Diminution of PGP's Share of Capital Expenditures Sample Clauses

Diminution of PGP's Share of Capital Expenditures. If at any ------------------------------------------------- time the total capital expenditures contributed to the development of the Unit Area by PGP and its successors in interest, attributable to the fifty percent (50%) Working Interest owned by PGP at the date of execution of this Agreement, shall be less than one-third (1/3) of the total capital expenditures contributed to the development of the Unit Area by all Working Interest Owners, CEPI shall have the option of acquiring the operating rights under this Agreement and replacing POCI as Unit Operator. CEPI shall exercise such option by sending written notice of its intent to exercise its option to PGP and POCI, and CEPI's acquisition of the operating rights and its replacement of POCI as Unit Operator shall be effective on the date CEPI shall specify in its notice, which date shall not be earlier than thirty (30) days after PGP's and POCI's receipt of such notice. In the event CEPI exercises its option under this section, CEPI shall assume and accept assignment of any and all third party, unaffiliated contracts entered into by POCI on behalf of the Working Interest Owners, and CEPI and POCI agree to negotiate in good faith concerning CEPI's purchase from POCI of all property not already owned by the Working Interest Owners, but used in the operation of the Unit Area, including without limitation material, equipment, vehicles, real and personal property leases, and other real and personal property, for the fair market value of such property. In the event of a transfer of operations to CEPI pursuant to this section, PGP and POCI agree to execute such documents, furnish such information and data to CEPI, and take such other actions as are reasonably necessary to effect such transfer of operations. PGP and POCI specifically agree that they will assist CEPI in obtaining the consent of the Ute Indian Tribe and the Ute Distribution Corporation. For purposes of this section, at such time as PGP and CEPI have jointly contributed Twenty Million Five Hundred Ninety-Three Thousand Dollars ($20,593,000) (with CEPI contributing seventy-five percent (75%) of such amount and PGP contributing twenty-five percent (25%) of such amount) to the development of the Unit Area pursuant to the provisions of section ____ of the Participation Agreement after the Effective Date of such Participation Agreement, PGP and CEPI shall each be deemed to have contributed Twenty-Two Million Seven Hundred Fifty Thousand Dollars ($22,750,...
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Related to Diminution of PGP's Share of Capital Expenditures

  • Capital Expenditures The Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty).

  • Consolidated Capital Expenditures (i) Company will not, and will not permit any of its Subsidiaries to, make or commit to make Consolidated Capital Expenditures in any Fiscal Year, beginning with the Fiscal Year ending December 31, 2003, except Consolidated Capital Expenditures which do not aggregate in excess of the corresponding amount set forth below opposite such Fiscal Year: Fiscal Year Consolidated Capital Expenditures Fiscal Year ending December 31, 2003 $ 5,000,000 Fiscal Year ending December 31, 2004 $ 5,000,000 Fiscal Year ending December 31, 2005 and each Fiscal Year thereafter $ 7,000,000 provided that (a) if the aggregate amount of Consolidated Capital Expenditures actually made in any such Fiscal Year shall be less than the limit with respect thereto set forth above (before giving effect to any increase therein pursuant to this proviso) (the “Base Amount”), then the amount of such shortfall (up to an amount equal to 50% of the Base Amount for such Fiscal Year, without giving effect to this proviso) may be added to the amount of such Consolidated Capital Expenditures permitted for the immediately succeeding Fiscal Year and any such amount carried forward to a succeeding Fiscal Year shall be deemed to be used prior to Company and its Subsidiaries using the amount of capital expenditures permitted by this section in such succeeding Fiscal Year, without giving effect to such carryforward and (b) for any Fiscal Year (or portion thereof) following any acquisition of a business (whether through the purchase of assets or of shares of capital stock) permitted under subsection 6.7, the Base Amount for such Fiscal Year (or portion) shall be increased, for each such acquisition, by an amount equal to the product of (A) the lesser of (x) $5,000,000 and (y) 4% of revenues of the business acquired in such acquisition for the period of four Fiscal Quarters most recently ended on or prior to the date of such business acquisition multiplied by (B) (x) in the case of any partial Fiscal Year, a fraction, the numerator of which is the number of days remaining in such Fiscal Year after the date of such business acquisition and the denominator of which is 365 (or 366 in a leap year), and (y) in the case of any full Fiscal Year, 1.

  • Maximum Capital Expenditures Borrower and its Subsidiaries on a consolidated basis shall not make Capital Expenditures during the following periods that exceed in the aggregate the amounts set forth opposite each of such periods: Period Maximum Capital Expenditures per Period Fiscal Year ending on or about March 31, 2006 and each Fiscal Year ending thereafter $ 5,000,000 (b) [Intentionally Deleted]

  • Expenditure Limit The Contractor shall notify the County of Orange assigned Deputy Purchasing Agent in writing when the expenditures against the Contract reach 75 percent of the dollar limit on the Contract. The County will not be responsible for any expenditure overruns and will not pay for work exceeding the dollar limit on the Contract unless a change order to cover those costs has been issued.

  • Capital Expenditure Make or incur any Capital Expenditure if, after giving effect thereto, the aggregate amount of all Capital Expenditures by Borrower in any fiscal year would exceed the amount set forth on the Schedule;

  • Limitation on Capital Expenditures Make or commit to make (by way of the acquisition of securities of a Person or otherwise) any expenditure in respect of the purchase or other acquisition of fixed or capital assets (excluding any such asset acquired in connection with normal replacement and maintenance programs properly charged to current operations) except for:

  • Expenditures The Assuming Institution will pay such bills and invoices on behalf of the Receiver and the Corporation as the Receiver or the Corporation may direct for the period beginning on the date of the Bank Closing Date and ending on Settlement Date. The Assuming Institution shall submit its requests for reimbursement of such expenditures pursuant to Article VIII of this Agreement.

  • Excluded Expenditures The Recipient undertakes that the proceeds of the Financing shall not be used to finance Excluded Expenditures. If the Association determines at any time that an amount of the Financing was used to make a payment for an Excluded Expenditure, the Recipient shall, promptly upon notice from the Association, refund an amount equal to the amount of such payment to the Association. Amounts refunded to the Association upon such request shall be cancelled.

  • Eligible Expenditures 1. Subject to Article 8.7 of the Regulation, eligible expenditures of this Programme are:

  • Operating Costs Tenant shall pay to Landlord the Tenant’s Percentage of Operating Costs (as hereinafter defined) incurred by Landlord in any calendar year. Tenant shall remit to Landlord, on the first day of each calendar month, estimated payments on account of Operating Costs, such monthly amounts to be sufficient to provide Landlord, by the end of the calendar year, a sum equal to the Operating Costs, as reasonably estimated by Landlord from time to time. The initial monthly estimated payments shall be in an amount equal to 1/12th of the Initial Estimate of Tenant’s Percentage of Operating Costs for the Calendar Year. If, at the expiration of the year in respect of which monthly installments of Operating Costs shall have been made as aforesaid, the total of such monthly remittances is greater than the actual Operating Costs for such year, Landlord shall promptly pay to Tenant, or credit against the next accruing payments to be made by Tenant pursuant to this subsection 4.2.3, the difference; if the total of such remittances is less than the Operating Costs for such year, Tenant shall pay the difference to Landlord within twenty (20) days from the date Landlord shall furnish to Tenant an itemized statement of the Operating Costs, prepared, allocated and computed in accordance with generally accepted accounting principles. Any reimbursement for Operating Costs due and payable by Tenant with respect to periods of less than twelve (12) months shall be equitably prorated.

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