Formation of Areas of Interest LLCs Clause Samples

Formation of Areas of Interest LLCs. (a) The Operations within each Area of Interest, including the generation, development, acquisition, holding and retention of Rights within, or with respect to, an Area of Interest, shall each be conducted through a special purpose dedicated Area of Interest LLC to be created for each Area of Interest. (b) Within thirty (30) days of the Commencement Date or within thirty (30) days of the addition of a new Area of Interest following the Commencement Date (as the case may be), an Area of Interest LLC will be established by the Operator Company with respect to each Area of Interest and thereafter established as contemplated under subclause 2.2(a)(vii). The cost of the formation of the Area of Interest LLC will be included in Expenditures. (c) The initial ownership interest in each Area of Interest LLC shall be 100% legally owned by the Operator Company. (d) The documents respecting the formation, operation and governance of each Area of Interest LLC shall be substantially in the form as such documents to be agreed by the Parties in template form within thirty (30) days of the Commencement Date. (e) Upon formation of each Area of Interest LLC, the Operator shall Transfer all Rights it holds (if any) within, or with respect to, such Area of Interest to the relevant Area of Interest LLC unless the Parties mutually determine otherwise. (f) Upon the formation of each Area of Interest LLC, Ivanhoe Parties will cause such Area of Interest LLC to deliver to the Parties a written accession agreement, substantially in the form to be agreed by the Parties in template form within thirty (30) days of the Commencement Date, providing such Area of Interest LLC shall be bound by the terms of this Agreement as one of the “Ivanhoe Parties”.
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Related to Formation of Areas of Interest LLCs

  • Cessation of Accrual of Interest Except as provided in Sections 4.02(D), 4.03(E) or 5.02(D), interest will cease to accrue on each Note from, and including, the date that such Note is deemed, pursuant to this Section 2.18, to cease to be outstanding, unless there occurs a default in the payment or delivery of any cash or other property due on such Note.

  • Pooling of Interests To its knowledge, based on consultation with its independent accountants, neither Parent nor any of its directors, officers or affiliates has taken any action which would interfere with Parent's ability to account for the Merger as a pooling of interests.

  • Determination of Rate of Interest and calculation of Interest Amounts The Principal Paying Agent, in the case of Floating Rate Notes, and the Calculation Agent, in the case of Index Linked Interest Notes, will at or as soon as practicable after each time at which the Rate of Interest is to be determined, determine the Rate of Interest for the relevant Interest Period. In the case of Index Linked Interest Notes, the Calculation Agent will notify the Principal Paying Agent of the Rate of Interest for the relevant Interest Period as soon as practicable after calculating the same. The Principal Paying Agent will calculate the amount of interest (the “Interest Amount”) payable on the Floating Rate Notes or Index Linked Interest Notes for the relevant Interest Period by applying the Rate of Interest to: (i) in the case of Floating Rate Notes or Index Linked Interest Notes which are represented by a Global Note, the aggregate outstanding nominal amount of the Notes represented by such Global Note (or, if they are Partly Paid Notes, the aggregate amount paid up); or (ii) in the case of Floating Rate Notes or Index Linked Interest Notes in definitive form, the Calculation Amount; and, in each case, multiplying such sum by the applicable Day Count Fraction, and rounding the resultant figure to the nearest sub-unit of the relevant Specified Currency, half of any such sub-unit being rounded upwards or otherwise in accordance with applicable market convention. Where the Specified Denomination of a Floating Rate Note or an Index Linked Interest Note in definitive form is a multiple of the Calculation Amount, the Interest Amount payable in respect of such Note shall be the product of the amount (determined in the manner provided above) for each Calculation Amount and the amount by which the Calculation Amount is multiplied to reach the Specified Denomination without any further rounding.

  • Notification of rates of interest The Agent shall promptly notify the Lenders and the Borrower of the determination of a rate of interest under this Agreement.

  • Commencement of Interest Periods The first Interest Period shall commence on the Drawdown Date and each subsequent Interest Period shall commence on the expiry of the preceding Interest Period.