Division of Interests Sample Clauses

Division of Interests. If at any time the interest of any Party is divided among and owned by four or more co-owners, Unit Operator, at its discretion, may require such co-owners to appoint a single trustee or agent with full authority to receive notices, approve expenditures, receive xxxxxxxx for and approve and pay such Party’s share of the joint expenses, and to generally deal with (including the power to bind) the co-owners of such Party’s interest within the scope of the operations covered by this Agreement. However, all such co-owners shall have the right to enter into and execute all contracts or agreements for the disposition of their respective shares of the Production produced from the Unit Area, and they shall have the right to separately receive payment of the sale proceeds thereof.
Sample 1
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Division of Interests. Owner Name Int Type WI-BPO NRI-BPO WI-APO NRI-APO American Coastal Energy, Inc WI 0.17000000 0.1275000 0.1487500 0.1115625 American Coastal Energy II, Ltd. WI 0.00000000 N/A 0.0500000 0.0375000 Challenger Minerals Inc. WI 0.10000000 0.0750000 0.0875000 0.0656250 Reef Global Energy I, L.P. WI 0.05000000 0.0375000 0.0437500 0.0328125 Bright & Company I, Ltd. WI 0.05000000 0.0375000 0.0437500 0.0328125 Patriot Exploration Co., Inc. WI 0.03000000 0.0225000 0.0262500 0.0196875 Sterling Energy Inc. WI 0.60000000 0.4500000 0.6000000 0.4500000 Minerals Management Service * RI n/a 0.1666667 n/a 0.1666667 Backsen, et al Override* OR n/a 0.0200000 n/a 0.02000000 Panther Group Override* OR n/a 0.0300000 n/a 0.03000000 Ocean Energy, Inc.,et al Override* OR n/a 0.0333333 n/a 0.0333333
Sample 1
Division of Interests the Farmor will usually have to divide its interests in the returns from the Tenements with the Farmee.
Sample 1
Division of Interests. The Interests of the Limited Partners in the Partnership shall be divided into and represented by units issued in accordance with this Agreement (the “Units”), consisting of Class A Units each representing a share of the aggregate Interests of the Limited Partners in the Partnership as determined pursuant to this Agreement.
Sample 1

Related to Division of Interests

  • Capitalization of Interest The Mortgage Note does not by its terms provide for the capitalization or forbearance of interest.

  • Limitation of Interest It is the intention of each Borrower and Lender to conform strictly to applicable usury laws. Accordingly, if the transactions contemplated hereby would be usurious under applicable law, then, in that event, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law that is taken, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwise, or in the event of any required or permitted prepayment, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable law, and any interest in excess of the maximum amount of interest allowed by applicable law, if any, provided for in the Loan Documents or otherwise shall be cancelled automatically as of the date of such acceleration or prepayment and, if theretofore prepaid, shall be credited to principal (or if the principal portion of the Loan and any other amounts not constituting interest shall have been paid in full, refunded to any Borrower.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.

  • Calculation of interest The rate of interest on each Loan for each Interest Period is the percentage rate per annum which is the aggregate of the applicable:

  • Determination of Interest (a) The Administrative Agent shall determine the Interest (including unpaid Interest related thereto, if any, due and payable on a prior Payment Date) to be paid by the Borrower on each Payment Date for the related Accrual Period and shall advise the Collateral Agent, the Collateral Manager and the Borrower thereof on the third Business Day prior to such Payment Date.

  • Computation of Interest Except as otherwise specified as contemplated by Section 301 for Securities of any series, interest on the Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day months.

  • Protection of Interests in Trust (a) The Administrator, on behalf of the Depositor, shall execute and file such financing statements and cause to be executed and filed such continuation statements, all in such manner and in such places as may be required by law fully to preserve, maintain, and protect the interest of the Issuer, the Eligible Lender Trustee and the Indenture Trustee in the Trust Student Loans and in the proceeds thereof. The Administrator shall deliver (or cause to be delivered) to the Eligible Lender Trustee and the Indenture Trustee file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing.

