Sandstorm Barbados Advances Sample Clauses

Sandstorm Barbados Advances. In consideration of the covenants of XXXX set forth in Article 3, on the Execution Date, Sandstorm Barbados shall advance to XXXX in cash, by wire transfer, without setoff or deduction, an amount equal to the Sandstorm Barbados Portion of the Previously Advanced Capital Expenditures (the “Execution Date Payment”). The Execution Date Payment shall be advanced as and shall be treated as a payment in respect of the Sandstorm Barbados Portion of the Quarterly Capital Expenditures. The Execution Date Payment also shall be applied as against the Maximum Advance Amount. For example purposes only, if the Execution Date Payment is US$1.5 million, then the amount outstanding that may be advanced by Sandstorm Barbados as and by way of Advanced Amounts, subject to the terms and conditions of this Agreement, shall be a maximum of US$8.5 million. Once Sandstorm Barbados has advanced the Maximum Advance Amount to XXXX, Sandstorm Barbados shall not be obligated to advance to XXXX any additional sums as and by way of the Sandstorm Barbados Portion of the Quarterly Capital Expenditures (or the Advanced Amount).
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