Distribution of Profit. LOSS AND CALCULATION BETWEEN PARTIES 5.1. The amount of profit / loss of the Investor for the reporting period is determined in proportion to the size of the investment.
Distribution of Profit. Profit available for distribution in accordance with relevant PRC laws and regulations will be distributed to the Parties in proportion to their respective shareholding in the Joint Venture.
Distribution of Profit. (1) Losses from previous years must be made up before any profits from the current year are distributed to the Parties. Profits retained by the Joint Venture Company in previous years may be distributed together with the profits of the current year.
(2) After the Joint Venture Company has paid income taxes and made up any losses incurred in previous years, the Board of Directors shall determine the annual allocations to the Three Funds from the after-tax net profits, based on the requirements of relevant laws and regulations.
(3) Within four (4) months after the end of each fiscal year, the Board of Directors, based on the Joint Venture Company’s operational needs, shall decide whether or not to retain all or part of the profit of the Joint Venture Company available for distribution. After the Board of Directors makes this decision, the amount of profit not retained shall be distributed to the Parties immediately in accordance with the ratio of their respective actual contributions to capital.
(4) The Joint Venture Company shall calculate in Renminbi (i.e., the standard bookkeeping currency) the profits available for distribution. Remittances of profits and other payments by the Joint Venture Company to Party B shall be made, as requested by Party B, in Hong Kong dollar to a foreign bank account designated by Party B, or in Renminbi to a foreign bank account (or a Special Account for Re-investment in Renminbi with a PRC bank) designated by Party B, in each case subject to compliance with the foreign exchange control regulations of China. If the Joint Venture Company has foreign exchange, Party B shall have a priority right, which it may exercise at its sole discretion, to the use of such foreign exchange to pay its share of profits, with translation from Renminbi into Hong Kong dollar at the median rate for buying and selling announced by the People’s Bank of China on the date on which payment is due. If the Joint Venture Company does not have sufficient foreign exchange funds to make a payment in full, it shall promptly comply with Party B’s request to either (i) convert the remaining Renminbi amount of the payment into Hong Kong dollar at a bank, at the selling rate for Hong Kong dollar announced by the People’s Bank of China on the date of conversion, and pay the Hong Kong dollar to a foreign bank account designated by Party B (any related exchange loss shall be borne by Party B), or (ii) pay the remaining Renminbi amount of the payment in Renminbi to a...
Distribution of Profit. 5.1 The Shareholders have the right to participate from time to time (so long as they hold any Shares) in any distribution of profit, such as the right to receive dividends duly declared by the Company in accordance with the BVI Companies Act, provided that the Escrow Agent, as the holder of the legal title to the Shares owned by the Purchaser, is only entitled to receive a dividend or other distribution of any kind from the Company if and to the extent that a dividend or distribution is paid or made by Astelit to its shareholders (the “Astelit Dividend”). In these circumstances, the Escrow Agent as the holder of the legal title to the Shares owned by the Purchaser, will, to the extent lawful and possible (and provided at all times that the Company is able to satisfy the solvency test set out in section 56 of the BVI Act), be entitled to receive from the Company an amount equal to the Purchaser’s ultimate proportionate entitlement to the Astelit Dividend whether or not it is received by the Company.
5.2 Notwithstanding that the Escrow Agent, as the holder of the legal title to the Shares owned by the Purchaser, holds 50% of the Shares in the Company and consequently have 50% of the voting rights attached to such Shares:
(a) the Escrow Agent, as the holder of the legal title to the Shares owned by the Purchaser, is only entitled to participate in a distribution of profit or other distribution of any kind under clause 5.1 above to the extent of the Purchaser’s Economic Interest in Astelit; and
(b) the Escrow Agent, as the holder of the legal title to the Shares owned by the Purchaser has no other rights to participate in the Company in relation to income or capital, including on a winding up.
5.3 For the avoidance of doubt:
(a) Alfa is entitled to participate fully in any distribution of profit or other distribution by the Company of any kind regardless of how such profit or other income is generated by the Company, other than that which may be due to the Purchaser in respect of an Astelit Dividend under this Agreement; and
(b) the Escrow Agent, as the holder of the legal title to the Shares owned by the Purchaser, is not entitled to participate in any distribution of profit or other distribution of any kind where the profit or other income is generated from sources other than the Astelit Dividend, including (without limitation):
(i) any dividends paid directly or indirectly to the Company by its Subsidiaries; and
(ii) any monies received by the Company as p...
Distribution of Profit. (a) Upon approval of the Board of Directors, the annual after-tax profits shall be distributed, after the Board of Directors withdraws funds for the Cooperation Company, to the Parties according to their share ownership as stipulated in the Agreement.
(b) Within one (1) month after the fiscal year end, the general manager shall prepare and submit to the Board of Directors for review a profit distribution plan together with the audited annual financial statements (including but not limited to a balance sheet, an income/loss statement and a cash flow statement). The Board of Directors shall make a decision within two (2) months after receiving such documents.
(c) Article 16.7 shall not impose any liabilities on the distribution of the annual after-tax profit approved by the Board of Directors. To avoid confusion, the Board of Directors may have the discretion to spend the profit on the Cooperation Company instead of distributing them to the Parties.
(d) The Cooperation Company shall wire Party A’s share of profit in U.S. dollars to a bank account designated in writing by Party A.
Distribution of Profit. 1. Subject to resolution of the Council, profit may be distributed among members of the Bank only if its reserves become equal to at least fifteen (15) percent of its authorised capital. Profit may be distributed by resolution of the Council after approval of an annual report certified by an external auditor, and shall be allocated, inter alia, towards replenishment of reserves or other funds of the Bank.
2. Profit shall be distributed among members of the Bank pro rata the number of shares paid up by them at the end of the financial year in which such profit was generated.
Distribution of Profit. 10.1 From the net operating income of WFOE, after taking into account WFOE’s operating capital needs but before distribution of profit by way of dividend to any holder of the shares of common stock of New Co, New Co shall from time to time redeem preferred shares by payment pro rata to the then holders of such shares.
10.2 Following the redemption of all preferred shares, and only in the event the free cash flow and/or net operating income generated from operation of the YYNT Network exceeds the amount required light additional dark fiber, any surplus profit, after tax or provision therefore and after the making of such provision as may be requisite to meet working capital requirements, pay outstanding loan obligations, provide for reserves for contingent future liabilities, shall (to the extent allowed by applicable law) be distributed to the common stock shareholders of Newco in full by way of dividends.
Distribution of Profit. 6.1 The Shareholders have the right to participate from time to time (so long as they hold any Shares) in any distribution of profit, such as the right to receive dividends duly declared by the Company in accordance with the BVI Companies Act.
Distribution of Profit. 6.1 The Term Deposit profits shall be credited to the Account Xxxxxx’s nominated account (Current / Savings) upon the approval of
