LANGUAGE AND UNITS OF ACCOUNTS Sample Clauses

LANGUAGE AND UNITS OF ACCOUNTS. 1.3.1. All books of account shall be maintained in the English language and in United States dollars. Where necessary for clarification, the Contractor may also maintain accounts and records in other language and currencies, provided that such accounts and records shall be prepared in accordance with US GAAP accounting rules and shall be consistent with the generally accepted standards of the international petroleum industry. 1.3.2. It is the intent of this Accounting Procedure that neither the Government nor the Contractor should experience an exchange gain or loss at the expense of, or to the benefit of, the other. However, should there be any gain or loss from exchange of currency, it will be credited or charged to the accounts under the Contract.
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LANGUAGE AND UNITS OF ACCOUNTS. 1.3.1 All books and accounts shall be maintained in the English language, US dollars and (Somali Shillings, if and when Somali Shillings become a viable currency and in which case using the average monthly exchange rate from CFC Stanbic Bank), provided that the US dollar accounts will prevail in case of conflict. Where necessary for clarification, the Contractor may also maintain accounts and records in other language and currencies. 1.3.2 It is the intent of this Accounting Procedure that neither the Federal Government nor the Contractor should experience an exchange gain or loss at the expense of, or to the benefit of, the other. However, should there be any gain or loss from exchange of currency, it shall be credited or charged to the accounts under the Agreement.
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LANGUAGE AND UNITS OF ACCOUNTS. (a) Accounts shall be maintained in Turkmenistan Manats and in United States Dollars; however, the United States Dollar shall prevail for the purpose of this Agreement. Metric units and Barrels shall be employees for measurements requires under this Annex D. The language employees shall be . Where necessary for clarification, Contractor may also maintain accounts and records in other languages, units of measurements and currencies. (b) It is the intent of this Accounting Procedure that neither Competent Body nor Contractor should experience an exchange gain or loss at the expense of, or to the benefit of, the other. However, should there be any gain or loss from exchange of currency, it will be credited or charged to the accounts under this Agreement. (i) Amounts received and costs and expenditures made in Turkmenistan Manats, United States Dollars or any other currency shall be converted into Turkmenistan Manats or Unites states Dollars, as the case may be, on the basis of the average of the buying and selling exchange rates between the currencies in question as published by the Central Bank of Turkmenistan, prevailing on the last Business Day of the Calendar Month preceding the Calendar Month in which such amounts are received and costs and expenditures are paid. (ii) In the event of an increase or decrease, one time or accumulative, of five per cent (5%) or more in the rates of exchange between the Turkmenistan Manat, the United States Dollar or the currency in question, during any given Calendar Month, the following rates will be use: (1) For the period from the first of the Calendar Month to the day when such increase or decrease is first reached, the average of the official buying and selling exchange rates between the United States Dollar, Turkmenistan Manat or the currency in question as issued on the last day of the previous Calendar Month. (2) For the period from the day on which such increase or decrease is first reached to the end of the calendar Month, the average of the official buying and selling exchange rates between the United States Dollar, the Turkmenistan Manat or the currency in question as issued on the day on which such increase or decrease is reached. (3) A record of the exchange rates used in converting Turkmenistan Manats, United States Dollars or any other Currency hereunder shall be maintained by Contractor.
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LANGUAGE AND UNITS OF ACCOUNTS. 1.3.1. All books of account shall be maintained in the English language and in United States dollars. Where necessary for clarification, the contractor may also maintain accounts and records in other language and currencies. 1.3.2. It is the intent of this accounting procedure that neither the Government nor the contractor should experience an exchange gain or loss at the expense of, or to the benefit of, the other. However, should there be any gain or loss from exchange of currency, it will be credited or charged to the accounts under the contract.
Sample 1
LANGUAGE AND UNITS OF ACCOUNTS. (a) Accounts shall be maintained in Turkmenistan Manats and in United States Dollars; however, the United States Dollar shall prevail for the purpose of this Agreement. Metric units and Barrels shall be employees for measurements requires under this Annex D. The language employees shall be _________________ . Where necessary for clarification, Contractor may also maintain accounts and records in other languages, units of measurements and currencies.
Sample 1
