Bank Accounts General. Contractor shall be responsible for reporting any deposits and withdrawals in respect of the foreign currency accounts to the Central Bank of Suriname in accordance with the Law of Suriname.
Bank Accounts General. 16.2.1 Contractor shall be responsible for reporting any deposits and withdrawals in respect of the foreign currency accounts to the Central Bank of Suriname in accordance with Applicable Law.
16.2.2 Contractor shall have the right to open, operate and freely maintain in its name with financial institutions in and/or outside Suriname, bank accounts and other credit and deposit accounts or banking arrangements in any unit currency and use these accounts for the purpose of Petroleum Operations, including, without limitation, for general corporate purposes, and to pay any and all Petroleum Expenditures or other expenditures, receive revenues or sales proceeds from any source, and finance Petroleum Operations, including any external or intercompany loans, equity contributions, or dividends (“Foreign Currency Accounts”) and in compliance with Applicable Law, including with those of the country’s monetary authorities
16.2.3 Contractor shall have the right to receive and retain abroad its proceeds and payments under this Contract received in Foreign Currency Accounts including but not limited to the proceeds of sale of Petroleum hereunder, and dispose freely of the same without any obligation to repatriate the same or any part thereof to Suriname.
16.2.4 The Contractor shall have rights to pay directly outside Suriname foreign Sub Contractors for purchase of goods and services necessary to carry out Petroleum Operations and freely repatriate abroad all proceeds from Contractor’s Petroleum Operations within Suriname.
16.2.5 Foreign Sub-Contractors of the Contractor shall have the same rights and obligations specified above as the Contractor.
