Mandatory Expenditures. Subject to the provisions of Article 9, AEM is obligated to incur the Expenditures referred to in Section 7.1(b)(i).
Mandatory Expenditures. (a) Commencing with the first full calendar year after the Effective Date, for each Lease Year during the term of this Lease prior to commencement of Commercial Production, Tectonic must make the following mandatory minimum Expenditures, to be spent according to the Programs and Budgets adopted under SECTION 4.2: Lease Years Amount of Expenditures 2018 $400,000 2019 $600,000 2020 - 2023 $750,000 2024 - 2027 $1,500,000 2028 and each Lease Year thereafter $2,000,000 The obligation to make Expenditures for any Lease Year accrues on the first day of that Lease Year. Expenditures in excess of the minimum for any year may be carried forward and credited toward the minimum accruing for any subsequent year or years. Regardless of the carry-forward credit, commencing with the seventh Lease Year and prior to commencement of Commercial Production, Tectonic must expend at least $2,000,000 over every five-year period of this Lease, or at Tectonic’s election to keep this Lease in effect, satisfy any shortfall in expenditures during any such five-year period by payment in cash to Xxxxx of an amount equal to the shortfall; provided, further, that if Tectonic fails to spend the full amount, less any carry-forward credit, it must satisfy the commitment for that year by paying the shortfall in cash to Xxxxx by January 31st following the end of the applicable Lease Year.
Mandatory Expenditures. Notwithstanding paragraph 7.1, if, in any year in which there is no Program adopted pursuant to this agreement, circumstances are such that the Operator must incur costs in order to maintain tenure to the Property, to satisfy contractual obligations or obligations imposed by law, to prevent waste or to protect life and property (in this paragraph called "non-discretionary costs"), the Operator shall immediately propose a program (in this paragraph called the "mandatory program") to incur those non-discretionary costs and provide each party with one copy of it. The mandatory program shall be deemed to be approved and each of the parties shall be obligated to contribute to the non-discretionary costs incurred in proportion to their respective Interest within thirty days of receipt of the Operator's invoice; failing which contribution paragraph 7.9 shall apply.
Mandatory Expenditures. 13 4.3 Exploration Program and Budget.................................14 4.4 Sampling.......................................................14 4.5 Guarantee of Exploration Expenditures..........................14 5. EXERCISE OF OPTION AND EXECUTION OF LEASE...............................15 5.1 Prefeasibility Study; Designated Areas.........................15 5.2 Request for Conveyance and Execution of Lease..................16 6.
Mandatory Expenditures. North Star agrees to make mandatory minimum Exploration Expenditures as set forth below. The obligation to make Exploration Expenditures for any Option Year accrues on the first day of that Option Year and not before.
Mandatory Expenditures. Notwithstanding section 10.1, if, in any year in which there is no Program adopted pursuant to this Agreement, circumstances are such that the Manager must incur costs in order to maintain tenure to the Property, to satisfy contractual obligations or obligations imposed by law, to prevent waste or to protect life and property (in the paragraph called "non-discretionary costs"), the Manager shall immediately propose a program (in this paragraph called the "mandatory program") to incur those non-discretionary costs and provide each party with one copy of it. The mandatory program shall be deemed to be approved and each of the Parties shall be obligated to contribute to the non-discretionary costs incurred in proportion to their respective Participating Interest within thirty days of receipt of the Manager's invoice. Section 10.6 shall apply to any party failing to make its contribution under a mandatory program.
Mandatory Expenditures. (a) As used in this agreement, “Mandatory Expenditures” means:
Mandatory Expenditures. Notwithstanding subsection 7.1, if, in any year in which there is no Program adopted pursuant to this Agreement, circumstances are such that the Management Committee must incur costs in order to maintain tenure to the Property, to satisfy contractual obligations or obligations imposed by law, to prevent waste or to protect life and property (in this subsection called "non-discretionary costs"), the Management Committee shall instruct the Operator to immediately propose a program (in this subsection called the "mandatory program") to incur those non-discretionary costs and provide each party with one copy of it. The mandatory program shall be deemed to be approved and each of the parties shall be obligated to contribute to the non-discretionary costs incurred in proportion to their respective Interest within thirty days of receipt of the Management Committee's invoice; failing which contribution subsection 7.9 shall apply.
Mandatory Expenditures. Unless this Agreement is terminated in accordance with Section 6.3, the Optionee shall incur the Expenditures described in Section 3.3(b) and (c) of this Agreement.
Mandatory Expenditures. 9.7 Notwithstanding §9.1, if, in any year in which there is no Program adopted pursuant to this Agreement, circumstances are such that the Manager must incur costs in order to maintain tenure to the Property, to satisfy contractual obligations or obligations imposed by law, to prevent waste or to protect life and property (in this paragraph called the "non-discretionary costs"), the Manager shall immediately propose a program (in this paragraph called the "mandatory program") to incur those non-discretionary costs and provide each party with one copy of it. The mandatory program shall be deemed to be approved and each of the parties shall be obligated to contribute to the non-discretionary costs incurred in proportion to their respective Participating Interest within 30 calendar days of receipt of the Manager's invoice. Cash Calls
