Annual Cap definition

Annual Cap means for any calendar year an amount equal to fifteen percent (15%) of the outstanding principal amount of A Bonds as of January 1 of such calendar year. The Company has the right to reserve up to one-third of this fifteen percent (15%) limit for Bonds redeemed as a result of a Bondholder’s right upon death, disability or bankruptcy as described in the Indenture.

Annual Cap means, (i) the maximum aggregate value of services payable by the group of companies to which KWHK belongs (as principal) under this Agreement and the Other Warehouses Management Agreements, for each of the following periods: the period from the Commencement Date until 31 December 2021, each of the financial years ending 31 December 2022 and 2023, the period from 1 January 2024 to the third anniversary of the Commencement Date, on the one hand, the period from the third anniversary of the Commencement Date to 31 December 2024, each of the financial years ending 31 December 2025 and 2026, and the period from 1 January 2027 to the sixth anniversary of the Commencement Date, on the other hand, and (ii) the maximum aggregate value of services payable to KWHK under this Agreement and the Other Warehouses Management Agreements for each of the following periods: the period from the Commencement Date until 31 December 2021, each of the financial years ending 31 December 2022 and 2023, the period from 1 January 2024 to the third anniversary of the Commencement Date, on the one hand, the period from the third anniversary of the Commencement Date to 31 December 2024, each of the financial years ending 31 December 2025 and 2026, and the period from 1 January 2027 to the sixth anniversary of the Commencement Date, on the other hand, each as set out in the announcement published by Xxxxx Logistics Network Limited on or about the date of this Agreement, a copy of which is annexed herein; and

Annual Cap has the meaning ascribed to it in Section 9.02(e).

Examples of Annual Cap in a sentence

• While one or more of the applicable percentage ratios (other than the profit ratio) as defined under the Listing Rules in respect of the Revised Haining Annual Cap when considered separately, or aggregated with the Zhejiang Annual Cap, exceed 5%, the Directors, having made all reasonable enquiries, confirmed that each member of the Gu Jia Group is a connected person of the Company only because of its connection with a subsidiary of the Company.

• Such Annual Cap Amounts are in line with Wharf’s internal forecasts based on an upside scenario and represent the expected maximum base rent or turnover rent, whichever is higher, receivable from City Super with reference to (i) the historic trading records in respect of the tenancy under the Previous Agreement for the relevant premises, and (ii) possible buoyant retail sentiment and environment in the next several years as projected by the management of Wharf.

• Given that one or more of the applicable Percentage Ratio(s) calculated with reference to the Annual Cap is more than 0.1% but less than 5%, the Transactions are subject to reporting, announcement and annual review requirements but exempt from circular and independent Shareholders’ approval requirements under Chapter 14A of the Listing Rules.

• The Annual Cap Amounts are set out below: Financial Year ending 31 December Annual Cap Amounts (HK$ Million) 2017 68.00 2018 73.00 2019 78.00 2020 83.00 2021 88.00 2022 93.00 The adoption of the abovementioned Annual Cap Amounts does not and will not prevent WRL from recovering the rent and other sum payable by City Super under the Renewal Agreement in excess of the Annual Cap Amount in respect of any particular financial year.

• THE 2021 SERVICES FRAMEWORK AGREEMENT The 2021 Services Framework Agreement was entered into between Seazen Holdings and Xinchengyue Property Services on 29 October 2020 (after trading hours) in relation to provision of property management services by Xinchengyue Property Services for a term of one year from 1 January 2021 to 31 December 2021 subject to the Annual Cap of RMB1,350 million.

More Definitions of Annual Cap

Annual Cap means for any calendar year an amount equal to ten percent (10%) of the outstanding principal amount of Series B Bonds as of January 1 of such calendar year.

Annual Cap shall have the meaning set forth in Section 6.2.3.

Annual Cap means $1,250,000 for the first payment to any Participant; provided, however, that the Annual Cap shall be adjusted annually (beginning with the second annual payment to the Participant) by the most recent Cost-of-Living Adjustment used by the United States Social Security Administration. Notwithstanding anything else to the contrary, the Annual Cap shall not be increased by more than 2.5% per calendar year.

Annual Cap means for any calendar year an amount up to fifteen percent (15%) of the outstanding principal amount of Bonds as of January 1 of such calendar year, provided, however, the Annual Cap will be further limited to 3.75% of the principal amount of the outstanding Bonds calculated on a quarterly basis as of the first day of the fiscal quarter in which such redemption occurs (the “3.75% Limit”). To the extent that the 3.75% Limit is not fully used in a given quarter, the unused portion shall not be added to the 3.75% Limit for any future quarter, and any redemptions in excess of such limit or to the extent suspended, shall be redeemed in subsequent quarters on a first come, first served, basis.

Annual Cap has the meaning set out in clause 10.2.4.

Annual Cap the annual cap of RMB1,300 million for the service fees payable by Xx. Xxxx’x Associated Companies to the Group under the 2020 Services Framework Agreement for the year ending 31 December 2020;

Annual Cap the maximum aggregate annual value payable by the Group for the transactions under the Common Resource Services Agreement, the Properties Lease Agreement, the Land Lease Agreement, the Technological and Calibration and Testing Services Agreement, or the Product Inspection and Testing as well as Research and Development Services Agreement（as the case may be);