SCHEDULEMODEL CLAUSES FOR SEAWARD AREA PRODUCTION LICENCES
Extension of the Initial or Second TermI17
1
This clause enables an extension to be made to the Initial Term or as the case may be to the Second Term (“the relevant term”).
2
At any time not later than three months before the expiry of the relevant term the Licensee may, subject to payment of the sums specified in Schedule 2 and to performance of the terms and conditions herein contained, give notice in writing to the Minister that he desires that term to be extended for a further period.
3
4
An extension given by a direction in pursuance of this clause shall be for a period, and subject to such conditions, as the Minister may determine.
5
Where a relevant term is extended in pursuance of this clause, clause 3 shall apply in respect of that term as so extended.
6
Where the Initial Term is extended by a period in pursuance of this clause, the Second Term shall (without prejudice to paragraph (2)) be reduced by the same amount; and where the Second Term is extended by a period in pursuance of this clause, the Third Term shall be reduced by the same amount.