Interest Earned; Assignment Sample Clauses

Interest Earned; Assignment. If both HOMI and KCS elect to participate in the drilling of a Test Well in the manner and within the time set forth in Section 2.2 above and if the Test Well (or a replacement Well in the event the initial Well is lost) is drilled to its objective and if KCS is not delinquent in the payment of the KCS Participation Costs due under Section 2.5, then HOMI shall assign (or shall use its best efforts to cause SEXI to directly assign unto KCS) an undivided fifty percent (50%) of the HOMI Interest in the Prospect earned by HOMI under the Drilling Agreement by the drilling of the Test Well, it being the intent hereof that immediately after the making of such assignment, and as a result thereof, HOMI and KCS shall each have fifty percent (50%) of the combined Working Interest and fifty percent (50%) of the combined Net Revenue Interest which HOMI shall have the right to earn or receive under the Drilling Agreement immediately prior to the making of such assignment; provided, if either Party shall elect not to participate in a completion attempt on a Test Well to which the other Party has consented or affirmatively elected, and such completion is a Required Operation, the right to and/or ownership of any Required Operation Interest earned by the completion operation shall be owned by and belong solely to the Party who shall have so consented or affirmatively elected. Assignments to KCS shall be made free of Subsequently Created Burdens made, granted or suffered by HOMI, but without warranty of title, express or implied, except for a special warranty by HOMI against the claims of any persons claiming by, through or under HOMI or its Affiliates, but not otherwise. Said assignments shall be made promptly after the conditions specified in the first sentence hereof have been satisfied, and to the extent it shall have the right to do so, HOMI shall cause such assignments to be made directly to KCS by SEXI pursuant to the Drilling Agreement. In the event, however, HOMI has not earned or received an assignment of the Leases constituting any HOMI Interest in the Prospect, including any interest to be earned by Farmout, HOMI shall assign and transfer to KCS the interest to which KCS is entitled in said interest earned promptly after HOMI receives its assignment of interest. Prior to the time HOMI makes an assignment to KCS, HOMI shall hold the HOMI Interest and any other interests in Leases, to the extent (but only to the extent) of KCS's expectant interest therein, in trus...
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Related to Interest Earned; Assignment

  • INTEREST EARNED i. If SUBRECIPIENT earns interest on funds received pursuant to this CONTRACT, that interest shall be identified as income to the program(s) for which this CONTRACT provides and shall be used and expended only for said program(s). SUBRECIPIENT shall maintain in its files full documentation of such interest earnings and expenditures. ii. If SUBRECIPIENT is a nonprofit it shall maintain any advances of funds or contributions received under this CONTRACT interest-bearing accounts, unless “a” or “b” below apply: a. The best reasonably available interest-bearing account would not be expected to earn interest in excess of $250 per year on the funds deposited pursuant to this CONTRACT combined with other federal cash balances, if any, maintained by SUBRECIPIENT; or b. The depository would require an average or minimum balance so high that it would not be feasible within the expected cash resources SUBRECIPIENT expects to receive under this CONTRACT.

  • Void Assignment Any sale, exchange or other transfer by any Member of any Units or other interests in the Company in contravention of this Agreement shall be void and ineffectual and shall not bind or be recognized by the Company or any other party.

  • Resignation as L/C Issuer after Assignment Notwithstanding anything to the contrary contained herein, if at any time Bank of America assigns all of its Commitment and Loans pursuant to subsection (b) above, Bank of America may, upon 30 days’ notice to the Borrower and the Lenders, resign as L/C Issuer. In the event of any such resignation as L/C Issuer, the Borrower shall be entitled to appoint from among the Lenders a successor L/C Issuer hereunder; provided, however, that no failure by the Borrower to appoint any such successor shall affect the resignation of Bank of America as L/C Issuer. If Bank of America resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of the L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c)). Upon the appointment of a successor L/C Issuer, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer, and (b) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to Bank of America to effectively assume the obligations of Bank of America with respect to such Letters of Credit.

  • Mortgage Payments Received After Transfer Date The amount of any related Monthly Payments received by the Seller after the related Transfer Date shall be forwarded to the Purchaser by overnight mail within one (1) Business Day following the date of receipt. The Seller shall notify the Purchaser of the particulars of the payment, which notification requirement shall be satisfied if the Seller forwards with its payment sufficient information to permit appropriate processing of the payment by the Purchaser. The Seller shall assume full responsibility for the necessary and appropriate legal application of such Monthly Payments received by the Seller after the related Transfer Date with respect to related Mortgage Loans then in foreclosure or bankruptcy; provided, for purposes of this Agreement, necessary and appropriate legal application of such Monthly Payments shall include, but not be limited to, endorsement of a Monthly Payment to the Purchaser with the particulars of the payment such as the account number, dollar amount, date received and any special Mortgagor application instructions and the Seller shall comply with the foregoing requirements with respect to all Monthly Payments received by it after the related Transfer Date.

  • Assignment, Etc The Holder may assign or transfer this Note to any transferee at its sole discretion. This Note shall be binding upon the Company and its successors and shall inure to the benefit of the Holder and its successors and permitted assigns.

  • Termination Date, Etc “Termination Date” shall mean in the case of the Executive’s death, his date of death, or in all other cases, the date specified in the Notice of Termination subject to the following:

  • PARTIES BENEFITED; ASSIGNMENTS 11.1 This Agreement shall be binding upon, and inure to the benefit of, the Consultant, his heirs and his personal representative or representatives, and upon the Company and its successors and assigns. Neither this Agreement nor any rights or obligations hereunder may be assigned by the Consultant.

  • Parties Bound; Assignment This Guaranty shall be binding upon and inure to the benefit of the parties hereto and their respective successors, assigns and legal representatives; provided, however, that Guarantor may not, without the prior written consent of Lender, assign any of its rights, powers, duties or obligations hereunder.

  • TEACHING LOADS AND ASSIGNMENTS A. Should teacher absences necessitate using teachers on preparation periods as substitutes because no eligible substitutes are available, said teacher giving up his/her preparation period shall be paid at the rate listed is Schedule B for each prep period given up to substitute. Every effort will be made to share the assignments equally. When absences of fifty percent (50%) or more of the day occur, the Administration will call for an eligible substitute. B. Elementary/Middle School scheduled recess periods will be supervised by non- teachers. Elementary/Middle School teachers may use this as preparation time, as long as it is a scheduled release time. C. Any teacher may discuss his/her tentative assignment for the forthcoming year with their building administrator and may appeal the assignment to the Superintendent. Teachers who will be affected by a change in assignments or classroom will be notified of their tentative assignment by June 1. Teachers shall be informed of the final assignments and classrooms no later than August 1 unless an unforeseen or emergency situation arises. Should a situation arise, Administration shall notify the Association of the reasons. D. The staff will be surveyed prior to the end of each school year to determine teaching preference for the next school term. E Because the Board of Education has the statutory duty to educate all children within the boundaries of the school district and those participating in schools of choice, and because the student/teacher ratio is an important aspect of the educational program, and because the number of students the teacher is required to instruct has a direct bearing upon the amount of work required of the individual teacher, the parties agree the size of the individual classes shall be given careful consideration to balance them by the administration. Upon the request of the teacher or association, if educationally appropriate, or economically feasible all options not limited to: balancing class loads, hiring a paraprofessional, or not being able to do anything will be considered. Discussion on whether to do so will be done by the 4th Wednesday count day.

  • Remittance Date The 18th day (or if such 18th day is not a Business Day, the first Business Day immediately following) of any month.

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