Upfront Deposit definition
Examples of Upfront Deposit in a sentence
The Buy-Back Option may be exercised in whole or in part at any time during the Buy-Back Option Period, provided that any partial exercise must be in increments of not less than US$6,099,167 (which shall constitute reductions of the Upfront Deposit) for each 1% of the Buy-Back Option.
Subject to the terms and conditions of this Agreement and once Sandstorm has delivered the Upfront Deposit to Brigus, from and after January 1, 2011, Brigus shall sell to Sandstorm and Sandstorm shall purchase from Brigus the Sandstorm Payable Au free and clear of any and all Encumbrances, in consideration of those payments set forth in Article 3.
The Uncredited Balance shall be reduced by an amount equal to any refund of the Upfront Deposit made pursuant to this section.
Notwithstanding the foregoing, Rambler Canada and Rambler UK may make changes to construction plans to improve upon the plans in the Mine Plans and the Upfront Deposit may be used to fund any related capital expenditures so long as such departures do not result in Rambler UK or Rambler Canada no longer having sufficient funds to bring the Property to the Commencement of Commercial Production.
The closing for the payment of the Upfront Deposit (the “Closing”) shall occur after the conditions in Sections 3.3 and 3.4 have been satisfied or waived, if permissible, (other than conditions which by their nature are to be satisfied or waived at the Closing and are expected to be satisfied at the Closing) (the “Closing Date”), unless another time or date is agreed to in writing by Purchaser and Seller.
In consideration for the respective promises and covenants contained herein Purchaser hereby agrees to pay to Seller the Upfront Deposit at the Closing as contemplated in Section 3.4 in cash against, and as a prepayment of, the Purchase Price.
For greater certainty and without limitation, it is understood and agreed that Sandstorm in its sole discretion shall have the right to waive compliance with any of the Third Upfront Deposit Funding Conditions or to extend the Third Upfront Deposit Funding Date Deadline, in its sole and absolute discretion.
Subject to the terms and conditions of this Agreement, from and after the date that the Funding Conditions have been satisfied and Sandstorm Barbados has delivered the Upfront Deposit as contemplated by section 3(a), Santa Fe Barbados shall sell to Sandstorm Barbados and Sandstorm Barbados shall purchase from Santa Fe Barbados, the Sandstorm Purchased Payable Au, free and clear of any and all Encumbrances, in consideration of those payments set forth in Article 3.
For greater certainty and without limitation, reference to the Upfront Deposit in this section does not include the Additional Upfront Deposit.
Should this Agreement be cancelled by the Owner prior to the Commencement Date as a result of any event stipulated in clauses 11.1.8, 11.1.9 and 11.1.10 below and the Upfront Deposit has, at such time of cancellation, already been paid to the Builder in accordance with clause 4.1.1.1 above, the Builder shall repay the Upfront Deposit to the Owner within 7(seven) days of such cancellation.