Distribution of Income. (1) Net income from any invention or discovery that is licensed to a third party will be shared by the University and the inventor(s). Forty percent (40%) of the net income will belong to the inventor(s) or the heirs and legatees of the inventor(s). The remaining sixty percent (60%) of the net income will belong to the University and will be distributed accordingly: Inventor(s) research account 10% Inventor(s) college 5% Inventor(s) department 5% Office of Research/CSURC 40%
(2) Net income to the University resulting from intellectual property, including patents developed by members of the University faculty, will be reinvested in faculty development and administered by the Office of Research.
(3) Determination of net financial returns as used in this policy shall be made by TTO for the University in accordance with generally accepted accounting principles.
(4) Where rights to an invention are transferred or waived to the inventor, the allocation of these rights and any resulting future income shall be specified in writing by TTO and approved by the Vice President for Research. A copy of the transfer or waiver shall be promptly supplied to the inventor.
Distribution of Income. The Trustee shall hold, manage, invest and reinvest the Trust Estate and shall collect the income therefrom in accordance with the terms of this Declaration. The Trustee shall not distribute any of the income or proceeds of the Trust Estate to the Beneficiary other than as provided in Section 2 of this Article I hereof. The Additional Properties Trustee shall hold, manage, invest and reinvest the Additional Properties Trust Estate, and shall collect the income therefrom in accordance with the terms of this Declaration. The Additional Properties Trustee shall not distribute any of the income or proceeds of the Additional Properties Trust Estate to the Beneficiary other than as provided in Section 2 of this Article I hereof.
Distribution of Income. 16.1 All Dividends received by the Trust in respect of the Trust Shares held on behalf of Beneficiaries attributable to their Participation Units shall immediately vest in the Beneficiary concerned. The Dividends shall however be retained and held in Trust by the Trustees on the Beneficiary’s behalf, and thereafter such Dividends accumulated on the Beneficiary’s behalf shall be paid by the Trustees to the Beneficiary less any relevant taxes applicable (including any dividend withholding tax that may have been payable), either upon the Beneficiary’s termination of employment, if such Beneficiary ceases to remain in the employ of Harmony prior to the expiry of the Lock-in Period, or upon the expiry of the Lock-in Period. Any dividends accumulated on the Beneficiaries’ behalf in terms of this clause 16.1 shall not accrue any interest and shall be held by the Trust in an appropriate bank account/facility for such purpose. For the purposes of determining a Beneficiary’s liability for dividend withholding tax imposed in terms of section 64E of the Income Tax Act, 58 of 1962 (as amended), the Trustees shall notify the relevant regulated intermediary that the Beneficiary concerned is the beneficial owner of the dividend and the Trustees shall ensure that all the appropriate documentation required for dividend withholding tax purposes has been obtained.
16.2 All Dividends received by the Trust in respect of the Pool Shares held by the Trust shall vest in and be paid to the Trust less any relevant taxes applicable (including any dividend withholding tax that may be payable). The amount received shall be used to defray any costs incidental to the administration of the Trust (including any taxes, costs and liabilities of the Trust) in accordance with clause 21.
Distribution of Income. The Trustee shall distribute the net income of the Trust, if any, to the Settlor at such times and in such amounts as the Settlor directs in writing.
Distribution of Income. The Trustees shall distribute Income and Capital from the Resource Compensation Fund pursuant to the terms of Article 11 of the Indenture, and to section 8.4 of this Article, provided that Capital and Income to be distributed from a particular Account or Reserve Account shall only be available to those persons who are, from time to time, appropriate Eligible Beneficiaries or appropriate Eligible Compensation Beneficiaries.
Distribution of Income. 5.1 Any Project Payment from one or more successful Farming Cycle(s) of the Investor’s invested Project shall be paid back through an acceptable Mode of Payment upon completion of the Project, i.e. after produce has been harvested, aggregated, and sold (after however many Farming Cycles comprise the Project) to generate an Income (in addition, certain foreign exchange gains will also be added to the Income: see Clause 10.2).
5.2 The Income shall be shared between Investor, farmer(s), and the Company according to a pre- determined Income sharing model determined for each Project. The order of priority shall be split into Income (KES) 800,000 1,100,000 1,300,000 1,600,000 2,000,000 800,000 1,100,000 1,300,000 1,600,000 2,000,000
5.3 The Project Payment payable to the Investor shall be calculated based on the number of KES- denominated Units purchased by the Investor. The Project Payment is paid in KES, the Contract Currency, and the Company cannot guarantee and is not responsible for the exchange rate obtained when delivering the Project Payment to the Investor.
