Surplus Earnings definition

Surplus Earnings for purposes of this Section 2.02 shall be deemed to mean net earnings, as defined in paragraph 12 of Article I of the Indenture, less all applicable interest charges and less all taxes on income not deducted in computing said net earnings.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Surplus Earnings means for each Surplus Earnings Period, the lesser of

Surplus Earnings means the surplus income of the Cooperative as determined by the Cooperative’s external accounting advisors or auditors using Generally Accepted Accounting Principles.

Examples of Surplus Earnings in a sentence

The Lessee will, by the date on which any payment of Surplus Earnings in respect of any Surplus Earnings Period is due hereunder (or would be due, if any Surplus Earnings had existed in respect of such Surplus Earnings Period), deliver to the Lessor reasonable detail as to the manner in which such Surplus Earnings were calculated or in which it was determined that no Surplus Earnings existed.
The Lessee agrees that in the event the Average Ammonia Market Price for any Surplus Earnings Period exceeds $160.00, then all Surplus Earnings for such Surplus Earnings Period shall be paid into the Cash Reserve Account as follows: (i) if such Surplus Earnings Period ends on June 30 of any year, on July 31 of such year, and (ii) if such Surplus Earnings Period ends on December 31 of any year, on January 31 of the following year.
On and from the Financial Quarter Day ending on 31 December 2009 and on each Financial Quarter Day thereafter, the Agent shall apply any Surplus Earnings standing to the credit of the Earnings Accounts in prepayment of the Loan.
On each Repayment Date (other than the first Repayment Date), the Bank shall, after having notified the Borrower of any Surplus Earnings, apply seventy-five per cent (75%) of any Surplus Earnings standing to the credit of each Operating Account in prepayment of the Loan.
Upon such determination by the Lender, the Borrowers shall forthwith pay to the Lender an amount equal to the amount of the Surplus Earnings and such amount shall be applied towards prepayment of the Facility; provided however that, unless the Lender determines otherwise, upon prepayment and application of such amounts towards the Facility in accordance with this Clause 10.10, the Applicable Limit shall be reduced by the amounts so prepaid and applied and such amounts may not be re-borrowed.

More Definitions of Surplus Earnings

Surplus Earnings means the surplus income of the Cooperative as determined by the Cooperative’s accountants using Generally Accepted Accounting Principles.

Surplus Earnings means, for each 3 month period ending on a Repayment Date, the amount of all Earnings of the Ships credited to the Earnings Accounts during that period less:

Surplus Earnings means, at any relevant time, such amount of the Earnings (i) which remains standing to the credit of the Management Account at such time and (ii) which is available for transfer to the Reserve Account pursuant to Clause 12.2 at such time;

Surplus Earnings means the surplus income of the Cooperative (if any) as determined by the Board using the Accounting Standards for Private Enterprises as a guide.

Surplus Earnings means, in relation to each Ship, an amount calculated quarterly in arrears on each Repayment Date (except the first Repayment Date) by taking the total Earnings paid to the credit of the relevant Operating Account during each quarter ending on such relevant Repayment Date and deducting therefrom:

Surplus Earnings means the surplus income of the Cooperative as determined by the

Surplus Earnings means an amount calculated quarterly in arrears on each Financial Quarter Day (commencing with a first calculation on 31 December 2009) by taking the total aggregate Earnings paid to the credit of the Earnings Accounts during each quarter ending on such relevant Repayment Date and deducting therefrom: