Common use of Clearing House Clause in Contracts

Clearing House. 7.1 The Clearing House is a tax-free financial reserve that provides for the financial stability of the RIPE NCC. 7.2 The General Meeting will each year decide on whether the RIPE NCC's financial result will be added or deducted to or from the Clearing House reserve or will be redistributed among the Members. The General Meeting may also decide to redistribute a one-off amount from the Clearing House to the Members. 7.3 The RIPE NCC Clearing House Procedure stipulates the details of a potential redistribution as referred to in Art 7.2. A Member's share of a potential redistribution shall be credited to the Member on the service fee of the year following the year that the General Meeting has decided on the redistribution. 7.4 The Member may participate in the Clearing House procedure, provided that it has fulfilled the service fee payment in accordance with Art. 5 for the relevant year referred to in Art 7.2. 7.5 In the event the RIPE NCC Standard Service Agreement is terminated in the year referred to in Article 7.2, the Member will not participate in the Clearing House procedure.

Clearing House. 7.1 The Clearing House is a tax-free financial reserve that provides for the financial stability of the RIPE NCC. 7.2 The General Meeting will each year decide on whether the RIPE NCC's financial result will be added or deducted to or from the Clearing House reserve or will be redistributed among the Members. The General Meeting may also decide to redistribute a one-off amount from the Clearing House to the Members. 7.3 The RIPE NCC Clearing House Procedure stipulates the details of a potential redistribution as referred to in Art 7.2. A Member's share of a potential redistribution shall be credited to the Member on the service fee of the year following the year that the General Meeting has decided on the redistribution. 7.4 The Member may participate in the Clearing House procedure, provided that it has fulfilled the service fee payment in accordance with Art. 5 for the relevant year referred to in Art 7.2. 7.5 In the event the RIPE NCC Standard Service Agreement is terminated in the financial year referred to in Article 7.2, the Member will not participate in the Clearing House procedure.