Credit for Transfer Amount Clause Samples

The "Credit for Transfer Amount" clause defines how credits are applied when a transfer of funds or assets occurs between parties. Typically, this clause outlines the method for calculating the credit, the timing of its application, and any conditions that must be met for the credit to be recognized. For example, it may specify that a party receives a credit against future payments or obligations based on the value of the transferred amount. The core function of this clause is to ensure that parties receive appropriate recognition for transfers, thereby preventing double payment or unintentional financial disadvantage.
Credit for Transfer Amount. 1.8.1 Subject to prior receipt of the Transfer Amount, by the trustees or managers of the Supplier’s Broadly Comparable scheme (or NHS Pensions, as appropriate), the Supplier must procure that year-for-year day-for-day service credits are granted in the Supplier’s (Broadly Comparable scheme (or NHS Pension Scheme), or an actuarial equivalent agreed by the Authority’s Actuary (and NHS Pension Scheme Actuary) in accordance with Fair Deal for Staff Pensions as a suitable reflection of the differences in benefit structure between the NHS Pension Scheme and the Supplier’s pension scheme. 1.8.2 To the extent that the Transfer Amount is or shall be insufficient to provide benefits in the receiving scheme on the basis set out in Clause 1.8.1 above, the Supplier shall be liable to make a top-up payment into the receiving scheme such that benefits shall be provided by the receiving scheme on the basis set out in Clause 1.8.1. above.
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Credit for Transfer Amount. Subject to prior receipt of the Transfer Amount (and any shortfall payable), by the trustees or managers of the Supplier’s (or subcontractor’s) Broadly Comparable scheme (or NHS Pensions, as appropriate), the Supplier must procure that year-for-year day-for-day service credits are granted in the Supplier’s (or subcontractor’s) Broadly Comparable scheme (or NHS Pension Scheme), or an actuarial equivalent agreed by the Authority’s Actuary (and NHS Pension Scheme Actuary) in accordance with Fair Deal for Staff Pensions as a suitable reflection of the differences in benefit structure between the NHS Pension Scheme and the Supplier’s (or subcontractor’s) pension scheme.
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Credit for Transfer Amount. Subject to prior receipt of the Transfer Amount, by the trustees or managers of the Supplier’s Broadly Comparable scheme (or NHS Pensions, as appropriate), the Supplier must procure that year-for-year day-for-day service credits are granted in the Supplier’s (Broadly Comparable scheme (or NHS Pension Scheme), or an actuarial equivalent agreed by the Authority’s Actuary (and NHS Pension Scheme Actuary) in accordance with Fair Deal for Staff Pensions as a suitable reflection of the differences in benefit structure between the NHS Pension Scheme and the Supplier’s pension scheme.
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Related to Credit for Transfer Amount

  • Designation of Additional Amounts to Be Included in the Excess Spread Amount for the DiscoverSeries Notes At any time that any outstanding Series of certificates issued by the Master Trust provides that the Series Principal Collections allocated to such Series will be deposited into the Group Finance Charge Collections Reallocation Account for the Master Trust to the extent necessary for application to cover shortfalls for other Series issued by the Master Trust, an amount equal to (x) all Series Principal Collections allocated to such Series, multiplied by (y) a fraction, the numerator of which is the sum of the Nominal Liquidation Amounts for each outstanding Tranche of the DiscoverSeries Notes (including these notes) and the denominator of which is (i) the Aggregate Investor Interest for the Master Trust minus (ii) the sum of the Series Investor Interests for all such Series that provide that the Series Principal Collections allocated to such Series will be so deposited, is hereby designated to be included in the Excess Spread Amount and shall be treated as Series Finance Charge Amounts for the DiscoverSeries.