Joint Assets Sample Clauses
The Joint Assets clause defines how assets that are owned collectively by two or more parties are to be managed, used, or divided. Typically, this clause outlines the rights and responsibilities of each party regarding the joint assets, such as procedures for acquiring, maintaining, or disposing of shared property, and may specify how profits, losses, or liabilities related to these assets are allocated. Its core practical function is to ensure clarity and prevent disputes by establishing clear rules for the ownership and management of assets held in common.
Joint Assets. Buyer and Seller acknowledge and agree that certain source code contained in software that comprises Assets is also used in connection with other products currently developed or being developed by Seller that are not part of the Business ("Shared Source Code"). Following the Closing, all such Shared Source Code shall be deemed jointly owned by Buyer and Seller and, subject to Section 6.1.8 below, may be used by Buyer or Seller for any lawful purpose.
Joint Assets. The Assets jointly owned by the Parties pursuant to the Terms of this Agreement as tenants in common with each Party owning a one-half undivided interest are defined as the Water Distribution and Wastewater Collection Systems that are specifically limited to all water distribution lines, and associated appurtenances and infrastructure, and/or wastewater collection lines, and associated appurtenances and infrastructure that can be extended and/or made available to a New Connection and/or New Development, that are within Leland's Town Boundaries and Joint Undertaking Area. Joint Assets also include all connection points, meters, pump stations, transmission lines, force mains, and gravity lines that are, or by virtue of this Agreement will be, associated with and/or located within Leland's Town Boundaries and Joint Undertaking Area. The Parties acknowledge the Joint Assets do not include Water and Wastewater Facilities.
Joint Assets. The Parties will jointly own the Joint Assets, as tenants in common, with each party owning a one-half undivided interest. The Parties represent and warrant that they will use the Joint Assets to continue the provision of services to existing Customer Accounts and to extend and/or make available to New Developments seeking a New Connection, on conditions mutually agreed upon by the Parties and adopted by the Parties’ respective governing bodies. This will be achieved in accordance with Section 3.02, below.
Joint Assets. 11.1 The Contracting Parties recognise the existence in selected Contracting Parties of joint assets in use for the operation of the GMS railway network . The specific rules pertaining to ownership and management of such assets are may be defined in a future dedicated Annex to be adopted by the Contracting Parties on in Technical Arrangements between the Contracting Parties jointly owning, operating, maintaining and/or renewing the joint assets.
Joint Assets. 2.14.1 Where, on or after Closing, Diageo or any of its Affiliates receives an amount of cash in respect of any Joint Asset it shall pay to Pernod Ricard an amount equal to the Pernod Ricard Proportion of the amount so received.
2.14.2 Wher▇, ▇▇ or after Closing, Pernod Ricard or any of its Affiliates receives an amount of cash i▇ ▇▇▇▇ect of any Joint Asset it shall pay to Diageo an amount equal to the Diageo Proportion of the amount so received.
2.14.3 Payments to be made pursuant to this Clause 4.4 shall be made in accordance with Clause 11. DIAGEO AND PERNOD RICARD LIABILITIES
Joint Assets. If the Building is not separately assessed, Real ------------ Property Taxes allocated to the Building shall be an equitable proportion of the Real Property Taxes for all of the land and improvements included within the tax parcel assessed.
Joint Assets. “Joint Assets” shall mean all of each Seller’s undivided right, title and interest in and to the following, but reserving unto each respective Seller the Excluded Assets:
Joint Assets. The purchase price for the Joint Assets shall be EIGHTEEN MILLION SEVEN HUNDRED FIFTY THOUSAND DOLLARS ($18,750,000) (the “Joint Purchase Price”), subject to adjustment pursuant to Section 1.6(d) below. The Joint Purchase Price shall be paid at Closing by wire transfer of immediately available funds to Sellers as follows: Samson: $12,500,000 FPEC: $6,250,000