Allocation of Revenues and Expenses. Notwithstanding anything contained in this Agreement to the contrary, all current property taxes with respect to each of the Railcars that are due shall be prorated between the Seller and Assignor as of the Closing Date.
Allocation of Revenues and Expenses. The parties agree to make appropriate adjustments and take further action so that Seller receives all proceeds, receipts, credits and income attributable to the Property for all periods of time prior to the Effective Time, and so that Buyer receives all proceeds, receipts, credits and income attributable to the Property for all periods of time from and after the Effective Time. All costs, expenses, disbursements, taxes and obligations attributable to the Property for all periods of time prior to the Effective Time shall be the responsibility of Seller, and all costs, expenses, disbursements, taxes and obligations attributable to the Property for all periods of time from and after the Effective Time shall be the responsibility of Buyer. After the Closing, the parties will cooperate to have all proceeds received attributable to the Property be paid to the proper party hereunder and to have all expenditures to be made with respect to the Property be made by the proper party hereunder.
Allocation of Revenues and Expenses. All Company Revenues and Company Expenses shall be allocated among the Members in proportion to their respective Units.
Allocation of Revenues and Expenses. A. All revenues, receipts and income derived from the operation of the sewer system portion of the Utility System shall be allocated to Hildale City as the owner of the system to the extent permitted by Arizona law for any portion of the sewer system located in Arizona.
B. All revenues, receipts and income derived from the operation of the Gas, Water, and Fiber Optic Networking Systems shall be allocated between the Cities as follows:
1. All revenues received from each of the Cities' customer xxxxxxxx shall be credited to that customer's City.
2. Investment income shall be allocated between the Cities based upon the proportion that each City's balance in the Operation Fund bears to the total balance on deposit therein; and
3. All other revenues, receipts and income shall be allocated between the Cities based upon initial Utility System cost, total energy sales, number of customers, or such other method as shall be fair and reasonable to each of the Cities. All revenues, receipts and income shall be so allocated when received.
4. If any commodity produced by either city is sold at wholesale to another entity, the revenues derived from the sale shall be allocated as outlined in Section 12(C)1. Neither city shall agree to the sale of a commodity produced to another entity without the prior approval of each cities governing body.
C. All costs and expenses incurred in the operation of the Gas, Water, and Fiber Optic Networking Systems shall be allocated between the Cities as follows:
1. All costs and expenses shall be allocated on the basis of the proportion of annual commodity usageto each City's Utility customers. The allocation of costs and expenses shall be reassessed annually prior to the beginning of each fiscal year and shall utilize commodity sales figures for the prior calendar.
2. If either city produces a commodity that is intended to be distributed to the customers of the system, the cost of production of the commodity shall be allocated to all customers of the commodity produced, as outlined in Section 12(C)1.
3. Colorado City and Hildale each agree to pay, but solely out of the revenues derived from the operation of the Colorado City portion of the Utility System and the Hildale portion of the Utility System, respectively, and as an operation and maintenance expense of and a first charge on the revenues of such Utility System, all amounts charged to it in respect to the costs and expenses incurred hereunder.
Allocation of Revenues and Expenses. Ad valorem taxes of the Project, all expenses of the Project and all rents and other revenue derived from the ownership, use, leasing, and operation of the Project shall be allocated and paid as between Borrower and Lender and as between Borrower and Lender in the following manner:
(a) All checks, money orders, cash or similar payments applicable or attributable to the period commencing on January 1, 2012 and continuing thereafter (regardless of when actually received), less any operating expenses of the Project approved by Lender and paid by Borrower, shall be assigned, endorsed and delivered to Lender on the Effective Date and thereafter within two (2) business days following receipt by Borrower;
(b) All Scheduled Services and Materials shall be and become the responsibility of Lender; and
(c) On the Effective Date, Borrower immediately shall transfer and assign to Lender all cash in the Operating Accounts and cash security deposits in the amount of $38,489.50 (the “Transferred Security Deposits”). Except for any liability for services or materials which have not been scheduled or otherwise disclosed to Lender, so long as Lender shall have received all funds payable to Lender under this Section 13, Lender shall have no claim against Borrower relating to any unpaid expenses of the Project. Borrower shall use good faith efforts to cause all water, sewer, electricity, natural gas, and other utilities for the Project, and all other services for the Project, to be transferred to Lender on the Effective Date.
