Distribution of Excess Sample Clauses

The 'Distribution of Excess' clause defines how any surplus funds or assets remaining after all obligations and liabilities have been satisfied are to be allocated among the parties involved. Typically, this clause outlines the order of priority and the method for dividing excess amounts, such as distributing remaining profits to shareholders in proportion to their ownership or returning unused funds to contributors. Its core practical function is to ensure a fair and transparent process for handling leftover resources, thereby preventing disputes and clarifying expectations at the conclusion of a financial arrangement or project.
Distribution of Excess. If (i) the amount on deposit in the Reserve Account on any Payment Date (after giving effect to all deposits therein or withdrawals therefrom on such Payment Date) exceeds the Reserve Account Required Amount and (ii) (a) no Trigger Event has occurred or (b) all Trigger Events which have occurred have been Deemed Cured, the Indenture Trustee shall distribute an amount equal to any such excess pursuant to the Servicer's Certificate and Section 4.5(a)(viii).
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Distribution of Excess. Contributions - 1. General Rule - Regardless of any other Plan provision, Excess Contributions, as adjusted for earnings and losses, will be distributed on or before the last day of each Plan Year to Participants to whose Individual Accounts those Excess Contributions were allocated for the preceding Plan Year. Excess Contributions are allocated to the Highly Compensated Employees with the highest amounts of Employer contributions taken into account in calculating the ADP test for the Plan Year in which the excess arises, beginning with the Highly Compensated Employee with the highest such amount, and continuing in descending order until all the Excess Contributions have been allocated. For the purpose of the preceding sentence, the "highest amount" is determined after any Excess Elective Deferrals have been distributed to Participants. If the Excess Contributions are distributed more than 2 1/2 months after the last day of the Plan Year in which they arose, a 10-percent excise tax will be imposed on the Employer on the amount of the Excess Contributions. Excess Contributions (including the amounts recharacterized) are treated as "annual additions" under the Plan. 2. Determination of Earnings or Loss - Excess Contributions are adjusted for earnings and losses only until the end of the Plan Year preceding or coinciding with the date of distribution, unless the Employer elects in the Adoption Agreement to have them adjusted for earnings and losses through the date of distribution. The earnings or loss allocable to each Participant's Excess Contributions is: (1) earnings or loss allocable to the Participant's Elective Deferral sub-account (and the Qualified Nonelective Contribution sub-account and/or the Qualified Matching Contribution sub-account if QNECs and/or QMACs are included in the ADP test for the year) for the Plan Year multiplied by a fraction, the numerator of which is the Participant's Excess Contributions for the year and the denominator of which is the Participant's Individual Account balance at the close of the year attributable to Elective Deferrals (and QNECs and/or QMACs, if QNECs and/or QMACs are included in the ADP test for the year), without regard to any earnings or loss occurring during that Plan Year, plus (2) if the Adoption Agreement indicates that earnings and losses through the date of distribution are to be paid out, 10% of the amount determined under (1) multiplied by the number of whole calendar months between the end of the Pla...
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Distribution of Excess. Payments among the Creditors (i) If any Creditor obtains a payment of the Credit’s principal, Simple Interest or Default Interest, or any other payment hereunder through its exercise of a setoff or any similar right and, as a result thereof receives a total amount exceeding its interest in the Credit, plus any payment of the relevant interest and others applicable under this Agreement (the “Excess Payment”), said Creditor shall, in accordance with the Applicable Laws and once it is operationally possible: (a) Notify the above to the Management Agent; (b) Transfer the Excess Payment received to the other Creditors, prorate to their interest in the total amount of the Credit’s balance or any other payment that they are entitled to under this Agreement; and (c) Make any adjustments necessary from time to time to ensure that all Creditors benefit from the Excess Payment (free of any expense incurred in by the relevant Creditor to obtain or preserve the Excess Payment) in proportion to their interest on the total amount of the Credit’s balance or any other payment that they are entitled to under this Agreement, provided that: (ii) The provisions in this Section are not applicable to payments received by a Creditor as consideration for the total or partial assignment or transfer of its interest in the Credit to any assignee or transferee; (iii) Notwithstanding any provision under the Financing Documents, no Creditor may bring an enforcement proceeding alone, unless the Majority of the Creditors to Accelerate decide that said Creditor may do so; (iv) If any of the Creditors files an action or brings an enforcement proceeding before a Governmental Authority to collect the interest or principal corresponding to its interest on the Credit or any other amount owed thereto under this Agreement and, as a result receives an Excess Payment (other than any payment received by the Creditor from a seizure, setoff, or another mechanism or proceeding affecting the deposits or other assets held by the Creditor), in accordance with this Section the Creditor will not be required to transfer the relevant amount other Creditors that, after receiving a notice therefrom in connection with said actions or proceedings, fail to join them or diligently decide to bring a separate action or proceeding before a Governmental Authority to enforce the collection of the interest or principal corresponding to their interest on the Credit or any other amount owed thereto under this Agreement.
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Related to Distribution of Excess

  • Distribution of Exchange Fund to Parent Any portion of the Exchange Fund that remains undistributed to the holders of the Certificates or Uncertificated Shares on the date that is one year after the Effective Time will be delivered to Parent upon demand, and any holders of shares of Company Common Stock that were issued and outstanding immediately prior to the Merger who have not theretofore surrendered or transferred their Certificates or Uncertificated Shares representing such shares of Company Common Stock for exchange pursuant to this Section 2.9 will thereafter look for payment of the Per Share Price payable in respect of the shares of Company Common Stock represented by such Certificates or Uncertificated Shares solely to Parent (subject to abandoned property, escheat or similar Laws), solely as general creditors thereof, for any claim to the Per Share Price to which such holders may be entitled pursuant to Section 2.7.

