Common use of Annual Rental Clause in Contracts

Annual Rental. The Company shall pay to EMRA an annual rental fee per squared kilometre of land included in the Exploration Area in accordance with Applicable Law. The rental value may be amended every three years by the Prime Minister’s Decree upon the proposal of EMRA's Board of Directors and after the presentation of the MINISTER as stipulated in Article (21) of the Executive Regulations of the Mineral Resources Law. Such rental payments shall be paid in advance. Each Exploration License shall accrue an annual rent per square kilometre of the Exploration Area or part thereof, rounded up to the nearest square kilometre as follows: 1. Five thousand pounds (EGP 5,000) per square kilometre for each year of the first Exploration period of two years. 2. Ten thousand pounds (EGP 10,000) per square kilometre for each year of the second Exploration period of two years (both the third and fourth year). 3. Fifteen thousand pounds (EGP 15,000) per square kilometre for each year of the third Exploration period of two years (both the fifth and sixth year). 4. Twenty thousand pounds (EGP 20,000) per square kilometre for each year of the last Exploration period of two years (the seventh and eighth year).

Annual Rental. The Company shall pay to EMRA an annual rental fee per squared kilometre kilometer of land included in the Exploration Area in accordance with Applicable Law. The rental value may be amended every three years by the Prime Minister’s Decree upon the proposal of EMRA's Board of Directors and after the presentation of the MINISTER as stipulated in Article (21) of the Executive Regulations of the Mineral Resources Law. Such rental payments shall be paid in advance. Each Exploration License shall accrue an annual rent per square kilometre kilometer of the Exploration Area or part thereof, rounded up to the nearest square kilometre kilometer as follows: 1. Five thousand pounds (EGP 5,000) per square kilometre kilometer for each year of the first Exploration period of two years. 2. Ten thousand pounds (EGP 10,000) per square kilometre kilometer for each year of the second Exploration period of two years (both the third and fourth year). 3. Fifteen thousand pounds (EGP 15,000) per square kilometre kilometer for each year of the third Exploration period of two years (both the fifth and sixth year). 4. Twenty thousand pounds (EGP 20,000) per square kilometre kilometer for each year of the last Exploration period of two years (the seventh and eighth year).