Respective Interests Clause Samples
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Respective Interests a. British Columbia and Nak’azdli have undertaken a shared commitment to strengthening relationships and to focusing efforts to address Nak’azdli’s socio-economic needs, which requires a relationship between Nak’azdli and British Columbia based on enhanced collaboration, effective working partnerships and mutual respect and accountability.
b. British Columbia is committed to facilitating and developing a thriving, competitive, safe and environmentally responsible mineral resource sector, and for increasing contributions to the local and provincial economy for the benefit of all British Columbians.
c. Nak’azdli is committed to ensuring the long term environmental protection of the Nak’azdli Territory while working with British Columbia to ensure that economic benefits from Nak’azdli Territory address Nak’azdli’s socio-economic needs.
d. British Columbia and Nak’azdli acknowledge how Nak’azdli’s support of the Project through this agreement assists in the realization of contributions to the local economy for the benefit of Nak’azdli and other communities in the region.
e. The Parties agree that it is not the intention of either party to replace or diminish any financial or other benefits under any agreement between the Proponent and Nak’azdli with the financial benefits under this Agreement.
Respective Interests. The policies of insurance provided for in Section 14.1 shall name the Landlord as an insured and shall be payable to the Landlord, the Tenant and the Tenant's Mortgagee, as their respective interests may appear, and any loss adjustment shall require the written consent of each of them with an interest therein. The parties hereto agree that the proceeds paid by any such insurer shall be applied to reconstruct the Premises and the Landlord, the Tenant and the Tenant's Mortgagee shall take all such actions to ensure that such funds are so applied; provided however, that if the Tenant is not required to commence and complete reconstruction of the Premises in accordance with Section 12.3 and elects not to do so, or if this Lease is terminated pursuant to either Subsections 12.2(a) or 12.2(b) or Section 12.3, the proceeds from the insurance shall be applied, in priority, as follows:
(a) first, towards payment of all moneys owing on the Tenant's Mortgagee's mortgage (including without limitation, any yield maintenance fee or similar amount);
(b) second, but only if and to the extent required by the Landlord or the Tenant, toward clearing and restoring the Lands as nearly as possible to their condition prior to the commencement of construction;
(c) third, towards payment of all moneys payable to the Landlord under this Lease; and
(d) fourth, in payment to the Landlord and the Tenant in accordance with their interests therein, and upon such application of the insurance proceeds, if this Lease has been terminated, then this Lease shall be of no further force or effect, or if this Lease has not been terminated, then the Tenant shall not be obligated to repair or rebuild or restore.
Respective Interests. The policies of insurance provided for in paragraph 14.1 shall name the Landlord as an insured and shall be payable to the Landlord and the Tenant, as their respective interests may appear, and any loss adjustment shall require the written consent of each of them with an interest therein. The parties hereto agree that the proceeds paid by any such insurer shall be applied to reconstruct the Premises provided however that if this Lease is terminated pursuant to either paragraph 12.2(a) or 12.2(b) or 12.3, the proceeds from the insurance shall firstly be used to demolish the Premises (including the foundations or other underground improvements), remove all debris and level the Lands at the grade level of the surrounding lands and roads, all to the satisfaction of the Landlord, the balance, if any, shall be paid to the Tenant.
Respective Interests. Each Partner's voting rights, distribution rights, and all other rights and responsibilities shall be determined pro rata. “Pro rata” means determined in accordance with each Partner's percentage ownership interest rather than giving each Partner equal weight or an equal distribution. Any reference to an action by the Partners or any distribution, capital call, or other quantifiable right or obligation shall mean pro rata.
Respective Interests. On the Operative Date the respective Interests of the Parties shall be equal to the respective Interests which the Parties hold by reason of the operation of this Agreement (which shall initially be fifty percent (50%) for each of the Optionor and the Optionee hereunder but which may become sixty percent (60%) for the Optionee and forty percent (40%) for the Optionor upon Optionee's exercise of the Second Option in accordance with the terms of this Agreement).