  • Designation of Interests in the REMICs The Depositor hereby designates the Classes of Class A Certificates (other than the Class 1-A-R, Class 1-A-MR, Class 1-A-LR, Class X-PO and Class 30-IO Certificates) and the Classes of Class X-B, Class 2-B and Class 5-B Certificates and each Component as "regular interests" and the Class 1-A-R Certificate as the single class of "residual interest" in the Upper-Tier REMIC for the purposes of Code Sections 860G(a)(1) and 860G(a)(2), respectively. The Depositor hereby further designates the Class 1-L Interest, Class 1-LS Interest, Class 1-LIO Interest, Class 1-LPO Interest, Class 2-L Interest, Class 2-LIO Interest, Class 2-LPO Interest, Class 3-L Interest, Class 3-LS Interest, Class 3-LIO Interest, Class 3-LPO Interest, Class 4-L Interest, Class 4-LS Interest, Class 4-LIO Interest, Class 4-LPO Interest, Class 5-L Interest, Class 5-LIO Interest and Class 5-LPO Interest as classes of "regular interests" and the Class 1-A-LR Certificate as the single class of "residual interest" in the Lower-Tier REMIC for the purposes of Code Sections 860G(a)(1) and 860G(a)(2), respectively. The Depositor hereby further designates the Class 1-A-M1 Interest, Class 1-A-M4 Interest, Class 1-A-M10 Interest, Class 1-A-M13 Interest, Class 1-A-M14 Interest, Class 1-A-MUR Interest, Class 2-A-M1 Interest, Class 3-A-M1 Interest, Class 4-A-M1 Interest, Class 5-A-M1 Interest, Class 1-X-MPO Interest, Class 2-X-MPO Interest, Class 3-X-MPO Interest, Class15-MPO Interest, Class 5-PO Interest, Class 1-30-MIO Interest, Class 2-30-MIO Interest, Class 20-MIO Interest, Class 15-MIO Interest, Class 5-MIO Interest, Class X-B-M1 Interest, Class X-B-M2 Interest, Class X-B-M3 Interest, Class X-B-M4 Interest, Class X-B-M5 Interest, Class X-B-M6 Interest, Class 2-B-M1 Interest, Class 2-B-M2 Class 2-B-M3 Interest, Class 2-B-M4 Interest, Class 2-B-M5 Interest, Class 2-B-M6 Interest, Class 5-B-M1 Interest, Class 5-B-M2 Interest, Class 5-B-M3 Interest, Class 5-B-M4 Interest, Class 5-B-M5 Interest and Class 5-B-M6 Interest as classes of "regular interests" and the Class 1-A-MR Certificate as the single class of "residual interest" in the Middle-Tier REMIC for the purposes of Code Sections 860G(a)(1) and 860G(a)(2), respectively.

  • Ownership of Interests The Interest Owners are the owners of all of the Interests, each owning the percentage set forth in Item 2(a) of Schedule 1, and have good and valid title thereto, with no restrictions on, or any agreements with respect to, voting rights or any other incidents of ownership thereof, except as set forth in the Company’s Organizational Documents. The Interests represent one hundred percent (100%) of the record and beneficial interests in the Company and all other right, title and interest in and to the equity of the Company. The Interest Owners have the absolute right to sell and transfer all of the Interests to Buyer free and clear of all Interest Liens. Each Interest Owner acquired its Interest in compliance with all applicable laws. On consummation of the Contemplated Transactions, in accordance with the terms hereof, Buyer will acquire good and marketable title to the Interests free and clear of all Interest Liens.

  • Selection of Interest Rate Options At any time any portion of this Note bears interest determined in relation to LIBOR, it may be continued by Borrower at the end of the Fixed Rate Term applicable thereto so that all or a portion thereof bears interest determined in relation to the Prime Rate or to LIBOR for a new Fixed Rate Term designated by Borrower. At any time any portion of this Note bears interest determined in relation to the Prime Rate, Borrower may convert all or a portion thereof so that it bears interest determined in relation to LIBOR for a Fixed Rate Term designated by Borrower. At such time as Borrower requests an advance hereunder or wishes to select a LIBOR option for all or a portion of the outstanding principal balance hereof, and at the end of each Fixed Rate Term, Borrower shall give Bank notice specifying: (i) the interest rate option selected by Borrower; (ii) the principal amount subject thereto; and (iii) for each LIBOR selection, the length of the applicable Fixed Rate Term. Any such notice may be given by telephone (or such other electronic method as Bank may permit) so long as, with respect to each LIBOR selection, (A) if requested by Bank, Borrower provides to Bank written confirmation thereof not later than three (3) Business Days after such notice is given, and (B) such notice is given to Bank prior to 10:00 a.m. on the first day of the Fixed Rate Term, or at a later time during any Business Day if Bank, at it’s sole option but without obligation to do so, accepts Borrower’s notice and quotes a fixed rate to Borrower. If Borrower does not immediately accept a fixed rate when quoted by Bank, the quoted rate shall expire and any subsequent LIBOR request from Borrower shall be subject to a redetermination by Bank of the applicable fixed rate. If no specific designation of interest is made at the time any advance is requested hereunder or at the end of any Fixed Rate Term, Borrower shall be deemed to have made a Prime Rate interest selection for such advance or the principal amount to which such Fixed Rate Term applied.

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