DISTRIBUTIONS TO UNIT HOLDERS Sample Clauses

DISTRIBUTIONS TO UNIT HOLDERS. The Trustee shall have discretion to determine the number of shares of Global Resource Corporation, or the amount of cash, or other property, if any, to be distributed to the Holders of the Units and the time at which any such distribution shall be made. However, this discretionary authority has been provided solely in order to permit the Trustee to delay distribution of those funds which are in excess of the immediate payment requirements of existing claims so as to create a reserve for contingent liabilities as otherwise provided above. It is not intended that the Trustee shall exercise their discretion to withhold distributions after payment of the claims and liabilities. Rather, it is intended that the Trustee shall distribute all funds or other property thereafter as quickly as possible after making provisions for current expenses of the Trust. It is specifically agreed and understood that distribution to the Holders shall not be made until all claims are resolved by (i) release, (ii) nonappealable final judgment of a court of competent jurisdiction or (iii) expiration of any applicable time for filing claims as prescribed by controlling statutes of limitations for any potential claims. Trustee shall have a lien on all trust property to the extent of and until any fees and expenses incurred by Trustee, including but not limited to attorneys fees and court costs are reimbursed or paid for with Trust funds. Trustee are authorized by the Holders to sell Trust Property to obtain funds necessary for such reimbursement or payment of trust expenses.
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DISTRIBUTIONS TO UNIT HOLDERS. The Trustee determines the amount to be distributed to Unit holders each month by totaling royalty income and other cash receipts, and subtracting liabilities paid and adjustments in cash reserves established by the Trustee. The resulting amount (with estimated interest to be received on such amount through the distribution date) is distributed to Unit holders of record generally record generally within ten business days after the monthly record date, the last business day of the month. Royalty income received by the Trustee consists of the amounts received by owners of the Underlying Properties from the sale of production, less applicable costs, multiplied by 90% or 75% for the 90% or 75% Royalty Trust Interests. For the 90% Royalty Trust Interests, such costs generally include applicable taxes, transportation, legal and marketing charges, and do not include other production and development costs. For the 75% Royalty Trust Interests, such costs include production costs, development and drilling costs, applicable taxes, operating charges and other costs. Cross Timbers Oil, as owner of the Underlying Properties, computes royalty income separately for each of the five conveyances based on revenues received less costs paid in the prior month. If costs exceed receipts ("excess costs") for any conveyance, such excess costs cannot be used to reduce the amounts to be received under the other conveyances. The Trust is not liable for excess costs; however, future royalty income from the Royalty Trust Interests created by that conveyance will be reduced by such excess costs plus interest.
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DISTRIBUTIONS TO UNIT HOLDERS. The Trustee shall make all distributions to the Creditors PRO RATA until all Creditors have been paid in full. The Trustee shall have the power and authority to reach settlements with the Creditors as to the amounts which they are entitled to receive and payment of any such settlements shall be deemed payment "in full" to such Creditors. After the Creditors have been paid in full, the Trustee shall make all distributions to the minority shareholders of Continan pro rate based upon the number of shares held by each compared to the total shares held by the minority shareholders. With respect to both distributions, the Trustee shall have discretion to determine the amount of cash, or other property, if any, to be distributed to the Holders of the Units and the time at which any such distribution shall be made. However, this discretionary authority has been provided solely in order to permit the Trustee to delay distribution of those funds which are in excess of the immediate payment requirements of existing claims so as to create a reserve for contingent liabilities as otherwise provided above. It is not intended that the Trustee shall exercise its discretion to withhold distributions after payment of the claims and liabilities. Rather, it is intended that the Trustee shall distribute all funds or other property thereafter as quickly as possible after making provisions for current expenses of the Trust. The Trustee shall have a lien on all trust property to the extent of and until any fees and expenses incurred by Trustee, including but not limited to attorneys fees and court costs are reimbursed or paid for with Trust funds. Trustee is authorized by the Holders to sell Trust Property to obtain funds necessary for such reimbursement or payment of trust expenses.
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Related to DISTRIBUTIONS TO UNIT HOLDERS

  • Distributions to Members Section 9.1

  • Distributions to Shareholders (a) The Trustees shall from time to time distribute ratably among the Shareholders of any class of Shares, or any series of any such class, in accordance with the number of outstanding full and fractional Shares of such class or any series of such class, such proportion of the net profits, surplus (including paid-in surplus), capital, or assets held by the Trustees as they may deem proper or as may otherwise be determined in accordance with this Declaration. Any such distribution may be made in cash or property (including without limitation any type of obligations of the Trust or any assets thereof) or Shares of any class or series or any combination thereof, and the Trustees may distribute ratably among the Shareholders of any class of shares or series of any such class, in accordance with the number of outstanding full and fractional Shares of such class or any series of such class, additional Shares of any class or series in such manner, at such times, and on such terms as the Trustees may deem proper or as may otherwise be determined in accordance with this Declaration. (b) Distributions pursuant to this Section 9.2 may be among the Shareholders of record of the applicable class or series of Shares at the time of declaring a distribution or among the Shareholders of record at such later date as the Trustees shall determine and specify. (c) The Trustees may always retain from the net profits such amount as they may deem necessary to pay the debts or expenses of the Trust or to meet obligations of the Trust, or as they otherwise may deem desirable to use in the conduct of its affairs or to retain for future requirements or extensions of the business. (d) Inasmuch as the computation of net income and gains for Federal income tax purposes may vary from the computation thereof on the books, the above provisions shall be interpreted to give the Trustees the power in their discretion to distribute for any fiscal year as ordinary dividends and as capital gains distributions, respectively, additional amounts sufficient to enable the Trust to avoid or reduce liability for taxes.

