Effective Compensation definition
Effective Compensation means any indemnification or other compensation received by the Borrower as a result of a Favorable RS Dispute Determination or a Favorable VAT Dispute Determination, as applicable, in the form of a cash payment or a credit for set-off against Shared Amounts or other obligations payable by the Borrower; provided that such indemnification or other compensation shall only be deemed to constitute “Effective Compensation” upon actual payment thereof in cash to the Borrower or upon such Shared Amounts or other obligations payable by the Borrower being actually discharged as a result of such set-off.
Examples of Effective Compensation in a sentence
Under such an Agreement, the participating Employee shall specify a reduction in compensation equal to a percentage of the Employee's Effective Compensation, or a specific dollar amount.