Supplemental Account Clause Samples
A Supplemental Account clause establishes the creation and use of an additional account separate from the primary account under an agreement. This clause typically outlines the circumstances under which funds may be deposited into or withdrawn from the supplemental account, such as for holding reserves, managing specific payments, or segregating certain funds. Its core practical function is to provide a mechanism for managing specific financial obligations or contingencies, ensuring that designated funds are properly allocated and accounted for within the broader contractual relationship.
Supplemental Account. An account created and maintained pursuant to paragraph (c) of Subsection 5.3(2).
Supplemental Account. 20 Section 4.8 SUBORDINATED RENT PAYMENT ACCOUNT....................21 Section 4.9 SUBORDINATED RESERVE ACCOUNT.........................21 Section 4.10
Supplemental Account. Subject to Sections 4.13 and 4.1(b) hereof, on each Monthly Transfer Date or Restricted Payment Date as applicable, the Collateral Agent shall make transfers from the funds on deposit in the applicable subaccount of the Supplemental Account in accordance with Sections 4.1(b) and 4.6(d).
Supplemental Account. With respect to the period beginning on the Effective Date and ending on February 27, 2000, an amount equal to the excess of (i) the sum of (x) the amount contributed by the Company to the Park Electrochemical Corp. Employees' Profit-Sharing Plan, as amended (the "Plan"), for the Company's fiscal year ending February 27, 2000 plus (y) any amounts forfeited by other participants in the Plan during such year, which sum, but for the limitations imposed by Section 415 of the Internal Revenue Code of 1986, as amended (the "Code"), and by Section 4.14 of the Plan, would have been allocated to the Executive's account under the Plan, over (ii) the amount of contributions and forfeitures actually credited to the Executive's account for such year, shall be credited by the Company to the separate account previously established and maintained by the Company for the Executive as of the date hereof (the "Account"). In addition, interest shall be credited annually to the Account at the same rate as net income, gains or profits are earned on the Plan assets. Payments to the Executive from the Account shall be made as and when distributions are made to the Executive from the Plan and in the same proportion of the Account which the Plan distribution bears to the Executive's account balance under the Plan. The parties recognize and agree that the payments to be made by the Company to the Executive from the Account are unsecured obligations of the Company, that the Executive is only a general creditor of the Company in that respect and that the amounts in the Account are assets of the Company which are available to satisfy the claims of the Company's creditors generally.