WORK PROGRAM AND EXPENDITURES Sample Clauses

WORK PROGRAM AND EXPENDITURES. 4.1. The contract operator shall commence petroleum operations not later than six (6) months after the effective date.
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WORK PROGRAM AND EXPENDITURES. 4.1 CONTRACTOR shall commence Petroleum Operations hereunder not later than ninety (90) calendar days after the Effective Date.
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WORK PROGRAM AND EXPENDITURES. 4.1 The contract operator shall continue with petroleum activities being carried out on the effective date. The Designated Authority and the contract operator shall agree to an exploration work program and expenditures for each contract year.
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WORK PROGRAM AND EXPENDITURES. 4.1. The Parties shall Commence Petroleum Operations hereunder not later than six (6) months after the Effective Date.
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WORK PROGRAM AND EXPENDITURES. (a) CONTRACTOR shall commence the Exploration and Development operations hereunder through the Operating Company not later than six (6) months after the Effective Date unless otherwise agreed upon by EGPC.
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WORK PROGRAM AND EXPENDITURES. The contract operator shall commence petroleum operations not later than six (6) months after the effective date. The amount of exploration work to be undertaken by the contract operator pursuant to the terms of this contract during the first six (6) years following the effective date shall, subject to any negotiated change to the exploration work program and expenditures for contract years four (4) to six (6), be at least that specified for each of these six (6) years as follows: 9 Data Review Seismic Surveys Xxxxx Expenditure US$ Kms No. US$ First Contract Year Second Contract Year Third Contract Year Fourth Contract Year Fifth Contract Year Sixth Contract Year If the contract is still in force after the sixth contract year, the Joint Authority and the contract operator shall agree to an exploration work program and expenditures for those subsequent contract years. The Joint Authority and the contract operator may negotiate a change to the exploration work program and expenditures covering contract years four (4) to ten (10), provided the changes are made at least three (3) months prior to the beginning of the contract year affected by the changes. No changes will be made to the exploration work program and expenditures for contract years one (1) to three (3). If during: the first three (3) contract years the contract operator completes less than the amount of exploration work required to be completed during those years, the Joint Authority shall terminate the contract; any of the contract years four (4) to ten (10) the contract operator completes less than the amount of exploration work required within that year, the Joint Authority may terminate the contract and, if the contract is not terminated, the Joint Authority shall require the completion of that work in the following contract year; or any contract year the contract operator completes more than the amount of exploration work required to be completed by the end of that year, the excess shall be counted towards meeting the exploration work obligations of the contract operator during succeeding contract years. For the purpose of subsection 5 of this Section, the Joint Authority, in determining whether the contract operator has completed the exploration work required to be completed in the first three (3) contract years, and in later contract years if work commitments are specified, shall have regard to the actual physical work completed, and not the estimates of expenditure. Where work commitments ...
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Related to WORK PROGRAM AND EXPENDITURES

  • 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.

  • Annual Business Plan and Budget As soon as practicable and in any event not later than thirty (30) days after the end of each Fiscal Year, a business plan and operating and capital budget of the Borrower and its Subsidiaries for the ensuing four (4) fiscal quarters, such plan to be prepared in accordance with GAAP and to include, on a quarterly basis, the following: a quarterly operating and capital budget, a projected income statement, statement of cash flows and balance sheet, calculations demonstrating projected compliance with the financial covenants set forth in Section 9.15 and a report containing management’s discussion and analysis of such budget with a reasonable disclosure of the key assumptions and drivers with respect to such budget, accompanied by a certificate from a Responsible Officer of the Borrower to the effect that such budget contains good faith estimates (utilizing assumptions believed to be reasonable at the time of delivery of such budget) of the financial condition and operations of the Borrower and its Subsidiaries for such period.

  • XXXXXX’S EXPENDITURES If any action or proceeding is commenced that would materially affect Xxxxxx's interest in the Collateral or if Borrower fails to comply with any provision of this Agreement or any Related Documents, including but not limited to Borrower's failure to discharge or pay when due any amounts Borrower is required to discharge or pay under this Agreement or any Related Documents, Lender on Borrower's behalf may (but shall not be obligated to) take any action that Lender deems appropriate, including but not limited to discharging or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied or placed on any Collateral and paying all costs for insuring, maintaining and preserving any Collateral. All such expenditures incurred or paid by Lender for such purposes will then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by Xxxxxxxx. All such expenses will become a part of the Indebtedness and, at Lender's option, will (A) be payable on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining term of the Note; or (C) be treated as a balloon payment which will be due and payable at the Note's maturity.

  • Business Plan and Budget As soon as available, but in any event no later than forty five (45) days after the end of each fiscal year of the Borrower, an annual business plan and budget of the Borrower and its Subsidiaries on a Consolidated basis, including forecasts prepared by management of the Borrower, in form reasonably satisfactory to the Lender, of Consolidated balance sheets and statements of income or operations and cash flows of the Borrower and its Subsidiaries on a quarterly basis for the then current fiscal year. As to any information contained in materials furnished pursuant to Section 6.02(d), the Borrower shall not be separately required to furnish such information under Sections 6.01(a) or (b) above, but the foregoing shall not be in derogation of the obligation of the Borrower to furnish the information and materials described in Sections 6.01(a) and (b) above at the times specified therein.

  • 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;

  • Capital Expenditures, etc With respect to Capital Expenditures, the parties covenant and agree as follows:

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

  • Business Plan The Lenders shall have received a satisfactory detailed business plan of the Borrowers for fiscal years 1996 - 2002 and a satisfactory written analysis of the business and prospects of the Borrowers for the period from the Closing Date through the final maturity of the Term Loans.

  • Development Expenses Novartis shall be solely responsible for the costs and expenses of Developing and commercializing Licensed Products pursuant to the terms of this Agreement, except with respect to Infinity’s research, development and commercialization activities with respect to an Abandoned Profile pursuant to Section 3.3.1 (subject to Section 2.3).

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