I) to the extent that any such substitute payment exceeds the amount that the Portfolio would have received had such security not been loaned to the borrower, the Portfolio's Net Securities Lending Income shall be increased by an amount equal to the difference, and (II) to the extent that any such substitute payment is less than the amount that the Portfolio would have received had such security not been loaned to the borrower, the Portfolio's Net Securities Lending Income shall be decreased by an amount equal to the difference The fees payable by the Portfolio pursuant to this Paragraph 2 shall accrue daily and shall be paid to Subadviser monthly within twelve business days of the end of each calendar month. If the Portfolio's aggregate Net Securities Lending Income for any calendar month shall be a negative amount, the fee payable by the Portfolio for such month pursuant to this Paragraph 2 shall be zero, and an amount equal to 40% of such negative Net Securities Lending Income shall be carried forward and applied against future fees earned by Subadviser pursuant to this Paragraph 2 for a period not to exceed 3 calendar months. Subadviser agrees to look exclusively to the assets of the Portfolio, and not to any other assets of the Trust or Manager, for the payment of Subadviser's fees arising under this Paragraph 2.
Substitute Payments. To the extent Pershing determines (in accordance with federal income tax regulations) that your securities have been loaned, certain payments you receive with respect to such loaned securities will be reclassified as “substitute payments.” The federal income tax consequences of receiving a substitute payment are receipt of a payment made by the underlying security. For instance, a dividend received by a corporation may qualify for the dividends received deduction. However, the receipt of a substitute payment in lieu of a dividend will not qualify for the dividends received deduction. Individuals may also be affected if certain payments (such as exempt-interest dividends, capital gain distributions, return of capital, and foreign tax credit dividends) are reclassified as substitute payments. We suggest you contact your tax advisor to discuss the tax treatment of substitute payments.
Substitute Payments. If the Company or any Project Company receives any payments designated as compensation for any lost electrical production (including, without limitation, PTCs associated with such lost electrical production and any gross up amounts related thereto) relating to the construction, development, maintenance, testing and/or operation of any of the Projects (including any payment or indemnity received pursuant to Section 12.1 or any power purchase agreement with respect to any curtailment thereunder but excluding any payment of liquidated damages), the Managing Member shall determine the characterization of such payment (i.e., as a payment for lost PTCs or a payment for lost revenues under a power purchase agreement) and shall distribute such payment to the Members as appropriate, it being understood and agreed by the Members that a payment characterized as a payment for lost PTCs shall be distributed to the Members in accordance with the ratios set forth in Section 5.1 and all items of income associated therewith shall be allocated to the Members in accordance with Section 5.1, and a payment characterized as a payment for lost revenues under a power purchase agreement shall be distributed to the Members in accordance with the ratios set forth in Section 6.1; provided that any such determination, and any amendments to this Agreement required to implement such determination, shall be subject to obtaining the consent of the Members.
Substitute Payments. (a) You agree that if, through no fault of Sunrun, you cause or request the Solar Facility to be shut down, or if you cause an event that significantly reduces the production of electric energy by the Solar Facility, you will pay Sunrun a fee during each month that the Solar Facility is shut down or experiencing reduced production ("Substitute Payments"). However, Sunrun will not charge you Substitute Payments for the first seven (7) days during the Initial Term that the Solar Facility has been shut down or is experiencing reduced output.
(b) For each billing cycle during the first year that this Agreement is in effect, the Substitute Payment will equal (i) the current price per kWh established in Exhibit A, multiplied by (ii) the estimated daily generation implied in Section 2(d), as well as the number of days for which Substitute Payments are due, minus (iii) any payment due for any kWh that are produced by the Solar Facility during the current billing cycle. Substitute Payments shall be in addition to other payments otherwise due under this Agreement.
(c) For each billing cycle after the first year that this Agreement is in effect, the Substitute Payment will equal (i) the current price per kWh established in Exhibit A, multiplied by (ii) the kWh produced by the Solar Facility during the corresponding billing cycle in the previous year, minus (iii) any payment due for any kWh that are produced by the Solar Facility during the current billing cycle. Substitute Payments shall be in addition to other payments otherwise due under this Agreement.
