Additional Assessment definition
Examples of Additional Assessment in a sentence
The amount of annual dues assessed shall be the amount determined by the Board of Directors necessary to fund the operations of the Corporation, and an additional amount determined necessary to establish a General Fund balance for which future or unexpected expenses, such as road maintenance, can be drawn from without the need for an Additional Assessment.
If a Venturer fails to contribute his or her entire proportionate share of an Additional Assessment called for by the Joint Venture with respect to any particular Subsequent Operation, within the time specified in any request therefor, such Venturer shall be deemed a Non-Participating Venturer with respect to such Subsequent Operation.
Each Participating Venturer, other than the Managing Venturer, except to the extent the Managing Venturer holds Units in such Subsequent Operation, shall share Net Cash Flow, Net Proceeds and Federal Income Tax Items derived from and attributable to such Subsequent Operation in the Proportion that such Participating Venturer’s Additional Assessment Contributions bear to the Additional Assessment Contributions of all such Participating Venturers and in accordance with Article II of this Agreement.
Each Participating Venturer in such Subsequent Operation shall share Profits and Losses that are allocated to the Venturers pursuant to Section 8.3.2 in the proportion that such Participating Venturer's Additional Assessment Contributions bears to the Additional Assessment Contributions of all such Participating Venturers and in accordance with the provisions of Article II of this Agreement.
In order to fully fund the administrative costs of the JPC, in addition to the Base Annual Participation Fee, each Member shall pay an Additional Assessment based on that member’s volume of purchases for the prior fiscal year according to a formula determined by the Coordinating Board.