Earned Interest. Upon the required cash and stock payments and the completion of the first year exploration program in the amount of $1,500,000, the Optionee shall earn an irrevocable twenty-five percent (25%) interest in and to the Property.
Earned Interest. Depositor hereby specifically acknowledges that cash in the Depositor’s Xxxx XXX, which the Depositor has not yet directed to be invested, will be placed temporarily in an interest-bearing account of Custodian’s choosing. Depositor further acknowledges that, until such time as Depositor provides instruction as to how funds are to be invested, Depositor funds not yet invested will earn interest at the market interest rate currently offered by the Custodian. Depositor acknowledges that such rate is not fixed and may be subject to fluctuation. Depositor’s cash account will be credited at the end of each month for interest earned during the month at the current rate in effect. Interest earned on invested cash that exceeds the rate currently offered by the Custodian will be retained by Preferred Trust Company, LLC as income. The Custodian shall be entitled to retain this income net of related service fees.
Earned Interest. Upon completion of the Exploration Program, BUYER shall have earned 100% of Speebo's undivided interest in the Acquisition Lands, subject to the net smelter royalties described in section 6 herein (the "Earned Interest").
Earned Interest. Earned interest means any interest earnings generated from grant funds held by Grantee in interest bearing accounts.
a. Except as provided in Section G.7.b.iii., above, Grant funds are not required to be held in an interest bearing account. However, if interest is earned by Xxxxxxx on the project, the earnings must be reported to CARB. All interest income on the project funds must be reinvested in and used by the project or returned to CARB. Xxxxxxx is responsible for reporting to CARB all project expenditures funded with interest earned on the grant funds.
b. If applicable, the Grantee must maintain accounting records (e.g., general ledger) that tracks interest earned, expended, reinvested, or returned on the grant funds, as follows:
i. The calculation of interest must be based on an average daily balance or some other reasonable and demonstrable method.
ii. Interest earned must be separately identifiable from interest earned on nongrant funds.
iii. The methodology for calculating earned interest must be consistent with how it is calculated for Grantee’s other fiscal programs, if applicable.
iv. Earned interest must be fully expended or returned to CARB by completion of the project, submittal of the Final Report, or by May 15, 2021, whichever comes first.
v. Documentation of interest earned on grant funds must be retained for a minimum of three years after it is generated. Documentation of interest expended on eligible equipment must be retained for a minimum of three years after the interest-funded equipment has been redeemed.
vi. The above documentation must be provided to CARB in Quarterly Reports and Final Report.
Earned Interest. Upon the required cash payments as defined in 3.2 and the completion of the expenditures on the Property as defined in 3.4 above, the Optionee shall earn and be assigned an irrevocable seventy-five percent (75%) interest in and to the Property.
Earned Interest. All interest which accrues on the Escrow Amount shall be paid by Escrow Agent to Seller on the termination of this Escrow Agreement.
Earned Interest. 18.1 It is the intentions of the Parties that Farmee is incurring significant expenditures to earn a 40% undivided interest in the Farmout Lands (to the extent of Farmee’s drilling operations hereunder). If, immediately prior to the time Farmor conveyed a 40% undivided interest in the Farmout Lands and Title Documents to Farmee, the Farmor had less than a 80% beneficial interest in any of the Farmout Lands or the Title Documents, the Farmee shall nevertheless earn a 40% undivided beneficial interest in and to the Farmout Lands earned hereunder even if the effect is that the Farmor’s residual beneficial interest (after earning by Farmee) is less than a 40% undivided interest in those Farmout Lands.
Earned Interest. The Loan Account is credited with interest at a rate which is not less than the Loan Interest Rate, less 3%, on an annual basis. Interest credited to the Loan Account will never be less than 3%.
Earned Interest. Upon execution of this Agreement and payment in full of the Consideration amounts specified in Section 3, HMIT shall have fully earned 50% of North Bay's undivided interest in the JV Lands.
Earned Interest. After the well contemplated in Section 2.1 of this Agreement has been Production Tested, Completed, Capped or Abandoned (as the case may be), all in accordance with the provisions of this Agreement, and if the Participant is not then in default under this Agreement, the Participant will earn from Farmor, effective as at the drilling rig release date of the Earning Well:
a. a Working Interest equal to the Participant’s Interest in the Farmout Lands comprising the Spacing Unit for the Earning Well, subject to the Overriding Royalty, payable only on the Participant's Working Interest, and on the terms and conditions set forth in Article 5.00 and Article 6.00
