Profit Account definition

Profit Account means the account in the name of the Lender with HSBC Bank plc, account number 6▇▇▇▇▇▇▇;

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Profit Account means an account established by Syntroleum and YFP in accordance with the provisions of this Agreement and the Accounting Procedure that will receive *** percent *** of the net proceeds from the sale of Hydrocarbon production and associated Hydrocarbon products after deduction of the Royalty.

Profit Account. As defined in Section 3.7. --------------

Examples of Profit Account in a sentence

• The Borrower will pay additional interest semi-annually in U.S. dollars to the Profit Account on the outstanding principal amount of the Loan at the rate per annum of 0.0048 per cent.

• The Developed Properties Net Profit Account, the Remaining Properties Net Profits Account and the Overriding Royalty Account will be maintained in accordance with the terms of this Conveyance and prudent and accepted accounting principles.

• In the event that YFP and Syntroleum have recovered their respective shares of Capital Costs and Operating Costs then any excess amounts remaining in the Cost Recovery Account shall be transferred to the Profit Account and distributed to YFP and Syntroleum as provided above.

• All actual cash payments in items 1) through 4) are credited to or debited from the Profit Account at the exact time when such amounts are received or paid by the Reinsurer, as the case may be.

• The Cash Manager shall take all reasonable steps to ensure that it receives a bank statement from the Account Bank in relation to each of the Transaction Account and the Issuer Profit Account (as provided for in the Account Bank Agreement) and that it furnishes a copy of such statements to the Issuer and the Trustee upon request.

• Upon Commutation, the Reinsurers shall pay 100% (one hundred percent) of the residual Profit Account to the Company.

• Upon payment of the Profit Account, the Reinsurers shall be released from all past, current and future liability under this Agreement.

• The balance of the Notional Profit Account as of that month end and activity in the Notional Profit Account during the month.

• The Profit Account will receive *** of the net proceeds from the sale of hydrocarbon production and any associated hydrocarbon products derived from such production after deduction of the government’s royalty share.

• If the Company elects, and the Reinsurer consents, to terminate this Agreement on a cut-off basis, in accordance with Article 3, Term, then the Company shall debit the Notional Profit Account for the respective unearned premium less previously paid Ceding Commissions on such unearned premium.

More Definitions of Profit Account

Profit Account means a ledger account with the Wakeel in which Profit Collections may from time to time be deposited; Profit Collections means such portion of the Collections as corresponds to the payment of the return, distribution, profit, gain or benefit component of collections received in respect of the relevant Portfolio and excludes the Revenue Generating Assets Make-Whole Amount and the Tangibility Make-Whole Amount; Report Date means, unless otherwise specified in the relevant Supplemental Purchase Agreement, one day after each Calculation Date (or if such day is not a Business Day, the next following Business Day);

Profit Account means a bank account of the Lexicon LLP which shall be designated the “2011 Deferred Profit Account” and which is more particularly described in paragraph 2 of this Schedule;

Profit Account means the accounting record of each Member’s share of Profit and Loss. The transferee of all or a portion of an Interest shall succeed to that portion of the transferor Member’s Profit Account as allocable to the portion of the Interest transferred.

Profit Account means an account established and maintained by the Technical Advisor in accordance with this Agreement into which twenty percent (20%) of the Net Proceeds from each sale of Hydrocarbons shall be paid plus the excess of the Cost Recovery Account as provided in Schedule 2.1(A)(iii)(z), and from which the Parties shall be entitled to receive their respective Profit Sharing Interest shares.

Profit Account means the accounting record of each Member's Interest in such Member's share of Profit. Each Member's Profit Account shall be increased by any Profit allocated to that Member pursuant to Section 6.1 of this Agreement and shall be reduced by any Loss allocated to such Member pursuant to Section 6.1 of this Agreement and by any distributions to such Member pursuant to Sections 6.2 of this Agreement. The transferee of all or a portion of an Interest shall succeed to that portion of the transferor Member's Profit Account as allocable to the portion of the Interest transferred.