Joint Interest Billing definition

Joint Interest Billing or "JIB" has the meaning ascribed to it in paragraph 6(a) below; "JV Costs" has the meaning ascribed to it in Article-1.1 of the JOA;
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Joint Interest Billing or “JIB” has the meaning ascribed to it in paragraph 6(a) below;
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Examples of Joint Interest Billing in a sentence

  • In the event that an Authorization for Expenditures (“AFE’s”) or a Joint Interest Billing (“JIB”) for the Acquired Assets is received and requires payment prior to the Closing Date, Sellers will provide notice in writing to Buyer within three (3) days of their receipt of the AFE or JIB and Sellers covenant to pay the AFE and JIB promptly.

  • The Borrower will pay timely the amount that the Borrower is required to pay pursuant to each Joint Interest Billing Statement that it receives unless the Borrower is contesting all or a portion of the amount in good faith by appropriate action and for which adequate reserves are being maintained in accordance with GAAP and promptly gave the Lender written notice to the Lender that the Borrower would be contesting.

  • The Borrowing Base does not include operating costs with respect to a well even if any such operating cost is identified on a Joint Interest Billing Statement.

  • Payment by Investor shall be made within ten (10) days of receipt of each Joint Interest Billing.

  • Based on these estimated lease acquisition costs Aurora shall include on each Joint Interest Billing, the Investor's proportionate advance payment required for said lease acquisitions.

  • Reconciliation to Investor's Joint Interest Billing shall be made periodically based on the actual costs of the leasing program.