Income and Expenses. Net Proceeds shall be calculated by deducting from the Gross Revenue (as defined below) realized (or deemed to be realized), such costs and expenses attributable to Exploration, Development, Mining, the marketing of Products and other Operations as would be deductible under generally accepted accounting principles and practices consistently applied, including without limitation:
(a) All costs and expenses of replacing, expanding, modifying, altering or changing from time to time the Mining facilities. Costs and expenses of improvements (such as haulage ways or mill facilities) that are also used in connection with workings other than the Properties shall be charged to the Properties only in the proportion that theft use in connection with the Properties bears to their total use;
(b) Ad valorem real property and unsecured personal property taxes, and all taxes, other than income taxes, applicable to Mining of the Properties, including without limitation all state mining taxes, sales taxes, severance taxes, license fees and governmental levies of a similar nature;
(c) A pro rata portion of (I) the salaries and expenses of employees serving Operations whose time is not allocated directly to such Operations, and (III) the costs of maintaining and operating an office and any necessary sub office and (III) all necessary camps, including housing facilities for employees, used for Operations. The expense of those facilities, less any revenue there from, shall include depreciation or a fair monthly rental in lieu of depreciation of the investment;
(d) All expenses incurred relative to the sale of Products, including an allowance for commissions at rates, which are normal and customary in the industry.
(e) All amounts payable to the Operator during Mining pursuant to any applicable operating or similar agreement in force with respect thereto;
(f) The actual cost of. investment under the Agreement but prior to beginning of Mining, which shall include all expenditures for Exploration and Development of the Properties.
(g) Interest on monies borrowed or advanced for costs and expenses, but in no event in excess of the maximum permitted by law;
(h) An allowance for reasonable working capital and inventory;
(i) Cost of funding environmental compliance; Actual costs of Operations; and
(k) Rental, royalty, production and purchase payments.
Income and Expenses. Except as set forth in this Section 5.6 “Taxes, Prorations and Closing Costs,” all items of income and expense, including rents and other charges under the Assigned Contracts, in each case, for the period prior to the Closing, will be for the account of Seller or TOPIII, and all items of income and expense, including rents and other charges under the Assigned Contracts, for the period on and after the Closing will be for the account of Purchaser, all as determined by the accrual method of accounting. If either Party actually receives any rents or other charges under the Assigned Contracts that are, in whole or in part, designated as payments for the period credited to the other Party under this Section 5.6(b) “Income and Expenses,” the recipient will, within a reasonable period of time, remit such amounts to the other Party.
Income and Expenses. Net Proceeds shall be calculated by deducting from the Gross Revenue (as defined below) realized (or deemed to be realized), such costs and expenses attributable to Exploration, Development, Mining, the marketing of Products and other Operations as would be deductible under generally accepted accounting principles and practices consistently applied, including without limitation:
(a) All costs and expenses of replacing, expanding, modifying, altering or changing from time to time the Mining facilities. Costs and expenses of improvements (such as haulage ways or mill facilities) that are also used in connection with workings other than the Properties shall be charged to the Properties only in the proportion that theft use in connection with the Properties bears to their total use;
(b) Ad valorem real property and unsecured personal property taxes, and all taxes, other than income taxes, applicable to Mining of the Properties, including without limitation all state mining taxes, sales taxes, severance taxes, license fees and governmental levies of a similar nature;
Income and Expenses. All other income and expenses of the Property, including, but not limited to such things as restaurant and snack bar income and expenses and the like.
Income and Expenses. Income and expenses, including service contracts assumed by Buyer, general and special assessments, and sewer, water and other utility costs pertaining to the Property will be prorated as of the Closing Date on an accrual basis and paid at Closing as a credit or debit adjustment to the Purchase Price. Invoices that are received after Closing for operating expenses incurred on or before the Closing Date and not adjusted at Closing will be prorated between the parties as of the Closing Date, and Seller will pay its share within ten days after receipt of Buyer’s notice of the deficiency.
