Distribution of Earnings. (a) Republic and the Republic Subsidiaries hereby acknowledge that, prior to the Closing Date, the Conveyed Entities declared and paid to the Shareholders dividends and/or distributions (the "Tax Dividends") to be used by the Shareholders exclusively to satisfy their respective Tax liabilities attributable to their status as shareholders or partners of the Conveyed Entities for the period beginning January 1, 1996 and ending on the Closing Date (the "1996 Pre-Closing Period"). To the extent the Income Taxes for the 1996 Pre- Closing Period, as estimated by the Shareholders and provided in writing to Republic one (1) day prior to the Closing Date, exceed the Tax Dividends paid (such excess, the "Estimated Excess Tax Amount"), Republic shall issue to the Shareholders, on the Closing Date, that number of shares (the "Tax Shares") of Republic Common Stock having a value (based on the per share price of Republic Common Stock utilized to determine the Aggregate Consideration) equal to the Estimated Excess Tax Amount; provided that the value (based on the per share price of Republic Common Stock utilized to determine the Aggregate Consideration) of the Tax Shares shall not exceed $15,000,000 in the aggregate.
Distribution of Earnings. It will ensure that all gross Earnings and other payments to the Borrowers deriving from the Vessels (excluding any commissions under any Vessel Employment Contracts or management fees under Management Agreements and/or Pool Agreements approved by the Lenders) shall be paid directly from the relevant charterer or pool manager to the Borrowers' accounts with the Agent.
Distribution of Earnings. Except as hereinafter provided, the Shipowner shall not make any distribution of earnings, except as may be permitted by Subsections (1) or (2) below:
Distribution of Earnings. 6.1 Managers shall deduct from the Net Pool Earnings the following amounts prior to distribution to the Owners:
Distribution of Earnings. All amounts earned on the Escrowed Funds (by ------------------------ way of interest, dividends or otherwise) shall not be distributed except as provided in Section 6 and shall be held by the Escrow Agent under the terms of this Agreement and shall be considered as part of the Escrowed Funds.
Distribution of Earnings. Holders of Common Units shall be entitled to receive ratably on a per Unit basis a distribution of earnings as may be declared by the Managers.
Distribution of Earnings. Once the financial information has been approved by a shareholders' meeting, at least five percent shall be deducted from the net profits each year for the legal reserve until said reserve equals twenty percent of the capital stock. The remaining profits may be distributed as dividends to the shareholders, kept in the company as retained earnings or disposed of as determined by a vote of the shareholders. The shareholders' meeting or, failing that, the Board of Directors, shall set the date on which the declared dividends shall be paid out. The dividends shall be paid to the shareholders recorded in the book of registered shareholders on the date set for the dividend payment. Those dividends not collected within five years of the announced payment date shall be deemed to be waived and transferred to the company.
Distribution of Earnings. If at the end of a financial year a net surplus remains after deduction of operating expenses and other charges, including depreciation and provisions and after deduction of losses that may have been recorded in previous financial years, such profit shall be credited to each member that belonged to the Group during such financial year, in proportion to the number of votes set forth in Article 7.1. The same shall apply in the event of any deficits.
