Default in Contribution of Funds Sample Clauses

Default in Contribution of Funds. If First Party or any company comprising Second Party fails to pay its share of any Cash Call, when due, such party shall be in default (“Defaulting Party”) and Operator shall notify the Parties thereof. The non-Defaulting Party(ies) shall have the right to advance to Operator any and all amounts the Defaulting Party has not paid. Any such advance shall be considered as a loan by the non-Defaulting Party(ies) to the Defaulting Party and shall bear interest at the rate per annum equal to Libor plus one and a half percent (1.5%) per annum from the date such advance is received by the Operator in addition to any actual handling costs. In case the Defaulting Party is a company comprising Second Party, priority shall be given to non-defaulting company(ies) comprising Second Party to advance to Operator any and all amounts such Defaulting Party has not paid and the Defaulting Party shall not be deemed to be in default of this Agreement. In the event that the Defaulting Party does not repay all such amounts to the non-Defaulting Party(ies), together with interest accrued thereon, within ninety (90) days from the date on which such amounts were advanced by the non-Defaulting Party(ies), the non-Defaulting Party(ies) shall have the right to offtake and own the Defaulting Party's share of production from the Contract Area up to the time when such offtaken production, valued at the market price prevailing on the date of lifting by the non-Defaulting Party(ies), equals the aggregate of such amounts, together with interest accrued thereon.
Sample 1
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Related to Default in Contribution of Funds

  • Distribution of Funds Deliver (i) to Seller, or order, the cash portion of the Purchase Price, adjusted for prorations, charges and other credits and debits provided for herein; and (ii) to Buyer, or order, any excess funds delivered to Escrow Agent by Buyer. Such funds shall be delivered by wire transfer or cashier’s check in accordance with instructions for Seller and Buyer; if no instructions are given, Escrow Agent shall deliver such funds by Escrow Agent’s check via overnight courier (or as otherwise requested by the intended recipient) to the appropriate party at the address set forth for notice in this Agreement.

  • Repayment of Funds Unless Treasury extends the time period, a recipient shall repay to the Secretary any amounts subject to recoupment in accordance with instructions provided by Treasury:

  • H DEFAULT, DISRUPTION AND TERMINATION H1 Termination on insolvency and change of control H1.1 The Client may terminate the Contract with immediate effect by notice in writing where the Contractor is a company and in respect of the Contractor:

  • Termination of Funding County may terminate this Contract in any fiscal year in that it is determined there is not sufficient funding. California Constitution Article XVI Section 18.

  • Allocation of Funds AMO will allocate and transfer Funds on the basis of the formula determined by Ontario.

  • Default, Disruption and Termination H1 Termination on Change of Control and Insolvency H2 Termination on Default H3 Break H4 Consequences of Termination H5 Disruption H6 Recovery upon Termination H7 Force Majeure

  • Limitation on Payment of Funds Despite section A4.1:

  • Payment of Funds No federal appropriated funds have been paid or will be paid by or on behalf of the parties to any person for influencing or attempting to influence an officer or employee of any federal agency, a Member of Congress, an officer or employee of Congress, or an employee of a Member of Congress in connection with the awarding of any federal contract, the making of any federal grant, the making of any federal loan, the entering into of any cooperative agreement, and the extension, continuation, renewal, amendment, or modification of any federal contract, grant, loan, or cooperative agreement.

  • Reallocation of Funds COUNTY reserves the right to reallocate the available program funds to other service areas based on CONTRACTOR performance or client demand.

  • Certification of Funds; Budget and Fiscal Provisions; Termination in the Event of Non-Appropriation This Agreement is subject to the budget and fiscal provisions of the City’s Charter. Charges will accrue only after prior written authorization certified by the Controller, and the amount of City’s obligation hereunder shall not at any time exceed the amount certified for the purpose and period stated in such advance authorization. This Agreement will terminate without penalty, liability or expense of any kind to City at the end of any fiscal year if funds are not appropriated for the next succeeding fiscal year. If funds are appropriated for a portion of the fiscal year, this Agreement will terminate, without penalty, liability or expense of any kind at the end of the term for which funds are appropriated. City has no obligation to make appropriations for this Agreement in lieu of appropriations for new or other agreements. City budget decisions are subject to the discretion of the Mayor and the Board of Supervisors. Contractor’s assumption of risk of possible non-appropriation is part of the consideration for this Agreement. THIS SECTION CONTROLS AGAINST ANY AND ALL OTHER PROVISIONS OF THIS AGREEMENT.

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