Common use of The Expansion Project Clause in Contracts

The Expansion Project. 2.7.1 In the event the Sellers Sanction the Expansion Project by April 30, 2013 they shall so notify the Buyer and shall employ reasonable endeavors to implement the Expansion Project in accordance with the provisions of this Article 2.7. For the purposes of this Article 2.7 “Sanction” means the approval by the Sellers, in accordance with the terms of the joint operating agreement between the Sellers relating to Sellers’ Petroleum Rights, of the program and budget for the Expansion Project. It is clarified that in the event the Sellers do not Sanction the Expansion Project, the Sellers will not be required to carry out the Expansion Project.