LANGUAGE AND UNITS OF ACCOUNTS. (a) Accounts shall be maintained in Uganda Shillings and in USD. However, the USD accounts will prevail in case of conflict. Metric units and Barrels shall be employed for measurements required under this Annex B. The language employed shall be English. (b) It is the intent of this Accounting and Financial Procedure that neither the Government nor Licensee should experience an exchange gain or loss at the expense of, or to the benefit of, the other. However, any gain or loss resulting from the exchange of currency, will be credited or charged to the accounts as follows- (i) Amounts received and costs and expenditures made in Uganda Shillings, USD or any other currency shall be converted into Uganda Shillings or USD, as the case may be, on the basis of the average of the buying and selling exchange rates between the currencies in question as published by Bank of Uganda, prevailing on the last business day of the Calendar Month preceding the Calendar Month in which such amounts are received and costs and expenditures are paid. (ii) In the event of an increase or decrease, one time or accumulative, of ten percent (10%) or more in the rates of exchange between the Uganda Shilling, the USD or the currency in question, during any given Calendar Month, the following rates will be used- (1) For the period from the first of the Calendar Month to the day when such increase or decrease is first reached, the average of the official buying and selling exchange rates between the USD, Uganda Shilling or the currency in question as issued on the last day of the previous Calendar Month. (2) For the period from the day on which such increase or decrease is first reached to the end of the Calendar Month, the average of the official buying and selling exchange rates between the USD, the Uganda Shilling or the currency in question as issued on the day on which such increase or decrease is reached. (c) A record of the exchange rates used in converting Uganda Shillings, USD or any other currency hereunder shall be maintained by Licensee.
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LANGUAGE AND UNITS OF ACCOUNTS. All books and accounts shall be maintained in the English language, US dollars and Somali Shillings, provided that the US dollar accounts will prevail in case of conflict. Where necessary for clarification, the Contractor may also maintain accounts and records in other language and currencies. It is the intent of this Accounting Procedure that neither the Federal Government nor the Contractor should experience an exchange gain or loss at the expense of, or to the benefit of, the other. However, should there be any gain or loss from exchange of currency, it shall be credited or charged to the accounts under the Agreement. The Federal Government, upon [30] days advance written notice to the Contractor, shall have the right, at its sole expense, to audit the Joint Account and related records for any Calendar Year or portion thereof within the seven Calendar Years period following the end of such Calendar Year. Notice of any exception to the Contractor's accounts of any Calendar Year must be submitted to the Contractor within eight Calendar Years from the end of such Calendar Year. For purposes of auditing, the Federal Government may examine and verify, at reasonable times, all charges and credits relating to the Petroleum Operations such as books of account, accounting entries, Material records and inventories, vouchers, payrolls, invoices and any other documents, correspondence and records necessary to audit and verify the charges and credits. Furthermore, the auditors shall have the right in connection with such audit, to visit and inspect at reasonable times, all sites, plants, facilities, warehouses and offices of the Contractor directly or indirectly serving the Petroleum Operations including visiting personnel associated with those operations. All agreed adjustments resulting from an audit shall be rectified promptly in the Contractor's accounts, and any consequential adjustments to payments due to the Contractor or the Federal Government, as the case may be, shall be made promptly. Any unresolved dispute arising in connection with an audit shall be referred to arbitration in accordance with clause 47. of the Agreement, and until such dispute is resolved the Contractor shall maintain the relevant documents in connection with such unresolved dispute and shall permit inspection thereof. Notwithstanding anything to the contrary in the Agreement, disputes relating to tax shall be resolved through the tax disputes resolution processes as provided in the rele...
Sample 1
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LANGUAGE AND UNITS OF ACCOUNTS. 1.3.1 All books and accounts shall be maintained in the English language, US dollars and Somali Shillings, provided that the US dollar accounts will prevail in case of conflict. Where necessary for clarification, the Contractor may also maintain accounts and records in other language and currencies. 1.3.2 It is the intent of this Accounting Procedure that neither the Federal Government nor the Contractor should experience an exchange gain or loss at the expense of, or to the benefit of, the other. However, should there be any gain or loss from exchange of currency, it shall be credited or charged to the accounts under the Agreement.
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Related to LANGUAGE AND UNITS OF ACCOUNTS

