Shared Profits Sample Clauses

Shared Profits. Lessor and Lessee also desire to clarify the provisions of Paragraph 11.3 of the Lease regarding the sharing of profits on an assignment of the Lease by Lessee or a sublet of all or a portion of the Premises by Lessee. Accordingly, Paragraph 11.3 of the Lease shall not apply to any sublease or assignment by Lessee to an Affiliate of Lessee, Permitted Assignee, a Lessee Contractor or an Excluded Subtenant. Subject to such exclusion, the fourth (4th) sentence of Paragraph 11.3 of the Lease is hereby revised to provide that Lessee shall pay Lessor an amount equal to fifty percent (50%) of the net profits (as described in Paragraph 11.3 of the Lease) (i) on subletting, either monthly or annually at the option of Lessee, and (ii) on an assignment, as received by Lessee. For purposes hereof, “net profits” shall mean the total rent or other monetary consideration received from the assignee or sublessee during the assignment or sublease term (“Gross Sublet Proceeds”), less: the sum of (A) the Adjusted Base Rent paid to Lessor by Lessee during the period of the assignment or sublease term for the space covered by the assignment or sublease (“Transferred Space”); (B) any tenant improvement allowance or free rent paid or given by Lessee to its assignee or sublessee (excluding any personal property allowances, donations or contributions); (C) broker’s commissions; (D) reasonable attorneys’ fees; (E) lease takeover payments; (F) costs required to be paid by Lessee to Lessor in connection with such assignment or sublease; and (G) costs of advertising the Transferred Space (collectively, the “Transaction Costs”); provided, however, Lessor shall not be paid any share of net profits until Lessee has recovered, from the excess of the Gross Sublet Proceeds received over the Adjusted Base Rent paid to Lessor by Lessee calculated under (A) above, all of the costs set forth in parts (B) through (G) above in connection with such Transferred Space. For example, if five (5) years then remain in the Term, and Lessee pays to Lessor $10,000,000 each year in rent for the Transferred Space during that period, and Lessee receives $11,000,000 in annual assignment or sublease rent for the Transferred Space during that period, and Lessee incurs $5,000,000 in Transaction Costs relating to the Transferred Space, there would be no net profits hereunder. If, however, for the same period, Lessee pays to Lessor $10,000,000 in rent for the Transferred Space, receives $11,000,000 in annual assignm...
Sample 1Sample 2Sample 3
AutoNDA by SimpleDocs
Shared Profits. Because partnerships are jointly owned, each partner must share the successes and profits of their business with the other partners. An unequal contribution of time, effort, or resources can cause discord among partners.
Sample 1
Shared Profits. Upon the effective date of the termination of this Agreement, BMS shall not share any additional global Commercialization profits with respect to any Product after the effective date of the termination of this Agreement.
Sample 1

Related to Shared Profits

  • Shared roles The Parties will meet the requirements of Schedule E, Clause 26 of the IGA FFR, by ensuring that prior agreement is reached on the nature and content of any events, announcements, promotional material or publicity relating to activities under this Agreement, and that the roles of both Parties will be acknowledged and recognised appropriately.

  • Shared Costs (i) If the Parties elect to establish two-way Local Interconnection Trunks for reciprocal exchange of traffic, the cost of the two-way Local Interconnection Entrance Facility and DTT shall be shared among the Parties. CenturyLink will xxxx XXXX for the entire DTT and Local Interconnection Entrance Facility provided by CenturyLink at the rates in Table 1. CLEC will bill CenturyLink for CenturyLink’s portion of the same DTT and Local Interconnection Entrance Facility at the same recurring rates in Table 1 charged by CenturyLink based on the portion defined in (ii) below. (ii) CenturyLink’s portion of the DTT and Local Interconnection Entrance Facility will be based on the factor determined by CenturyLink using the following to assign the minutes for which CenturyLink is responsible: • All Local Traffic MOU that CenturyLink originates and sends to CLEC. • All CenturyLink originated IntraLATA LEC Toll MOU that CenturyLink sends to CLEC. • All other minutes are CLEC’s responsibility for purposes of allocating the shared costs.

  • Net Loss A Net Loss for a particular fund or, in the case of a multi-class fund, a class results when aggregate Losses exceed aggregate Benefits (i.e., net redemptions on a day the fund’s or class’s NAV is overstated or net subscriptions on a day the fund’s or class’s NAV is understated) during the Error Period.

  • Profits/Losses For financial accounting and tax purposes, the Company's net profits or net losses shall be determined on an annual basis and shall be allocated to the Members in proportion to each Member's relative capital interest in the Company as set forth in Schedule 2 as amended from time to time in accordance with U.S. Department of the Treasury Regulation 1.704-1.

  • Allocation of Profits Profits for any Year shall be allocated in the following order and priority: (i) First, to any Partner who was allocated Losses after the Capital Account of any other Partner was reduced to zero (0), to the extent of such Losses; provided, however, that in the event that the foregoing applies to more than one Partner, to those Partners pro rata according to the amount of such Losses allocated to each; and (ii) Second, to the Partners in accordance with their relative Percentage Interests.

  • Net Losses After giving effect to the special allocations set forth in Section 6.1(d), Net Losses for each taxable period and all items of income, gain, loss and deduction taken into account in computing Net Losses for such taxable period shall be allocated as follows: (i) First, 2% to the General Partner, and 98% to the Unitholders, Pro Rata, until the aggregate Net Losses allocated pursuant to this Section 6.1(b)(i) for the current taxable year and all previous taxable years is equal to the aggregate Net Income allocated to such Partners pursuant to Section 6.1(a)(iii) for all previous taxable years, provided that the Net Losses shall not be allocated pursuant to this Section 6.1(b)(i) to the extent that such allocation would cause any Unitholder to have a deficit balance in its Adjusted Capital Account at the end of such taxable year (or increase any existing deficit balance in its Adjusted Capital Account); (ii) Second, 2% to the General Partner, and 98% to the Unitholders, Pro Rata; provided, that Net Losses shall not be allocated pursuant to this Section 6.1(b)(ii) to the extent that such allocation would cause any Unitholder to have a deficit balance in its Adjusted Capital Account at the end of such taxable year (or increase any existing deficit balance in its Adjusted Capital Account); (iii) Third, the balance, if any, 100% to the General Partner.

  • Allocation of Profits and Losses The Company’s profits and losses shall be allocated to the Member.

  • Allocation of Profit or Loss All Profit or Loss shall be allocated to the Member.

  • Distribution of Profits Any and all net income accruing to the Joint Venture shall be distributed equally to the Parties.

  • Allocation of Profits and Losses Distributions Profits/Losses. For financial accounting and tax purposes, the Company's net profits or net losses shall be determined on an annual basis and shall be allocated to the Members in proportion to each Member's relative capital interest in the Company as set forth in Schedule 2 as amended from time to time in accordance with U.S. Department of the Treasury Regulation 1.704-1.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!