SHUT-IN PAYMENTS Sample Clauses

SHUT-IN PAYMENTS. While there is a well on this lease or on acreage pooled therewith, which well is capable of producing only gas, gas condensate, or some combination of gas and gas condensate, bet from which production is not be sold or used, this lease shall be extended for a period of one year (1 year) from the date such well is shut-in, and the Lessee may tender or pay annually as royalty the sum of One Dollar ($l.00) for tack net mineral acre covered hereby, payment or tender of such royalty may be made by check or draft of Lessee mailed or delivered to Lessor, with the first payment to be made on or before one year (1 year) from and after the date on which such well is shut-in, and a similar payment to be made annually thereafter on or before the anniversary date on which such well is shut-in, and if such payments are so made, it shall be considered that gas, gas condensate, or it combination of gas and gas condensate is being produced in paying quantities from the above described land under all the terms, conditions and limitation of this lease.
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SHUT-IN PAYMENTS. Operator shall be responsible for making any and all shut-in payments which may become due under any lease Operator acquires an interest pursuant to this Agreement and billing Farmor for its proportionate share. Operator shall notify Farmor immediately whenever a Test Well is shut-in for whatever reason.
Sample 1
SHUT-IN PAYMENTS. Shut-in payments on Farmee’s well shall be made by Farmee or Farmee’s Operator. If shut-in payments are made by Farmor, Farmee shall reimburse Farmor for 100% of the shut-in payment. Until a Lease on the Lands is assigned in whole or in part to Farmee, Farmor shall be responsible for exercising due diligence and utilizing reasonable commercial efforts to pay all shut-in payments required to maintain the Lease(s) in effect and; within 30 days after receipt of invoice from Farmor, Farmee shall reimburse Farmor for 100% of the shut-in payments paid. If Farmee fails to reimburse Farmor within the time specified, the balance of any unpaid shut-in payment invoice shall bear interest, monthly, at the rate of 10% per annum or the maximum contract rate permitted by the applicable usury laws in the state in which the Lands are located, whichever is the lesser, plus attorney’s fees, court costs and any other costs in connection with the collection of any unpaid balance. After the Lease(s) has been assigned in whole or in part to Farmee, the responsibility for making such payments covering the assigned depths under said Lease(s)shall belong to Farmee. The party responsible for paying shut-in payments shall not be liable to the other party for any loss resulting from any failure to properly do so.
Sample 1
SHUT-IN PAYMENTS. Notwithstanding anything to the contrary herein contained, where a well capable of producing oil and/or gas in paying quantities is completed hereunder and is shut-in for a period of one hundred eighty (180) consecutive days, this Lease shall not terminate, but Lessee shall be obligated to pay or tender to the Lessor as royalty for constructive production, $5.00 per net mineral acre retained or leased hereunder, such payment or tender to be made on or before the anniversary date of this Lease next ensuring after the expiration of one hundred eighty (180) days from the date such well is shut-in and thereafter on or before the anniversary date of this Lease during the period such well is shut-in. If such payment is made, it will be considered that oil and/or gas is being produced within the meaning of this Lease.
Sample 1
SHUT-IN PAYMENTS. (1) If at any time or times (during or after the Primary Term), there is on the Leased Premises a gas and/or oil well or xxxxx capable of Production in Paying Quantities, but gas and/or oil is not being used, produced, or marketed therefrom because of the lack of a reasonable market or production/marketing facilities (“Qualifying Conditions”), and if this Lease is not then being otherwise maintained, Lessee may make a request to maintain this Lease in force by making a payment at the rate of Fifty Dollars ($50.00) per acre for the acreage not otherwise maintained under the terms of this Lease (“Shut-In Acreage”), but in no event shall payment be less than One Thousand Dollars ($1,000.00) (“Shut-In Payment”). A Shut- In Payment shall maintain this Lease as to Shut-In Acreage for a period of six (6) months (“Shut-In Period”), during which, it shall be considered that there is Production in Paying Quantities for lease maintenance purposes only. The Shut-In Payment must be made prior to the termination of this Lease as to the Shut-In Acreage.
Sample 1

Related to SHUT-IN PAYMENTS

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

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

  • 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.

  • REPORTING IN PAY An employee reporting for work on his/her regularly scheduled shift who has not been properly notified not to report will receive a minimum of four (4) hours pay in lieu at the applicable rate or at least four (4) hours employment at his/her regular rate.

  • 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).

  • Default in Performance (i) Any Loan Party shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or observed and contained in Section 8.4.(h) or Article IX.; or (ii) Any Loan Party shall fail to perform or observe any term, covenant, condition or agreement contained in this Agreement or any other Loan Document to which it is a party and not otherwise mentioned in this Section, and in the case of this subsection (b)(ii) only, such failure shall continue for a period of 30 days after the earlier of (x) the date upon which a Responsible Officer of the Borrower or such other Loan Party obtains knowledge of such failure or (y) the date upon which the Borrower has received written notice of such failure from the Administrative Agent.

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