DEFAULT IN PAYMENT OF COSTS Sample Clauses

DEFAULT IN PAYMENT OF COSTS. Notwithstanding any contrary term or provision of this Agreement or the Prospect Operating Agreement entered into by the parties for any Prospect, in the event any party fails or refuses to pay in full any of the costs for which it is obligated with respect to a Subsequent Prospect Well, then that party shall be deemed to have relinquished all of its working interest and all other right, title or interest in the Prospect, all wells theretofore drillxx xn the Prospect, and all Prospect leases, provided, however, said defaulting party shall retain its working interest in those Prospect wells previously drillex xxder the terms of this Agreement and for which said party is not in default together with the spacing unit surrounding any such well or wells as designated by xxx Operator in accordance with the terms of this Agreement and any state or federal spacing regulatory requirements which may then be in effect in the jurisdiction in which such wells have been drilled. Xxx such relinquished interests shall be OFFERED TO THE REMAINING PARTICIPANTS ON A RIGHT OF FIRST REFUSAL BASIS. IN THE EVENT THAT ANY PORTION OF THE PROPORTIONATE INTEREST SUBSCRIBED TO BY A PARTICIPANT IS NOT ACQUIRED BY RIGHT OF FIRST REFUSAL, THEN POHLE SHALL HAVE THE RIGHX XXX NOT THE OBLIGATION, TO REPLACE SAID DEFAULTING JVP WITH ANOTHER PERSON, FIRM OR ENTITY MEETING THE FINANCIAL AND OTHER QUALIFICATIONS DEEMED NECESSARY IN POHLE'S SOLE DISCRETION. Xxx xxxties agree to execute such assignments and other instruments and documents as may be necessary to effectuate of record such relinquishments and/or conveyances and specifically, the defaulting party or parties agree to execute, acknowledge and deliver all requisite conveyances, assignments and documents necessary or desirable to vest in Pohle or all of the consexxxxx parties, as the case may be, the full record title in and to the affected Prospect leases.
Sample 1
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Related to DEFAULT IN PAYMENT OF COSTS

  • 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.

  • 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

  • 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.

  • 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 A. A regular full-time employee who reports to work on a regularly scheduled work day 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.

  • Post-Default Interest Upon the occurrence, and during the continuance, of any Event of Default, the unpaid principal amount of each Advance shall bear interest at a rate per annum equal at all times to 2% per annum above the rate per annum otherwise required to be paid on such Advance in accordance with subsection (a), (b) or (c) above; provided that any amount of principal which is not paid when due (whether at stated maturity, by acceleration or otherwise) shall bear interest, from the date on which such amount is due until such amount is paid in full, payable on demand, at a rate per annum equal at all times to the greater of (x) 2% per annum above the Base Rate in effect from time to time and (y) 2% per annum above the rate per annum required to be paid on such Advance immediately prior to the date on which such amount became due.

  • 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.

  • Compounding of default interest Any such interest which is not paid at the end of the period by reference to which it was determined shall thereupon be compounded.

  • Default in Performance of Certain Covenants Any Borrower or any other Credit Party shall default in the performance or observance of any covenant or agreement contained in Sections 7.1, 7.2 or 7.4(a)(i)(A) or Articles IX or X.

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