Distributable Profits has the meaning assigned to it in the LLC Agreement.
Distributable Profits means, in respect of any Interest Payment Date, the aggregate amount of (i) net profits carried forward and (ii) freely available reserves (other than reserves for own shares), in each case, less any amounts that must be contributed to legal reserves under applicable law, all in CSG’s reporting currency and as appearing in the Relevant Accounts;
Distributable Profits means the Company’s after-tax profits less the provisions for losses and the allocations to statutory funds that the Company is required to make.
Examples of Distributable Profits in a sentence
Capital Payments are subject to certain conditions, including that DB PFK AG has an amount of Distributable Profits for the preceding fiscal year at least equal to the Capital Payments.
This Agreement remain in full force and effect during the period January to December and from year to year thereafter, unless either party gives notice, in writing, with particulars of amendments or changes requested, not more than sixty (60) days and not less than thirty (30) days previous to the expiration of this Agreement of their desire to alter or terminate the same.
The Company must, unless otherwise allowed by the HKMA, reduce the amount of dividend payable on a Mandatory Limitation Date to an amount that may be paid on a pro rata basis with all other Pari Passu Payments without exceeding the relevant amount of Distributable Profits, subject to the minimum amount of dividend payable on any Dividend Payment Date being zero.
The amount of the Distributable Profits shall be the amount of (a) net income before tax before subtracting (b) Management Fee 2 calculated in accordance with generally accepted corporate accounting practices (in cases where there are any loss carried forward, an amount after deducting the entire amount thereof).
Management Fee 2 for the relevant fiscal period shall be defined as the amount calculated by multiplying the amount of the Distributable Profits calculated for the relevant fiscal period by a rate agreed on separately to a maximum of 2.0% (rounded down to the nearest whole yen).
More Definitions of Distributable Profits
Distributable Profits means, for any financial year of the Bank, profit that may be distributed in accordance with Swiss law then applicable. Currently, for any financial year of the Bank, distributable profits are equal to profit brought forward, plus profit for the period, minus appropriation to general statutory reserve plus other reserves, each as shown in the audited unconsolidated balance sheet and statement of appropriation of retained earnings of the Bank and as determined in accordance with accounting standards applicable under Swiss law.
Distributable Profits of the Bank for any fiscal year is the balance sheet profit (Bilanzgewinn) as of the end of such fiscal year, as shown in the audited unconsolidated balance sheet of the Bank as of the end of such fiscal year. Such balance sheet profit includes the annual surplus or loss (Jahresüberschuss/-fehlbetrag), plus any profit carried forward from previous years, minus any loss carried forward from previous years, plus transfers from capital reserves and earnings reserves, minus allocations to earnings reserves, all as determined in accordance with the provisions of the German Stock Corporation Act (Aktiengesetz) and accounting principles generally accepted in the Federal Republic of Germany as described in the German Commercial Code (Handelsgesetzbuch) and other applicable German law then in effect. In determining the availability of sufficient Distributable Profits of the Bank for any fiscal year to permit Capital Payments to be declared with respect to the Class B Preferred Securities, any Capital Payments already paid on the Class B Preferred Securities and any capital payments, dividends or other distributions already paid during the succeeding fiscal year of the Bank (x) to the extent that the determination of Distributable Profits is being made with respect to the Upper Tier 2 Percentage of the Class B Preferred Securities, on Parity Capital Securities and Preferred Tier 1 Capital Securities, if any, and (y) to the extent that the determination of Distributable Profits is being made with respect to the Tier 1 Percentage of the Class B Preferred Securities, on Preferred Tier 1 Securities, if any, in each case pro rata on the basis of Distributable Profits for such fiscal year, will be deducted from such Distributable Profits.
Distributable Profits means, for any fiscal year, the reported net profit (calculated in compliance with the regulations of the Bank of Spain) of the Guarantor, determined after tax and extraordinary items for such year, as derived from the non-consolidated audited profit and loss account of the Guarantor, irrespective of whether shareholders’ meeting approval is still pending, prepared in accordance with generally applicable accounting standards in Spain and Bank of Spain requirements and guidelines, each as in effect at the time of such preparation. In the event that on any Distribution payment date, the audit of the non-consolidated profit and loss account has not been completed, the reference to be used to calculate the Distributable Profits will be the balance of the unaudited non-consolidated profit and loss account of the Guarantor as reported in the financial statements delivered to the Bank of Spain in respect of December 31st of the preceding fiscal year.
Distributable Profits of the Bank for any fiscal year is the balance sheet profit (Bilanzgewinn) as of the end of such fiscal year, as shown in the audited unconsolidated balance sheet of the Bank as of the end of such fiscal year. Such balance sheet profit includes the annual surplus or loss (Jahresüberschuss/-fehlbetrag), plus any profit carried forward from previous years, minus any loss carried forward from previous years, plus transfers from capital reserves and earnings reserves, minus allocations to earnings reserves, all as determined in accordance with the provisions of the German Stock Corporation Act (Aktiengesetz) and accounting principles generally accepted in the Federal Republic of Germany as described in the German Commercial Code (Handelsgesetzbuch) and other applicable German law then in effect. In determining the availability of sufficient Distributable Profits of the Bank for any fiscal year to permit Capital Payments to be declared with respect to the Class B Preferred Securities during the succeeding fiscal year of the Bank, any Capital Payments already paid during the succeeding fiscal year of the Bank on the Class B Preferred Securities and any capital payments or dividends already paid on Preferred Tier 1 Securities, if any, on the basis of Distributable Profits for such fiscal year, will be deducted from such Distributable Profits.
Distributable Profits means, in respect of any Interest Payment Date, the aggregate of (i) net profits carried forward and (ii) freely available reserves (other than reserves for own shares), in each case, less any amounts that must be contributed to legal reserves under applicable law, all as appearing in the Relevant Accounts.
Distributable Profits means the amount (comprising current profits and/or accumulated revenue reserves) certified by the Auditors to be the profits available to the Company for distribution as a dividend in compliance with the Act.
Distributable Profits means, in respect of any Fiscal Year of the Bank, the lesser of the net profit (calculated in accordance with the Bank of Spain’s calculation standards), of (i) the Bank or (ii) the Group, in each case, as reflected in the reserved financial statements of the Bank and the Group, respectively, submitted to the Bank of Spain in compliance with regulations applicable from time to time to financial institutions relating to their obligation to file such financial statements. Such applicable regulations are currently set out in Circular 4/2004, December 22, 2004, on Public and Restricted Financial Reporting Standards and Model Financial Statements. In the event that on any Distribution Payment Date, the reserved financial statements of the Bank and/or the Group, respectively, referred to above have not been submitted to the Bank of Spain, the Distributable Profits shall be the lesser of the net profit (calculated in accordance with the Bank of Spain’s calculation standards), of (i) the Bank or (ii) the Group, in each case determined by reference to the latest reserved financial statements of the Bank and the Group, respectively, submitted to the Bank of Spain. In all cases, the net profit shown in the reserved financial statements of the Bank and the Group, respectively, shall be audited figures and if the net profit figure contained in such reserved financial statements is different from that contained in the published annual financial statements of the Group, prepared in accordance with Circular 4/2004, December 22, 2004, on Public and Restricted Financial Reporting Standards and Model Financial Statements, the amount of, and reason for, such difference shall be highlighted by the Bank in the relevant annual report prepared by it containing such published annual financial statements of the Group;