Allocation of Revenues and Expenses. Provided that the Final Closing occurs, appropriate adjustments shall be made between Xxxxxxxxx West II and Xxxxxxxxx West so that Xxxxxxxxx West II will receive all proceeds from sales of hydrocarbons that are produced and saved from the Assets from and after the Final Closing and any other revenues arising out of the ownership or operation of the Assets from and after the Final Closing and Xxxxxxxxx West will receive all proceeds from sales of hydrocarbons that are produced and saved from the Assets prior to the Final Closing and any other revenues arising out of the ownership or operation of the Assets prior to the Final Closing. Likewise, provided that the Final Closing occurs, appropriate adjustments shall be made between Xxxxxxxxx West II and Xxxxxxxxx West so that Xxxxxxxxx West II will be responsible for all costs and expenses associated with the Assets from and after the Final Closing and Xxxxxxxxx West will be responsible for all costs and expenses associated with the Assets prior to the Final Closing.
Allocation of Revenues and Expenses. (a) Each Interest Contributor hereby agrees that all revenues from the sale of oil and gas produced prior to the Effective Time with respect to such Interest Contributor's Contributed Properties, and all costs and expenses attributable thereto which are properly accrued for any period or portion thereof ending at or prior to the Effective Time in accordance with the method of accounting used in connection with the operating agreements applicable to such properties, shall be for such Interest Contributor's account, and all revenues from the sale of oil and gas produced after the Effective Time with respect to such Interest Contributor's Contributed Properties, and all costs and expenses attributable thereto which are properly accrued for any period or portion thereof beginning after the Effective Time, shall be for the account of the Company.
(b) Net Loss to the payee. In determining the tax burden or tax benefit, it shall be assumed that the Net Profit is taxable as income, and the Net Loss is allowable as a deduction, at the highest nominal statutory income tax rates applicable to the person (regardless of whether the effective marginal rates are different, for example, as a result of phase outs, limitations or other provisions).
Allocation of Revenues and Expenses. A. All revenues, proceeds, income, costs and expenses paid prior to the Effective Date relating to the Assigned Interest shall be allocated to Founders and all revenues, proceeds, income, costs and expenses paid on or after the Effective Date relating to the Assigned Interest shall be allocated to Partners.
B. To the extent Founders has spent as of the date hereof an amount greater than $9,500,000 relating to activities and commitments under the Original Farmout Agreement, Partners will reimburse Founders for such greater amount up to $100,000 within 30 days of the signing of this Assignment.
Allocation of Revenues and Expenses. From and after Closing, Buyer shall be responsible for the payment of all normal operating costs and expenses attributable to the Oil and Gas Properties on and after the Effective Date. All costs and expenses attributable to the Oil and Gas Properties prior to the Effective Date shall be the obligation of Seller, and Seller shall promptly pay the same. Seller shall promptly pay to Buyer any revenues received by Seller that are attributable to the Oil and Gas Properties on and after the Effective Date. Buyer shall promptly pay to Seller any revenues received by Buyer that are attributable to the Oil and Gas Properties prior to the Effective Date.
Allocation of Revenues and Expenses. Each of Enbridge and Williston acknowledges and agrees that all revenues, trade payables and other similar expenses of the Company and its Subsidiaries prior to the Sandpiper Project In-Service Date (other than with respect to the Sandpiper Project or the Sandpiper Facilities) shall belong to and shall be borne by Enbridge. In furtherance of the foregoing, Enbridge and Williston acknowledge and agree that notwithstanding anything to the contrary herein:
(a) all Available Cash that is attributable to revenues of the Company and its Subsidiaries prior to the Sandpiper Project In-Service Date (other than any revenues attributable to the Sandpiper Project or the Sandpiper Facilities), to the extent distributable pursuant to the terms hereof, shall be distributed 100% to Enbridge; and
(b) any and all expenses that are paid by the Company or any of its Subsidiaries prior to the Sandpiper Project In-Service Date (other than any expenses attributable to the Sandpiper Project or the Sandpiper Facilities), to the extent that such expenses relate to services or other items to be acquired after Sandpiper Project In-Service Date, will be resubmitted to the Company and the Company shall make a distribution to Enbridge equal to such expenses relating to the post-Sandpiper Project In-Service Date period multiplied by Williston’s Class A Percentage Interest as of the date such expenses accrue or become payable; and
(c) Enbridge shall be solely responsible for all Liabilities attributable to trade payables or other similar expenses of the Company incurred prior to the Sandpiper Project In-Service Date (other than any trade payables or other similar expenses attributable to the Sandpiper Project, the Sandpiper Facilities or any Participatory Growth Capital Project), and, to the extent that the Company issues any Call Notice for any such Liabilities, Enbridge shall be responsible for 100% of the capital contributions under such Call Notice and no Units will be issued to Enbridge in exchange for such capital contributions.