Principal Business Terms Sample Clauses

Principal Business Terms. Base Fee —the sum of (i) four percent (4%) (subject to possible increase to 6% as provided in Section 4.1) of Gross Operating Revenue, where GOR is reduced by the TPOA Net Operating Income in respect of all Third Party Operated Areas,(“AGOR”), plus (ii) in each case, ten percent (10%) (subject to increase to 15% as provided in Section 4.1) of the TPOA Net Operating Income in respect of all Third Party Operated Areas, for each month during the Term (including any partial month at the commencement and expiration or termination of the Term), provided that in no event shall the Base Fee be less than US$500,000 for each Operating Year. For the avoidance of doubt, all GOR from Third-Party Licensed Areas shall be included in the calculation of GOR. Incentive Fee — 20% of XXXX, if any, for each Operating Year during the Term. XXXX — with respect to each Operating Year, the excess of Gross Operating Profit for such Operating Year over the sum of the following amounts attributable to such Operating Year: (a) the Base Fee; (b) real property and personal property taxes; (c) all insurance premiums paid for any insurance policies maintained with respect to the Hotel; and (d) the Reserve Fund Contribution for such Operating Year to the extent actually made and not exceeding four percent (4%) of Gross Operating Revenue; and (e) Owner’s Priority Return; provided, however, that if the Operating Year is less than a full calendar year, then any amounts used in determining the XXXX shall be pro rated accordingly for such partial Operating Year. For the avoidance of doubt, GOR expressly includes all TPOA Net Operating Income when calculated for the determination of Gross Operating Profit for these purposes. Reserve Fund Contribution — The following percentages of Gross Operating Revenues or such greater amount as may be required by Owner’s Lender. Year Percentage
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Principal Business Terms. The following are the business terms upon which Teknik and Quicksilver are willing to enter into this arrangement for services related to the Product, under the terms of a full Teaming Agreement to be negotiated between the parties: Relationship: Software development project to create a mobile phone chat application, the Product, that can be offered through a number of cellular phone service providers and can be used by the parties as a technological base for future products. Full production will begin on May 23, 2003. The parties intend to establish a long-term mutual product development relationship for the Product and other products which they may mutually choose to develop, Major management decisions will be made by a small “Governing Board” comprised of members from both organizations. Teknik will provide financial backing for development costs and ongoing maintenance; Quicksilver will provide technical expertise and manpower. The parties will share all revenues derived from the Product after Direct Expenses in an equitable percentage as defined in this document. Teknik shall own the resulting intellectual property. This arrangement is commonly known as a “Teaming Agreement.” Teaming Details: This section summarizes key details which will be more fully defined by the Teaming Agreement:
Sample 1
Principal Business Terms 
Sample 1

Related to Principal Business Terms

  • Principal Business Office The principal business office of the Company shall be located at 20000 Xxxxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxxxx 00000 or such other location as may hereafter be determined by the Member.

  • Separate Business CAC shall not: (i) fail to maintain separate books, financial statements, accounting records and other corporate documents from those of Funding; (ii) commingle any of its assets or the assets of any of its Affiliates with those of Funding (except to the extent that CAC acts as the Servicer of the Loans); (iii) pay from its own assets any obligation or indebtedness of any kind incurred by Funding (or the Trust); and (iv) directly, or through any of its Affiliates, borrow funds or accept credit or guaranties from Funding.

  • General Business Operations Each of the Loan Parties shall (i) preserve, renew and maintain in full force its legal existence and good standing under the Governmental Rules of the jurisdiction of its organization and each other jurisdiction where the failure to so preserve, renew or maintain could result in a Material Adverse Effect, and all of its rights, licenses, leases, qualifications, privileges franchises and other authority reasonably necessary to the conduct of its business, (ii) conduct its business activities in compliance with all Legal Requirements and Contractual Obligations applicable to such Person, (iii) keep all Property useful and necessary in its business in good working order and condition, ordinary wear and tear excepted and from time to time make, or cause to be made, all necessary and proper repairs, except, in each case, where any failure, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect, (iv) maintain, preserve and protect all of its rights to enjoy and use material trademarks, trade names, service marks, patents, copyrights, licenses, leases, franchise agreements and franchise registrations (v) conduct its business in an orderly manner without voluntary interruption. The Borrower shall maintain its chief executive office and principal place of business in the United States.

  • Local Business Day The definition of Local Business Day in Section 14 is hereby amended by the addition of the words “or any Credit Support Document” after “Section 2(a)(i)” and the addition of the words “or Credit Support Document” after “Confirmation”.

  • Business Time The Executive agrees to devote his full business time to the business and affairs of the Company and to use his best efforts to perform faithfully and efficiently the responsibilities assigned to him hereunder, to the extent necessary to discharge such responsibilities, except for:

  • Annual Business Plan As soon as available and in any event no later than 120 days after the end of each Fiscal Year, a Business Plan.

  • Principal Location Such Grantor’s mailing address and the location of its place of business (if it has only one) or its chief executive office (if it has more than one place of business), are disclosed in Exhibit A; such Grantor has no other places of business except those set forth in Exhibit A.

  • Outside Businesses Subject to the provisions of Section 6.3, any Covered Person, the Sponsor, the Delaware Trustee and the Property Trustee may engage in or possess an interest in other business ventures of any nature or description, independently or with others, similar or dissimilar to the activities of the Trust, and the Trust and the Holders of Securities shall have no rights by virtue of this Trust Agreement in and to such independent ventures or the income or profits derived therefrom, and the pursuit of any such venture, even if competitive with the activities of the Trust, shall not be deemed wrongful or improper. No Covered Person, the Sponsor, the Delaware Trustee or the Property Trustee shall be obligated to present any particular investment or other opportunity to the Trust even if such opportunity is of a character that, if presented to the Trust, could be taken by the Trust, and any Covered Person, the Sponsor, the Delaware Trustee and the Property Trustee shall have the right to take for its own account (individually or as a partner or fiduciary) or to recommend to others any such particular investment or other opportunity. Any Covered Person, the Delaware Trustee and the Property Trustee may engage or be interested in any financial or other transaction with the Sponsor or any Affiliate of the Sponsor, or may act as depositary for, trustee or agent for, or act on any committee or body of holders of, securities or other obligations of the Sponsor or its Affiliates.

  • Services to Other Clients; Certain Affiliated Activities (a) The relationship between the Asset Manager and the Series is as described in this Agreement and nothing in this Agreement, none of the services to be provided pursuant to this Agreement, nor any other matter, shall oblige the Asset Manager to accept responsibilities that are more extensive than those set forth in this Agreement.

  • Competitive Business Activities The term "Competitive Business Activities" as used herein shall be deemed to mean the Business.

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