Carry Termination Event definition

Carry Termination Event has the meaning set forth in Section 2.1.

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Carry Termination Event means the time at which the aggregate amount of Carried Costs paid by BG equals the Carried Cost Obligation. Joint Development Operator shall maintain an accurate record of the Carried Costs paid by BG from time to time, and shall provide each Development Party with a monthly statement showing the Calendar Month and inception to date payments by BG.

Carry Termination Event means the time at which (a) the aggregate amount of Carried Costs actually paid by Noble or funded into a Tax Partnership Account by Noble, in each case, in accordance with the terms hereof equals (b) the Carried Cost Obligation.

Examples of Carry Termination Event in a sentence

Notwithstanding the preceding, any proposal to reduce the quantity of work to be conducted under the Development Work Program or any Annual Work Program and Budget (to the extent relating to any Development Operations included in any Development Work Program) with respect to any period prior to the Carry Termination Event shall also require the affirmative vote of EXCO.
At any time from and after the thirty-month anniversary of the Closing Date until the Carry Termination Event, Noble, upon five Business Days written notice to CONSOL (the “Balance Election Notice”), shall have the right (but not the obligation) to elect to pay the Carried Costs Balance as a lump sum payment, as applicable (such payment, the “Carried Costs Balance Payment”).
For clarity, the Parties intend that Noble shall pay its Share of Development Costs plus all Carried Costs until the Carry Termination Event, and that CONSOL shall pay its Share of Development Costs less all Carried Costs until the Carry Termination Event.
Upon SM’s receipt of the Carried Costs Balance Payment the Carry Termination Event shall be deemed to have occurred for all purposes hereunder.
Upon CONSOL's receipt of the Carried Costs Balance Payment, Noble's and its Affiliates' obligation to pay Carried Costs shall be deemed to be fully satisfied, the Carry Termination Event shall be deemed to have occurred and Noble shall have no right to the return of the Carried Cost Balance.
If the Carry Termination Event has not occurred on or prior to the date that is 30 months after the Closing Date, then, at any time thereafter, Mitsui, upon five Business Days written notice to SM (the “Balance Election Notice”), shall have the right (but not the obligation) (the “Carried Costs Balance Right”) to elect to pay the Carried Costs Balance as a lump sum payment, as applicable (such payment, the “Carried Costs Balance Payment”).
This Agreement shall terminate upon the earlier to occur of (“Termination Date”): (a)the date that is 60 days after the occurrence of the Carry Termination Event; or (b)the mutual agreement of CONSOL and Noble.
Upon CONSOL’s receipt of the Carried Costs Balance Payment, Noble’s and its Affiliates’ obligation to pay Carried Costs shall be deemed to be fully satisfied, the Carry Termination Event shall be deemed to have occurred and Noble shall have no right to the return of the Carried Cost Balance.
Upon CONSOL’s receipt of the NBL Balance Payment, (a) Noble and its Affiliates shall be deemed to no longer be in default of the obligation to pay the Total Amount in accordance with this Agreement and the Acquisition Agreement, (b) such obligation to pay Total Amount shall be deemed to be fully satisfied, and (c) the Carry Termination Event shall be deemed to have occurred.
Upon CONSOL's receipt of the NBL Balance Payment, (a) Noble and its Affiliates shall be deemed to no longer be in default of the obligation to pay the Total Amount in accordance with this Agreement and the Acquisition Agreement, (b) such obligation to pay Total Amount shall be deemed to be fully satisfied, and (c) the Carry Termination Event shall be deemed to have occurred.

More Definitions of Carry Termination Event

Carry Termination Event means the earlier of the time at which (a)(i) the aggregate amount of Carried Costs funded by Mitsui equals the Carried Cost Obligation, and (ii) all such funds have been used to pay SM’s Eligible Costs incurred pursuant to Development Operations or have been transferred to the Carried Costs Balance Account pursuant to Section 3.8(b) or (b) Mitsui exercises its Carried Costs Balance Right pursuant to Section 3.10 and pays the Carried Costs Balance Payment to SM as required in such Section.

Carry Termination Event has the meaning given to it in the Joint Development Agreement.