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  • Cash Accounts The Custodian will open and maintain in the name of the Client one or more cash deposit accounts (each a “Cash Account”) in such currencies as may be required in connection with the investment activity of the Client.

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  • Financial Accounts Exhibit E, as may be updated by the Borrower in a written notice provided to Agent after the Closing Date, is a true, correct and complete list of (a) all banks and other financial institutions at which Borrower or any Subsidiary maintains Deposit Accounts and (b) all institutions at which Borrower or any Subsidiary maintains an account holding Investment Property, and such exhibit correctly identifies the name, address and telephone number of each bank or other institution, the name in which the account is held, a description of the purpose of the account, and the complete account number therefor.

  • Set Up Accounts (a) Bank shall establish and maintain the following accounts ("Accounts"): (i) a Securities Account in the name of Customer on behalf of each Fund for Financial Assets, which may be received by Bank or its Subcustodian for the account of Customer, including as an Entitlement Holder; and (ii) an account in the name of Customer ("Cash Account") for any and all cash in any currency received by Bank or its Subcustodian for the account of Customer. Notwithstanding paragraph (ii), cash held in respect of those markets where Customer is required to have a cash account in its own name held directly with the relevant Subcustodian shall be held in that manner and shall not be part of the Cash Account. Bank shall notify Customer prior to the establishment of such an account. (b) At the request of Customer, additional Accounts may be opened in the future, which shall be subject to the terms of this Agreement. (c) Except as precluded by Section 8-501(d) of the Uniform Commercial Code ("UCC"), Bank shall hold all Securities and other Financial Assets, other than cash, of a Fund that are delivered to it in a "securities account" with Bank for and in the name of such Fund and shall treat all such assets other than cash as "financial assets" as those terms are used in the UCC.

  • Types of Cash Accounts Cash accounts opened on the books of the Custodian (Principal Accounts) shall be opened in the name of the Fund. Such accounts collectively shall be a deposit obligation of the Custodian and shall be subject to the terms of this Section 7 and the general liability provisions contained in Section 9. Cash accounts opened on the books of a Subcustodian may be opened in the name of the Fund or the Custodian or in the name of the Custodian for its customers generally (Agency Accounts). Such deposits shall be obligations of the Subcustodian and shall be treated as an Investment of the Fund. Accordingly, the Custodian shall be responsible for exercising reasonable care in the administration of such accounts but shall not be liable for their repayment in the event such Subcustodian, by reason of its bankruptcy, insolvency or otherwise, fails to make repayment.

  • Settlement of Accounts 1. After the date on which a country ceases to be a member, it shall remain liable for its direct obligations to the Bank and for its contingent liabilities to the Bank so long as any part of the loans, guarantees, equity investments or other forms of financing under paragraph 2 (vi) of Article 11 (hereinafter, other financing) contracted before it ceased to be a member is outstanding, but it shall not incur liabilities with respect to loans, guarantees, equity investments or other financing entered into thereafter by the Bank nor share either in the income or the expenses of the Bank. 2. At the time a country ceases to be a member, the Bank shall arrange for the repurchase of such country's shares by the Bank as a part of the settlement of accounts with such country in accordance with the provisions of paragraphs 3 and 4 of this Article. For this purpose, the repurchase price of the shares shall be the value shown by the books of the Bank on the date the country ceases to be a member. 3. The payment for shares repurchased by the Bank under this Article shall be governed by the following conditions: (i) Any amount due to the country concerned for its shares shall be withheld so long as that country, its central bank or any of its agencies, instrumentalities or political subdivisions remains liable, as borrower, guarantor or other contracting party with respect to equity investment or other financing, to the Bank and such amount may, at the option of the Bank, be applied on any such liability as it matures. No amount shall be withheld on account of the contingent liability of the country for future calls on its subscription for shares in accordance with paragraph 3 of Article 6. In any event, no amount due to a member for its shares shall be paid until six (6) months after the date on which the country ceases to be a member. (ii) Payments for shares may be made from time to time, upon surrender of the corresponding stock certificates by the country concerned, to the extent by which the amount due as the repurchase price in accordance with paragraph 2 of this Article exceeds the aggregate amount of liabilities, on loans, guarantees, equity investments and other financing referred to in sub- paragraph (i) of this paragraph, until the former member has received the full repurchase price. (iii) Payments shall be made in such available currencies as the Bank determines, taking into account its financial position. (iv) If losses are sustained by the Bank on any loans, guarantees, equity investments or other financing which were outstanding on the date when a country ceased to be a member and the amount of such losses exceeds the amount of the reserve provided against losses on that date, the country concerned shall repay, upon demand, the amount by which the repurchase price of its shares would have been reduced if the losses had been taken into account when the repurchase price was determined. In addition, the former member shall remain liable on any call for unpaid subscriptions in accordance with paragraph 3 of Article 6, to the same extent that it would have been required to respond if the impairment of capital had occurred and the call had been made at the time the repurchase price of its shares was determined. 4. If the Bank terminates its operations pursuant to Article 41 within six (6) months of the date upon which any country ceases to be a member, all rights of the country concerned shall be determined in accordance with the provisions of Articles 41 to 43. Such country shall be considered as still a member for purposes of such Articles but shall have no voting rights.

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