Net Proceeds of Property Development Activities Sample Clauses

Net Proceeds of Property Development Activities. (a) For the purpose of this clause, Net Proceeds means an amount calculated using the following formula: GP – C = Net Proceeds where: (b) The Trustee must allocate some or all of the Net Proceeds as follows: (i) 10% to remain in the Development Land Fund, if the Trustee considers in its absolute discretion that it is appropriate to do so; (ii) to the Noongar Future Fund, where the Net Proceeds of the Property Development Activities have arisen from Development Land that was accepted by the Trustee specifically for the purpose of increasing the Noongar Future Fund; (iii) to a specific Sub Fund, where the Net Proceeds are derived from land accepted by the Trustee pursuant to clause 6.1(c) from a Contributor for a particular purpose that is consistent with the Trust Purpose and held in that same Sub Fund for that purpose pursuant to clause 6.3(a)(ii); (iv) as the Trustee determines in consultation with the: A. Noongar Advisory Company; B. Noongar Relationship Committee; and C. State, during the State Contribution Period; and (v) where the Property Development Activity relates to land located within a Region, and unless the Trustee determines otherwise in accordance with clauses 11.5(b)(i) – (iv):