Fixed Payment Obligations Sample Clauses

Fixed Payment Obligations. (a) On and subject to the terms and conditions of this Agreement and in each Contractual Year until the end of the Fixed Term, the Supplier hereby agrees to pay to the Purchaser the Fixed Production Payment in respect of all Lithium Products Produced by or on behalf of the Project Company (or its Affiliates) during the Fixed Term but only up to the Maximum Amount. For clarity, no Fixed Production Payments shall be paid: (i) on account of any further processing of Lithium Carbonate, including without limitation, into Lithium Hydroxide (provided it will be paid in respect of the initial production of the applicable Lithium Products); or (ii) on Lithium Products in excess of the Maximum Amount for a Contractual Year. (b) Subject to Section 3.3, the Supplier shall pay the Fixed Production Payment referenced in Section 3.1(a) to the Purchaser in respect of the Lithium Products Produced during a Calendar Quarter, subject to the Maximum Amount. Such payment shall be due within 20 Calendar Days of the end of the Calendar Quarter for all Lithium Products Produced during such Calendar Quarter (the “Fixed Production Payment Date”) and shall be made by wire transfer in immediately available funds to an account nominated by the Purchaser from time to time, subject to the provisions of Section 12.2. (c) Each payment of the Fixed Production Payment shall be accompanied by a statement from the Supplier to the Purchaser setting forth: (i) the amount and grade of Lithium Products Produced, with a breakdown by each different Lithium Product; (ii) the amount and grade of Lithium Products stockpiled; (iii) the number of Tonnes remaining until the Maximum Amount is satisfied; (iv) the calculation of the Delayed Draw Convertible Debt Factor; (v) the calculation of the Phase One Total Cost Factor; (vi) the calculation of the LOM Production Threshold Factor; and (vii) such other information as may be reasonably requested by the Purchaser to verify the foregoing items.