CONTRACTORS, TURNKEYS, AND PERCENTAGE INTERESTS IN WELLS Sample Clauses

CONTRACTORS, TURNKEYS, AND PERCENTAGE INTERESTS IN WELLS. 5.10.1 In the case of any proposed Joint Operations, Operatox xxxll, unless otherwise decided by Parties having in the aggregate between them Percentage Interests exceeding eighty percent (80%) and except in the circumstances referred to in Article 5.8 and in respect of contracts of insurance placed pursuant to the provisions of Article 7.1.1, comply with the following provisions:
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CONTRACTORS, TURNKEYS, AND PERCENTAGE INTERESTS IN WELLS. 5.10.1 In the case of any proposed Joint Operations, Operatox xxxll, unless otherwise decided by Parties having in the aggregate between them Percentage Interests exceeding eighty percent (80%) and except in the circumstances referred to in Article 5.8 and in respect of contracts of insurance placed pursuant to the provisions of Article 7.1.1, comply with the following provisions: (i) AME shall be appointed as the drilling contractor for all wells to be drilled during the term of this Agreement. The cost of performing drilling, completion and other operations required under this Agreement shall be negotiated in good faith. AME shall use reasonable endeavours to provide Turnkey quotes for such drilling and other services at least ninety (90) days, but not more than one hundred twenty (120) days, prior to the estimated spud dates for each well. Along with the Turnkey quotes, AME shall provide a detailed AFE showing all proposed costs for such drilling and completion operations and justify the AFE prices cited. In the event that any Party believes that such quotes are not competitive, it shall have the right to seek other quotes from other bona fide qualified contractors registered to provide such services in the Republic of Turkey. If any such quote on a Turnkey basis is less than AME has quoted for its comparable services, AME shall have the right to reduce the Turnkey price accordingly or elect to not conduct such services. All outside services and materials should be provided at cost. There should be no indirect operating costs charged under the Accounting Procedure for Turnkey work. The Turnkey price should be for a dry hole with logs run at the casing point and over the bottom hole section, with one core in the reservoir and testing as deemed necessary by AME. There shall be a separate Turnkey price negotiated for completion based upon similar parameters. Turnkey prices and contracts shall be finalized by the Parties not less than sixty (60) days prior to any proposed spud dates. The form of Turnkey contract is attached as Schedule 3. (ii) Pursuant to the Turnkey contract and subject to reduction pursuant to Article 5.10.1 (iii) below, Non-Operators shall be required to contribute fifty percent (50%) of its Percentage Interest of the agreed upon Turnkey drilling price to the Non-Operators predetermined bank account maintained at _________________________________________, Ankara, Turkey not less than thirty (30) days prior to the anticipated spud date. S...
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Related to CONTRACTORS, TURNKEYS, AND PERCENTAGE INTERESTS IN WELLS

  • Percentage Interests If the number of outstanding Partnership Units increases or decreases during a taxable year, each Partner’s Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held by such Partner divided by the aggregate number of Partnership Units outstanding after giving effect to such increase or decrease. If the Partners’ Percentage Interests are adjusted pursuant to this Section 4.6, the Profits and Losses for the taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when the adjustment occurs and the part of the year beginning on the following day either (i) as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part shall be based on the adjusted Percentage Interests.

  • Partnership Obligations (a) Except as provided in this Section 6.05 and elsewhere in this Agreement (including the provisions of Articles V and VI hereof regarding distributions, payments and allocations to which it may be entitled), the General Partner shall not be compensated for its services as general partner of the Partnership.

  • OWNERSHIP INTERESTS OF INTERESTED PERSONS COMPETITORS. . . . . . . . . . 9 2.28 PAYORS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

  • Participating Interests Effective in the case of each Standby L/C and Commercial L/C (if applicable) as of the date of the opening thereof, the Issuing Lender agrees to allot and does allot, to itself and each other Revolving Credit Lender, and each such Lender severally and irrevocably agrees to take and does take in such Letter of Credit and the related L/C Application (if applicable), an L/C Participating Interest in a percentage equal to such Lender’s Revolving Credit Commitment Percentage.

  • Capital Contributions; Percentage Interest The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.

  • Partnership Funds Pending application or distribution, the funds of the Partnership shall be deposited in such bank account or accounts, or invested in such interest-bearing or non-interest bearing investment, including, without limitation, checking and savings accounts, certificates of deposit and time or demand deposits in commercial banks, U.S. government securities and securities guaranteed by U.S. government agencies as shall be designed by the General Partner. Such funds shall not be commingled with funds of any other Person. Withdrawals therefrom shall be made upon such signatures as the General Partner may designate.

  • Percentage Interest Ownership of the Company shall be divided into, represented by, and each Member’s Percentage Interest shall be expressed in Units of the Company. The name, address, Units and Percentage Interest of each Member are set forth on Exhibit “A” attached hereto, which may be amended from time to time as necessary to reflect changes in the Percentage Interests and Units held by the Members.

  • Capital Contributions Capital Accounts The capital contribution of the Sole Member is set forth on Annex A attached hereto. Except as required by applicable law, the Sole Member shall not at any time be required to make additional contributions of capital to the Company. The capital accounts of the members shall be adjusted for distributions and allocations made in accordance with Section 8.

  • Additional Capital Contributions and Issuances of Additional Partnership Interests Except as provided in this Section 4.2 or in Section 4.3, the Partners shall have no right or obligation to make any additional Capital Contributions or loans to the Partnership. The General Partner may contribute additional capital to the Partnership, from time to time, and receive additional Partnership Interests in respect thereof, in the manner contemplated in this Section 4.2.

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