Monthly Payment Obligation Sample Clauses

Monthly Payment Obligation. (a) If in any Month the difference between MTOPQ and quantity of Gas offtaken by Buyer during the Month is positive, such quantity of Gas shall be called “MGNT Quantity”. Buyer shall pay to the Sellers an amount equal to the MGNT Quantity multiplied by arithmetic average of the Sales Gas Price during the Month (“MGNT Amount”) and shall be adjusted by way of a debit note issued along with applicable sales tax liability. The rate of exchange to be applied to convert the MGNT amount calculated in USD to INR shall be as per Clause 10.5. The value arrived at (after the adjustment) would be treated as the actual amount receivable towards the supply of Gas to the Buyer. (b) If during a Month, the Buyer has offtaken Gas quantities equal to or greater than MTOPQ, then no MGNT Amount will be charged to the Buyer.
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Related to Monthly Payment Obligation

  • Reimbursement Obligation The Borrower agrees unconditionally, irrevocably and absolutely to pay immediately to the Agent, for the account of the Lenders, the amount of each advance which may be drawn under or pursuant to a Letter of Credit or an L/C Draft related thereto (such obligation of the Borrower to reimburse the Agent for an advance made under a Letter of Credit or L/C Draft being hereinafter referred to as a "REIMBURSEMENT OBLIGATION" with respect to such Letter of Credit or L/C Draft). If the Borrower at any time fails to repay a Reimbursement Obligation pursuant to this SECTION 3.6, the Borrower shall be deemed to have elected to borrow Revolving Loans from the Lenders, as of the date of the advance giving rise to the Reimbursement Obligation, equal in amount to the amount of the unpaid Reimbursement Obligation. Such Revolving Loans shall be made as of the date of the payment giving rise to such Reimbursement Obligation, automatically, without notice and without any requirement to satisfy the conditions precedent otherwise applicable to an Advance of Revolving Loans. Such Revolving Loans shall constitute a Floating Rate Advance, the proceeds of which Advance shall be used to repay such Reimbursement Obligation. If, for any reason, the Borrower fails to repay a Reimbursement Obligation on the day such Reimbursement Obligation arises and, for any reason, the Lenders are unable to make or have no obligation to make Revolving Loans, then such Reimbursement Obligation shall bear interest from and after such day, until paid in full, at the interest rate applicable to a Floating Rate Advance.

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