Annual Cap definition

Annual Cap means for any calendar year an amount equal to fifteen percent (15%) of the outstanding principal amount of A Bonds as of January 1 of such calendar year. The Company has the right to reserve up to one-third of this fifteen percent (15%) limit for Bonds redeemed as a result of a Bondholder’s right upon death, disability or bankruptcy as described in the Indenture.

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Annual Cap means, (i) the maximum aggregate value of services payable by the group of companies to which KWHK belongs (as principal) under this Agreement and the Other Warehouses Management Agreements, for each of the following periods: the period from the Commencement Date until 31 December 2021, each of the financial years ending 31 December 2022 and 2023, the period from 1 January 2024 to the third anniversary of the Commencement Date, on the one hand, the period from the third anniversary of the Commencement Date to 31 December 2024, each of the financial years ending 31 December 2025 and 2026, and the period from 1 January 2027 to the sixth anniversary of the Commencement Date, on the other hand, and (ii) the maximum aggregate value of services payable to KWHK under this Agreement and the Other Warehouses Management Agreements for each of the following periods: the period from the Commencement Date until 31 December 2021, each of the financial years ending 31 December 2022 and 2023, the period from 1 January 2024 to the third anniversary of the Commencement Date, on the one hand, the period from the third anniversary of the Commencement Date to 31 December 2024, each of the financial years ending 31 December 2025 and 2026, and the period from 1 January 2027 to the sixth anniversary of the Commencement Date, on the other hand, each as set out in the announcement published by ▇▇▇▇▇ Logistics Network Limited on or about the date of this Agreement, a copy of which is annexed herein; and

Annual Cap has the meaning ascribed to it in Section 9.02(e).

Examples of Annual Cap in a sentence

• Historical Deposit Annual Cap US$700 million US$700 million US$700 million Maximum outstanding balance of deposits (including any accrued interest) Approximately US$163.36 million Approximately US$238.95 million The Historical Deposit Annual Caps were determined based on, among others, the possible funds obtained for acquisition of high-quality uranium mines by the Group.

• The historical transaction amount under the INESA Master Purchase Agreement for the period commencing on 1 January 2019 and ending on 15 November 2019 was approximately USD2,700,000, representing approximately 96.43% of the Existing Annual Cap under the INESA Master Purchase Agreement for the year ending 31 December 2019.

• The Revised Annual Cap under the INESA Master Purchase Agreement for the year ending 31 December 2019 is USD5,800,000, which is approximately 2.07 times of the Existing Annual Cap or an increase of USD3,000,000 in the Existing Annual Cap under the INESA Master Purchase Agreement for the year ending 31 December 2019.

• As the applicable percentage ratios (as defined in the Listing Rules) calculated with reference to each Film Rental Licence Annual Cap and Film Promotion Annual Cap are less than 25% and the total consideration is less than HK$10,000,000, Film Rental Licence Transactions and Film Promotion Transactions are subject to the announcement, reporting and annual review requirements but exempt from Shareholders’ approval under Chapter 14A of the Listing Rules.

• As the highest applicable percentage ratio based on the proposed Deposit Annual Cap is more than 25%, the placement of deposits under the New Financial Services Framework Agreement also constitutes a major transaction of the Company under Chapter 14 of the Listing Rules.

More Definitions of Annual Cap

Annual Cap means $1,250,000 for the first payment to any Participant; provided, however, that the Annual Cap shall be adjusted annually (beginning with the second annual payment to the Participant) by the most recent Cost-of-Living Adjustment used by the United States Social Security Administration. Notwithstanding anything else to the contrary, the Annual Cap shall not be increased by more than 2.5% per calendar year.

Annual Cap means for any calendar year an amount equal to ten percent (10%) of the outstanding principal amount of Series B Bonds as of January 1 of such calendar year.

Annual Cap the annual cap of RMB1,500 million for the service fees payable

Annual Cap shall have the meaning set forth in Section 6.2.3.

Annual Cap the annual cap of RMB1,350 million for the service fees under the 2023 Seazen Framework Agreement;

Annual Cap means for any calendar year an amount up to fifteen percent (15%) of the outstanding principal amount of Bonds as of January 1 of such calendar year, provided, however, the Annual Cap will be further limited to 3.75% of the principal amount of the outstanding Bonds calculated on a quarterly basis as of the first day of the fiscal quarter in which such redemption occurs (the “3.75% Limit”). To the extent that the 3.75% Limit is not fully used in a given quarter, the unused portion shall not be added to the 3.75% Limit for any future quarter, and any redemptions in excess of such limit or to the extent suspended, shall be redeemed in subsequent quarters on a first come, first served, basis.

Annual Cap has the meaning set out in clause 10.2.4.