PAYMENT ON ACCOUNT OF ROYALTY Sample Clauses

PAYMENT ON ACCOUNT OF ROYALTY. The Lessee shall pay on account of royalty — (a) four provisional royalty payments in respect of royalty payable under subclause 2(4) for the three month periods ending 31st March, 30th June, 30th September and 31st December in each royalty year, each of which payments shall be made no later than 23rd March, 23rd May, 23rd September and 23rd December respectively in each royalty year, the amount of each payment being equal to the royalty as estimated by the Lessee to be payable under subclause 2(4) for the preceding three month periods ending 31st December, 31st March, 30th June and 30th September respectively. In the 1985 royalty year the first provisional royalty payment shall be paid no later than 14 days after the commencement date. Each of the first four provisional payments shall be $22.7 million; (b) where the sum of the four provisional payments referred to in paragraph (a) of this subclause 2A(2) in respect of the royalty year is less than 90% of the assessment under subclauses 2(11), 2(12) and 2(13) of royalty payable, additional royalty shall be paid of an amount calculated by applying a rate of interest equal to the accumulation rate to the difference between the sum of the four provisional royalty payments in respect of the royalty year and the assessment under subclauses 2(11), 2(12) and 2(13) of royalty payable in respect of the royalty year, and this lease shall apply to and in relation to that additional royalty (except for the purpose of making a calculation under this subclause 2A(2)) as if the additional royalty was assessed under subclauses 2(11), 2(12) and 2(13), but such additional royalty shall not be payable in respect of the 1985 royalty year. For the purpose of the 1986 royalty year the relevant comparison shall be between the sum of the two provisional payments due no later than 23rd September and 23rd December 1986 and 45% of the assessment of royalty payable under subclauses 2(11), 2(12) and 2(13); (c) the Minister may, in his discretion, if he is satisfied that the liability to pay additional royalty under paragraph (b) of this subclause 2A(2) was not brought about by an attempt on the part of the Lessee to avoid the payment of royalty, remit additional royalty payable under that subparagraph, or any part of that additional royalty, and on his so doing the liability to pay the additional royalty or part of the additional royalty, as the case may be, shall cease; and (d) at the time of making a statement under subclause 2(5) i...
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Related to PAYMENT ON ACCOUNT OF ROYALTY

  • Payment on Early Termination Upon termination pursuant to Section 14 (Early Termination), District shall pay Contractor as follows: (i) If District terminates this Contract for its convenience under Section 14(a) or 14(b), then District must pay Contractor for work performed before the termination date if and only if Contractor performed in accordance with this Contract. District shall not be liable for any direct, indirect, or consequential damages. Termination by District shall not constitute a waiver of any other claim District may have against Contractor. (ii) If Contractor terminates this Contract under Section 14(c) due to District’s breach, then District shall pay Contractor for work performed before the termination date if and only if Contractor performed in accordance with this Contract. (iii) If District terminates this Contract under Sections 14(c) or 14(d) due to Contractor’s breach, then District must pay Contractor for work performed before the termination date less any setoff to which District is entitled and if and only if Contractor performed such work in accordance with this Contract.

  • Payment on Termination If an employee is terminated after the end of a year of employment, the employee is deemed to have been given any untaken leave from the date of termination and shall be paid for that leave accordingly. The employee shall also be paid for any public holidays falling within the period of leave in addition to payment for the leave. If an employee is terminated before the end of a full year of employment, the employee shall be paid pro-rata annual leave based on the period of service.

  • Payment on non-Business Day If any payment by the Borrower under a Finance Document would otherwise fall due on a day which is not a Business Day: (a) the due date shall be extended to the next succeeding Business Day; or (b) if the next succeeding Business Day falls in the next calendar month, the due date shall be brought forward to the immediately preceding Business Day, and interest shall be payable during any extension under paragraph (a) at the rate payable on the original due date.

  • Interest on Delinquent Payments Without waiving any other right or action available to Authority, in the event of default of Company's payment of Rents or other charges hereunder, and in the event Company is delinquent in paying to Authority any Rents or other charges for a period of five (5) days after the payment is due, Authority reserves the right to charge Company interest thereon from the date the Rents or other charges became due to the date of payment at one and one-half percent (1.5%) per month, to the maximum extent permitted by Applicable Law.

  • Interest on late payment Subject to clause 9.7, the Trader or the Distributor (as the case may be) must pay any Tax Invoice issued under this clause 9. If any part of a Tax Invoice that is properly due in accordance with this Agreement is not paid by the due date, Default Interest may be charged on the outstanding amount for the period that the Tax Invoice remains unpaid.