Common use of Refund to the Allottee Clause in Contracts

Refund to the Allottee. The Allottee acknowledge(s) that in terms of the Development Agreement, the gross revenues (as defined therein) are to be shared between the Promoter and the Lessees such that the Promoter would be entitled to 41% ( Forty one percent) of such gross revenues and the Lessee would be entitled to the remaining 59% (Fifty nine percent) of such gross revenues, and thus in terms of the aforesaid agreement, the Promoter will initially receive all the amounts agreed to be paid by the Allottee but thereafter the Promoter will retain for itself 41% (Forty one percent) of such amounts comprising the gross revenues, and the remaining 59% (Fifty nine percent) of such gross revenues shall form part of the revenues receivable by the Lessees subject to the agreed deductions, and as such in the event of this Agreement to Sub-lease being terminated as provided hereinbelow and it being determined by the Promoter that any amount is to be refunded to the Allottee, then such portion of the amount so determined by the Promoter which forms a part of the gross revenues so received by the Lessees will be jointly refunded by the Promoter and the Lessees to the Allottees in proportion of their respective aforesaid shares in terms of the Development Agreement

Refund to the Allottee. The Allottee acknowledge(s) that in terms of the Development Agreement, the gross revenues (as defined therein) are to be shared between the Promoter and the Lessees such that the Promoter would be entitled to 4133% ( Forty one (thirty three percent) of such gross revenues and the Lessee Lessees would be collectively entitled to the remaining 5967% (Fifty nine sixty seven percent) of such gross revenues, and thus in terms of the aforesaid agreement, the Promoter will initially receive all the amounts agreed to be paid by the Allottee but thereafter the Promoter will retain for itself 4133% (Forty one thirty three percent) of such amounts comprising the gross revenues, and the remaining 5967% (Fifty nine sixty seven percent) of such gross revenues shall form part of the revenues receivable by the Lessees subject to the agreed deductions, and as such in the event of this Agreement to Sub-lease being terminated as provided hereinbelow and it being determined by the Promoter that any amount is to be refunded to the Allottee, then such portion of the amount so determined by the Promoter which forms a part of the gross revenues so received by the Lessees will be jointly refunded by the Promoter and the Lessees to the Allottees in proportion of their respective aforesaid shares in terms of the Development Agreement