Transfer of Profit Sample Clauses

Transfer of Profit. (1) The subsidiary is obliged to transfer its entire profits to Deutsche Telekom AG during the term of the agreement. In corresponding application of § 301 AktG, the profit is deemed to be the net income, reduced by any loss carried forward from the previous year, that would have occurred under the relevant commercial law without the profit transfer. (2) The subsidiary may, with Deutsche Telekom AG’s consent, allocate amounts from net income to retained earnings (§ 272 (3) of the German Commercial Code (HGB)), except for any statutory reserves, to the extent that this is permissible under commercial law and economically justifiable based on a reasonable commercial assessment. The right to transfer profits arises at the end of the financial year. It falls due with the value date at this time. (3) If amounts have been allocated to other retained earnings during the term of this agreement, these amounts can be taken from other retained earnings and transferred as profit.

Transfer of Profit. (1) The Controlled Company undertakes to transfer its entire profits to the Controlling Company. The provisions of the prevailing version of Section 301 AktG shall apply accordingly and the maximum amount specified therein, subject to the creation or release of reserves in accordance with (2) below, shall be transferred. (2) The Controlled Company may (with the consent of the Controlling Company) allocate amounts from net profit for the year to revenue reserves pursuant to Section 272 para. 3 German Commercial Code (Handelsgesetzbuch, HGB), but only to the extent that this is permitted under commercial law and justified based on prudent commercial judgment. Any other revenue reserves set up during the term of this Agreement pursuant to Section 272 para. 3 HGB shall be released at the request of the Controlling Company (3) The transfer of amounts from the release of other revenue reserves under (2), which were set up prior to the commencement of this Agreement, shall be excluded. (4) The transfer of amounts from the release of capital reserves shall be excluded.

Transfer of Profit. 2.1 The Subsidiary Company shall transfer its whole profit to Instone Real Estate Group AG in accordance with section 301 of the German Stock Corporation Act (AktG), as amended. 2.2 With consent of Instone Real Estate Group AG, the Subsidiary Company is entitled to transfer amounts out of the annual net profit to other revenue reserves according to section 272 (3) of the German Commercial Code (HGB) as far as permitted by commercial law and reasonable from a commercial evaluation. The accumulation of statutory reserves is permitted. 2.3 Other revenue reserves which have been generated in the course of this agreement according to section 272 (3) of the German Commercial Code (HGB) have to be terminated on demand of Instone Real Estate Group AG and to be used for the adjustment of an annual deficit or to be transferred as profit. The transfer of amounts out of other capital and revenue reserves which have been generated prior to this agreement is excluded. 2.4 Upon request of Instone Real Estate Group AG, the profit shall be transferred in advance during the course of the year, if and to the extent permitted by law. 2.5 Provided that the agreement does not end prior to the end of the financial year of the Subsidiary Company, the entit­ lement to the transfer of profit shall arise at the end of the financial year of the Subsidiary Company. Such claim shall become due with this value date and shall bear interest as of this date on at the rate of the statutory interest applicable to mutual commercial transactions. 2.6 The obligation to transfer profit shall apply with retroactive effect to the beginning of the financial year of the Subsidiary Company during which this agreement comes into effect according to Article 4.1.

Transfer of Profit. 2.1 Vantage Towers undertakes to transfer its entire annual profit (Gewinnabführung) to Oak Holdings. Subject to establishing or dissolving reserves in accordance with Clause 2.2 and Clause 2.3 of this Agreement below, the maximum amount of profit as established according to the provisions of section 301 AktG in its respective applicable version shall be transferred to Oak Holdings. 2.2 Vantage Towers may, with the written consent of Oak Holdings, allocate parts of its annual profit to other profit reserves (section 272 para. 3 German Commercial Code, (Handelsgesetzbuch – “HGB”)) if and to the extent permissible under commercial law and as economically justified by reasonable commercial judgement. 2.3 Subject to the provisions of section 301 AktG in its respective applicable version, Vantage Towers shall, upon the written request of Oak Holdings, dissolve other profit reserves pursuant to section 272 para. 3 HGB established during the course of this Agreement and use the proceeds to compensate for any annual loss which would occur without the obligation to assume losses pursuant to Clause 3 of this Agreement or transfer the proceeds as profit. Other reserves or profits carried forward from the period prior to the effectiveness of this Agreement may neither be transferred as profit nor be used to compensate for any annual loss. 2.4 The obligation to transfer the annual profit applies for the first time to the entire fiscal year of Vantage Towers in which this Agreement becomes effective according to Clause 6.2 of this Agreement. The obligation according to Clause 2.1 sentence 1 becomes due upon the end of the fiscal year of Vantage Towers and shall bear interest from this point on at the interest rate stipulated by law (sections 352, 353 HGB).

