Temporary and Permanently Withheld Credit Clause Samples

The "Temporary and Permanently Withheld Credit" clause defines the circumstances under which a party may withhold credit, either on a temporary or permanent basis, from another party. In practice, this clause outlines specific conditions—such as non-performance, breach of contract, or failure to meet certain obligations—that justify withholding credit, and it may distinguish between short-term suspensions and permanent revocations. Its core function is to protect the credit-granting party from undue risk by providing clear guidelines for when and how credit can be withheld, thereby ensuring financial responsibility and mitigating potential losses.
Temporary and Permanently Withheld Credit. For years up to the Investment Deadline in which a tax credit may be earned, in the event that the Taxable Year Credit Amount is less than the Maximum Taxable Year Credit Amount as a result of an application of Step 2 of the guideline above, or the Fiscal Impact Requirements are not met, the IEDC may temporarily withhold a portion or the entirety of the Taxable Year Credit Amount. Up until one year after the Investment Deadline, the IEDC may issue a tax credit certification for a portion or the entirety of the previously withheld amount, should the Company meet its Fiscal Impact Requirements.
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Temporary and Permanently Withheld Credit. For years up to the Investment Deadline in which a tax credit may be earned, in the event that the Taxable Year Credit Amount is less than the Maximum Taxable Year Credit Amount as a result of an application of Step 1 of the guideline above, the IEDC may temporarily withhold a portion or the entirety of the Taxable Year Credit Amount. Up until one year after the Investment Deadline, the IEDC may issue a tax credit certification for a portion or the entirety of the previously withheld amount, should the Company meet its Average Wage Commitment.
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Related to Temporary and Permanently Withheld Credit

  • Temporary Upgrade An employee in a temporary upgrade status shall have no right to grieve or arbitrate release from such temporary upgrade status.

  • Temporary Position (i) is a position that the Employer has determined will be in excess of eight

  • Temporary Positions A) The Employer may create regular temporary positions for vacation relief for more than one (1) incumbent for up to six (6) months duration. B) The Employer may create regular temporary project positions (i.e. grant funded, capital projects, pilot projects, or term specific assignments) for up to twelve (12) months’ duration. These positions are not renewable after the end date of the project, unless the Union and Employer agree to renew/extend the time limits. C) These positions will be posted and filled in accordance with Article 17.01-

  • Temporary Layoff The Employer may temporarily layoff an employee for up to ninety (90) days due to an unanticipated loss of funding, revenue shortfall, lack of work, shortage of material or equipment, or other unexpected or unusual reasons. An employee will normally receive seven (7) days notice of a temporary layoff.