Earning Well and Initial Funding Sample Clauses

Earning Well and Initial Funding. Prior to drilling of the Earning Well, the Farmor agrees that it will attempt to secure in its name a well license for the Earning Well. It is understood that an Emergency Response Plan will be required for the well license and certain public consultations will be undertaken as required by the Alberta Energy and Utilities Board. In respect to these well license activities the Participant agrees to pay to the Farmor on or before November 30, 2001 the amount of CDN $125,000.00 which is the Participant’s proportionate 25% share of a CDN $500,000.00 non-refundable work commitment deposit for the preparatory work required to obtain the well license. These funds are to be spent by the Farmor for the sole purpose of acquiring the well license for the Earning Well. It is agreed that the entire $500,000.00 shall be placed into an interest bearing account and monthly accounting statements and updates for its use shall be provided to Participant. Farmor will be permitted to charge a 5% overhead fee on all expenditures with respect to these well license activities, and such overhead fee shall be payable to the Farmor. It is understood that if any funds are remaining after the licensing process is completed Participant will be refunded its proportionate 25% share of the remaining funds. If funds in addition to the $125,000.00 initially paid by the Participant are required to obtain a well license as determined by the Farmor, the Farmor will notify the Participant of any requirement for additional funds, and the Farmor and the Participant will meet to discuss such requirement for additional funds. The said meeting will take place within three (3) days after the Farmor advising the Participant of the requirement for additional funds. On or before two (2) days following such meeting, the Parties (or the Farmor, or the Participant, as the case may be) shall elect to do one of the following:
Sample 1
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Related to Earning Well and Initial Funding

  • Initial Contributions In connection with the formation of the Partnership under the Delaware Act, the General Partner made an initial Capital Contribution to the Partnership in the amount of $10.10 for an interest in the Partnership and was admitted as the general partner of the Partnership, and the Initial Limited Partner made an initial Capital Contribution to the Partnership in the amount of $989.90 for an interest in the Partnership and was admitted as a limited partner of the Partnership.

  • Initial Contribution The capital contributions to be made by the Member and with which the Company shall begin business are as follows: Member Name Contribution Membership Interest Century Land Holdings, LLC $ 1,000.00 100 %

  • Additional Contributions The Member is not required to make any additional capital contribution to the Company. However, the Member may at any time make additional capital contributions to the Company in cash or other property.

  • Catch-Up Contributions Unless otherwise elected in Section 2.4 of this amendment, all employees who are eligible to make elective deferrals under this plan and who have attained age 50 before the close of the plan year shall be eligible to make catch-up contributions in accordance with, and subject to the limitations of, Section 414(v) of the Code. Such catch-up contributions shall not be taken into account for purposes of the provisions of the plan implementing the required limitations of Sections 402(g) and 415 of the Code. The plan shall not be treated as failing to satisfy the provisions of the plan implementing the requirements of Section 401(k)(3), 401(k)(11), 401(k)(12), 410(b), or 416 of the Code, as applicable, by reason of the making of such catch-up contributions.

  • The Contribution Prior to the Effective Time, and subject to the terms and conditions set forth in the Distribution Agreement, Grace intends to cause the transfer to a wholly owned subsidiary of Grace-Conn. ("Packco") of certain assets and liabilities of Grace and its subsidiaries predominantly related to the Packaging Business (the "Contribution"), as contemplated by the Distribution Agreement and the Other Agreements.

  • Initial Capital Contributions (a) The Partners have made, on or prior to the date hereof, Capital Contributions and, in exchange, the Partnership has issued to the Partners the number of Class A Units as specified in the books and records of the Partnership.

  • Purchase and Contribution Transferor agrees to contribute and Transferee agrees to acquire the Property for the Purchase Price.

  • Initial Capital Contribution On March 7, 2007, the Member made a capital contribution of One Hundred Dollars ($100.00) to the Company, and, as consideration therefor, the Member received a percentage interest of One Hundred Percent (100%) in the Company.

  • Return of Contributions The General Partner shall not be personally liable for, and shall have no obligation to contribute or loan any monies or property to the Partnership to enable it to effectuate, the return of the Capital Contributions of the Limited Partners or Unitholders, or any portion thereof, it being expressly understood that any such return shall be made solely from Partnership assets.

  • Matching Contributions The Employer will make matching contributions in accordance with the formula(s) elected in Part II of this Adoption Agreement Section 3.01.

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