  • Distribution of Cash (a) Subject to Sections 5.02(c), (d) and (e), the Partnership shall distribute cash at such times and in such amounts as are determined by the General Partner in its sole and absolute discretion, to the Partners who are Partners on the Partnership Record Date with respect to such quarter (or other distribution period) in proportion with their respective Percentage Interests on the Partnership Record Date. (b) In accordance with Section 4.04(a)(ii), the LTIP Unitholders shall be entitled to receive distributions in an amount per LTIP Unit equal to the Common Partnership Unit Distribution. (c) If a new or existing Partner acquires additional Partnership Units in exchange for a Capital Contribution on any date other than a Partnership Record Date, the cash distribution attributable to such additional Partnership Units relating to the Partnership Record Date next following the issuance of such additional Partnership Units shall be reduced in the proportion to (i) the number of days that such additional Partnership Units are held by such Partner bears to (ii) the number of days between such Partnership Record Date and the immediately preceding Partnership Record Date. (d) Notwithstanding any other provision of this Agreement, the General Partner is authorized to take any action that it determines to be necessary or appropriate to cause the Partnership to comply with any withholding requirements established under the Code or any other federal, state or local law including, without limitation, pursuant to Sections 1441, 1442, 1445 and 1446 of the Code. To the extent that the Partnership is required to withhold and pay over to any taxing authority any amount resulting from the allocation or distribution of income to a Partner or assignee (including by reason of Section 1446 of the Code), either (i) if the actual amount to be distributed to the Partner (the “Distributable Amount”) equals or exceeds the Withheld Amount, the entire Distributable Amount shall be treated as a distribution of cash to such Partner, or (ii) if the Distributable Amount is less than the Withheld Amount, the excess of the Withheld Amount over the Distributable Amount shall be treated as a Partnership Loan from the Partnership to the Partner on the day the Partnership pays over such amount to a taxing authority. A Partnership Loan shall be repaid upon the demand of the Partnership or, alternatively, through withholding by the Partnership with respect to subsequent distributions to the applicable Partner or assignee. In the event that a Limited Partner fails to pay any amount owed to the Partnership with respect to the Partnership Loan within 15 days after demand for payment thereof is made by the Partnership on the Limited Partner, the General Partner, in its sole and absolute discretion, may elect to make the payment to the Partnership on behalf of such Defaulting Limited Partner. In such event, on the date of payment, the General Partner shall be deemed to have extended a General Partner Loan to the Defaulting Limited Partner in the amount of the payment made by the General Partner and shall succeed to all rights and remedies of the Partnership against the Defaulting Limited Partner as to that amount. Without limitation, the General Partner shall have the right to receive any distributions that otherwise would be made by the Partnership to the Defaulting Limited Partner until such time as the General Partner Loan has been paid in full, and any such distributions so received by the General Partner shall be treated as having been received by the Defaulting Limited Partner and immediately paid to the General Partner. Any amounts treated as a Partnership Loan or a General Partner Loan pursuant to this Section 5.02(d) shall bear interest at the lesser of (i) 300 basis points above the base rate on corporate loans at large United States money center commercial banks, as published from time to time in The Wall Street Journal, Eastern Edition, or (ii) the maximum lawful rate of interest on such obligation, such interest to accrue from the date the Partnership or the General Partner, as applicable, is deemed to extend the loan until such loan is repaid in full. (e) In no event may a Partner receive a distribution of cash with respect to a Partnership Unit if such Partner is entitled to receive a cash dividend as the holder of record of a REIT Common Share for which all or part of such Partnership Unit has been or will be redeemed.

  • Termination of Exchange Fund Any portion of the Exchange Fund that remains undistributed to the holders of the Certificates for six months after the Effective Time shall be delivered to Parent, upon demand, and any holder of a Certificate who has not theretofore complied with this Article 3 shall thereafter look only to Parent, as general unsecured creditors thereof, for payment of its claim for Merger Consideration.

  • Determination of Excise Tax Liability Unless the Company and the Executive otherwise agree in writing, the Company will select a professional services firm (the “Firm”) to make all determinations required under this Section 6, which determinations will be conclusive and binding upon the Executive and the Company for all purposes. For purposes of making the calculations required by this Section 6, the Firm may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and the Executive will furnish to the Firm such information and documents as the Firm reasonably may request in order to make determinations under this Section 6. The Company will bear the costs and make all payments for the Firm’s services in connection with any calculations contemplated by this Section 6. The Company will have no liability to the Executive for the determinations of the Firm.

  • Refund of Excess Cash If at any time the credit balance of Timber Sale Account exceeds the charges for timber that Forest Service estimates will be cut within the next 60 days, any portion of such excess that is due to cash in the account shall be refunded, if re- quested by Purchaser, unless deposited under B4.211,