Common use of Capital Expenditure Program Clause in Contracts

Capital Expenditure Program. As of the date of this Agreement, Section 4.24 of the Parent Disclosure Schedule accurately sets forth in all material respects, for each of Parent’s construction, repair, modification, life extension, overhaul or conversion capital expenditure programs, the capital expenditures for all such programs that were forecasted to be incurred in 2011 on a quarterly basis, as previously provided to the Company. The construction in progress attributable to the newbuilds and included in the consolidated balance sheet of Parent at September 30, 2010 included in the Parent Reports (excluding capitalized interest on such newbuilds), together with the projected capital expenditures for such newbuilds previously provided to the Company, equal the projected total construction costs to complete such newbuilds, as at the time of such forecast.

Capital Expenditure Program. As of the date of this Agreement, Section 4.24 3.24 of the Parent Company Disclosure Schedule accurately sets forth in all material respects, for each of Parentthe Company’s construction, repair, modification, life extension, overhaul or conversion capital expenditure programs, the capital expenditures for all such programs that were forecasted to be incurred in 2011 on a quarterly basis, as previously provided to the CompanyParent. The construction in progress attributable to the newbuilds and included in the consolidated balance sheet of Parent the Company at September 30, 2010 included in the Parent Company Reports (excluding capitalized interest on such newbuilds), together with the projected capital expenditures for such newbuilds previously provided to the CompanyParent, equal the projected total construction costs to complete such newbuilds, as at the time of such forecast.