Payment of Net Profits Interest Sample Clauses

Payment of Net Profits Interest. Except as provided in paragraphs 3 and 5, the Company hereby agrees to pay to Xxxxx 20% of Net Profits (the "Net Profit Interest") tor all ores and minerals mined or otherwise recovered and removed from the Company's mining claims, (as such are presently constituted), that are milled in the Mill and thereafter sold by or for the account of the Company after processing, smelting or refining ("Ores and Minerals"). "Net Profits" means the amount actually received by the Company from the sale of Ores and Minerals less, but only to the extent actually incurred and born by the Company (and its subsidiaries, if any): (1) charges and costs, if any, for mining, [1] extraction, ------------------ [1] Mining costs shall mean costs and expenses accrued or incurred in accordance with generally accepted accounting principals by the Company in exploring for, developing, mining, extracting, removing, and transporting to the Mill Ores and Minerals. Such costs and expenses shall include, without limitation, those incurred for labor, milling, [2] treatment, processing, or other beneficiation, including but not limited to crushing and screening; (2) charges and costs, if any, for exploration and development; (3) charges and costs, if any, for transportation to places where Ores and Minerals are milled, treated, processed or otherwise beneficiatcd, smelted, refined and sold; (4) charges, costs and penalties, if any, for smelting, refining and marketing; (5) operating costs of the Company, including general and administrative expenses, 3 relative to and not otherwise covered by the foregoing described items; (6) depreciation; (7) sales, use, gross receipts, severance and other taxes, if any, payable with respect to severance, production, removal, sale or disposition of Ores and Minerals, but excluding any taxes on net income; and (8) real and personal property taxes. The Net Profits Interest shall be paid by the Company to Xxxxx on or before the 45th day after the last day of the Company's fiscal quarter in which the Company receives payment for sale of the Ores and Minerals. The Company agrees to keep full, true, and accurate records and books of account of all transactions connected with its business and particularly with respect to its calculation of the Net Profits Interest. Xxxxx shall have the right to examine and inspect such of the records and books of account of the Company at any reasonable time during normal business hours as are reasonably necessary to verify the ac...
Sample 1
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Payment of Net Profits Interest. (a) In the event of a Sale, Owner shall pay to Xxxx on the date of the closing of such Sale an amount equal to the Net Profits from such Sale multiplied by the Net Profits Interest of Xxxx, unless such Sale is made (subject to Xxxx’x approval as hereinafter specified), partially or wholly, by means of the taking back by Owner of a purchase money note, in which case Xxxx’x Net Profits Interest shall apply to all sums, including interest, received and shall be paid as received. In such event Owner shall endorse, execute and deliver to Xxxx such documents and instruments, including, without limitation, the purchase money note (endorsed as reasonably required by Xxxx) and a collateral transfer of note and lien, as Xxxx may reasonably require, to evidence and secure its Net Profits Interest in regard to such purchase money note and otherwise. It is understood and agreed that a sale of the Property by Owner which will involve the issuance of a purchase money note must first be approved in writing by Xxxx in its sole discretion. Nothing herein contained will limit or otherwise affect any of Xxxx’x rights under the Mortgages, as hereinafter defined, securing the obligations of Owner hereunder.
Sample 1
Payment of Net Profits Interest. (a) The Borrower hereby grants, conveys, sells and assigns to Payee and covenants and agrees to pay unto Payee the product of (a) Distributable Cash Flow multiplied by (b) the Applicable NPI (such product, the “Net Profits Interest”). The calculation of Distributable Cash Flow shall commence on the Loan Repayment Date and the Borrower shall pay to Payee the Net Profits Interest commencing with the first Payment Period.
Sample 1
Payment of Net Profits Interest. Payments of Net Profits Interest shall commence in the calendar quarter following the calendar quarter in which Net Profits Interest are first realized, and shall be made forty-five (45) days following the end of each calendar quarter during which Net Profits Interest are realized, and shall be subject to adjustment, if required, at the end of each calendar year. The recipient of such Net Profits Interest payments shall have the right to audit such payments following receipt of each payment by giving notice to the remaining Party and by conducting such audit in accordance with the terms agreed to by the Parties. Costs of such an audit shall be borne by the holder of the Net Profits Interest described herein.
Sample 1
Payment of Net Profits Interest. Under this Conveyance of the Net Profits Interest, the Company will calculate and pay, for each quarterly period commencing the first day of December, March, June, September, an amount (the "NPI Payment") equal to the NPI Percent of the Net Profits from the Property for the period. Payment of the NPI Payment shall be mailed on or before 30 days after the end of the period. "
Sample 1

Related to Payment of Net Profits Interest

  • Profits Interests (a) Class B Units are intended to qualify as a “profits interest” in the Partnership issued to a new or existing Partner in a partner capacity for services performed or to be performed to or for the benefit of the Partnership within the meaning of Rev. Proc. 93-27, 1993-2 C.B. 343, and Rev. Proc. 2001-43, 2001-2 C.B. 191, the Code, the Regulations, and other future guidance provided by the IRS with respect thereto, and the allocations under subparagraph 1(c)(ii) of Exhibit B shall be interpreted in a manner that is consistent therewith.

