Common use of Profit Split Clause in Contracts

Profit Split. Evidence that the existing profit split payment withheld by the Charterer is paid to the Sellers or settled as follows: i) The Charterer has paid the USD 534,000 to the Seller, K/S Danskib 78, relating to m.v. Nordic Bothnia (such amount being payable when the memorandum of agreement on the Vessels is signed and deposit placed); and ii) The profit split payment relating to m.v. Nordic Barents is related to the dispute concerning an amount of approx. USD 1,000,000 between the Charterer and its sub-charterer. The dispute shall be settled before the first Utilisation, subject to the approval of the Agent, and the profit split due to the Seller, K/S Danskib 80 shall be paid prior to the first Utilisation. Alternatively, if the dispute has not been settled prior to the first Utilisation, the profit split shall be finally settled by the payment of USD 200,000 from the Charterers to the Sellers at that date, and evidence shall be provided on that date, that a transfer has been made. New Time Charterers