True-up contributions Sample Clauses
A True-up contributions clause ensures that parties adjust their financial contributions to reflect actual costs or obligations incurred, rather than relying solely on initial estimates. In practice, this means that after a certain period or upon completion of a project, the parties review the actual expenses or investments made and reconcile any differences by making additional payments or refunds as necessary. This clause is essential for maintaining fairness and accuracy in shared financial arrangements, preventing over- or under-contribution by any party.
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True-up contributions. Under Period of determination above, if j. - m. is selected, does the Employer have the discretion to true-up the Employer matching contribution (i.e., apply the Employer matching contribution on a Plan Year basis)? (leave blank if not applicable).
z. [ ] Yes (may not be elected if the "ADP and/or ACP test safe harbor" provisions are being used).
True-up contributions. Under Period of determination above, if j. - m. is selected, does the Employer have the discretion to apply the Employer matching contribution on a Plan Year basis (i.e., to true-up the contribution)? (leave blank if not applicable).
True-up contributions. The Employer may/may not contribute a True-Up Contribution for each Participant at the end of the Plan Year so that the total Matching Contribution for each Participant is calculated on an annual basis. |X| May |_| May not Additional Matching Contributions: In addition, at the end of the Plan Year, the Employer may contribute Additional Matching Contributions to be allocated in the same proportion that the Matching Contribution made on behalf of each Participant during the Plan year bears to the Matching Contribution made on behalf of all Participants during the Plan Year. |X| Yes |_| No -------------------------------------------------------------------------------- September 24, 1997 Plan Document X. CONTRIBUTIONS Section
True-up contributions. Without limitation of the obligation of any Partner to make a Capital Contribution (or return or recontribute prior distributions) pursuant to Section 4.03, at the time of liquidation of a Fund Entity or Fund Entities that correspond to one or more Series, each Partner shall be unconditionally obligated to make a Capital Contribution (or return prior distributions) to the Partnership in an amount equal to such Partner’s True-Up Contribution Amount for such Series. Each Partner shall contribute his, her or its True-Up Contribution Amount to the Partnership no later than thirty days after the General Partner delivers written notice to the Partners setting forth the Partners’ respective True-Up Contribution Amounts. The Partnership shall promptly distribute the aggregate True-Up Contribution Amounts to the Partners in the ratio of the Partners’ respective True-Up Distribution Amounts. Notwithstanding anything to the contrary in this Agreement, the General Partner may require a Partner to contribute all or a portion of a then existing True-Up Contribution Amount with respect to such Partner at any time in advance of the liquidation of a Fund Entity, and in calculating the amount of such True-Up Contribution Amount (and related True-Up Distribution Amounts) the General Partner in its sole and absolute discretion may include such Partner’s share of any potential Clawback Amount as estimated in good faith by the General Partner at such time and may make such other adjustments to such Partner’s True-Up Contribution Amount (and related True-Up Distribution Amounts) as the General Partner determines in good faith are necessary to implement the intent of the economic provisions of this Agreement with respect to the allocation and distribution of Profits Interest Distributable Proceeds.
True-up contributions. If the Employer makes Matching Contributions more frequently than annually, the Employer may have to make “true-up” contributions for Participants. Such “true-up” contributions will be required if the Employer actually contributes Matching Contributions to the Plan on a more frequent basis than is used for purposes of determining the amount of Salary Deferrals taken into account under AA §6B-5. For example, if the Plan limits Matching Contributions on the basis of Salary Deferrals for the Plan Year, but the Employer contributes the Matching Contributions on a quarterly basis, the Employer may have to make a “true-up” contribution to any Participant based on Salary Deferrals for the Plan Year. If a “true-up” contribution is required under this subsection (c), the Employer may make such additional contribution as required to satisfy the contribution requirements under the Plan.
True-up contributions. Under Period of determination above, if j. - m. is selected, does the Employer have the discretion to apply the Employer matching contribution on a Plan Year basis (i.e., to true-up the contribution)? (leave blank if not applicable). z. [ ] Yes (may not be elected if the "ACP test safe harbor" provisions are being used because of impermissible discretion; also may not be selected if this is a Money Purchase Pension Plan).
True-up contributions. An allocation of the True-Up Contribution made by the Employer will be made to each Participant who:
1. Is a Participant on ANY day of the Plan Year. [ ] 2. Is a Participant on the last day of the Plan Year. [ ] 3. Is credited with a Year of Service in the Plan Year for which the contribution is made.
True-up contributions. If the Employer makes Matching Contributions more frequently than annually, the Employer may need to make true-up contributions for Participants. True-up contributions will be required if the Employer actually contributes Matching Contributions to the Plan on a more frequent basis than the period that is used to determine the amount of the Matching Contributions under AA §6B-
True-up contributions. Under Period of determination above, if j. - m. is selected, does the Employer have the discretion to true-up the Employer matching contribution (i.e., apply the Employer matching contribution on a Plan Year basis (i.e., to true-up the contribution)? (leave blank if not applicable).
z. [ ] Yes (may not be elected if the "ADP and/or ACP test safe harbor" provisions are being used because of impermissible discretion; also may not be selected if this is a Money Purchase Pension Plan).
A. Formula (select one or more)Profit sharing formula (c. may be selected in addition to a., b. or d.)
a. [ ] Discretionary. Discretionary contribution, to be determined by the Employer. (may not be elected if this Plan is a Money Purchase Pension Plan)
1. [ ] Discretionary based on business units or location. The Employer may determine a separate discretionary contribution for Participants working in different business units or locations.
b. [ ] Fixed. (select one or more)
1. [ ] Fixed percentage . Fixed contribution equal to % of Compensation of Participants eligible to share in allocations.
2. [ ] Fixed dollar amount. $ per Participant.
3. [ ] Fixed dollar amount/hour. $ per Hour of Service worked while an Eligible Employee.
4. [ ] Contract incorporation. Contributions will be made pursuant to the terms of a collective bargaining agreement or other written document relating to the Employees of the Employer. The relevant portions of the agreement or document will be attached hereto as an appendix to the Adoption Agreement and are incorporated herein by this reference.