5.4 In order to protect the Principal (i.e., the total of all Contributions made by Investors), the Company undertakes to purchase insurance that covers Projects up to the value of the Principal. This ensures that, in the event of unexpectedly low Income, the Investor(s) will receive back their Contributions, but not their Expected Returns, as a Project Payment. Per Clause 9.5, this insurance can not and will not cover Projects whose Income has been impacted by force majeure or acts of God, as these cannot be insured against.
5.5 The Investor is solely responsible for the payment of all taxes due on investments and profits in their country (or countries) of tax domicile.
Distribution of Income. 10.1 On each Relevent Accounting Date the Management Company shall instruct the Trustee to transfer such amount of cash as required to effect such distribution to the Distribution Account. The amount standing to the credit of the Distribution Account shall not for any purposes of this Deed be treated as part of the Fund Property but shall be held by the Trustee upon trust to distribute the same as herein provided.
10.2 Before making any payment to the Unit Holder the Trustee or the Management Company may make such deductions as may be required by law in respect of any Zakat, income or other taxes, charges or assessments whatsoever and issue to the Unit Holder the certificate in respect of such deduction in the prescribed form or in a form approved by the concerned authorities.
10.3 The Management Company may offer the Unit Holder the option to receive new Units under cumulative investment instead of cash dividend.
10.4 The Management Company may declare bonus shares instead of Cash Dividend.
10.5 In case of distribution in the form of bonus Units on each distribution date the Management Company shall determine the amount available for distribution as bonus Units and inform the Trustee of the same.
10.6 After the fixation of rate of bonus entitlement per Unit, the Management Company shall instruct the Registrar to credit the respective Unit Holders’ accounts with the designated number of Units calculated on the basis of the rate of distribution determined above against the number of Units held by them on the date of closure of the Register.
10.7 Where Units are placed under pledge/ lien the payment of payouts will be made in accordance with Clause 31 of this Deed.
Distribution of Income. Borrower shall cause each Subsidiary to promptly distribute (in cash) 100% of all Management Fees to Borrower when received by such Subsidiary. Such distribution shall be promptly paid or distributed directly to a deposit account or securities account of Borrower with respect to which the Collateral Agent has “control” within the meaning of Section 9-104 or Section 8-106, as applicable, of the applicable Uniform Commercial Code (subject to the requirements of the Collateral Documents).
Distribution of Income. During the life of the Current Beneficiary, the Trustee, in her sole discretion, shall distribute such portions or all of the net income of the trust estate to the Current Beneficiary as Trustee shall from time to time determine to be of for the comfortable maintenance, welfare and support of the Current Beneficiary, provided that, absent unusual circumstances, the maximum amount distributable in any year prior to the date the Current Beneficiary attains age twenty-five (25) should not exceed Fifty Thousand Dollars ($50,000.00).
Distribution of Income. Subject to the order of priority provided by applicable laws, New Ruipeng Group’s assets available for distribution to shareholders (“Distributable Liquidation Properties”) shall be distributed in accordance with the following plan and order:
(1) Firstly, Xxxxxxxxx Capital or its related parties shall be entitled to obtain, whichever the higher: (a) the amount after deducting the bonus obtained from New Ruipeng Group by Xxxxxxxxx Capital or its related parties by virtue of its or their shares obtained by it or them based on the Contribution for Capital Increase, from the Contribution for Capital Increase and the amount calculated (from the date when the relevant amount is actually paid (no matter as loan, capital increase or otherwise) to the date when this Capital Increase Priority-based Amount in Liquidation is actually settled) at the annual rate of return 10% (simple interest), or (b) the Distributable Liquidation Properties that Xxxxxxxxx Capital or its related parties shall be entitled to obtain in the distribution based on its or their shareholding ratio corresponding to its or their Contribution for Capital Increase (“Capital Increase Priority-based Amount in Liquidation”);
(2) Secondly, if there are any Distributable Liquidation Properties remained after this Capital Increase Priority-based Amount in Liquidation is paid in full as aforementioned, Beijing Sunshine, Shenzhen Dachen, Xxxxxxxxx Capital or its related parties (except for New Ruipeng Group’s shares obtained by this Capital Increase) shall be entitled to obtain, with priority, whichever the higher: (a) the amount after deducting the bonus obtained from New Ruipeng Group by them respectively (for Xxxxxxxxx Capital or its related parties, such bonus corresponding to New Ruipeng Group’s shares as obtained by it or them through this Capital Increase shall not be included), from their respective original investment costs for restructuring into New Ruipeng Group’s Underlying Assets and the amount calculated (from the date when relevant original investment is actually paid (no matter as loan, capital increase or otherwise) to the date when this Investors’ Shareholders’ Priority-based Amount in Liquidation is actually settled) at the annual rate of return 10% (simple interest), or (b) the Distributable Liquidation Properties that Beijing Sunshine, Shenzhen Dachen, Xxxxxxxxx Capital or its related parties shall be entitled to obtain in the distribution based on its or their shareholding ratio (ex...
