Common use of FOREIGN EXCHANGE CONTROL Clause in Contracts

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 receive payment of the whole or any part of their remuneration in the country in which they are normally resident.

FOREIGN EXCHANGE CONTROL. 39.140.1. 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(c40.1(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. 39.240.2. Expatriate Employees of the Contractor Contractors or of Affiliated Companies and of Sub- 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 contractor and Sub-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 receive payment of the whole or any part of their remuneration in the country in which they are normally resident.

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- 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-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 receive payment of the whole or any part of their remuneration in the country in which they are normally resident.

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 receive payment of the whole or any part of their remuneration in the country in which they are normally resident.

FOREIGN EXCHANGE CONTROL. 39.1. The 22.1 Each party comprising the Contractor shall shall, during the term of this agreement Agreement have the right: (a) to retain abroad all foreign exchange obtained from the export sale sales of the Contractor’s 's Petroleum and to remit and retain abroad all foreign exchange learned earned from sales of Petroleum or assets in Guyana; (b) to finance Petroleum Operations here under hereunder in any currency through any combination of equity equity, inter-affiliate date or thirdthird party loans, inter-party loans intercompany company open accounts 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(c22.1 (c); (c) to open and maintain bank accounts denominated in Guyanese dollars and or 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 any foreign currency outside Guyana which may be credited without restriction and freely dispose of any sums deposited therein without restriction and without any obligation to convert into Guyana currency any part of the said amount say amounts, save that such accounts shall not be credited with the proceeds of the sales sale of any Guyanese currency without the consent of the Bank of Guyana; (e) to purchase and and, with the approval of the Bank of Guyana Guyana, to sell Guyanese currency currency, through the authorized banks banks, without discrimination discrimination, at the rate of exchange determined by the Bank of Guyana for authorized banks at the time of purchase of or sale. 39.2. 22.2 Expatriate Employees of the Contractor or of Affiliated Companies and of Sub- Contractors engaged in Petroleum operation Operations shall be subjected to all exchange control regulations 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. 22.3 Where the any party comprising Contractor, Affiliated Company or Sub-Contractor has, by notice in writing to the Commissioner General of the General, Guyana Revenue Authority, Authority has guaranteed the full and proper discharge by an Expatriate Employee engaged in Petroleum Operations of their his liability to income tax under the laws of Guyana Guyana, that expatriate employee Expatriate Employee shall be entitled to receive payment of the whole or any part of their his remuneration in the country in which they are he is normally resident.