Payment to Owner. The consideration to be received by Owner pursuant to Section 3 of this Agreement shall be paid by the Xxxxxxx Parties to Owner for any given month promptly after the Xxxxxxx Parties actually receive funds for Oil Production purchased by the Xxxxxxx Parties and resold pursuant to this agreement for such month, and in any event on or before the date that is ten (10) days after the date upon which the Xxxxxxx Parties actually receive funds for Oil Production purchased by the Xxxxxxx Parties and resold pursuant to this agreement from the applicable purchasers of such Oil Production for a given month, along with a detailed statement describing such amounts payable to Owner. If the Xxxxxxx Parties or Owner fail(s) to make any payment to the other when due hereunder (the “Payment Due Date”), then, (i) beginning on the first day after the Payment Due Date (and continuing until the day such payment is made pursuant to this Section 4), interest shall accrue on the amount of any such payment not so paid at a rate equal to the lesser of (a) the then-applicable prime rate (as then most recently published in The Wall Street Journal) plus three percent (3%) and (b) the maximum rate permitted by applicable law and (ii) if, within the one hundred and eighty (180) day period following the Payment Due Date applicable to such payment, the owing Party(ies) has(have) failed to make such payment to the owed Party(ies), then the owed Party(ies) shall have the right (in addition to all other rights and remedies available to the owed Party(ies) at law or in equity with respect to such non-payment), upon thirty (30) days’ written notice to the owing Party(ies), to terminate this Agreement. Unless otherwise consented to in writing by the Parties, all payments due hereunder shall be made by the owing Party(ies) to the owed Party(ies) via wire transfer of immediately available U.S. dollars to the accounts set forth below (or to any other account or accounts as specified in writing from time to time by the Parties): If to Owner: [·] [·] [·] [·] If to the Xxxxxxx Parties: [·] [·] [·] [·]
Payment to Owner. As contemplated pursuant to Section 2.3, from time to time Owner may direct the Manager to transfer to an account specified by Owner funds in accounts maintained for Owner by the Manager that Owner and the Manager agree are not necessary for the conduct of Owner’s business as contemplated by the Budget then in effect (for purposes of determining the funds necessary to be retained, taking into account, among other items, funds required in accordance with the Budget then in effect for working capital purposes, reserves for capital expenditures and reserves for an approved Property Acquisition; provided, however, that if in accordance with the direction by Owner of the Manager in accordance with Section 2.3 or Section 3.4 or otherwise an activity contemplated in the Budget then in effect and for which funds are retained is abandoned, cancelled or otherwise not consummated, then any remaining funds retained therefor will then be transferred to Owner).
Payment to Owner. As contemplated pursuant to Section 2.2, the Owner may, from time to time, direct the Manager to transfer to an account specified by the Owner funds in accounts maintained for Owner by the Manager that the Owner and the Manager mutually agree are not necessary for the conduct of the Owner’s business as contemplated by the Budget then in effect (for purposes of determining the funds necessary to be retained, taking into account, among other items, funds required in accordance with the Budget then in effect for working capital purposes, reserves for capital expenditures, reserves for payments due to the Manager pursuant to Article V and reserves for an approved Property Acquisition; provided, however, that if in accordance with the direction by Owner of the Manager in accordance with Section 2.2 or Section 3.4 or otherwise an activity contemplated in the Budget then in effect and for which funds are retained is not consummated, then any remaining funds reserved therefor will then be transferred to the Owner pursuant to this Section 3.5).
Payment to Owner. By the 25th of each month, GR&R shall disburse all monies due to OWNER from that month. OWNER shall be entitled to the periodic rental payment minus GR&R’s fee and other expenses necessary to manage the PROPERTY in fulfillment of this Agreement. ARTICLE III - ACCOUNTS, REPORTS, and RECORDS
Payment to Owner. Agent shall pay Owner net income from the Managed Properties on a monthly basis. Net income means the amounts collected by Agent for Managed Properties (for rent and other fees due to Owner from tenants) less Agent’s fees, per Section 5 below, and any and all bills Owner authorizes Agent to pay on Owner’s behalf. Notwithstanding Agent’s obligation to forward net income, Agent shall be entitled to keep _ in its operating account to pay for unforeseen or irregular expenses (including but not limited to repairs or bills) for Owner’s Managed Properties so that Agent is not prevented from performing its duties hereunder due to a lack of cash on hand. In no event will Agent advance its own funds on Owner’s behalf – Owner must always keep sufficient cash in Agent’s operating trust account to cover such expenses. The parties may amend the above amount in a writing signed by both parties.
Payment to Owner. As contemplated pursuant to Section 2.2, the Owner may, from time to time, direct the Manager to transfer to an account specified by the Owner funds in accounts maintained for Owner by the Manager that the Owner and the Manager mutually agree either (a) are not necessary for the conduct of the Owner’s business as contemplated by the Budget then in effect (for purposes of determining the funds necessary to be retained, taking into account, among other items, funds required in accordance with the Budget then in effect for working capital purposes, reserves for capital expenditures, reserves for payments due to the Manager pursuant to Article V and reserves for an approved Property Acquisition; provided, however, that if in accordance with the direction by Owner of the Manager in accordance with Section 2.2 or Section 3.4 or otherwise an activity contemplated in the Budget then in effect and for which funds are retained is not consummated, then any remaining funds reserved therefor will then be transferred to the Owner pursuant to this Section 3.5); or (b) constitute proceeds from the sale of Common Units in the Offering that prior to the first anniversary of the Offering Termination Date have not been used or committed for use in the acquisition, development or operation of Assets or in the operation of Owner’s business and are determined not to be necessary to fund the operating or working capital necessary for the Owner’s operations, including operations by the Manager and its Affiliates pursuant to this Agreement.
Payment to Owner. The Agent shall pay to the Owner the net income from the Property or a portion of the net income from the Property as directed by the Owner in the following manner: .
Payment to Owner. Manager shall prepare, on a monthly basis, a statement setting out all receipts and payments relating to Home. Such statement shall be made up to the last day of each month and shall be mailed to Owner on or before the 20th day of each month following the month to which the statement relates or as soon as practicable thereafter. Where, after deducting the $1,000.00 or $750.00 (as determined under paragraph 4 herein) minimum balance, a surplus of funds remains, such sum shall be paid to Owner within 10 days of the date of statement issuance. Owner shall provide Manager with written details of Owner’s US Bank Account so that surplus funds may be paid directly into that account on behalf of Owner. Owner shall retain the monthly statements which will be required by Owner’s tax preparer in due course. An administration charge may be made by Manager for producing duplicate statements. Statements cannot be produced midway through any month. Upon termination of this Agreement, the final statement of account shall be that statement issued for the month in which termination takes place and where such statement shows a payment due to Owner, such payment shall be made on the 20th day of the month following the month in which termination occurs. The working capital float shall be held for a further 30 day period to ensure that all costs and expenses related to Home have been processed. Such float (less any costs and expenses not previously charged) shall be repaid to Owner approximately 50 days after the end of the month in which termination occurs.
Payment to Owner. After collecting all rents and paying all expenses as outlined on this agreement, Agent shall disperse net income to Owner on the 15th of each month. If the 15th is on a holiday or a weekend, funds will be dispersed the following regular business day.
Payment to Owner. At the time Broker submits the written statement of Property income and expenses to Owner as provided herein, Broker shall pay to Owner the net amount of funds due Owner after Broker shall have deducted all authorized expenses relating to the operation of the Property from the funds collected on behalf of the Owner. Owner agrees that Broker shall retain a reserve of $ 10,000.00 in Owner’s operating account for payment of the expenses and liabilities set forth herein.
