Upfront Advance definition
Examples of Upfront Advance in a sentence
The Upfront Advance amount shall be set off against the Loyalty Incentive payments to be made by IGT, till such time that the entire Upfront Advance is adjusted and only thereafter shall Yatra be eligible to receive Loyalty Incentive payments from IGT.
The upfront Advance shall be set off monthly against the bookings materialised on the Galileo GDS till such time the entire Upfront Advance is adjusted.
In the event that Yatra fails to achieve the Yearly Target Segments in any Contract Year(s), IGT shall have right to deduct an amount of […***…] per Segment for short fall Segments, from the Loyalty Incentives payable by IGT to Yatra or to be adjusted against the Upfront Advance.
In the event Yatra fails to start using Galileo System as its GDS with effect from the Business Commencement Date in terms of Clause 2.2(a), Yatra shall be obliged to refund to IGT, the entire Upfront Advance and Sign Up Bonus paid by IGT to Yatra, together with interest @ 12% per annum, within 15 (fifteen) days of the Business Commencement Date.
The Loyalty Incentives shall be adjusted by IGT against the Upfront Advance (as defined hereinafter) on a quarterly basis, against invoice from Yatra, subject to withholding of taxes, as applicable.
In the event of termination of this Agreement by IGT under this Clause, Yatra shall be obliged to pay to IGT, as liquidated damages, the unadjusted Upfront Advance, entire Sign Up Bonus and proportionate Annual Loyalty Bonus paid by IGT to Yatra till the date of such termination, together with interest @ 12% per annum.
In the event of termination of this Agreement by ITQPL under this Clause, Yatra shall be obliged to pay to ITQPL, as liquidated damages, unadjusted Upfront Advance, entire Sign Up Bonus and proportionate Annual Loyalty Bonus paid by ITQPL to Yatra till the date of such termination, together with interest @ [***]% per annum.
In addition to the aforesaid and in the event of failure by Yatra to achieve the Target Segments in any year during the Term and/or Extended Term, ITQPL shall also have the right to recover (including set-off/adjustment from the Upfront Advance) from Yatra an amount of USD [***] (US Dollars [***]), which amount Yatra acknowledges to be in receipt from ITQPL under separate arrangement/agreement.
The Upfront Advance amount shall be set off against the Productivity Incentive payments, sign up bonus and annual loyalty bonus to be made by ITQPL, till such time that the entire Upfront Advance is adjusted and only thereafter shall Yatra be eligible to receive payments from ITQPL.
Seller may use the Upfront Advance and the Resource Growth Advance in such manner as it sees fit and the Exploration Advance for the purposes detailed in Section 3.6 and it shall not be obliged to return any uncredited portion of the Advance to the Purchaser at the end of the Term.