Payment to Owner Clause Samples
The 'Payment to Owner' clause establishes the obligation for one party, typically the buyer or client, to make payments to the owner of a project, property, or asset as specified in the contract. This clause outlines the timing, method, and conditions under which payments must be made, such as upon completion of certain milestones or delivery of goods and services. By clearly defining payment terms, it ensures that the owner receives compensation as agreed, reducing the risk of disputes and providing financial security for the owner.
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Payment to Owner. The consideration to be received by Owner pursuant to Section 3 of this Agreement shall be paid by the ▇▇▇▇▇▇▇ Parties to Owner for any given month promptly after the ▇▇▇▇▇▇▇ Parties actually receive funds for NGLs purchased by the ▇▇▇▇▇▇▇ Parties and resold pursuant to this agreement for such month, and in any event on or before the date that is ten (10) days after the date upon which the ▇▇▇▇▇▇▇ Parties actually receive funds for NGLs purchased by the ▇▇▇▇▇▇▇ Parties and resold pursuant to this agreement from the applicable purchasers of such NGLs for a given month, along with a detailed statement describing such amounts payable to Owner. If the ▇▇▇▇▇▇▇ Parties or Owner fail(s) to make any payment to the other when due hereunder (the “Payment Due Date”) then, (i) beginning on the first day after the Payment Due Date (and continuing until the day such payment is made pursuant to this Section 4), interest shall accrue on the amount of any such payment not so paid at a rate equal to the lesser of (a) the then-applicable prime rate (as then most recently published in The Wall Street Journal) plus three percent (3%) and (b) the maximum rate permitted by applicable law and (ii) if, within the one hundred and eighty (180) day period following the Payment Due Date applicable to such payment, the owing Party(ies) has(have) failed to make such payment to the owed Party(ies), then the owed Party(ies) shall have the right (in addition to all other rights and remedies available to the owed Party(ies) at law or in equity with respect to such non-payment), upon thirty (30) days’ written notice to the owing Party(ies), to terminate this Agreement. Unless otherwise consented to in writing by the Parties, all payments due hereunder shall be made by the owing Party(ies) to the owed Party(ies) via wire transfer of immediately available U.S. dollars to the accounts set forth below (or to any other account or accounts as specified in writing from time to time by the Parties): If to Owner: [·] [·] [·] [·] If to the ▇▇▇▇▇▇▇ Parties: [·] [·] [·] [·]
Payment to Owner. As contemplated pursuant to Section 2.3, from time to time Owner may direct the Manager to transfer to an account specified by Owner funds in accounts maintained for Owner by the Manager that Owner and the Manager agree are not necessary for the conduct of Owner’s business as contemplated by the Budget then in effect (for purposes of determining the funds necessary to be retained, taking into account, among other items, funds required in accordance with the Budget then in effect for working capital purposes, reserves for capital expenditures and reserves for an approved Property Acquisition; provided, however, that if in accordance with the direction by Owner of the Manager in accordance with Section 2.3 or Section 3.4 or otherwise an activity contemplated in the Budget then in effect and for which funds are retained is abandoned, cancelled or otherwise not consummated, then any remaining funds retained therefor will then be transferred to Owner).
Payment to Owner. As contemplated pursuant to Section 2.2, the Owner may, from time to time, direct the Manager to transfer to an account specified by the Owner funds in accounts maintained for Owner by the Manager that the Owner and the Manager mutually agree are not necessary for the conduct of the Owner’s business as contemplated by the Budget then in effect (for purposes of determining the funds necessary to be retained, taking into account, among other items, funds required in accordance with the Budget then in effect for working capital purposes, reserves for capital expenditures, reserves for payments due to the Manager pursuant to Article V and reserves for an approved Property Acquisition; provided, however, that if in accordance with the direction by Owner of the Manager in accordance with Section 2.2 or Section 3.4 or otherwise an activity contemplated in the Budget then in effect and for which funds are retained is not consummated, then any remaining funds reserved therefor will then be transferred to the Owner pursuant to this Section 3.5).
Payment to Owner. Agent shall pay Owner net income from the Managed Properties on a monthly basis. Net income means the amounts collected by Agent for Managed Properties (for rent and other fees due to Owner from tenants) less Agent’s fees, per Section 5 below, and any and all bills Owner authorizes Agent to pay on Owner’s behalf. Notwithstanding Agent’s obligation to forward net income, Agent shall be entitled to keep _ in its operating account to pay for unforeseen or irregular expenses (including but not limited to repairs or bills) for Owner’s Managed Properties so that Agent is not prevented from performing its duties hereunder due to a lack of cash on hand. In no event will Agent advance its own funds on Owner’s behalf – Owner must always keep sufficient cash in Agent’s operating trust account to cover such expenses. The parties may amend the above amount in a writing signed by both parties.