Transfer of Profit. (1) Celesio undertakes to transfer its entire annual profit (Gewinnabführung) to Dragonfly. Subject to establishing or dissolving reserves in accordance with Clause 2 para 2 of this Agreement below, the maximum amount permissible under section 301 German Stock Corporation Act (Aktiengesetz – "AktG"), as amended from time to time, shall be transferred. (2) Celesio may, with the written consent of Dragonfly, allocate parts of its annual profit to other profit reserves if and to the extent permissible under commer- cial law and as economically justified by reasonable commercial judgement. Upon the written request of Dragonfly, Celesio shall dissolve other profit re- serves established during the course of this Agreement and use the proceeds to compensate for any annual loss or transfer the proceeds as profit. Other re- serves or profits carried forward from the period prior to the term of this Agreement may neither be transferred as profit nor be used to compensate for any annual loss. (3) The obligation to transfer the annual profit applies for the first time to the en- tire profits generated in the fiscal year of Celesio beginning on 1 January 2015 or for whichever subsequent fiscal year in which this Agreement becomes ef- fective according to Clause 6 para 2 of this Agreement. The obligation ac- cording to sentence 1 becomes due upon the end of the fiscal year of Celesio and shall bear interest from this point on at an interest rate of 5% p.a.

Transfer of Profit. (1) LXS International shall be obligated to transfer its entire profits to LXS AG. Subject to the formation or dissolution of reserves as described in Clause 2 below – the annual net profit which would arise without the obligation to transfer the profit – reduced by any loss carried forward from the preceding year, shall be transferred. (2) Subject to the approval of LXS AG, LXS International may allocate certain amounts from the annual net profit to other revenue reserves (Section 272 Para. 3 of the Commercial Code (HGB)) provided that this is admissible under commercial law and economically justified pursuant to reasonable commercial judgment. Other revenue reserves formed pursuant to Section 272 Para. 3 HGB during the term of this agreement shall be released upon the demand of LXS AG and shall be used to compensate any annual net loss or loss carried forward or shall otherwise be transferred as profit. The transfer of any amounts from the release of other revenue reserves pursuant to Section 272 Para. 3 HGB formed prior to the fiscal year referred to in Clause 3 is excluded. Section 301 of the Stock Corporation Act (AktG) applies accordingly. (3) The obligation to transfer profit shall apply for the first time for the entire profit of the fiscal year beginning on 1 January 2008.

Transfer of Profit. (1) PVA HUB undertakes to transfer its entire profits to PVA TePla. Profit in this sense means the net profit for the year that would have to be recognized by PVA HUB if no profit transfer applied, less any loss carried forward from the previous year. Section 2 (2) remains unaffected. (2) Subject to the approval of PVA TePla, PVA HUB may transfer amounts from the profit as defined in Section 2 (1) to other revenue reserves to the extent that this is permissible under commercial law and economically reasonable on the basis of reasonable business judgment. If amounts have been allocated to other revenue reserves at PVA HUB during the term of this Agreement (henceforth: free reserves), these must be utilized at the request of PVA TePla after reversal to offset a net loss for the year or must be transferred as profit. A transfer from free reserves that existed at PVA HUB prior to the commencement of this Agreement is not permitted. Section 301 AktG applies accordingly.

Transfer of Profit. (1) The Subsidiary shall be obliged to transfer its entire profits to the Parent during the term of the Agreement. Profit shall be deemed to be the net income for the year which would have arisen with no transfer of profits, reduced by both any loss brought forward from the previous year and by the amount to be appropriated to the statutory reserves and to the reserves under the terms of the Articles of Incorporation. (2) The amount to be appropriated to the statutory reserve shall be limited to the amount required by law. (3) The amount to be transferred to the reserves in accordance with the Articles of Incorporation shall only be permitted at a level which is economically justifiable based on a reasonable commercial assessment. (4) Beyond that, economically justifiable amounts and amounts permissible under commercial law shall only be appropriated to retained earnings with the consent of the Parent.

Transfer of Profit. (1) Tradebyte undertakes to transfer its entire annual profit (Gewinnabführung) to Zalando. Subject to the formation and dissolution of reserves pursuant to § 4 (1) of this Agreement, the annual profit generated without the transfer of profit, less any losses carried forward from the precedent year, the amount blocked from distribu- tion pursuant to § 268 (8) of the German Commercial Code (Handelsgesetzbuch – HGB) and any appropriations to the reserves pursuant to § 4 (1), and plus any amounts withdrawn from the retained earnings pursuant to § 4 (1), shall be trans- ferred. (2) With regard to the admissible maximum profit transfer amount pursuant to § 2 (1) of this agreement, § 301 of the German Stock Corporation Act (Aktiengesetz – AktG), as amended from time to time, shall apply mutatis mutandis.

Transfer of Profit. (1) Wincor Xxxxxxx XX undertakes to transfer its entire annual profit (Gewinnabführung) to Diebold KGaA. Subject to establishing or dissolving reserves in accordance with Article 2 para. 2 of this agreement below, the maximum amount permissible under Section 301 AktG, as amended from time to time, shall be transferred. (2) Wincor Xxxxxxx XX may, with consent of Diebold KGaA, allocate parts of its annual profit to other profit reserves if and to the extent permissible under commercial law and as economically justified by reasonable commercial judgement. If amounts are allocated to other profit reserves during the course of this agreement, these amounts may be withdrawn from the other profit reserves upon request of Diebold KGaA in text form and transferred as profit. Other reserves or profits carried forward from the period prior to the term of this agreement may neither be transferred as profit nor be used to compensate for any annual deficit. (3) The obligation to transfer the annual profit applies for the first time to the entire profits generated in the fiscal year of Wincor Xxxxxxx XX in which this agreement becomes effective according to Article 7 para. 2 of this agreement, and is in each case due upon approval of the respective annual financial statement of Wincor Xxxxxxx XX.