Common use of Profit Sharing Arrangements Clause in Contracts

Profit Sharing Arrangements. Enter into any partnership, profit-sharing or royalty agreement or other similar arrangement whereby the Borrowers' income or profits are, or might be, shared with any other Person, except with other Guarantor Subsidiaries wholly-owned by the Guarantor, provided that towage agreements whereby remuneration is based on a percentage of freight earned shall not be deemed profit-sharing;

Profit Sharing Arrangements. Enter into any partnership, profit-sharing or royalty agreement or other similar arrangement whereby the Borrowers' Borrower's income or profits are, or might be, shared with any other Person, except with other Guarantor Subsidiaries wholly-owned by the Guarantor, provided that towage agreements agreement whereby remuneration is based on a percentage of freight earned shall not be deemed profit-sharing;

Profit Sharing Arrangements. Enter into any partnership, profit-sharing or royalty agreement or other similar arrangement whereby the Borrowers' such Borrower's income or profits are, or might be, shared with any other Person, except with other Guarantor Subsidiaries wholly-owned by the Guarantor, provided that towage agreements agreement whereby remuneration is based on a percentage of freight earned shall not be deemed profit-sharing;