Interests of the Participants Sample Clauses

Interests of the Participants. Subject to the provisions of this Agreement, the Licence, all Joint Property, all Joint Petroleum and all costs and obligations incurred in, and all rights and benefits arising out of, the conduct of the Joint Operations shall be owned and borne by the Participants in proportion to their respective Percentage Interests which at the date of this Agreement are as follows:- Northdown 90.00 percent Aimwell 10.00 percent TOTAL 100.0 percent”
Sample 1
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Interests of the Participants. The participants’ interests in the exploration area need to be specified within the document. The parties often prefer to set out the interests in a schedule to the agreement that can be updated. The interests can vary depending on the parties’ participation in prospect areas and initial xxxxx within prospect areas. Exploration and development costs are typically shared by the participants based on their participating interests in the exploration area. It is not unusual, however, for one party, generally the party who originated the idea of the project or who has acquired initial acreage in the exploration area, to receive a carried interest as part of its compensation for
Sample 1
Interests of the Participants. The Participants' benefits under the Plan are not assignable by them or their beneficiaries, either by voluntary or involuntary assignment or by operation of law. No part of any benefits under the Plan may be paid over, loaned, sold, assigned, transferred, discounted, pledged as collateral for a loan, or in any other way encumbered or alienated until such time as distributions are authorized under the Plan and documents executed pursuant to such Plan. The Participants shall be unsecured, general creditors of the Grantor. Nothing herein contained shall be construed as creating any absolute or unconditional trust, express or implied, for the benefit of the Participants.
Sample 1
Interests of the Participants. Subject to the provisions of this Agreement, the Licence, all Joint Property, all Joint Petroleum and all costs and obligations incurred in, and all rights and benefits arising out of, the conduct of the Joint Operations shall be owned and borne by the Participants in proportion to their respective Percentage Interests which at the date of this Agreement are as follows:- Alamo 45.00 percent Northdown 45.00 percent Aimwell 10.00 percent TOTAL 100.0 percent
Sample 1
Interests of the Participants. The participants’ interests in the exploration area need to be specified within the document. The parties often prefer to set out the interests in a schedule to the agreement that can be updated. The interests can vary depending on the parties’ participation in prospect areas and initial xxxxx within prospect areas. Exploration and development costs are typically shared by the participants based on their participating interests in the exploration area. It is not unusual, however, for one party, generally the party who originated the idea of the project or who has acquired initial acreage in the exploration area, to receive a carried interest as part of its compensation for 13 Petro Pro Ltd. v. Upland Res., Inc., 279 S.W.3d 743 (Tex. App. – Amarillo 2007). 14 Id. at 751. its efforts in forming the project. In such an instance, one party is paying for some portion of another party’s costs in the area, a “carried interest,” and the participation agreement needs to specify all of the terms of the carry. The possible variations of a carry are virtually limitless. This chapter does not attempt to address many possible variations but merely raises some points to be considered. The parties to a participation agreement need to specify whether the carry is to the casing point15 or is the party being carried to completion, including equipping to the tanks, i.e., all flow lines and meters? The parties also need to specify whether or not the carry will apply to lease acquisition costs or only to the costs of drilling and completion of xxxxx. The percentage of the carry needs to be specified. If the carry is for a certain number of xxxxx, rather than a set amount of carry, the carried party will want to include specific provisions that in the event a carried well is not completed as a producing well, the carried party will be carried in a substitute well. A party may agree to carry a certain percentage of another party’s interest up to an aggregate amount.16 The carried amount may be an aggregate amount that can be utilized at anytime during the term of the exploration agreement or can be an amount that must be used within a certain period of time or lost.17 If the carry is for a particular amount, the participation agreement 15 “Casing point” refers to the time when a well has been drilled to the objective depth stated in an initial notice, appropriate tests have been made, and the operator has notified the drilling parties of his recommendation with respect to the running ...
Sample 1
Interests of the Participants. Subject as hereinafter provided, the Licence, all Joint Property, all Joint Petroleum and all costs and obligations incurred in the conduct of the Joint Operations shall be owned and borne by the Participants in proportion to their respective Percentage Interests which at the date hereof are as follows: IOC 51 per cent and PETROFINA 49 per cent.
Sample 1

Related to Interests of the Participants

  • Rights of Participants Any participant in a Lender's interests hereunder may assert any claim for yield protection under Section 4.03 that it could have asserted if it were a Lender hereunder. If such a claim is asserted by any such participant, it shall be entitled to receive such compensation from the Borrower as a Lender would receive in like circumstances; provided, however, that with respect to any such claim, the Borrower shall have no greater liability to the Lender and its participant, in the aggregate, than it would have had to the Lender alone had no such participation interest been created.

