Common use of Program Term Clause in Contracts

Program Term. The Program Term shall commence on December 15, 1997 and shall terminate, except for completion of operations which were theretofore commenced or committed, on the earlier of March 31, 2002, or the date that all of the Exploration Fund has been spent or committed. At the end of the Program Term, McMoRan shall provide Participant with a list (the _Committed List_) of the undrilled xxxxx, Prospects and farmout agreements as to which it has committed the Exploration Fund. Once such Committed List has been provided to Participant, no substitution shall be made by McMoRan without the consent of Participant.

Program Term. The Program Term shall commence on December 15April 1, 1997 and shall terminate, except for completion of operations which were theretofore commenced or committed, on the earlier of March 31, 2002five (5) years from the date hereof, or the date that all of the Exploration Fund has been spent or committed. At the end of the Program Term, McMoRan shall provide Participant with a list (the _"Committed List_") of the undrilled xxxxx, Prospects and farmout agreements as to which it has committed the Exploration Fund. Once such Committed List has been provided to Participant, no substitution shall be made by McMoRan without the consent of Participant.

Program Term. The Program Term shall commence on December 15, 1997 and shall terminate, except for completion of operations which were theretofore commenced or committed, on the earlier of March 31, 2002, or the date that all of the Exploration Fund has been spent or committed. At the end of the Program Term, McMoRan shall provide Participant with a list (the _"Committed List_") of the undrilled xxxxx, Prospects and farmout agreements as to which it has committed the Exploration Fund. Once such Committed List has been provided to Participant, no substitution shall be made by McMoRan without the consent of Participant.