Divisible Surplus Clause Samples

The Divisible Surplus clause defines how the excess funds or profits, remaining after all obligations and required reserves have been met, are to be distributed among eligible parties. In practice, this clause typically applies to mutual insurance companies or cooperative organizations, where policyholders or members may receive a share of the surplus through dividends or credits. Its core function is to ensure a fair and transparent method for allocating profits, thereby aligning the interests of the organization with those of its members or policyholders.
Divisible Surplus. The parties agree that any surplus, credits, refunds or reimbursements excluding sick leave and/or pension credits, under whatever name accrue to and for the benefit of the Hospital.
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Divisible Surplus. The portion, if any, of the divisible surplus of Prudential accruing upon this contract will be determined annually by the Board of Directors of Prudential and credited to Participants' Accounts as determined by the Board. (It is unlikely any divisible surplus will accrue upon this contract.) No annuity under this contract will be taken into account in the determination of any divisible surplus to be credited to this contract.
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Divisible Surplus. The parties agree that any surplus, credits, refunds or reimbursements excluding sick leave and/or pension credits, under whatever name accrue to and for the benefit of CAMH.
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Divisible Surplus. The Hospital and the Union agree that any surplus, credits, refunds or reimbursements relating to the Health and Welfare Benefit Plan set out in Article 39.01, excluding sick leave and/or pension credits, under whatever name accrue to and for the benefit of the Hospital, subject to applicable law.
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Divisible Surplus. The Company shall ascertain the proportion of divisible surplus to be allocated to this Contract and shall equitably apportion the proportion so determined among the Participants covered under this Contract. Any divisible surplus so apportioned to a Participant in the employment of the Employer on whose behalf remittances are being made under this Contract shall be allocated to the interest Accumulation Account maintained for the Participant under this Contract.
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Divisible Surplus. The proportion, if any, of divisible surplus, shall be ascertained by the Company. The amount of any surplus apportioned by the Company to this Contract as a dividend shall be equitably apportioned by the Company among the Participants covered under this Contract. Any divisible surplus so apportioned to a Participant who has not terminated participation under this Contract or attained his Annuity Commencement Date shall be deemed to be an amount remitted under this Contract on behalf of the Participant as of the date of such apportionment.
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Related to Divisible Surplus

  • STAFF SURPLUS 26.1 When as a result of the substantial restructuring of the whole, or any parts, of the employer's operations; either due to the reorganisation, review of work method, change in plant (or like cause), the employer requires a reduction in the number of employees, or, employees can no longer be employed in their current position, at their current grade or work location (i.e. the terms of appointment to their present position), then the options in sub clause 26.5 below shall be invoked and decided on a case by case basis by the employer having due regard to the circumstances of the affected employee. 26.2 Where an employee's employment is being terminated by the employer by reason of the sale or transfer of the whole or part of the employer's business, nothing in this Agreement shall require the employer to pay compensation for redundancy to the employee if: 26.2.1 The person acquiring the business or the part being sold or transferred a) Has offered the employee employment in the business or the part being sold or transferred; and b) Has agreed to treat service with the employer as if it were service with that person and as if it were continuous; and the conditions of employment offered to the employee by the person acquiring the business or the part of the business being sold or transferred are the same as, or are no less favourable than, the employee's conditions of employment, including: a) Any service related conditions; and b) Any conditions relating to redundancy; and c) Any conditions relating to superannuation Under the employment being terminated; and The offer of employment by the person acquiring the business or the part of the business being sold or transferred is an offer to employ the employee in that business or part of the business either: a) In the same capacity as that in which the employee was employed by the Employer; or b) In any capacity that the employee is willing to accept.

  • Distributions of Available Cash From Operating Surplus Available Cash that is deemed to be Operating Surplus pursuant to the provisions of Section 6.3 or Section 6.5 shall be distributed as follows, except as otherwise contemplated by Section 5.6(b) in respect of additional Partnership Interests issued pursuant thereto (including pursuant to Article V with respect to the Preferred Units): (a) First, 100% to the General Partner and the Unitholders, Pro Rata, until there has been distributed in respect of each Unit then Outstanding an amount equal to the Minimum Quarterly Distribution for such Quarter; (b) Second, 100% to the General Partner and the Unitholders, Pro Rata, until there has been distributed in respect of each Unit then Outstanding an amount equal to the excess of the First Target Distribution over the Minimum Quarterly Distribution for such Quarter; (c) Third, (i) to the General Partner in accordance with its Percentage Interest; (ii) 13% to the holders of the Incentive Distribution Rights, Pro Rata; and (iii) to all Unitholders, Pro Rata, a percentage equal to 100% less the sum of the percentages applicable to subclauses (i) and (ii) of this clause (c), until there has been distributed in respect of each Unit then Outstanding an amount equal to the excess of the Second Target Distribution over the First Target Distribution for such Quarter; (d) Fourth, (i) to the General Partner in accordance with its Percentage Interest; (ii) 23% to the holders of the Incentive Distribution Rights, Pro Rata; and (iii) to all Unitholders, Pro Rata, a percentage equal to 100% less the sum of the percentages applicable to subclauses (i) and (ii) of this clause (d), until there has been distributed in respect of each Unit then Outstanding an amount equal to the excess of the Third Target Distribution over the Second Target Distribution for such Quarter; and (e) Thereafter, (i) to the General Partner in accordance with its Percentage Interest; (ii) 48% to the holders of the Incentive Distribution Rights, Pro Rata; and (iii) to all Unitholders, Pro Rata, a percentage equal to 100% less the sum of the percentages applicable to subclauses (i) and (ii) of this clause (e); provided, however, if the Minimum Quarterly Distribution, the First Target Distribution, the Second Target Distribution and the Third Target Distribution have been reduced to zero pursuant to the second sentence of Section 6.6(a), the distribution of Available Cash that is deemed to be Operating Surplus with respect to any Quarter will be made solely in accordance with Section 6.4(e).

  • Allocation of Excess Nonrecourse Liabilities For purposes of determining a Holder’s proportional share of the “excess nonrecourse liabilities” of the Partnership within the meaning of Regulations Section 1.752-3(a)(3), each Holder’s respective interest in Partnership profits shall be equal to such Holder’s Percentage Interest with respect to Partnership Common Units, except as otherwise determined by the General Partner.

  • In the Event of Forecasted Surpluses If the HSP is forecasting a surplus, the Funder may take one or more of the following actions: adjust the amount of Funding to be paid under Schedule A, require the repayment of excess Funding; adjust the amount of any future funding installments accordingly.

  • Distributions of Available Cash from Capital Surplus Available Cash that is deemed to be Capital Surplus pursuant to the provisions of Section 6.3(a) shall be distributed, unless the provisions of Section 6.3 require otherwise, to the General Partner and the Unitholders, Pro Rata, until a hypothetical holder of a Common Unit acquired on the Closing Date has received with respect to such Common Unit distributions of Available Cash that are deemed to be Capital Surplus in an aggregate amount equal to the Initial Unit Price. Available Cash that is deemed to be Capital Surplus shall then be distributed (A) to the General Partner in accordance with its Percentage Interest and (B) to all Unitholders holding Common Units, Pro Rata, a percentage equal to 100% less the General Partner’s Percentage Interest, until there has been distributed in respect of each Common Unit then Outstanding an amount equal to the Cumulative Common Unit Arrearage. Thereafter, all Available Cash shall be distributed as if it were Operating Surplus and shall be distributed in accordance with Section 6.4.