TURNOVER DECLARATION Sample Clauses

A Turnover Declaration clause requires a party, typically a borrower or tenant, to regularly report their gross revenue or sales figures to another party, such as a lender or landlord. This clause often applies in commercial leases where rent may be partially based on the tenant's turnover, or in loan agreements where financial performance affects covenants. By mandating transparent and periodic disclosure of turnover, the clause ensures accurate calculation of variable payments and enables the receiving party to monitor financial health, thereby reducing the risk of underreporting and disputes.
TURNOVER DECLARATION. You must notify us, in the agreed form and until expiring of the declaration period, of the turnover - including VAT if applicable - made within the scope of this contract during the preceding reporting period. If the invoices are issued in a currency other than the currency provided for in the Schedule, you will have to convert the amounts into the currency of this contract at the Exchange Rate in force the last working day of the month the invoices are drawn up. In case of non renewal of this contract, you still have to notify the turnover relating to the last reporting period. If you fail to send us a declaration within the allocated time and despite our written reminder or if you fail to declare all the turnover falling within the scope of this contract, cover will cease to apply to the debts not declared, but you will still have to pay us for the corresponding premium. We also reserve all rights to terminate this contract.
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TURNOVER DECLARATION. Declaration period: [xx ] days after expiration of the reporting period. Reporting period: [monthly or quarterly bi-annually/annually]
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Related to TURNOVER DECLARATION

  • Condominium Documents (a) Borrower shall observe and perform each and every material term to be observed or performed by Borrower as the owner of Condominium Property under the Condominium Documents. (b) Subject to Borrower’s right to contest the same in accordance with the express terms and conditions hereof and of the other Loan Documents and of the Condominium Documents, if any, Borrower shall promptly pay all Assessments imposed pursuant to the Condominium Documents when the same become due and payable with respect to the Condominium Property. Borrower shall deliver to Lender, promptly upon request, evidence satisfactory to Lender that the Assessments have been so paid and are not delinquent with respect to the Condominium Property. (c) Lender shall have the rights and privileges which Borrower has as though Lender were in fact the owner of the Condominium Property, which rights and privileges shall include, without limitation, all voting rights accruing to Borrower under the terms of the Condominium Documents. Upon the occurrence and during the continuance of an Event of Default, Lender may vote in place of Borrower and may exercise any and all of said rights. Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest to vote as Borrower’s proxy and to act with respect to all of said rights so long as such Event of Default continues hereunder. Notwithstanding anything contained herein to the contrary, nothing contained herein or otherwise shall render Lender liable for any Assessments. (d) The Trustee shall at all times be a financial institution or trust company having a long-term credit rating of not less than “A” or its equivalent by S&P and ▇▇▇▇▇’▇. (e) Borrower shall promptly deliver to Lender a true, complete and correct copy of all notices of default received by Borrower with respect to any obligation or duty of Borrower under the Condominium Documents.

  • Turnover Plan System Agency, in its sole discretion, may require Grantee to develop and submit a Turnover Plan at any time during the term of the Grant Agreement. Grantee must submit the Turnover Plan to System Agency for review and approval. The Turnover Plan must describe ▇▇▇▇▇▇▇’s policies and procedures that will ensure: i. The least disruption in the implementation and performance of grant-funded activities during Turnover; and ii. Full cooperation with System Agency or its designee in transferring the performance and obligations of the Grant Agreement.

  • Operating Agreement You have received and read a copy of the Company’s Operating Agreement (the “Operating Agreement”) and agree that your execution of this Subscription Agreement constitutes your consent to the Operating Agreement, and that upon acceptance of this Subscription Agreement by the Company, you will become a member of the Company as a holder of Class A Units. When this Subscription Agreement is countersigned by the Company, the Operating Agreement shall be binding upon acceptance of your subscription.

  • Construction Documents Phase Services 3.4.1 Based on the Owner’s approval of the Design Development Documents, and on the Owner’s authorization of any adjustments in the Project requirements and the budget for the Cost of the Work, the Architect shall prepare Construction Documents for the Owner’s approval. The Construction Documents shall illustrate and describe the further development of the approved Design Development Documents and shall consist of Drawings and Specifications setting forth in detail the quality levels and performance criteria of materials and systems and other requirements for the construction of the Work. The Owner and Architect acknowledge that, in order to perform the Work, the Contractor will provide additional information, including Shop Drawings, Product Data, Samples and other similar submittals, which the Architect shall review in accordance with Section 3.6.4.

  • Interconnection Agreement Seller shall comply with the terms and conditions of the Interconnection Agreement.