Credit Recipient definition

Credit Recipient means a person who receives any loan or credit facility from the Society other than a home loan secured by a mortgage. A Credit Recipient shall not, by reason only of such credit facility, become a Member of the Society;
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Credit Recipient a legal entity who has entered into an Agreement with the Creditor. Credit Amount – the amount of money made available to the Credit Recipient by the Creditor under the terms and conditions set out in the Agreement, which the Credit Recipient undertakes to return to the Creditor with accessory expenses under the terms and conditions set out in the Agreement.
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Examples of Credit Recipient in a sentence

  • The Credit awarded in section 2 of this Agreement will be allocated to Credit Recipient by taxable year as set forth in Exhibit A, provided that Taxpayer achieves the Milestones associated with the applicable taxable year, which includes all investments agreed to in the prior years, as set forth in Exhibit A.

  • Specifically, Credit Recipient is receiving a CCTC against the “net tax” as defined in RTC section 17039, or the “tax” as defined in RTC section 23036, as applicable, pursuant to RTC section 17059.2 or 23689, as applicable.

  • On or before the first day of the fourth month after the close of each taxable year as referenced in Exhibit A, and prior to Credit Recipient claiming the Credit on its tax return, Taxpayer shall complete a worksheet provided by GO-Biz to verify successful achievement of the applicable Milestones for the prior taxable year.

  • As stated in RTC section 23689(i)(1), this Agreement shall not restrict, broaden, or alter the ability of Credit Recipient to assign the Credit in accordance with RTC section 23663.

  • Taxpayer acknowledges and agrees that, an allocated portion of the Credit is earned by Credit Recipient in the taxable year when the Milestones associated with that allocated portion of the Credit are achieved and to avoid recapture, Taxpayer must maintain such Milestones for three (3) subsequent taxable years.

  • The additional tax resulting from a recapture will be assessed in the taxable year of Credit Recipient in which the Committee’s recapture determination occurred.

  • If the material breach is solely the failure of Taxpayer to satisfy Milestones with respect to an Allocation for a particular taxable year, then the recapture will be limited to that particular taxable year’s Allocation and in no event shall a recapture under this Agreement include any Allocation or Allocations that Credit Recipient had previously earned provided that Taxpayer satisfies its obligation to retain the required Milestones for three (3) subsequent taxable years.

  • If the material breach is solely the failure of Taxpayer to satisfy Milestones with respect to an Allocation for a particular taxable year, then the recapture will be limited to that particular taxable year’s Allocation and in no event shall a recapture under this Agreement include any Allocation or Allocations that Credit Recipient had previously earned provided that Taxpayer satisfies its obligation to maintain the three (3) employee based Milestones for three (3) subsequent taxable years.

  • In the event that Taxpayer fails to satisfy each Milestone identified in Exhibit A in the taxable year associated with those Milestones including all Investments agreed to in the prior years, no portion of the Credit will be considered earned in that taxable year, but GO-Biz will not unreasonably deny the Credit to Credit Recipient for immaterial variances from the Milestones.

  • If the material breach is solely the failure of Taxpayer to satisfy Milestones with respect to an Allocation for a particular taxable year, then the recapture will be limited to that particular taxable year’s Allocation and in no event shall a recapture under this Agreement include any Allocation or Allocations that Credit Recipient had previously earned provided that Taxpayer satisfies its obligation to maintain the three (3) employee-based Milestones for three (3) subsequent taxable years.