PN2 definition

PN2 means Promissory Note 2 in the amount of US$7,000,000, non–interest bearing and fully secured by 100% of GEB’s participating interest in the Tarapur Ring Fenced PSC (“RFPSC”). In the event PN2 is not paid in its entirety by March 31, 2014, the 100% of GEB’s participating interest in the Tarapur RFPSC will revert back to GRB.
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Examples of PN2 in a sentence

  • If Company exercises its Second Device Option, (i) the Parties shall cooperate to transition all Licensor Development Activities with respect to the PN1[***] Device to Company; and (ii) Licensor shall have no further obligation to perform Licensor Development Activities (and, for clarity, unless otherwise agreed by the Parties in writing, no obligation to perform any Development activities for Company with respect to the PN2[***] Device).

  • Unless and until Company exercises its Second Device Option, Licensor shall, at its sole cost and expense, be responsible for all pre-clinical and manufacturing development of the PN2[***] Device to meet the minimum design requirements for such Device (separately or for Device Products, as applicable) for Company to exploit the Licensed Rights (collectively, the “Licensor Development Activities”).

  • Seller hereby irrevocably authorizes and directs the Buyer to issue PN2 to pay US$7,000,000 of the Second Tranche Purchase Price to GRB.

  • For clarity, following its exercise of the Second Device Option, Company shall have the right, but not the obligation, to Develop the PN2[***] Device at its cost and expense.

  • The Parties acknowledge that Company intends as of the Effective Date to Develop the PN2[***] Device; however, upon exercise of the Second Device Option, Company shall have the right to transition its exercise of its development rights under Section 3.1.1 from the PN2[***] Device to the PN1[***] Device.

  • In particular, UASC shall be entitled to use vessel space from Hapag-Lloyd’s allocation on the services referred to as the AL1, AL2, AL5, AL6, AL7, PN1, PN2, PN3, PS1, PS3, PS4, PS5, PS6, PS7, ▇▇▇, ▇▇▇, ▇▇▇, ▇▇▇, ▇▇▇, and operated under THE Alliance Agreement (the “Services”), as those Services may be renamed or otherwise modified from time to time, for cargo moving between ports in the Trade.

  • Notwithstanding the scope of the Licensed Rights as set forth above, Company shall not Develop, have Developed, manufacture, have manufactured, use or Commercialize the PN2[***] Device or PN1[***] Device for any product other than the Existing Product.

  • PN2 is payable immediately upon the occurrence of either (b)(ii) or (b)(iii).

  • In the event that the Parties are unable to agree as to whether such identified device constitutes a future generation of the PN2[***] Device or PN1[***] Device, then either Party shall have the right to escalate such matter to an independent expert, reasonably acceptable to the other Party, with at least ten (10) years of relevant experience in the field of pharmaceutical nebulizers by providing written notice to the other Party.