EARNING EVENT Sample Clauses
An Earning Event clause defines the specific conditions or milestones that must be met for a party to become entitled to receive payment or compensation under an agreement. Typically, this clause outlines what constitutes an earning event, such as the completion of a project phase, achievement of sales targets, or delivery of certain services. By clearly specifying when and how payments are triggered, the clause ensures both parties understand the requirements for compensation, thereby reducing disputes and aligning expectations regarding performance and payment.
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EARNING EVENT. ASSIGNMENT OF RECORD TITLE ------------------------------------------ At such time as the ITW is drilled to Casing Point and Ridgewood has satisfied the monetary obligations set forth in Articles 1 and 2 above, LLOG shall execute and deliver to Ridgewood an Assignment of Record Title Interest delivering to Ridgewood a 50% Record Title Interest in each Lease so earned. The Assignments shall be without warranty of title, either express or implied, except by, through and under LLOG, but not otherwise. Additionally, such Assignment shall be subject to the approval of the authorized officer of the U.S. Mineral Management Service. However, in said Assignment, LLOG shall deliver to Ridgewood the net revenue interest set forth on Exhibit "B" attached hereto attributable to its 50% record title interest.
EARNING EVENT. With respect to any Obligation Well, an "Earning Event" shall occur at such time as such Obligation Well is completed as a well capable of producing oil and/or gas in paying quantities or, if based upon logs and other data pertaining to such Obligation Well, Farmee determines (in Farmee's sole and reasonable judgment) that an attempt to complete such Obligation Well as a commercial producer would not be prudent or economical, then at such time as such Obligation Well is plugged and abandoned by Farmee.