Income and Expenses. Certain income and expenses in respect to the Property shall be allocated between Seller and Purchaser as follows or as otherwise agreed in writing between Seller and Purchaser: PURCHASE AGREEMENT (a) Seller and Purchaser agree to adjust, as of 11:59 p.m. Dallas, Texas time on the day immediately preceding the Closing Date (the “Closing Time”), the following (collectively, the “Proration Items”): real estate and personal property taxes and assessments, utility bills (except as hereinafter provided), collected Rentals (defined below) and Operating Expenses (defined below) payable by the owner of the Property (subject to the terms of (c) below). Seller will be charged and credited for the amounts of all of the Proration Items relating to the period up to and including the Closing Time, and Purchaser will be charged and credited for all of the Proration Items relating to the period after the Closing Time. Such preliminary estimated Closing prorations shall be set forth on a preliminary closing statement to be prepared by Seller and submitted to Purchaser for Purchaser’s approval (which approval shall not be unreasonably withheld, delayed or conditioned) at least three (3) business days prior to the Closing Date (the “Closing Statement”). The Closing Statement, once agreed upon, shall be signed by Purchaser and Seller and delivered to the Title Company for purposes of making the preliminary proration adjustment at Closing subject to the final cash settlement provided for below. Unless otherwise agreed in writing between Seller and Purchaser, the preliminary proration shall be paid at Closing by Purchaser to Seller (if the preliminary prorations result in a net credit to Seller) or by Seller to Purchaser (if the preliminary prorations result in a net credit to Purchaser) by increasing or reducing the cash to be delivered by Purchaser in payment of the Purchase Price at the Closing. If the actual amounts of the Proration Items are not known as of the Closing Time, the prorations will be made at Closing on the basis of the best evidence then available; thereafter, when actual figures are received, re-prorations will be made on the basis of the actual figures, and a final cash settlement will be made between Seller and Purchaser. No prorations will be made in relation to insurance premiums, and Seller’s insurance policies will not be assigned to Purchaser. Final readings and final bxxxxxxx for utilities will be made if possible as of the Closing Time, in which eve...
Income and Expenses. (1) The income of the CARICOM Development Fund shall be -
(a) interest, fees and charges on loans; and
(b) income from investments made in accordance with Article XVIII.
(2) The administrative expenses relating directly to the operations of the CARICOM Development Fund shall be charged to the income of the CARICOM Development Fund.
Income and Expenses. Accounts receivable, profits, rents, interest and other revenue, utilities charges, maintenance costs, and other expenses of the Property, if any, shall be prorated to the Closing Date, based upon the actual number of days involved. All accounts payable and all other expenses relating or attributable to periods prior to Closing shall be paid by Seller. The provisions of this Section 5.6 shall survive the Closing.
Income and Expenses. All income and expense with respect to the Seller’s business shall be prorated as of the Closing Date. Any continuing services for which a separate bilx xxrough the Closing Date cannot be obtained shall be prorated as of the Closing Date when received, and if unpaid as of the Closing Date, shall be paid by the appropriate party within fifteen (15) days after reasonable proof of payment of such charge is submitted. The Seller shall pay all obligations of the Company up through the day before the Closing Date.
Income and Expenses. All income and expenses of the Real Property and Improvements. All rents prepaid for a portion of the term on or after the Closing, shall be paid by credit to Buyer at the Closing. All other income and expense items subject to proration pertaining to the period prior to the Closing Date will be allocated to and paid by Seller and all income and expense items subject to proration pertaining to the period starting on the Closing Date will be allocated to and paid by Buyer. Seller is responsible for lease commissions due Seller's employees and locater fees for leases under which the tenant moves into a unit prior to the Closing Date. All non-refundable and fully earned application fees which are not prepaid security deposits shall be retained by Seller. Any income receivable in connection with any service contract will be prorated, but no lump sum or up front payments paid to Seller with respect to any service contract will be prorated. Except as provided in subsection (vi) below, Rent will be prorated based on the Rent Roll provided by Seller at the Closing as provided in subsection 8(b)(i), including collected and uncollected rent for the month of Closing. No later than three (3) business days prior to the Closing Date, Buyer and Seller shall mutually approve and provide to the Title Company a schedule of prorations in as complete and accurate a form as possible. No later than sixty (60) days after the Closing, Seller and Buyer shall make appropriate post-Closing adjustments to the prorations of income and expenses but in no event will any readjustment be made after the 180th day after the Closing Date, other than a readjustment of ad valorem taxes and assessments.
