ANNUAL RENTALS Sample Clauses

ANNUAL RENTALS. (a) Rentals, if any, shall be levied annually at the rate set forth in Schedule III. (b) Rentals, if levied, shall be paid in advance, in respect of the Lands. The payment of rentals may be secured by cheque, promissory note, letter of credit or other negotiable financial instrument in a form satisfactory to the Minister.‌ (c) Rentals paid shall be refunded annually at the rate set forth in Schedule III.

ANNUAL RENTALS. (1) The Company shall pay to the Seychelles Revenue Commission an annual rental (“Rental”) determined as provided in sub-clauses 10(2) and 10(4). (2) The Rental to be paid by the Company in respect of each Contract Year of the Exploration Phase of this Agreement shall be determined as follows: (a) US$10 in respect of the first period (b) US$ 15 in respect of the second period; and,

ANNUAL RENTALS. (1) The Company shall pay to the Government in respect of each Contract Year of the term of this Agreement an annual rental determined as provided in subclauses (2) and (3) below. (i) The rental to be paid by the Company in respect of each Contract Year of the Exploration Phase of the Agreement shall be an amount of ten United States Dollars (US$10) for each square kilometre of the Scheduled Lands held by the Company on the Effective Date, multiplied by a factor of A divided by B, where: "A" is the value of the World Consumer Price Index ("WCPI") as reported for the first time in the monthly publication "International Financial Statistics" of the International Monetary Fund (IMF) for the Month during which the anniversary of the Effective Date of the Agreement on which the rental is payable occurs; and "B" is the value of the WCPI as reported for the first time in the said publication for the Month of the Effective Date. (ii) If during the Contract Year since the previous anniversary the Company has surrendered any part of the Scheduled Lands held under the Agreement, the rental payable on each square kilometre of Scheduled Lands shall be the amount calculated according to sub-paragraph (i) multiplied by a percentage equal to the proportion of the Scheduled Lands awarded on the Effective Date that are still held by the Company on the anniversary date. (iii) Payment of the annual rental during the Exploration Phase shall be made by the Company annually in advance, the first such payment being made on the Effective Date and subsequent payments being made on each anniversary of the Effective Date. (3) The rental to be paid by the Company in respect of the area occupied by a Petroleum Field in each Contract Year of the Development Phase shall be such amount as shall be agreed by the Government and the Company in the Development Plan for the Field. (4) Where an amount of rental under this Agreement is not paid on the due date, there shall be payable to the Government by the Company an additional amount calculated at the compound rate of two (2) percent per Month or part thereof upon the amount of rental from time to time remaining unpaid, to be computed from the time when the rental became payable until it is paid.

ANNUAL RENTALS. 15.1 Annual rentals due on the Leases between June 17, 2002 and the date of this Agreement shall be paid by Beta and the Parties shall reimburse Beta for the amount of such rentals as hereinafter set forth. Annual rentals due after the date of this Agreement, shall be paid by PVOG and the Parties shall reimburse PVOG for the amount thereof. Beta and PVOG may pay rentals and be reimbursed by the Parties immediately upon receipt of an appropriate invoice or Beta and PVOG may call for the amount of rentals in advance. 15.2 Beta and PVOG shall diligently attempt to make proper payment of rentals but shall not be held liable in damages for the loss of any Lease or a interest therein if through mistake or oversight, a rental is not paid or is erroneously paid. The loss of any Lease from a failure to pay or an erroneous payment of rental shall be a joint loss of all Parties. If any Party secures renewal of the terminated Lease, the Parties shall have the right to participate in such new Lease as their interest appeared in the original Lease. Failure on the part of any Party to timely pay an invoice for rentals or to respond for a call in advance for such Parties' share of rentals shall constitute an election not to participate in such rentals. 15.3 Should any Party elect not to pay a rental on a Lease, such Party shall give the other Parties written notice thereof sixty (60) days in advance of the rental due date adequately identifying such Lease, whereupon such Party shall be relieved of its obligation to contribute to the payment of such rental falling due more than 60 days after such notice, except that after accrual of an obligation to drill or rework a Well on a Lease, notice to not pay a rental on such Lease may not be given until such obligation has been satisfied. Whenever a Party gives notice of its election not to pay a rental on a Lease, if the other Parties shall make written request therefor within thirty (30) days after such notice, the Party giving such notice shall assign to the other Parties all rights, title and interests in and to such Lease. If all Parties elect not to pay a rental on a Lease, all Parties shall join in a release thereof. 15.4 The amount of rentals on the Leases within the East Unit, West Unit and Non-Unitized Acreage shall be borne and shared by the Parties as their interest appears in the East Unit Well, West Unit Well and first Non-Unitized Acreage Well at the time such rental is due, whether it be before and/or after Casing...