Revenue Distributions. Seller shall be entitled to all Net Revenues earned (on an accrual basis) as called for under the Prior Management Agreements for all periods prior to the Closing Date. Seller has not directly or indirectly received any prepayment or distribution of Net Revenues or other distributions (including casualty payments) for any period on or after the Closing Date. As of the Closing Date, Seller has paid or satisfied all prior operating deficit balances relating to periods of allocated expenses in excess of allocated revenues, and there are no accrued deficits which could be offset against Net Revenues allocable to Buyer hereunder.
Revenue Distributions. Seller shall be entitled to all Net Revenues earned (on an accrual basis) as called for under the Lease Agreements for all periods prior to October 1, 2006. Seller has not directly or indirectly received any prepayment or distribution of Net Revenues or other distributions (including casualty payments) for any period on or after October 1, 2006. Seller has no liability under the Lease Agreements for any operating deficit balances relating to periods prior to the Effective Date, and there are no accrued deficits which could be offset against Net Revenues allocable to Buyer hereunder.
Revenue Distributions. (1) Seller shall retain the responsibility for distribution of revenues attributable to production prior to Closing. Such distribution shall be conducted by Seller through Seller's sales cutoff during the second month following the month of Closing.
(2) In the event Seller should receive revenues subsequent to the Seller's cutoff for its last revenue distribution, as described above, unless such revenues are for production prior to the Effective Time, then Seller shall promptly remit such revenues to Buyer as soon as is practical, and Buyer shall be responsible for distributing all such amounts, including distributions to royalty owners.
(3) In the event Buyer should receive revenues for production from the Interests for the production period prior to Effective Time, then Buyer shall promptly remit such revenues, net of severance taxes and royalties, to Seller within five (5) business days.
(4) It is understood that Seller will not undertake to change its distribution master files for purposes of the above discussed revenue distributions until after the Closing Date, and any information on the Interests received by Seller related to master file changes subsequent to the Closing Date will be remitted to the Buyer as soon as is practical.
Revenue Distributions. Transferor has timely received all regularly scheduled distributions of Net Revenues called for under the Prior Management Agreements for all periods on or prior to September 30, 2000 (and shall be entitled to all distributions of Net Revenues, in accordance with the Prior Management Agreements, for the period from September 30, 2000 to November 30, 2000). Transferor has delivered to Transferee complete copies of all reports from Cronos U.K. regarding performance of the Containers for the nine months ended
Revenue Distributions. Transferor has timely received all regularly scheduled distributions of Net Revenues called for under the Prior Management Agreements for all periods on or prior to September 30, 2000 (and shall be entitled to all distributions of Net Revenues, in accordance with the Prior Management Agreements, for the period from September 30, 2000 to November 30, 2000). Transferor has delivered to Transferee complete copies of all reports from Cronos U.K. regarding performance of the Containers for the nine months ended September 30, 2000. Transferor has not directly or indirectly received any prepayment or distribution of Net Revenues or other distributions (including casualty payments) for any period subsequent to November 30, 2000. As of the Closing Date, Transferor has paid or satisfied all prior operating deficit balances relating to periods of allocated expenses in excess of allocated revenues, and there are no accrued deficits which could be offset against Net Revenues allocable to Transferee hereunder.
Revenue Distributions. (1) Assignor shall retain the responsibility for distribution of revenues attributable to production through the end of the month of Closing. Such distribution shall be conducted by Assignor for revenues received through Assignor's sales cut-off during the second month following the month of Closing.
(2) In the event Assignor should receive revenues subsequent to the Assignor's cutoff for its last revenue distribution, as described above, unless such revenues are for production prior to the Effective Time, Assignor shall remit such revenues to Assignee within five (5) business days, and Assignee shall be responsible for distributing all such amounts, including distributions to royalty owners.
(3) In the event Assignee should receive revenues for production from the Properties for the production period prior to Effective Time, Assignee shall remit such revenues, net of severance taxes and royalties, to Assignor within five (5) business days.
(4) It is understood that Assignor will not undertake to change its distribution master files for purposes of the above discussed revenue distributions subsequent to the Closing Date, and any information on the Properties received by Assignor related to master file changes subsequent to the Closing Date will be remitted to the Assignee as soon as is practical.
