Secondary Term. For each Quarterly Period ending after the end of the Primary Term, the Purchase Price shall be equal to the Index Price.
Secondary Term. With regard to the extension of this Lease beyond the Primary Term, any reference to “…deemed by Lessee to be capable of production…” or “…deemed to be capable of production…” shall be stricken and replaced with the following language “…producing oil, gas or other liquid or gaseous hydrocarbons in paying quantities….” Furthermore, “operations” shall mean only the actual drilling, completing, reworking, recompleting, deepening, plugging back or repairing of a well in search for or in an endeavor to obtain production of oil or gas, conducted in good faith and with due diligence.
Secondary Term. The tax abatement period in which the APPLICANT may be eligible for PERSONALTY tax abatement shall be three (3) consecutive tax years, with the first year of tax abatement being the first tax year that begins after the Initial Term has concluded. providing that the APPLICANT has met all Full Time Employment job requirements noted for Years 4 through 6 in EXHIBIT B, which is attached hereto and incorporated herein for all purposes. Failure of the APPLICANT to meet its Year 4-6 Full Time Employment job requirements will result in the immediate termination of this Agreement. Formatted: Right
Secondary Term. The term of the oil and gas lease after production has been established, typically “as long thereafter as oil and gas is produced from the premises.” See also Habendum Clause and Primary Term. Separator Equipment used at the well site to separate oil, water, and gas produced in solution with oil. Basic separators simply heat oil to speed the natural separation process. More complex separators may use chemicals. Severance A transfer or reservation of a part of the “bundle of rights” that make up property ownership. Mineral rights are frequently “severed” from surface rights in property that may contain oil and gas or other minerals. Shale A fine-grained sedimentary rock that can be a rich source of oil and natural gas. Shale-gas and shale-oil production have rejuvenated the petroleum industry in the United States and may soon make the United States energy independent. Shut-In Royalty Clause A lease provision permitting the lessee to maintain the lease while there is no production from the premises because xxxxx capable of production are not producing. The lessee pays the lessor a “shut-in royalty” in lieu of production. Subrogation Clause A lease provision permitting the lessee to pay taxes, mortgages, or other encumbrances on the leased property and to recover those payments out of future proceeds from the lease. Support Agreements Contracts in the oil and gas industry that encourage and “support” exploratory or development operations. Generally, one party agrees to contribute money or property to another if the other will drill a well on leases that it holds and provide the contributing party with information from tests conducted. For the contributing party, a support agreement is a purchase of geological or technological information. For the party receiving the support, the contribution lessens the cost or the risk of drilling operations. For further discussion, see Contribution Agreement, Acreage-Contribution Agreement, Bottom-Hole Agreement, and Dry-Hole Agreement. Surface Interest All rights to property other than the mineral interest. The surface interest has the right to the surface subject to the right of the mineral-interest owner to use it to search for, develop, and produce minerals. The surface interest is entitled to all substances found in or under the soil that are not defined as minerals. Surrender Clause A clause commonly found in an oil and gas lease authorizing a lessee to release its rights to all or any portion of the leased premises a...
Secondary Term. Any of the periods of three (3) years after the Primary Term that the Charter is extended pursuant to the terms thereof, not to exceed a total of fifteen (15) years, in addition to the Primary Term. Services Collectively, the documentation, management, xxxxxxx, operation, supervision and maintenance services for the FPSO, including, without limitation, the Redelivery Survey and the O&M FPSO Work to be provided by Contractor under this Agreement pursuant to its terms, as more fully described herein and in the Attachments hereto, which Services shall expressly exclude those to be performed in connection with the DTU Xxxxx, Christmas Tree, Riser Facilities, Umbilicals and the Fluid Transfer Lines (which shall be the exclusive responsibility of Company). Shutdown Any time under this Agreement commencing when there is a cessation of Crude Oil production or processing which is due to the default of, or breach of any obligations under this Agreement by any of Contractor Group. Shutdown Period Any period of time during the Term commencing when Shutdown first occurs and ending when the FPSO has recommenced processing Crude Oil.
Secondary Term. If at the end of the Primary Term, Mannatech -------------- determines continued ordering of the ALT*MED Product is warranted. The Parties may enter into five (5) successive series of twelve month ("Individual Term"), hereinafter, collectively the Secondary Term ("Secondary Term"). Mannatech shall have the option to review ALT*MED Product sales as contemplated in paragraph 1.1 within thirty (30) days of the conclusion of each Individual Term. Mannatech may choose to terminate this Agreement at its discretion without further obligation to ALT*MED.
Secondary Term. In the event the Parties agree to enter into the Secondary Term of this Agreement, Mannatech agrees to pay ALT*MED a royalty of $________ ("Royalty") for each ALT*MED Product sold by Mannatech. Such payment shall be tendered to ALT*MED only for those Products sold by Mannatech to consumers and/or Independent Associates ("Associates") or others who may from time to time purchase the Products for use, collectively "Purchasers". For purposes of this Agreement, a Product shall be deemed sold only if Mannatech has received payment for the Product from the respective Purchasers. ALT*MED shall not be entitled to receive Compensation for any ALT*MED Product donated by Mannatech, distributed gratuitously by Mannatech in an effort to promote sales or for those ALT*MED Products reserved for internal purposes or use. In during the course of this Agreement, Mannatech exceeds five million ALT*MED Product orders from ALT*MED, ALT*MED agrees to an adjusted royalty of .80 per ALT*MED Product. In the event Mannatech exceeds ten million ALT*MED Product orders from ALT*MED, ALT*MED agrees to an adjusted royalty of .60 per ALT*MED Product. For purposes of computation, all ALT*MED products purchased by Mannatech during the Primary Term shall be included in this accounting. On the fifteenth (15/th/) of each month, Mannatech shall compute the total number of ALT*MED Products sold during the prior month and, on making that determination, shall remit promptly the Royalty and a copy of the compensation statement ("Statement") fifteen (15) days after the computation date and on a monthly basis, on the same date each month throughout the term of this Secondary Term to ALT*MED or its appointed agent. If ALT*MED, for any reason, objects to any Statement submitted by Mannatech, ALT*MED shall set forth the objection with specificity in writing and submit it to Mannatech within thirty (30) days from the date of the Statement. Any objection ALT*MED may have to any Statement shall be deemed waived unless it is transmitted in accordance with the terms of this paragraph. Exhibit "B" - Insurance Exhibit "C" - Contracts and Benefits Exhibit "D" - "Actions and Proceedings"
Secondary Term. During the Secondary Term, the Net Energy to be sold by Cogenron and purchased by TU Electric will be dependent upon the Plant Output Condition then directed by TU Electric, and Cogenron agrees to operate the Cogeneration Facility at
Secondary Term. During the Secondary Term, Employee, at his election, will either continue as -------------- an employee of the Company or, with the Company's approval, may elect to retire and fulfill his obligations to the Company during the Secondary Term in a consulting capacity. Whether as an employee or as a consultant, Employee shall continue to serve the Company as its Chairman of the Board throughout the Secondary Term unless Employee's successor as Chief Executive has been, or is, elected as the Chairman of the Board. In such event, Employee's title and duties for the remainder of the Secondary Term will be mutually agreed upon by Employee and the Company. In any event, Employee's primary responsibility during the Secondary Term shall be to assist the Company in transition matters, and to provide the Company with counsel, support and advice.
Secondary Term. This Agreement shall be for a secondary term (the "Secondary Term") as to each Program Year commencing on the day the Primary Term ends and ending on the earlier of:
