Determination of Shares. In each Calendar Year, the Parties shall take and receive the following shares of every grade and quality of Petroleum as and when it is delivered at the Field Export Point:
(a) the Designated Authority:
(i) five (5) percent; plus
(ii) its share of any balance as mentioned in paragraph 7.1(c);
(b) the Contractor:
(i) ninety five (95) percent but not more than is equal in value to Recoverable Costs for the Calendar Year concerned; plus
(ii) its share of any balance as mentioned in paragraph 7.1(c);
(c) any Petroleum not taken by the Contractor under sub-paragraph 7.1(b)(i) shall be shared as to forty (40) percent by the Designated Authority and as to sixty (60) percent by the Contractor.
Determination of Shares. For purposes of this Agreement, the Shares ----------------------- owned by the Investor shall be determined as follows:
(i) any shares of preferred stock shall be treated as the number of shares of common stock into which such shares are convertible, and (ii) any warrants that the Investor owns entitling it to acquire shares of common stock of the Company shall be treated as such underlying shares of common stock. With respect to (ii) of the preceding sentence, the Investor shall be entitled to exercise any then existing warrant in accordance with its terms prior to or simultaneously with giving the notice required under section 3 above.
Determination of Shares. In each Calendar Year, the Parties shall take and receive the following shares of every grade and quality of Petroleum as and when it is delivered at the Field Export Point: the Ministry:
(i) six (6) percent; plus
(ii) its share of any Profit Petroleum as set out in paragraph 9.1(c);
Determination of Shares. In each Calendar Year, the Parties shall take and receive the following shares of every grade and quality of Petroleum as and when it is delivered at the Field Export Point:
(a) ANPM’s first share of Petroleum at the Field Export Point before cost recovery shall be of:
(i) five percent (5%) for Crude Oil; and
(ii) five percent (5%) for Natural Gas.
(b) The Contractor is entitled to:
(i) the remaining gross income after deduction of the first share set forth in Articles 9.1 (a)(i) and 9.1(a)(ii) above, provided it does not exceed the amount of Recoverable Costs of the relevant Calendar Year; plus
(ii) its share of any Profit Petroleum as set forth in Article 9.1(c) below.
(c) The remaining Available Petroleum, including any portion of Cost Recovery Crude Oil or Cost Recovery Natural Gas not required to cover costs (hereinafter referred to as "Profit Crude Oil" and/or "Profit Natural Gas" and collectively as "Profit Petroleum"), shall be allocated between ANPM and the Contractor as follows:
(i) Contractor's share of Profit Petroleum shall correspond to the remaining portion of Profit Petroleum after the deduction of ANPM’s share pursuant to the provisions of Article 9.1(c)(ii) below.;
(ii) ANPM’s share of Profit Crude Oil or Profit Natural Gas for any given calendar month shall be determined separately, in accordance to the terms set forth in Articles 9.1(c)(iii) and 9.1(c)(iv) below;
(iii) ANPM’s share of Profit Crude Oil is of forty percent (40%); and
(iv) ANPM’s share of Profit Natural Gas is of forty percent (40%).
Determination of Shares. For purposes of this Agreement, the requisite number of shares of Series A Stock and/or Series B Stock and/or Conversion Stock and/or Incentive Stock required to be held by a Shareholder to qualify for any particular rights set forth in this Agreement shall be adjusted proportionately to reflect any subdivision, combination or stock dividend affecting the outstanding number of shares of such Stock effected after the date of this Agreement.
Determination of Shares. The number of the shares subject to this proxy at the time of its execution is 7,808,645 shares of Common Stock. FFH shall give the Trustee notice of any change in the number of the shares subject hereto as promptly as practicable and, in any event, within 10 days of such a change.
Determination of Shares. 1. In "Step One", there shall be determined how many shares of Series B Preferred Stock are issuable to the Investors prior to giving effect to any portion of the Rights Offering. In Step One, the amount of shares of Series B Preferred Stock issuable to the Investors is equal to NBS(1). The tax analysis means that we have to satisfy two tests, a value test and a voting test, to ensure that the TCV Affiliates and the SH Affiliates together do not own more than 47% of the outstanding shares of the Company or more than 47% of the value of the outstanding shares of the Company immediately after giving effect to Step One (but before giving effect to Step Two or Step Three). Therefore, the number of shares issuable to the Investors together in Step One, and the final "NBS(1)" for purposes of the remaining provisions hereof, is the lesser of the two possible values of) NBS(1) determined pursuant to the formulae set forth below.) VOTING TEST ----------- (BST + (NBS(1))/ = Cushion (or 47%) (SOLVE FOR NBS)(1) (TSO + (NBS)(1)) VALUE TEST ---------- [(BST*CS) + (NBS(1)*VTP)]/ = Cushion (or 47%) (SOLVE FOR NBS)1 [(TSO*CS) + (NBS(1)*VTP)]
2. In "Step Two", the Company is deemed to issue shares of Series B Preferred Stock that are subscribed for by each holder who exercises rights issued pursuant to the Rights Offering, up to an amount determined, based on the amount of each holder's subscription, so that such holder is permitted to maintain its proportional equity ownership in the Company immediately prior to the Closing (based on the shares held by such holder as of the record date for the Rights Offering), but after giving effect to Step One. It is understood that, for purposes of computing such equity ownership under this Step Two, Restricted Stock is considered to be outstanding.