Revenue Distributions. (1) Assignor shall transfer, assign and deliver to Assignee all suspense funds (with the reason why such funds are held in suspense) associated with the KMG Purchase Properties and the UXP Purchase Properties, as applicable, as an adjustment under the Final Settlement Statement.
(2) Provided Assignor was responsible for disbursing revenues prior to Closing, Assignor shall retain such responsibility for distribution of revenues attributable to production through the end of the month of Closing. Such distribution shall be conducted by Assignor for revenues received through Assignor's cut-off date for revenue distribution during the second month following the month of Closing, making no changes to paydecks then in place.
(3) In the event Assignor should receive revenues subsequent to the Assignor's cutoff for its last revenue distribution, as described above, unless such revenues are for production prior to the Effective Time, Assignor shall remit such revenues to Assignee within five (5) business days, and Assignee shall be responsible for distributing all such amounts, including distributions to royalty owners.
(4) In the event Assignee should receive revenues for production from the Properties for the production period prior to Effective Time, Assignee shall remit such revenues, net of severance taxes and royalties, to Assignor within five (5) business days.
(5) After Closing any information on the Properties received by Assignor related to ownership changes and address changes will be remitted to the Assignee as soon as is practical.
Revenue Distributions. Seller shall be entitled to all Net Revenues earned (on an accrual basis) as called for under the Prior Management Agreements for all periods prior to the Effective Date. Seller has not directly or indirectly received any prepayment or distribution of Net Revenues or other distributions (including casualty payments) for any period on or after the Effective Date. As of the Closing Date, Seller will have paid or satisfied all prior operating deficit balances relating to allocated expenses in excess of allocated revenues for periods prior to the Effective Date, and, as of the Closing Date, there shall be no accrued deficits which will offset the Net Revenues allocable to Buyer hereunder.
Revenue Distributions. The Steering Committee will establish provisions and procedures for collecting Net Revenues, paying direct expenses related to joint venture activities, holding reasonable reserves to cover anticipated expenses or liabilities relating to the joint venture, and distributing remaining Net Revenues to the Parties as described in Section 7.4.
Revenue Distributions. 6.1 Revenue shall mean all payments received by the Hotel or Nex for use of the System in a given period, after providing for any necessary refunds. The parties shall share the Revenue as follows – 85% to Nex and 15% to the Hotel.
6.2 At the time of Full Implementation, user access and the billing for same will be administered through a pre-paid card system utilizing cards provided by Nex that will be issued by the Hotel. Future System enhancements may provide for alternative user authentication and payment methods, possibly including on-line credit card processing and/or integration of the System with the guest room-billing functions of the Hotel property’s internal property management system.
6.3 For ongoing accounting and audit purposes and to facilitate related management reporting and control, reports on System utilization and any Revenue receipts received by Nex, detailed by individual user/pre-paid card, will be provided by Nex to the Hotel. Similarly for ongoing accounting and audit purposes and to facilitate related management reporting and control, reports on Revenue receipts received by the Hotel, detailed by individual user/pre-paid card, will be provided by the Hotel to Nex.
6.4 Accounting and settlement activities between the parties will be completed monthly and will take place within 7 business days of the last day of the month.
6.5 The initial rates for services provided by Nex are as provided in Appendix 1: Schedule of Services and Fees. Nex and the Hotel will periodically agree on the amount or amounts that System users are to be charged, taking into account prevailing market conditions and the objectives of building System usage and revenues. Nothwithstanding this undertaking to agree, it is acknowledged by the parties that Nex may find it uneconomic to operate the System and provide the Support Services as agreed. Should such a situation arise and prevail for six months or more in spite of the best efforts of the parties to remedy same, Nex can then terminate this agreement and remove its assets as provided in paragraph 11. If Nex terminates this agreement less than three years from the start of operations, Nex will transfer the equipment and assets installed to the Hotel at no cost, such that the Hotel can continue operations without any disruption to service.
6.6 Nex and the Hotel will periodically agree on the process of handling user complaints. Such process will have the principle objective of preserving the customer relationship ...