  • Liquidating Distributions Notwithstanding anything to the contrary in this Article VII or in Section 8.3 of the Master Agreement, upon the sale of the Property or the dissolution and liquidation of the Series in accordance with the provisions of this Agreement and of Section 8.3 of the Master Agreement, the proceeds of liquidation of the Series or the sale of the Property will be distributed within ninety (90) days of the date of sale of the Property or the dissolution and liquidation in the following order and priority: (i) First, to creditors of the Series, including the Members who are creditors, to the extent otherwise permitted by law, in satisfaction (whether by payment or the making of reasonable provision for payment thereof) of all debts, liabilities, obligations and expenses of the Series, including, without limitation, the expenses incurred in connection with the liquidation of the Series; and (ii) Second, to the Members pro rata in proportion to their holdings of Shares, with such Distributions to be made by the end of the Fiscal Year during which the liquidation occurs (or, if later, ninety (90) days after the date of the liquidation).

  • Distributions to Record Holders (a) Subject to the applicable provisions of the Delaware Act and except as otherwise provided herein, the Manager may, in its sole discretion, at any time and from time to time, declare, make and pay distributions of cash or other assets of the Company to the Members. Subject to the terms of any Share Designation (including, without limitation, the preferential rights, if any, of holders of any other class of Shares of the Company) and of Article XIII, distributions shall be paid to the holders of Common Shares on an equal per-Share basis as of the Record Date selected by the Manager. Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not be required to make a distribution to any Member on account of its interest in the Company if such distribution would violate the Delaware Act or other applicable law. (b) Notwithstanding Section 4.1(a), in the event of the termination and liquidation of the Company, all distributions shall be made in accordance with, and subject to the terms and conditions of, ‎Section 8.3(a). (c) Each distribution in respect of any Shares of the Company shall be paid by the Company, directly or through its Transfer Agent, if any, or through any other Person or agent, only to the Record Holder of such Shares as of the Record Date set for such distribution. Such payment shall constitute full payment and satisfaction of the Company’s liability in respect of such payment, regardless of any claim of any Person who may have an interest in such payment by reason of an assignment or otherwise.

  • Cash Distributions Whenever the Depositary receives confirmation from the Custodian of the receipt of any cash dividend or other cash distribution on any Deposited Securities, or receives proceeds from the sale of any Deposited Securities or any other entitlements held in respect of Deposited Securities under the terms hereof, the Depositary will (i) if at the time of receipt thereof any amounts received in a Foreign Currency can in the judgment of the Depositary (pursuant to Section 4.8) be converted on a practicable basis into Dollars transferable to the United States, promptly convert or cause to be converted such cash dividend, distribution or proceeds into Dollars (on the terms described in Section 4.8), (ii) if applicable, establish the ADS Record Date upon the terms described in Section 4.9, and (iii) distribute promptly the amount thus received (net of (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes withheld) to the Holders entitled thereto as of the ADS Record Date in proportion to the number of ADSs held as of the ADS Record Date. The Depositary shall distribute only such amount, however, as can be distributed without attributing to any Holder a fraction of one cent, and any balance not so distributed shall be held by the Depositary (without liability for interest thereon) and shall be added to and become part of the next sum received by the Depositary for distribution to Holders of ADSs outstanding at the time of the next distribution. If the Company, the Custodian or the Depositary is required to withhold and does withhold from any cash dividend or other cash distribution in respect of any Deposited Securities an amount on account of taxes, duties or other governmental charges, the amount distributed to Holders on the ADSs representing such Deposited Securities shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company, the Custodian or the Depositary to the relevant governmental authority. Evidence of payment thereof by the Company shall be forwarded by the Company to the Depositary upon request.

  • Distributions of Distributable Cash Except as otherwise provided in Article VII hereof, Distributable Cash for each Fiscal Year may be distributed to the Holders at such times, if any, and in such amounts as shall be determined in the sole discretion of the Trustees. In exercising such discretion, the Trustees shall distribute such Distributable Cash so that Holders that are regulated investment companies can comply with the distribution requirements set forth in Code Section 852 and avoid the excise tax imposed by Code Section 4982.

  • Operating Distributions Subject to Section 5.2, the Company shall from time to time distribute to the Member such amounts in cash and other assets as shall be determined by the Member.

  • Interim Distributions At such times as may be determined by it in its sole discretion, the Trustee shall distribute, or cause to be distributed, to the Beneficiaries, in proportion to the number of Trust Units held by each Beneficiary relating to the Trust, such cash or other property comprising a portion of the Trust Assets as the Trustee may in its sole discretion determine may be distributed without detriment to the conservation and protection of the Trust Assets in the Trust.

  • Capital Contributions Distributions 17 TABLE OF CONTENTS (continued)

  • Residual Distributions If the Liquidation Preference has been paid in full to all holders of Designated Preferred Stock and the corresponding amounts payable with respect of any other stock of the Issuer ranking equally with Designated Preferred Stock as to such distribution has been paid in full, the holders of other stock of the Issuer shall be entitled to receive all remaining assets of the Issuer (or proceeds thereof) according to their respective rights and preferences.

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