Participant Responsible for Participant’s Interest of Earning Sample Clauses

Participant Responsible for Participant’s Interest of Earning. Well Costs and Expenses Effective as at the date hereof and prior to the date on which the Participant earns (if such earning should occur hereunder) a Working Interest hereunder in the Farmout Lands comprising the Spacing Unit for the well contemplated in Section 2.1 of this Agreement, the Participant shall be fully liable and responsible for it’s Participant’s Interest of all costs and expenses incurred in respect of any Operations conducted in respect of such well, and shall reimburse and pay to the Farmor such amount of all such costs and expenses. The Operating Procedure and the Accounting Procedure shall govern and apply to the relationship between the Farmor and the Participant regarding such costs and expenses. Notwithstanding that the Operating Procedure and the Accounting Procedure shall govern and apply as aforesaid, or that the Participant shall or may have paid certain costs and expenses in respect of the well contemplated in Section 2.1 of this Agreement, the Participant shall not earn, shall not be entitled to, and shall not make any claim whatsoever in respect of, any Working Interest in any of the Farmout Lands, except pursuant to and in accordance with Section 2.4 of this Agreement. Notwithstanding the Operating Procedure and Accounting Procedure, once an Authority for Expenditure (AFE) for the drilling of the Earning Well is issued by the Operator, the Participant agrees to advance funds for it’s proportionate share of such AFE to the Operator who will hold such funds in a segregated account to be used solely for costs incurred under the AFE, or the Participant will provide to the Operator an irrevocable standby letter of credit from a Canadian Chartered Bank for the Participant’s share of the AFE costs. The Operator shall be entitled to draw on the irrevocable standby letter of credit in the same manner and at the same time intervals as provided with respect to the amounts to be paid by the Participant under the AFE and Operating Procedure.
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