Common use of Division of Profits and Losses Clause in Contracts

Division of Profits and Losses. 14.1 Profits shall be divided between the Partners on the basis of the agreement set out in the Sixth Schedule. 14.2 All income support payments received in respect of E.U. or Department of Agriculture, Food and the Marine support schemes, subsidies or grants and including GLAS, Area of Natural Constraint Payments, Basic Payments, shall form part of the Partnership income unless any such payment is in respect of an exempted enterprise as specified in the regulations.

Division of Profits and Losses. 14.1 Profits shall be divided between the Partners on the basis of the agreement set out in the Sixth Schedule. 14.2 All income support payments received in respect of E.U. or Department of Agriculture, Food and the Marine Agriculture support schemes, subsidies or grants and including GLASREPS, Area of Natural Constraint PaymentsPremia, Basic Single Farm Payments, shall form part of the Partnership income unless any such payment is in respect of an exempted enterprise as specified in the regulations.