3. In "Step Three", there shall be determined how many shares of Series B Preferred Stock are issuable to the Investors after giving effect to Steps One and Two. In Step (Three, the amount of Series B Preferred Stock issuable to the Investors is equal to NBS(2). For the purpose of Step Three, the calculation of the amount of shares issuable to the Investors together is essentially the same as in Step One, except that we have to add (i) the number/value, as applicable, of the shares issuable in Step One to the numerator and denominator of the ratio used in such calculation and (ii) the number/value, as applicable, of the shares issuable in Step Two to the denominator of the ratio used in suc...
Determination of Shares. In each Calendar Year, the Parties shall take and receive the following shares of every grade and quality of Petroleum as and when it is delivered at the Field Export Point:
(a) the Ministry share of royalty for crude and natural gas as the wellhead revenue before cost recovery shall be based on the following table: Barrel Oil Per day Royalty 0-10,000 6% 10,001-25,000 8% 25,001-50,000 10% 50,001-75,000 12% Above 75,000 14% Million Cubic Feet per day Royalty 0-60 4% 61-150 6% 151-300 8% 301-500 10% Above > 500 12%
(b) the Contractor:
(i) the remaining gross income after the first shares in paragraphs 9.1 (a)(i) and not more than is equal in value to Recoverable Costs for the Calendar Year concerned; plus
(ii) it is share of any Profit Petroleum as set out in paragraph 9.1(c).
(c) The remaining Available Petroleum including any portion of Cost Recovery Crude Oil or Cost Recovery Natural Gas not required to cover costs (hereinafter referred to as "Profit Crude Oil" and/or "Profit Natural Gas" and collectively as "Profit Petroleum") shall be allocated between the Ministry and Contractor as follows:
(i) Contractor's share of Profit Petroleum shall be the remaining portion after deducting the Ministry’s share in accordance with the provisions of paragraph 9.1(c)(ii).
(ii) The Ministry’s share of Profit Crude Oil or Profit Natural Gas for a Calendar Month from the Contract Area shall be determined separately for Crude Oil and Natural Gas by reference to the applicable price class in the relevant table(s) detailed in paragraphs 9.1(c)(iii) and (iv). The relevant price class shall be determined using the value of Profit Crude Oil and Profit Natural Gas calculated in accordance with Chapter 14 of the Regulation.
(iii) Ministry ’s share of Profit Crude Oil (%) The Ministry’s share of Profit Crude Oil shall be determined each Calendar Month based on each of the percentages in the table below. Production Tier Crude Oil Price Class A B C D E Production up to 10,000 B/D 35 40 45 50 50 Production in excess of 10,000 B/D and up to 25,000 B/D 35 40 45 50 50 Production in excess of 25,000 B/D and up to 50,000 B/D 40 45 50 55 55 Production in excess of 50,000 B/D and up to 75,000 B/D 45 50 55 60 60 Production greater than 75,000 B/D 50 55 60 65 65 Where: B/D refers to Barrel of Oil per Day Where: Price Class A refers to the Ministry’s share for a Crude Oil price less than or equal to USD 40.00 per Barrel. Price Class B refers to the Ministry’s share for a Crude Oil price grea...
Determination of Shares. For purposes of this Section 10, the term "Shares" shall mean all shares of Common Stock issued by the Company other than shares of Common Stock issued or deemed to be issued:
(a) upon conversion of shares of preferred stock or upon conversion of other convertible securities;
(b) to an employee, consultant officer or director pursuant to stock option, stock grant, stock purchase or similar plans or arrangements approved by the Board of Directors, including without limitation upon the exercise of options outstanding as of the date of this Warrant;
(c) to an equipment lessor, bank, financial institution or similar entity in a transaction approved by the Board of Directors, the principal purpose of which is other than the raising of capital;
(d) as a dividend or other distribution in connection with which an adjustment to the Warrant Shares is made pursuant to Section 6;
(e) shares issued as the result of stock splits or stock dividends;
(f) in any public offering by the Company pursuant to an effective registration statement under the Securities Act;
(g) in a merger or acquisition that is approved by the Board of Directors; or
(h) pursuant to any transaction approved by the Board of Directors primarily for the purpose of (a) a joint venture, technology licensing or research and development activity, (b) distribution or manufacture of the Company's products or services, or (c) any other transaction involving corporate partners that is primarily for purposes other than raising capital through the sale of equity securities.
Determination of Shares. The number of the shares subject to this proxy at the time of its execution is 1,986,953 shares of Convertible Preferred Stock and 1,294,308 shares of Common Stock. Berkshire shall give the Bank notice of any change in the number of the shares subject hereto as promptly as practicable and, in any event, within 10 days of such a change.
