Annual Credit definition

Annual Credit means the cumulative amount of (x) $1,100,000,000 plus (y) $250,000,000 for each fiscal year of the Designated Company commencing after the Closing Date (beginning with the fiscal year commencing April 1, 2017) minus (z) in each case from and after the Closing Date until the applicable time of determination, (and taking into all transactions being consummated concurrently with the transaction then being measured), (i) the cumulative amount of all Investments made pursuant to Section 6.04(r)(iii), (ii) the cumulative amount of all Dividends made pursuant to Section 6.08(d)(ii) and (iii) the cumulative amount of all payments and redemptions of Indebtedness made pursuant to Section 6.11(a)(i)(z)(2).

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Annual Credit means the cumulative amount of $150,000,000 for each fiscal year of the Borrower commencing after the Closing Date (beginning with the fiscal year commencing April 1, 2011) minus, in each case from and after the Closing Date until the applicable time of determination (and taking into all transactions being consummated concurrently with the transaction then being measured), (x) the cumulative amount of all Investments made pursuant to Section 6.04(r)(iii), (y) the cumulative amount of all Dividends made pursuant to Section 6.08(d)(ii) and (z) the cumulative amount of all payments and redemptions of Indebtedness made pursuant to Section 6.11(a)(i)(y)(2).

Annual Credit means an annual credit against Payments-in-Lieu-of-Taxes as described in Section 5.2 hereof, which credit is granted by the County to the Company and the Sponsor Affiliate for the purpose of defraying a portion of the cost of the Infrastructure Improvements pursuant to one or more of the Act, the Infrastructure Law and the MCIP Law.

Examples of Annual Credit in a sentence

• In the event a Sale or Refinancing of the Apartment Housing occurs prior to repayment in full of the Annual Credit Shortfall then the excess will be paid in accordance with Section 11.2(b).

• If the Annual Credit Shortfall is greater than the Limited Partner's remaining Capital Contributions then the General Partner shall pay to the Limited Partner the excess of the Annual Credit Shortfall over the remaining Capital Contributions.

• The General Partner shall have sixty days to pay the Annual Credit Shortfall from the date the General Partner receives notice from the Special Limited Partner.

• If the Annual Credit Shortfall is greater than the Limited Partner's remaining Capital Contributions, then the General Partner shall pay to the Limited Partner the excess of the Annual Credit Shortfall over the remaining Capital Contributions.

• In the event there are not sufficient funds to pay the full Annual Credit Shortfall to the Limited Partner at the time of the next Distribution of Net Operating Income, then the unpaid Annual Credit Shortfall shall be repaid in the next year in which sufficient monies are available from the General Partner's share of Net Operating Income.

More Definitions of Annual Credit

Annual Credit means the credit described in Section 5.2 hereof, which credit is granted by the County to the Company and the Sponsor Affiliate for the purpose of reimbursing a portion of the cost of the Infrastructure Improvements pursuant to one or more of the Act, the Infrastructure Law and the MCIP Law.

Annual Credit. Subsequent Years:

Annual Credit means the cumulative amount of (x) $1,600,000,000 plus (y) $250,000,000 for each fiscal year of the Designated Company commencing after February 21, 2020 (beginning with the fiscal year commencing April 1, 2019) minus (z) in each case from and after February 21, 2020 until the applicable time of determination, (and taking into all transactions being consummated concurrently with the transaction then being measured), (i) the cumulative amount of all Investments made pursuant to Section 6.04(r)(iii), (ii) the cumulative amount of all Dividends made pursuant to Section 6.08(d)(ii) and (iii) the cumulative amount of all payments and redemptions of Indebtedness made pursuant to Section 6.11(a)(i)(z)(2). As of the Effective Date, Annual Credit equals the “Annual Credit” as defined in the Secured Term Loan Credit Agreement. For the period commencing on February 22, 2020 and ending on the Effective Date, the section references in clauses (i) through (iii) above shall be deemed to refer to the corresponding section in the Secured Term Loan Credit Agreement as in effect on the Effective Date.

Annual Credit shall have the meaning set forth in SECTION 4.5.

Annual Credit means an annual credit made on behalf of an Active Participant by the Company as more fully described in Section 7. In the event the Committee elects to credit an Active Participant with an Annual Credit for a Plan Year, the amount of such Annual Credit for any such Plan Year shall be equal to six percent (6%) of such Active Participant’s Annual Base Salary on January 1 of the applicable Plan Year. After April 1, 2004, the Annual Credit shall be pro rated as specified in Section 2.19 to reflect a partial year of participation with respect to any Employee who becomes an Active Participant after January 1 of the applicable Plan Year.

Annual Credit. Customer will receive three credits each equal to $7,200 to be applied to Customer’s Total Service Charges incurred for Interstate and International Services. Annual Credit: Customer will receive three credits each equal to $7,200 to be applied to Customer’s Total Service Charges incurred for Interstate and International Services.

Annual Credit means the amount calculated as the Annual Credit for each Parcel pursuant to Section IV.