Undivided Interest Sample Clauses
The Undivided Interest clause defines the ownership of property or assets by multiple parties, where each party holds a proportional share that is not physically separated from the whole. In practice, this means that each owner has equal rights to use and benefit from the entire property, rather than specific, delineated portions. This clause is commonly used in joint ventures, real estate, or resource extraction agreements to clarify that all parties share in profits, losses, and responsibilities according to their respective interests. Its core function is to prevent disputes by ensuring all parties understand their rights and obligations regarding shared assets.
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Undivided Interest. The Allottee together with all other Allottees of Units in the Project shall have only proportionate undivided variable and impartible interest and not any individual right in all common areas, amenities and facilities built or provided in the Project.
Undivided Interest. If the interest claimed by Owner in any portion of the Property is less than one hundred percent (100%), the interest claimed by Owner is set forth in Exhibit A. Any representation or warranty of title made by Owner shall apply only to the interest set forth in Exhibit A.
Undivided Interest. Upon the terms and subject to the conditions of this Lease, the Lessor agrees to lease and upon delivery of Lease Supplement No. 1 leases the Undivided Interest to the Lessee, and the Lessee agrees to lease and upon acceptance of Lease Supplement No. 1 leases the Undivided Interest from the Lessor, for the Interim Lease Term, the Basic Lease Term and, subject to the exercise by the Lessee or the Lessor of the renewal option or options as provided in Section 5, the Renewal Term or Renewal Terms.
Undivided Interest. (a) Definition and Computation of Undivided Interest. For purposes of this Agreement, "Undivided Interest" means, as the context may require (i) an undivided ownership interest, in a percentage determined from time to time as provided in clause (ii) below, in (A) all then outstanding Pool Receivables, (B) all Related Security with respect to such Pool Receivables, (C) all Collections with respect to, and other proceeds of, such Pool Receivables and Related Security and (D) all books and records (including, without limitation, computer disks) related to the foregoing (collectively, the "Pool"), and (ii) at any time, the quotient, expressed as a percentage, obtained by dividing the Required Allocation by the Net Pool Balance. The Undivided Interest shall be computed as follows: UI = RA = PI + DF + CR + SFR --- ------------------ NPB NPB where: UI = the Undivided Interest at any time; RA = the Required Allocation at such time, as determined pursuant to Section 2.02; and NPB = the Net Pool Balance at such time, as determined pursuant to Section 2.04.
Undivided Interest. For purposes of this Agreement, "Undivided Interest" means, at any time, an undivided percentage ownership interest at such time in (i) all then outstanding Pool Receivables, (ii) all Related Security with respect to such Pool Receivables, (iii) all Collections with respect to, and other proceeds of, such Pool Receivables, (iv) all of Seller's right, title and interest in each lock-box and account to which such Collections are sent or deposited, all amounts on deposit therein, all certificates and instruments, if any, from time to time evidencing such accounts and amounts on deposit therein, (v) all of Seller's rights, interests and claims under the Purchase and Sale Agreement, (vi) all books and records (including computer tapes and disks) to the extent relating to the foregoing and (vii) all proceeds of the foregoing (collectively, the "Pool Assets"). Such undivided percentage interest for any time for such Undivided Interest shall be computed as: PA = PI + LR --- ------- NPB NPB where: ----- PA = Participation Amount of such Undivided Interest = PI + LR; PI = the Purchaser's Investment as to such Undivided Interest at the time of such computation, as determined per Section 2.03; LR = the Loss Reserve as to such Undivided Interest, if any, at the time of such computation, as determined per Section 2.04; and NPB = the Net Pool Balance at the time of such computation, as determined per Section 2.07. The "related" Undivided Interest with respect to any of the foregoing items shall mean the Undivided Interest as to which such item is calculated. The then sum of all Participation Amounts of all Undivided Interests shall constitute "Aggregate Participation Amounts".
Undivided Interest. The undertakings of the Company contained in Sections 502, 503, 504 and 505 are limited to those consistent with the Company's undivided percentage interest in the facilities of which the Project Facilities are a part.
Undivided Interest. 6 SECTION 2.02. Frequency of Computation of Undivided Interest......... 7 SECTION 2.03.
Undivided Interest. 5.1 At such time as the Oil Mining Lease relating to OPL 237 is issued by the Government, Owner/Operator shall convey to Liberty a 10% undivided interest in the Oil Mining Lease, but only with respect to the Deep Zones.
Undivided Interest. Without impairment of the covenants, representations and warranties of the Owner, if the Owner owns now or in the future less than the full, undivided interest in the Property, CANADIANA may reduce the Option Payment, the Reserved Royalty Purchase Price and the Reserved Royalty in proportion of such reduction.
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