Appropriation of profit. (1) The partners' relevant shares in the profit remaining after set-off of the amounts treated as expenses or income (as the case may be) as between the partners are determined based on the ratio of their respective limited partner's contributions.
(2) Unless otherwise provided for hereinafter, the profit shares shall be allocated to the partners' loan accounts.
(3) For as long as, and to the extent that, reserve accounts show a negative balance, such balance must be set off against profit shares received later on. Any profit shares may only be credited to the loan accounts once the negative balance has been set off.
Appropriation of profit. The parties agree to divide the profits attained through paid subscriptions to the interactive CD-ROM based magazine and advertising revenues equally, once the initial start-up costs delineated in paragraph 3.1 above have been recovered by Interactive Outdoors.
Appropriation of profit. The Company shall dispose of any the unappropriated retained earnings of each fiscal year in the following order of priority:
(a) Earned surplus reserve;
(b) Other statutory reserves;
(c) Dividends;
(d) Temporary reserves; and
(e) Other appropriation of earned surplus.
Appropriation of profit. The parties agree that JVC shall retain all profits (without payment of dividend) for use in expansion and development of JVC until the profitability and the expansion of JVC is assured by Innotech and Credence, and after that time, JVC may pay dividends.
Appropriation of profit. The parties agree that EOI shall distribute profits, if any, equally to ECNI and FC as follows:
6.1 Gross proceeds shall be defined as all monies received by EOI from any source whatsoever, including, but not limited to, proceeds from sales of products and services, including, but not limited to, sales and proceeds from the transactions generated from the BankEyesOnly Cash Pads.
6.2 Adjusted Gross Proceeds shall be defined as all gross proceeds less direct expenses, contribution to overhead and third party job costs.
6.3 Direct Expenses are defined as direct costs incurred by ECNI and FC in providing manpower and services to EOI. Direct expenses when necessary will include:
6.3.1 Rent contribution is estimated at ____________ per month.
6.3.2 Utilities are estimated at _______________ per month.
6.3.3 Phones are estimated at ___________________ per month.
6.3.4 All bank processing fees, interchange fees, network fees, etc. incurred by FC for processing.
6.3.5 Royalty fees of 15% of gross income due to TTI for the use of CardTouch.
6.3.6 License or royalty fees for the use of PocketServer, is required.
6.3.7 Software development costs, if required.
6.3.8 Support, maintenance, and software update fees, as required.
6.4 Contribution to overhead is defined as follows:
6.4.1 Consultant fees are estimated at _________ per month.
6.4.2 Corporate fees are estimated at ____________ per month.
6.4.3 Travel costs are estimated at ______________ per month. These costs are averaged out over a year.
6.5 Third party job costs are determined on a job-by-job basis in accordance with guidelines to be established by EOI's Board of Managing Members.
6.6 Net profits before tax are defined as the adjusted gross less sales commissions.
6.6.1 Sales commissions not to exceed Fifteen Per Cent (15%) will be paid to individual or entity originating sales contract. The exact sales commission to be paid will be done so in accordance with guidelines established by EOI's Board of Managing Members.
6.7 Net profits are defined as the Net Profits Before Tax less any taxes or provisions for taxes. The Net Profits shall be equally divided between ECNI and FC at intervals determined by EOI's Board of Managing Members.
6.7.1 Net Profit Distribution is defined as the amount equally divided between ECNI and FC.
