TRS Payment Sample Clauses

TRS Payment. 1. The Board shall remit for each Bargaining Unit member a portion of such Bargaining Unit Members’ compensation due such Bargaining Unit Member pursuant to the Compensation Schedule of this Agreement to the Illinois Teacher's Retirement System to be applied for the retirement account of such Bargaining Unit Member (rather than survivor's annuity account). The Bargaining Unit Members have no right or claim to moneys so remitted except as it may subsequently become available upon retirement or resignation from the Illinois Teacher's Retirement System. 2. The balance of the amount due each Bargaining Unit Member, pursuant to such Compensation Schedule, shall be payable to the Bargaining Unit Member as salary in installments as otherwise provided herein, provided the Board shall deduct therefrom all moneys as required by law or as authorized by the Bargaining Unit Member pursuant to this Agreement. Such withholding shall include any and all additional amounts requested to be paid to the Illinois Teacher's Retirement System for the account of such Bargaining Unit Member. 3. In the event the Internal Revenue Service, or a court shall determine any or all of the amounts paid to the Illinois Teacher's Retirement System is/are properly includable in the gross income of the Bargaining Unit Member for taxation purposes, the Board will withhold federal and state income taxes on that portion of the Bargaining Unit Member's income which has been ruled includable from the Bargaining Unit Member's gross income. 4. The Association and each Bargaining Unit Member will defend, indemnify and hold harmless the Board of Education, its members, its agents and its employees from any and all claims, demands, actions, complaints, suits or other liabilities by reason of faithful payment of the contributions to the Illinois Teacher's Retirement System pursuant to the provision of this section. No such claim, demand, action, complaint, or suit may be settled or compromised by the Association or any Bargaining Unit Member without written consent of the Board if such claim, demand, action, complaints or suit adversely affects the Board of Education, its members, its agents, and/or its employees.
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TRS Payment. The amounts shown in Appendices B and C include the Board's payment of the Teacher's contribution to the Illinois Teachers' Retirement System equal to nine and four tenths percent (9.4%) of the stated amount. The Union and each Teacher shall defend and hold harmless the Board and its agents and employees with respect to payment of said nine and four tenths percent (9.4%) to the Illinois Teachers' Retirement System. If the Internal Revenue Service or a court of competent jurisdiction shall hold that the Board lacks authority to make such payments, or that such payments are not properly excludable from income, the Board shall promptly commence withholding federal and state taxes from such payments.
Sample 1

Related to TRS Payment

  • Returned Payment Fee If your account is subject to a Returned Payment Fee, the fee will be charged to your account when a payment is returned for any reason.

  • Interim payment At the end of each of the periods indicated in Annex I the Contractor shall submit to the Agency a formal request for payment accompanied by those of the following documents which are provided for in the Special Conditions: ➢ an interim technical report in accordance with the instructions laid down in Xxxxx X; ➢ the relevant invoices indicating the reference number of the Contract and of the order or specific contract to which they refer;

  • Fees Payment (a) Recipient shall pay or cause its Group member to pay to Provider the fees set forth on Schedule 1 with respect to each Service. Notwithstanding the fees set forth on Schedule 1, in the event that the Provider determines that a different fee for a Service is required as a result of a change in applicable Law (and results from changes or developments generally applicable to the Provider or its Affiliates), then such different fee may be charged with respect to such Service starting with the billing month immediately following the billing month in which the Provider provides written notice to the Recipient of such change if provided no later than two (2) weeks prior to the first day of such billing month, and, otherwise, on the next succeeding billing month. In addition, the Recipient will also be responsible for payment of all Covered Taxes applicable to the fees paid to the Provider hereunder for the Services and any Third Party costs and expenses and other out-of-pocket costs and expenses that the Provider incurred in providing the Services in accordance with the terms hereof. (b) The Provider shall provide the Recipient with invoices on a monthly basis for the applicable Services rendered by the Provider (or a member of its Group) during the preceding calendar month. Such invoices shall be paid by the Recipient within thirty (30) days of the date thereof. Amounts invoiced that remain unpaid after thirty (30) days will bear interest, accruing daily and being calculated and payable monthly in arrears on the last day of each and every month, at the lesser of ten percent (10%) per annum and the maximum rate allowed by applicable Law. Each Party may, in good faith, dispute any invoice issued hereunder by written notice of such dispute delivered to the other Party prior to the date payment is due on the disputed invoice listing all disputed items and providing a description of the dispute (it being agreed that all amounts not so disputed shall be timely paid). Each Party shall negotiate such invoice dispute in good faith for the purposes of resolving such dispute.

  • Down Payment The Mortgagor has contributed at least 5% of the purchase price for the Mortgaged Property with his/her own funds.

  • Contribution Payment To the extent the indemnification provided for under any provision of this Agreement is determined (in the manner hereinabove provided) not to be permitted under applicable law, the Company, in lieu of indemnifying Indemnitee, shall, to the extent permitted by law, contribute to the amount of any and all Indemnifiable Liabilities incurred or paid by Indemnitee for which such indemnification is not permitted. The amount the Company contributes shall be in such proportion as is appropriate to reflect the relative fault of Indemnitee, on the one hand, and of the Company and any and all other parties (including officers and directors of the Company other than Indemnitee) who may be at fault (collectively, including the Company, the "Third Parties"), on the other hand.

  • PRE-PAYMENT The Tenant shall: (check one)

  • No Additional Fees/Payment Other than the consideration specifically referenced herein, the parties hereto agree that no fee, payment or additional consideration in any form has been or will be paid to the Holder in connection with this Agreement.

  • Non-Payment The Borrower or any other Loan Party fails to pay (i) when and as required to be paid herein, any amount of principal of any Loan or any L/C Obligation, or (ii) within three days after the same becomes due, any interest on any Loan or on any L/C Obligation, or any fee due hereunder, or (iii) within five days after the same becomes due, any other amount payable hereunder or under any other Loan Document; or

  • Bonus Payment Executive will receive a lump-sum payment equal to one hundred fifty percent (150%) of the higher of (A) the greater of (x) Executive’s target bonus for the fiscal year in which the Change of Control occurs (as in effect immediately prior to the Change of Control) or (y) Executive’s target bonus as in effect for the fiscal year in which Executive’s termination of employment occurs, or (B) Executive’s actual bonus for performance during the calendar year prior to the calendar year during which the termination of employment occurs. For avoidance of doubt, the amount paid to Executive pursuant to this Section 3(b)(iii) will not be prorated based on the actual amount of time Executive is employed by the Company during the fiscal year (or the relevant performance period if something different than a fiscal year) during which the termination occurs.

  • Cash Payment The Employee shall make cash payments by wire transfer, certified or bank check or personal check, in each case payable to the order of the Company; the Company shall not be required to deliver certificates for Option Shares until the Company has confirmed the receipt of good and available funds in payment of the purchase price thereof.

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