Minimum Work and Expenditure Obligations definition

Minimum Work and Expenditure Obligations means those work and expenditure obligations detailed in Clause 4 of the Contract.

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Minimum Work and Expenditure Obligations means the minimum work and financial commitments undertaken by Contractor under Article 6, and Annex E.

Examples of Minimum Work and Expenditure Obligations in a sentence

• If the Farmee has not complied with the Minimum Work and Expenditure Obligations at the date of the exercise of the Post Closing Termination Right than it shall indemnify the Farmor for any costs, expenditures, and legal fees that the Farmor may incur to comply with the Minimum Work and Expenditure Obligations pursuant to Clause 4 of the Contract.

• Provided that the Farmee has by the date of the exercise of the Post Closing Termination Right complied with the Minimum Work and Expenditure Obligations the Farmee shall have no further liability to the Farmor, and the Farmee shall have no interest whatsoever in the Contract and shall be deemed to have transferred to the Farmor any rights or equitable interest it may have acquired under this Agreement.