  • The Participating Interests Each Lender (other than the Lender acting as L/C Issuer in issuing the relevant Letter of Credit), by its acceptance hereof, severally agrees to purchase from the L/C Issuer, and the L/C Issuer hereby agrees to sell to each such Lender (a “Participating Lender”), an undivided percentage participating interest (a “Participating Interest”), to the extent of its Percentage, in each Letter of Credit issued by, and each Reimbursement Obligation owed to, the L/C Issuer. Upon any failure by the Borrower to pay any Reimbursement Obligation at the time required on the date the related drawing is to be paid, as set forth in Section 1.3(c) above, or if the L/C Issuer is required at any time to return to the Borrower or to a trustee, receiver, liquidator, custodian or other Person any portion of any payment of any Reimbursement Obligation, each Participating Lender shall, not later than the Business Day it receives a certificate in the form of Exhibit A hereto from the L/C Issuer (with a copy to the Administrative Agent) to such effect, if such certificate is received before 1:00 p.m. (Chicago time), or not later than 1:00 p.m. (Chicago time) the following Business Day, if such certificate is received after such time, pay to the Administrative Agent for the account of the L/C Issuer an amount equal to such Participating Lender’s Percentage of such unpaid or recaptured Reimbursement Obligation together with interest on such amount accrued from the date the related payment was made by the L/C Issuer to the date of such payment by such Participating Lender at a rate per annum equal to: (i) from the date the related payment was made by the L/C Issuer to the date two (2) Business Days after payment by such Participating Lender is due hereunder, the Federal Funds Rate for each such day and (ii) from the date two (2) Business Days after the date such payment is due from such Participating Lender to the date such payment is made by such Participating Lender, the Base Rate in effect for each such day. Each such Participating Lender shall thereafter be entitled to receive its Percentage of each payment received in respect of the relevant Reimbursement Obligation and of interest paid thereon, with the L/C Issuer retaining its Percentage thereof as a Lender hereunder. The several obligations of the Participating Lenders to the L/C Issuer under this Section 1.3 shall be absolute, irrevocable, and unconditional under any and all circumstances whatsoever and shall not be subject to any set-off, counterclaim or defense to payment which any Participating Lender may have or have had against the Borrower, the L/C Issuer, the Administrative Agent, any Lender or any other Person whatsoever. Without limiting the generality of the foregoing, such obligations shall not be affected by any Default or Event of Default or by any reduction or termination of any Commitment of any Lender, and each payment by a Participating Lender under this Section 1.3 shall be made without any offset, abatement, withholding or reduction whatsoever.

  • Participating Interests Effective in the case of each Standby L/C and Commercial L/C (if applicable) as of the date of the opening thereof, the Issuing Lender agrees to allot and does allot, to itself and each other Revolving Credit Lender, and each such Lender severally and irrevocably agrees to take and does take in such Letter of Credit and the related L/C Application (if applicable), an L/C Participating Interest in a percentage equal to such Lender’s Revolving Credit Commitment Percentage.

  • Percentage Interests If the number of outstanding Partnership Units increases or decreases during a taxable year, each Partner’s Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held by such Partner divided by the aggregate number of Partnership Units outstanding after giving effect to such increase or decrease. If the Partners’ Percentage Interests are adjusted pursuant to this Section 4.6, the Profits and Losses for the taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when the adjustment occurs and the part of the year beginning on the following day either (i) as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part shall be based on the adjusted Percentage Interests.

  • Participants The Lender and its participants, if any, are not partners or joint venturers, and the Lender shall not have any liability or responsibility for any obligation, act or omission of any of its participants. All rights and powers specifically conferred upon the Lender may be transferred or delegated to any of the Lender's participants, successors or assigns.

  • Distributions on the REMIC Interests On each Distribution Date, amounts on deposit in the Certificate Account shall be treated for federal income tax purposes as applied to distributions on the interests in the Lower Tier REMIC in an amount sufficient to make the distributions on the respective Certificates on such Distribution Date in accordance with the provisions of Section 4.04.

  • Varying Interests All items of income, gain, loss, deduction or credit shall be allocated, and all distributions shall be made, to the Persons shown on the records of the Company to have been Members as of the last calendar day of the period for which the allocation or distribution is to be made. Notwithstanding the foregoing, if during any taxable year there is a change in any Member's Sharing Ratio, the Members agree that their allocable shares of such items for the taxable year shall be determined on any method determined by the Management Committee to be permissible under Code Section 706 and the related Treasury Regulations to take account of the Members' varying Sharing Ratios.

  • Protection of Ownership Interests of the Purchasers (a) Seller agrees that from time to time, at its expense, it will promptly execute and deliver all instruments and documents, and take all actions, that may be necessary or desirable, or that the Agent may reasonably request, to perfect, protect or more fully evidence the Purchaser Interests, or to enable the Agent or the Purchasers to exercise and enforce their rights and remedies hereunder. After the occurrence of an Amortization Event, the Agent may, or the Agent may direct Seller or the Servicer to, notify the Obligors of Receivables, at Seller's expense, of the ownership or security interests of the Purchasers under this Agreement and may also direct that payments of all amounts due or that become due under any or all Receivables be made directly to the Agent or its designee. Seller or the Servicer (as applicable) shall, at any Purchaser's request, withhold the identity of such Purchaser in any such notification.

  • Conflicting Interests of Trustee If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture.

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