(d) You will not be charged Substitute Payments for times when a grid failure results in the Solar Facility being deactivated. [***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission.
Substitute Payments. If you must make any payments in cash or property after your
Substitute Payments. In the event you receive a substitute payment in lieu of a dividend or interest paid on a security you hold with us as fully paid, such payment may be taxable to you at a higher rate, such as the ordinary income rate, instead of at the qualified dividend or other rate or exemption for which you are eligible. Under such circumstances, we may, at our discretion, credit your account the difference between the estimated marginal federal and state tax rate and the estimated lower rate. Because individual tax situations differ, such credit may not be an exact reimbursement of the tax liabilities you incur as a result of receiving such a payment. Such credit may be subject to tax at the ordinary income tax rate. Please consult your tax advisor if you have any questions about your specific tax situation. By selecting an Automatic Sweep Investment option on your account opening documents or providing specific authorization to your financial professional, you acknowledge that you are granting affirmative consent to have free credit balances in your account included in the Cash Sweep program and have received the general terms and conditions of the products available through the Cash Sweep program, and such products and terms and conditions may be changed from time to time by RBC CM. Your selection of an Automatic Sweep Investment option is a specific authorization for RBC CM to invest or transfer free credit balances in your account according to the general terms and conditions of the products available under the Cash Sweep program. RBC CM may change your Automatic Sweep Investment option, including changes between money market funds and FDIC insured products, upon appropriate notice to you and in accordance with applicable regulations. Subject to availability of funds, all accounts will sweep on a daily basis, regardless of the dollar amount in cash balances. The Automatic Sweep Investment options available through RBC CM are subject to eligibility restrictions based on type of account and/or minimum investment amounts. There are different Automatic Sweep Investment Options available for different types of accounts. Automatic Sweep Investment options include the RBC Insured Deposits Program, a money market fund managed by RBC Global Asset Management (U.S.) Inc., an affiliate of RBC CM, certain Federated money market funds, and RBC CM’s Credit Interest Program (“CIP”). CIP is a cash investment alternative whereby the interest rate is established by RBC CM based on p...
Substitute Payments. As permitted under my Margin Agreement, Pershing may lend shares in my Account when my Account has a debit balance. Payment that I receive with respect to loaned securities will be reclassified as “substitute” pay- ments. The tax consequences of receiving substitute payments may be different than the tax consequences of receiving payments made by an issuer of an under- lying security. For instance, a dividend received by an individual may be taxed at a preferential rate if the dividend is a qualified dividend. Whereas if an individual receives a substitute payment, the preferential rate for qualified dividends will not apply. Individuals may also be affected if certain payments (such as exempt- interest dividends, capital gain distributions, return of capital, and foreign tax credit dividends) are reclassified as substitute payments. Corporate taxpayers could also be affected because the dividends-received deduction is not available with respect to substitute payments. Xxxxx suggests I contact my tax advisor to discuss the tax treatment of substitute payments.
Substitute Payments. Committee on Political Education (COPE) & P.A.C. Fund Contributions. Any such authorization may be revoked at any time by the employee sending notice to the Paymaster of the Company by registered mail, return receipt requested. The Paymaster will promptly notify the Union of any such revocation by forwarding a copy of the revocation. As a convenience, the Company will continue to deduct dues of an employee transferred to a classification not covered by this Agreement during his/her trial period of six (6) months. The authorization will be automatically canceled when employment in the Company is terminated for any reason, or six (6) months after an employee is so transferred. If such an employee returns to a bar- gaining unit during the term of this Agreement, he/she must, within thirty
Substitute Payments. If you must make any payments in cash or property after your spouse’s death as a substitute for continuing
Substitute Payments. In lieu of Pension payments, the Employer agrees to make an annual, lump sum payment in the total amount of forty-two cents (42₵) per hour worked by each employee who was or who otherwise have been eligible to participate in the Pension Plan (Bus and Dish room excluded.) Such lump sum payments shall be made to employees on the active payroll and paid by each January 31 during the contract for hours worked during the prior calendar year for which no pension contribution was made.