Payment to Owner. Manager shall, on a monthly basis, provide Owner with an activity report showing revenue and expenses of the Adventure Park for the prior period. Additionally, Manager shall make a payment to Owner, on a quarterly basis, in the amount of three percent (3%) of the net revenue of the Adventure Park. These payments shall be made by the 20th day of the month following the close of the preceding quarter. For the purposes hereof, the net revenue shall equal the gross revenue for all activities less the amount returned to customers as returns, allowances or refunds. Owner may audit the activity report and calculation of Owner’s payment for up to the prior six months of activity upon reasonable request, which request shall be made not more than two (2) times in any calendar year. Owner shall pay the cost of the audit and shall reimburse Manager for its time in responding to the audit if the results of the audit show Manager’s report to be accurate. Manager shall retain for its own account the remaining revenue (if any) after payment of operational expenses and the payment to Owner as herein described.
Payment to Owner. Manager shall prepare monthly a statement showing all receipts and payments relating to Unit during the preceding calendar month, which statement shall be mailed to Owner no later than the 25th day of the following calendar month. Manager shall be entitled to retain $1,000.00 of the receipts in escrow for a working capital fund. When there is a surplus of funds, after deducting the $1,000.00 working capital fund, the surplus shall be paid to Owner by the 25th day of the calendar month following the calendar month to which the surplus relates, or as soon as thereafter as is practicable. Owner acknowledges and agrees that all funds including reservations, deposits and owner balances may be placed in an interest bearing account and that such interest will accrue to Management Company.
Payment to Owner. As contemplated pursuant to Section 2.2, the Owner may, from time to time, direct the Manager to transfer to an account specified by the Owner funds in accounts maintained for Owner by the Manager that the Owner and the Manager mutually agree either (a) are not necessary for the conduct of the Owner’s business as contemplated by the Budget then in effect (for purposes of determining the funds necessary to be retained, taking into account, among other items, funds required in accordance with the Budget then in effect for working capital purposes, reserves for capital expenditures, reserves for payments due to the Manager pursuant to Article V and reserves for an approved Property Acquisition; provided, however, that if in accordance with the direction by Owner of the Manager in accordance with Section 2.2 or Section 3.4 or otherwise an activity contemplated in the Budget then in effect and for which funds are retained is not consummated, then any remaining funds reserved therefor will then be transferred to the Owner pursuant to this Section 3.5); or (b) constitute proceeds from the sale of Common Units in the Offering that prior to the first anniversary of the Offering Termination Date have not been used or committed for use in the acquisition, development or operation of Assets or in the operation of Owner’s business and are determined not to be necessary to fund the operating or working capital necessary for the Owner’s operations, including operations by the Manager and its Affiliates pursuant to this Agreement.
Payment to Owner. By the 25th of each month, GR&R shall disburse all monies due to OWNER from that month. OWNER shall be entitled to the periodic rental payment minus GR&R’s fee and other expenses necessary to manage the PROPERTY in fulfillment of this Agreement. ARTICLE III - ACCOUNTS, REPORTS, and RECORDS
3.1 OWNER’S ACCOUNT. GR&R shall maintain an account in trust for the OWNER for GR&R’s use in managing the PROPERTY. GR&R shall maintain OWNER’S account in accordance with Colorado Real Estate Commission rules and common practice. GR&R shall disburse funds from OWNER’S account to pay all bills incurred in the management of the Property, including GR&R’S fee. In the event there are insufficient funds in the OWNER’S account to pay these bills, GR&R shall notify OWNER of this insufficiency and OWNER shall deliver to GR&R an amount to cover the insufficiency and any additional penalties assessed as a result of the insufficiency within 10 business days of receiving the insufficiency notice from GR&R. Deficit balances in OWNER’S account shall bear 18% annual interest payable to GR&R.
Payment to Owner. The Agent shall pay to the Owner the net income from the Property or a portion of the net from the Property as directed by the Owner in the following manner:_
Payment to Owner. After collecting all rents and paying all expenses as outlined on this agreement, Agent shall disperse net income to Owner on the 15th of each month. If the 15th is on a holiday or a weekend, funds will be dispersed the following regular business day.