Funding Budgets and Expenditure Obligations. Karasu’s obligation to manage and carry out Operations approved by the Project Team or to perform any of its duties or obligations under the Lease and the Agreement is subject to:
(a) Black Sea paying its portion of the Exploration Expenditures as follows:
(i) $250,000 on or before the first anniversary date of the Closing Date,
(ii) $250,000 on or before the second anniversary date of the Closing Date, and
(iii) $500,000 on or before the third anniversary date of the Closing Date. If the Exploration Expenditures incurred are less than the amount required to be incurred within any period set forth in this section 6.8(a), Black Sea will contribute additional funds to account for the deficiency, in the succeeding period.
(b) Anadolun shall pay the balance of the required funds in a timely way according to an approved schedule of advances or within the time limits contemplated in the Agreement for the payment of invoices for Expenses.
(c) Karasu will deliver to Black Sea Monthly Expenditure Reports no later than fifteen (15) calendar days following the completion of any calendar month. “Monthly Expenditure Report” means a monthly accounting report that will provide an itemized accounting of the Expenditures of the month and a projected funding amount due from each of Black Sea and Anadolun to satisfy its obligations to fund Expenditures under this Section 6.8 for the next 60 day period. Each of Black Sea and Anadolun agree to fund its share of the estimated Expenditures under this Section 6.8 within ten (10) calendar days following delivery of each Monthly Expenditure Report.
Funding Budgets and Expenditure Obligations. The Operator’s obligation to manage and carry out Operations approved by the Project Team or to perform any of its duties or obligations under this Agreement is subject to each of Sage and Gryphon paying its proportionate share of required funds in a timely way according to an approved schedule of advances or within the time limits contemplated in this Agreement for the payment of invoices for Expenses. The Operator will deliver to Sage and Gryphon Monthly Expenditure Reports no later than fifteen (15) calendar days following the completion of any calendar month. “
Funding Budgets and Expenditure Obligations. Anadolun’s obligation to manage and carry out Operations approved by the Project Team or to perform any of its duties or obligations under the Lease and the Agreement is subject to:
(a) Texada paying its portion of the Exploration Expenditures as follows:
(i) $250,000 on or before the first anniversary date of the Effective Date,
(ii) $250,000 on or before the second anniversary date of the Effective Date, and
(iii) $500,000 on or before the third anniversary date of the Effective Date. If the Exploration Expenditures incurred are less than the amount required to be incurred within any period set forth in this section 6.8(a), Texada will contribute additional funds to account for the deficiency, in the succeeding period.
(b) Anadolun shall pay the balance of the required funds in a timely way according to an approved schedule of advances or within the time limits contemplated in the Agreement for the payment of invoices for Expenses.
(c) Anadolun will deliver to Texada Monthly Expenditure Reports no later than fifteen (15) calendar days following the completion of any calendar month. “Monthly Expenditure Report” means a monthly accounting report that will provide an itemized accounting of the Expenditures of the month and a projected funding amount due from each of Texada and Anadolun to satisfy its obligations to fund Expenditures under this Section 6.8 for the next 60 day period. Each of Texada and Anadolun agree to fund its share of the estimated Expenditures under this Section 6.8 within ten (10) calendar days following delivery of each Monthly Expenditure Report.
