FOREIGN EXCHANGE CONTROL. 39.1. The Contractor shall during the term of this agreement have the right:
(a) to retain abroad all foreign exchange obtained from the export sale of the Contractor’s Petroleum and to remit and retain abroad all foreign exchange learned from sales of Petroleum or assets in Guyana;
(b) to finance Petroleum Operations here under in any currency through any combination of equity inter-affiliate date or third-party loans intercompany open accounts or production payments but no payments of principal or interest in respect thereof shall be made from any source in Guyana other than the bank accounts referred to in Article 39.1(c);
(c) to open and maintain bank accounts denominated in Guyanese dollars and or United States dollars in Guyana and freely dispose of the sums deposited therein without any restriction; provided the said accounts are credited only with sums deposited in foreign currency or with the proceeds of the sale of foreign currency being credits relating to or derived from Petroleum Operations;
(d) to open and maintain bank accounts in foreign currency outside Guyana which may be credited without restriction freely dispose of any sums deposited therein without restriction without any obligation to convert into Guyana currency any part of the said amount say that such accounts shall not be credited with the proceeds of the sales of any Guyanese currency without the consent of the Bank of Guyana;
(e) to purchase and with the approval of the Bank of Guyana to sell Guyanese currency through the authorized banks without discrimination at the rate of exchange determined by the Bank of Guyana for authorized banks at the time of purchase of sale.
39.2. Expatriate Employees of the Contractor or of Affiliated Companies and of Sub- Contractors engaged in Petroleum operation shall be subjected to all exchange control regulations that may be in effect from time to time. Expatriate Employees of the Contractor and Sub-Contractors shall be entitled to remit freely abroad any portion of their salaries paid in Guyana and any investment income that may be earned on the portion of their salaries paid in Guyana.
39.3. Where the Contractor, Affiliated Company or Sub-Contractor has, by notice in writing to the Commissioner General of the Guyana Revenue Authority, guaranteed the full and proper discharge by an Expatriate Employee engaged in Petroleum Operations of their liability to income tax under the laws of Guyana that expatriate employee shall be entitled to receiv...
FOREIGN EXCHANGE CONTROL. 23.1. The Contractor shall be subject to the foreign exchange control regulations of the Republic of Côte d’Ivoire, subject to the provisions of this article.
23.2. The Contractor shall be entitled to retain abroad all currencies from the export sales of Hydrocarbons allocated to it by this Agreement, or transfers, as well as its own equity, loan proceeds and, in general all assets it acquires abroad, and to freely dispose of these foreign currencies or assets to the extent that they exceed the needs of its operations in the Republic of Côte d’Ivoire.
23.3. No restriction shall be imposed on loans abroad and the importation of funds by the Contractor intended for the performance of the Petroleum Operations.
23.4. The Contractor shall be entitled to purchase Ivoirian currency with foreign currencies, and to freely convert to the foreign currencies of its choice all funds it holds in the Republic of Côte d’Ivoire that exceed its local needs, at exchange rates that shall not be less favourable than those generally applicable to any other buyer or seller of foreign currencies.
23.5. The Contractor shall be entitled to pay directly abroad its suppliers not domiciled in the Republic of Côte d'Ivoire for goods and services that are necessary to perform the Petroleum Operations.
23.6. The provisions of this article 23 apply to the Contractors' subcontractors incorporated abroad as well as their expatriate employees.
23.7. The expatriate employees of the Contractor, or any of its agents, contractors and subcontractors shall be entitled to freely send abroad a portion of their salaries paid in the Republic of Côte d'Ivoire and any investment income earned on these salaries.
FOREIGN EXCHANGE CONTROL. Any foreign exchange control policies in the Relevant Jurisdiction (whether existing as of the date of this Agreement or enacted after the date of this Agreement) would otherwise prohibit, prevent or materially delay any payment, remittance or transfer of any amount due and payable under the Material Credit Documents and the relevant Obligor and the relevant Finance Party fail to agree on a substitute permitted by applicable Governmental Rules for making such payment, remittance or transfer within 14 days upon the occurrence of such prohibition, prevention or delay.
FOREIGN EXCHANGE CONTROL. All matters in relation to foreign exchange control of the JVC shall be dealt in accordance with the Regulations on Foreign Exchange Control of the People’s Republic of China.
