Initial Operator Sample Clauses

Initial Operator. Upon the formation of the Joint Venture, Falconbridge shall automatically become the first Operator.

Initial Operator. The party holding the single largest Interest shall be the initial Operator and shall be entitled to continue to act as Operator until it resigns or its Interest is reduced so that it ceases to hold the single largest Interest. Thereafter the party which was non-Operator, if it has consented, shall act as Operator until that time it resigns or its Interest is reduced so that it ceases to hold the single largest Interest. In the event the parties have equal Interests, Candev shall act as Operator.

Initial Operator. CPSC, or its designee, shall be the initial Operator ----------------- of the Pipelines and the Facilities.

Initial Operator. (a) The Parties agree that Black Shield will be the initial Operator, but will engage Cariboo to manage and undertake the exploration and development of the Property under the direction of Black Shield, until such time as Black Shield may otherwise, in its sole discretion, determine. (b) The Parties agree that during such time as Cariboo is managing exploration and development of the Property in accordance with 5.2(a): (i) Cariboo will be required to apply the payments with respect to Expenditures received from Black Shield solely to fund the Expenditures; (ii) within 90 days following the expiry of a Payment Period in which Black Shield has paid Cariboo the amount of the applicable Expenditures for such Payment Period to incur Expenditures on behalf of Black Shield, Cariboo will provide Black Shield with an itemized statement of Expenditures (the “Cariboo Statement”) incurred by Cariboo during that Payment Period; (iii) the Cariboo Statement will be conclusive evidence of the making by Cariboo of the Expenditures recorded in the Cariboo Statement unless, within 30 days after receipt of such Cariboo Statement, Black Shield delivers a written and detailed objection to the Cariboo Statement to Black Shield; (iv) if Black Shield delivers such an objection to Cariboo, then Black Shield will be entitled to request that an independent auditor selected by Black Shield (that will, at minimum, be a medium sized accounting firm with experience in the mining industry) audit the Expenditures recorded in the Cariboo Statement; and (v) at the conclusion of that audit, the costs of the audit will be paid by Black Shield, unless the auditor determines that the Expenditures set out in the Cariboo Statement were overstated by more than 10%, in which case: (A) Cariboo will pay all costs of the audit, and (B) Cariboo will be required to either repay Black Shield the amount of the overstatement or apply the amount of such overstatement to Black Shield’s required Expenditures for the next Payment Period.

Initial Operator. Upon the formation of the Joint Venture, Archean Star shall be the first Operator.

Initial Operator. Upon the formation of the Joint Venture, Endeavour shall be the first Operator.

Initial Operator. The Party holding the single largest interest shall be the initial Operator and shall be entitled to act as the Operator of the exploration programs upon the Property here-in named as Warrior Ventures Incorporated or its assigns.

Initial Operator. NAMG shall be the initial Operator. Upon unanimous agreement of the Management Committee, ICE may become the Operator.

Initial Operator. The Owners hereby designate Columbia as initial Operator and Columbia hereby agrees to act as such in accordance with the terms and conditions of the Agreement.