Repayment by BMR Clause Samples
The 'Repayment by BMR' clause sets out the obligations and procedures for BMR to repay amounts owed under the agreement. Typically, this clause details the timing, method, and conditions under which BMR must make repayments, such as specifying payment schedules, acceptable payment methods, or any interest applicable to outstanding amounts. Its core practical function is to ensure clarity and predictability regarding repayment expectations, thereby reducing the risk of disputes and ensuring both parties understand their financial responsibilities.
Repayment by BMR. Notwithstanding section 3.1, in the event that (i) ESI terminates the Agreement pursuant to section 17.2(2)(a) or 17.2(2)(c) prior to attainment of Commercial Production and (ii) the event giving rise to the termination right under section 17.2(2)(a) or 17.2(2)(c) is directly related to BMR not using commercially reasonable efforts to advance the development of the Mineral Property, then the $10 million payment made by ESI pursuant to section 3.1 shall be immediately repayable to ESI on demand in full without interest.