Independent, Emergency and Excessive Expenses Sample Clauses

Independent, Emergency and Excessive Expenses. The OPERATOR shall carry out the JOINT OPERATIONS without performing any operation or incurring any material expense or investment unless duly authorized under a WORK SCHEDULE and/or BUDGET, duly approved by the corresponding SUB-COMMITTEE, except solely for the following cases: (a) Where such expense or investment is incurred by ESTELAR in the BAHIA XXXXX PROSPECT for the purpose of earning its PARTICIPATION in such PROSPECT according to Section 5.2.1 of this AGREEMENT; (b) Where such expense or investment is incurred by ESTELAR in the CERRO MORO PROSPECT prior to FOMICRUZ earning its PARTICIPATION in such PROSPECT according to Section 5.1.1 of this AGREEMENT; (c) Where it is necessary to incur an expense or investment approved under the corresponding WORK SCHEDULE and BUDGET, the OPERATOR is hereby authorized to incur any expenses exceeding the budget, or any other approved expense, for an amount not exceeding fifteen percent (15%) per YEAR of the corresponding approved budget plus any increase in the cost of living index without the approval of the appropriate SUB-COMMITTEE; (d) OPERATOR shall be entitled to incur in any expense or investment that is not included in the WORK SCHEDULE and BUDGET up to the total amount of US$ 500,000 (UNITED STATES DOLLARS FIVE HUNDRED THOUSAND) per YEAR. A detailed report of such expenses or investment shall be submitted to the appropriate SUBCOMITTE with explanation for such expenditure; or (e) In the event of an emergency, the OPERATOR shall be entitled to incur such immediate expenses that are necessary for the protection of lives, property, assets and the environment. The OPERATOR shall immediately notify the PARTIES of such emergency, its nature, the steps taken to deal with the situation and the expenses incurred.
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Related to Independent, Emergency and Excessive Expenses

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