  • Allocation of Net Deferred Interest For any Distribution Date, the Net Deferred Interest on the Mortgage Loans will be allocated among the Classes of Certificates (or, with respect to the Class X Certificates, the Class PO Certificates) in proportion to the excess, if any, for each such Class of (i) the Monthly Interest Distributable Amount accrued at the Pass-Through Rate for such Class, over (ii) the amount of the Monthly Interest Distributable Amount for such Class calculated at the applicable Adjusted Cap Rate for such Class. On each Distribution Date, any amount of Net Deferred Interest allocable to a Class of Certificates (other than the Interest-Only Certificates) on such Distribution Date will be added as principal to the outstanding Class Principal Balance of such Class of Certificates. With respect to the Class X Certificates and each Distribution Date, any amount of Net Deferred Interest added to the Principal Balances of the related Mortgage Loans that is allocated to the Class X Certificates on such Distribution Date will be added as principal to the outstanding Class Principal Balance of the Class PO Certificates.

  • Allocation of Net Profits and Net Losses As of the last day of each Fiscal Period, any Net Profits or Net Losses for the Fiscal Period shall be allocated among and credited to or debited against the Capital Accounts of the Members in accordance with their respective Investment Percentages for such Fiscal Period.

  • Allocations of Net Profits and Net Losses (a) After giving effect to the allocations under Sections 4.2 and 7.1(b)(v), Net Profits and Net Losses and all related items of income, gain, loss, deduction and credit for each Fiscal Period shall be allocated among the Members in such manner as shall cause the Capital Accounts of each Member to equal, as nearly as possible, (i) the amount such Member would receive if all assets on hand at the end of such year were sold for cash at the Carrying Values of such assets, all liabilities were satisfied in cash in accordance with their terms (limited in the case of Member Nonrecourse Debt and Company Nonrecourse Liabilities to the Carrying Value of the assets securing such liabilities), and any remaining or resulting cash was distributed to the Members under Section 4.4(a), minus (ii) an amount equal to such Member’s allocable share of Minimum Gain as computed immediately prior to the deemed sale described in clause (i) above in accordance with the applicable Treasury Regulations, and minus (iii) the amount any such Member is treated as obligated to contribute to the Company, computed immediately after the deemed sale described in clause (i) above.

  • Payment of normal interest Subject to the provisions of this Agreement, interest on the Loan in respect of each Interest Period shall be paid by the Borrower on the last day of that Interest Period.

  • Distribution of Net Cash Flow Net Cash Flow shall be distributed among the Partners in accordance with their Partnership Percentages at such times and in such amounts as shall be determined by the General Partner.

  • Determination of Net Asset Value, Net Income and Distributions Subject to applicable federal law including the 1940 Act and Section 3.6 hereof, the Trustees, in their sole discretion, may prescribe (and delegate to any officer of the Trust or any other Person or Persons the right and obligation to prescribe) such bases and time (including any methodology or plan) for determining the per Share or net asset value of the Shares of the Trust or any Series or Class or net income attributable to the Shares of the Trust or any Series or Class, or the declaration and payment of dividends and distributions on the Shares of the Trust or any Series or Class and the method of determining the Shareholders to whom dividends and distributions are payable, as they may deem necessary or desirable. Without limiting the generality of the foregoing, but subject to applicable federal law including the 1940 Act, any dividend or distribution may be paid in cash and/or securities or other property, and the composition of any such distribution shall be determined by the Trustees (or by any officer of the Trust or any other Person or Persons to whom such authority has been delegated by the Trustees) and may be different among Shareholders including differences among Shareholders of the same Series or Class.

  • Allocation of Net Income and Net Loss Net Income or Net Loss of the Partnership shall be determined as of the end of each calendar year and as of the end of any interim period extending through the day immediately preceding any (i) disproportionate Capital Contribution, (ii) disproportionate distribution, (iii) Transfer of a Partnership Interest in accordance with the terms of this Agreement, or (iv) Withdrawal Event. If a calendar year includes an interim period, the determination of Net Income or Net Loss for the period extending through the last day of the calendar year shall include only that period of less than twelve (12) months occurring from the day immediately following the last day of the latest interim period during the calendar year and extending through the last day of the calendar year. For all purposes, including income tax purposes, Net Income, if any, of the Partnership for each calendar year or interim period shall be allocated among the Partners in proportion to their respective Partnership Percentages for the calendar year or interim period. In the event of a Net Loss for a particular calendar year or interim period, then, for such calendar year or interim period, the Net Loss for such calendar year or interim period shall be allocated among the Partners in proportion to their respective Partnership Percentages for the calendar year or interim period.

  • Deferred Interest Not applicable.

  • Contribution Rights In order to provide for just and equitable contribution under the Act in any case in which: (i) any person entitled to indemnification under this Section 5 makes a claim for indemnification pursuant hereto but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case notwithstanding the fact that this Section 5 provides for indemnification in such case; or (ii) contribution under the Act, the Exchange Act or otherwise may be required on the part of any such person in circumstances for which indemnification is provided under this Section 5, then, and in each such case, the Company and the Underwriters shall contribute to the aggregate losses, liabilities, claims, damages and expenses of the nature contemplated by said indemnity agreement incurred by the Company and the Underwriters, as incurred, in such proportions that the Underwriters are responsible for that portion represented by the percentage that the underwriting discount appearing on the cover page of the Prospectus bears to the initial offering price appearing thereon and the Company is responsible for the balance; provided, that, no person guilty of a fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. Notwithstanding the provisions of this Section 5.3.1, no Underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the Public Securities underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages that such Underwriter has otherwise been required to pay in respect of such losses, liabilities, claims, damages and expenses. For purposes of this Section, each director, officer and employee of an Underwriter or the Company, as applicable, and each person, if any, who controls an Underwriter or the Company, as applicable, within the meaning of Section 15 of the Act shall have the same rights to contribution as the Underwriters or the Company, as applicable.

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