FARMIN PAYMENTS Sample Clauses

FARMIN PAYMENTS. Avenue (or its Nominated Affiliate, as the case may be) shall pay to AME, as a fixed and final price for its share of the dry-hole costs associated with the drilling of the Tosun-1 Well (inclusive of all taxes (other than Withholding Tax) and other costs and expenses of any kind), the sum of US$2,500,000, payable as follows: (a) US$250,000 by way of payment of the Deposit in accordance with clause 2.1; (b) a further US$1,250,000 at closing of the Tosun Acquisition (as specified in clause ); (c) a further US$750,000, on or prior to 20 January 2003, provided that drilling of the Tosun-1 Well is proceeding in accordance with the Tosun Drilling Contract; and (d) US$250,000 within 5 Business Days after the Tosun Well has reached a depth of not less than the 'Agreement Depth' specified in the Tosun Drilling Contract, as notified by AME to Avenue.
Sample 1
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FARMIN PAYMENTS. (a) Avenue shall pay (or procure that its Nominated Affiliate pays) to AME, as a fixed and final price for its share of the dry-hole costs associated with the drilling of the Tosun-1 Well (inclusive of all taxes (other than Withholding Tax) and other costs and expenses of any kind), the following sums: (i) US$250,000 by way of payment of the Deposit in accordance with clause 2.1 (the receipt of which is hereby acknowledged); (ii) a further US$1,250,000 promptly following execution of this Agreement; and (iii) a further US$500,000 on or prior to 10 February 2003, provided that drilling of the Tosun-1 Well is proceeding in accordance with the Tosun Drilling Contract. (b) If Avenue or its Nominated Affiliate acquires a further 10% Participating Interest in the Tosun Licence pursuant to clause 3.1(b), then as a further contribution to the drilling costs referred to in clause 3.2 (a) Avenue shall pay (or procure that its Nominated Affiliate pays) to AME an additional US$500,000 within 5 Business Days after the Tosun Well has reached a depth of not less than the 'Agreement Depth' specified in the Tosun Drilling Contract, as notified by AME to Avenue. (c) If Avenue or its Nominated Affiliate acquires a further 10% Participating Interest in the Tosun Licence pursuant to clause 3.1(c), then at closing of that acquisition Avenue shall pay (or procure that its Nominated Affiliate pays) to AME: (i) if the Tosun-1 Well has resulted in a commercial discovery, the sum of US$1,325,000 (being (A) 250% of the amount specified in clause 3.2(b), plus (B) a further US$75,000 in respect of the logging, running of a completion string, cementing and perforating at the Tosun-1 Well referred to in clause 3.3); or (ii) if the Tosun-1 Well has not resulted in a commercial discovery, the sum of US$500,000 (being 100% of the amount specified in clause 3.2(b)). For purposes of sub-paragraphs (i) and (ii) above, "commercial discovery" means any discovery of reserves of petroleum which (1) are tested and produced in the well encountering the same, or if not so tested, are determined by AME and Avenue as being capable of being produced, and (2) can be exploited on a commercial basis.
Sample 1

Related to FARMIN PAYMENTS

  • ALL-IN PAYMENTS It is agreed all-in payments breach the award and this Agreement. All-in payments to employees will not be made. Where it is alleged all-in payments are being made, the provisions of the VBIA shall apply.

  • Certain Payments Without the prior consent of the Dealer Manager, none of the Company, the Advisor or any of their respective affiliates will make any payment (cash or non-cash) to any associated Person or registered representative of the Dealer Manager.

  • Delay in Payment Notwithstanding anything else to the contrary in this Agreement, the BEP, or any other plan, contract, program or otherwise, the Company (and its affiliates) are expressly authorized to delay any scheduled payments under this Agreement, the BEP, and any other plan, contract, program or otherwise, as such payments relate to the Executive, if the Company (or its affiliate) determines that such delay is necessary in order to comply with the requirements of Section 409A of the Internal Revenue Code. No such payment may be delayed beyond the date that is six (6) months following the Executive’s separation from service (as defined in Section 409A). At the end of such period of delay, the Executive will be paid the delayed payment amounts, plus interest for the period of any such delay. For purposes of the preceding sentence, interest shall be calculated using the six (6) month Treasury Xxxx rate in effect on the date on which the payment is delayed, and shall be compounded daily. If the conditions of the severance exception under Treasury Regulation Section 1.409A-1(b)(9)(iii) (or any successor Regulation thereto) are satisfied, payment of benefits shall not be delayed for six (6) months following termination of employment to the extent permitted under the severance exception.

  • Default in Payment Any payment not made within ten (10) business days after it is due in accordance with this Agreement shall thereafter bear interest, compounded annually, at the prime rate in effect from time to time at Citibank, N.A., or any successor thereto. Such interest shall be payable at the same time as the corresponding payment is payable.

  • IN PAY An employee who is called in for work outside his standard hours other than for scheduled overtime work, shall be paid either

  • CALL-IN PAY 14.01 An employee who is called in to work outside their regularly scheduled hours shall be paid a minimum of four (4) hours pay at their applicable rate whenever there is a break between the employee's regularly scheduled hours and the work the employee is called to perform.

  • Report-In Pay An employee who reports to work on a regularly scheduled workday without previous notice not to report shall receive a minimum of four (4) hours work or four (4) hours pay in lieu thereof at the applicable hourly rate.

  • Taxes on Payments As at the date of this Agreement all amounts payable by them hereunder in Dollars may be made free and clear of and without deduction for or on account of any Taxation.

  • Loan Payments a. On each Payment Date during the term of the Loan, the Borrower shall pay interest in arrears at the Applicable Rate(s) on the outstanding principal balance of the Loan in the amount of all interest accrued and unpaid through the last day of the calendar month preceding the calendar month in which such payment is due; and b. If on a Determination Date, the amount of the Loan exceeds the Borrowing Base, Borrower shall pay to Bank within fifteen (15) days after such Determination Date a principal payment in an amount sufficient to reduce the principal balance of the Loan as of such Determination Date to an amount equal to the Borrowing Base; c. In any and all events, the entire outstanding principal balance of the Loan, together with all accrued and unpaid interest thereon, shall be due and payable on the Scheduled Maturity Date. Borrower may sell any of the Borrower Kite Units subject to the lien and security interest of the Kite Units Pledge Agreement, provided no Event of Default is the continuing and provided Borrower makes to Bank a principal payment in an amount sufficient to reduce the principal balance of the Loan immediately following such sale to an amount equal to Fifty Percent (50%) of the then market value (as quoted on the New York Stock Exchange) of the number of shares of beneficial interest (or other comparable equity interest of Kite) which would be subject to the lien and security interest of the Kite Units Pledge Agreement immediately following such sale (such a payment being referred to herein as a "Pledge Agreement Release Price"). Upon the receipt of such Pledge Agreement Release Price payment, Bank will execute a release of the Kite Units Pledge Agreement from the beneficial interests for which such Pledge Agreement Release Price payment is made and will release all of its other security encumbering such interests.

  • Default in Payment of Principal of Loans and Reimbursement Obligations The Borrower shall default in any payment of principal of any Loan or Reimbursement Obligation when and as due (whether at maturity, by reason of acceleration or otherwise).

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