FOREIGN EXCHANGE CONTROL. 22.1 The Contractor shall be subject to foreign exchange control regulations in force in the Republic of Guinea, it being however understood that the Government guarantees during the term of this Contract, to the Contractor and its subcontractors, and with respect to Petroleum Operations under this Contract, the following benefits:
FOREIGN EXCHANGE CONTROL. Any foreign exchange control is imposed by any Governmental Agency in any jurisdiction (including SAFE) which, in the opinion of the Lender (acting reasonably), has the effect of prohibiting, preventing or materially delaying the remittance of any amount due to the Lender under the Finance Documents.
FOREIGN EXCHANGE CONTROL. 23.1 The Contractor shall comply with the applicable foreign exchange control regulations, provided that:
(a) the Contractor shall have the right to retain abroad all funds arising from sales of all Petroleum to which it is entitled under this Contract and all funds acquired or borrowed abroad in relation to its operations under this Contract, and to freely dispose of such funds to the extent that they may exceed its requirements for its operations in Liberia;
(b) no restriction shall be exercised on importation by the Contractor of funds for use in the performance of Petroleum Operations under this Contract;
(c) the Contractor shall have the right with respect to transactions relating to Petroleum Operations to purchase currencies of Liberia with foreign currencies, and freely exchange into foreign currencies of its election any funds held by it in Liberia in excess of its local requirements at exchange rates which if directly or indirectly fixed by the State shall not be less favorable than those generally applicable to other foreign investors; and
(d) the Contractor shall pay suppliers and service providers based in Liberia from bank accounts maintained with banks operating in Liberia, and shall have the right to pay for services and assets for Petroleum Operations sourced from outside Liberia in foreign currency from accounts outside of Liberia.
FOREIGN EXCHANGE CONTROL. 20.1 Licensee shall comply with the procedures and formalities required by the laws and regulations relating to foreign exchange in force from time to time in Uganda.
FOREIGN EXCHANGE CONTROL.
(a) The Contractor shall, during the term of this Agreement, have the right:
(i) to enter into loan agreements outside Tanzania for the purpose of financing Petroleum Operation hereunder but no payments of principal or interest in respect thereof shall be made from any source in Tanzania other than the Bank accounts referred to in sub-paragraph (ii);
(ii) to open and maintain Foreign Currency Accounts with a Bank which is an authorized dealer within Tanzania and freely dispose of the sums deposited therein without any restriction provided the said accounts are credited only with sums deposited in foreign currency or with the proceeds of the sale of Foreign currency being credits relating to or derived from Petroleum Operations hereunder;
(iii) subject to any conditions or requirements imposed by the Bank of Tanzania, to open and maintain bank accounts, in addition to those described in sub-paragraph (a) (ii) above, in Tanzania denominated in Tanzanian currency and freely dispose of the sum deposited therein within Tanzania provided the said accounts are credited only with Tanzanian currency arising from proper transactions within Tanzania relating to Petroleum Operations hereunder;
(iv) to open and keep bank accounts in any foreign currency outside Tanzania which may be credited without restriction and freely dispose of any sums deposited therein without restriction and without any obligation to convert into Tanzanian currency any part of the said amounts save that such accounts shall not be credited with the proceeds of the sale of any Tanzanian currency without the consent of the Bank of Tanzania;
(v) to purchase Tanzanian currency, through an authorised dealer, without discrimination, at the rate of exchange generally, applicable.
(b) For the purpose of this Article “Expatriate Employee” means any employee not normally resident in Tanzania who is engaged under contract which provides for the payment of passages to and from Tanzania.
FOREIGN EXCHANGE CONTROL. Clause 43 The Joint Venture Company has to open bank accounts for RMB and foreign currencies with Bank of China or any other banks which have been approved by the State Exchange Administration Bureau to transact foreign currencies. The Board of Directors of the Joint Venture Company has to decide on the cheques issuing system. If necessary, the Joint Venture Company can also open a foreign exchange account overseas after obtaining approval from the Board of Directors and permission from the State Exchange Administration Bureau. Clause 44 All the foreign exchange received by the Joint Venture Company has to be deposited in the foreign exchange account and those payments in foreign exchange shall also be paid from this account.
