Common use of Minimum Financial Commitments Clause in Contracts

Minimum Financial Commitments. (a) The Contractor shall be obligated to incur the following minimum financial commitment (the "Minimum Financial Commitment"): Phase I: Five Million Two Hundred Thousand United States Dollars (U.S $5,200,000) Phase II: Twenty Four Million Five Hundred Thousand United States Dollars (U.S $24,500,000) Phase III: Twenty Four Million Five Hundred Thousand United States Dollars (U.S $24,500,000) (b) If the Contractor fulfills the Minimum Work Obligations set forth in Clause 7.2 for each phase of the Exploration Period, then the Contractor shall be deemed to have satisfied the Minimum Financial Commitments for each such phase. (c) If the Contractor fails to complete the Minimum Work Obligations for any phase of the Exploration Period and such commitment has not been moved to the next phase, if any, with the consent of the National Petroleum Agency, then the Contractor shall pay to the State by deposit into the National Petroleum Account (i) the difference between the Minimum Financial Commitment for the then current phase and the amount actually expended in Petroleum Operations for such phase and (ii) eight percent (8%) of the Minimum Financial Commitment for the subsequent phase that is not initiated, as liquidated damages in full and final settlement of all potential claims for breach of this Contract and, subject to Clause 20, this Contract shall automatically terminate.

Minimum Financial Commitments. (a) The Contractor shall be obligated to incur the following minimum financial commitment (the "Minimum Financial Commitment"): Phase I: Five Million Two Hundred Thousand US$15,000,000 (fifteen million United States Dollars (U.S $5,200,000dollars) Phase II: Twenty Four Million Five Hundred Thousand US$30,000,000 (thirty million United States Dollars (U.S $24,500,000dollars) Phase III: Twenty Four Million Five Hundred Thousand US$30,000,000 (thirty million United States Dollars (U.S $24,500,000dollars) (b) If the Contractor fulfills the Minimum Work Obligations set forth in Clause 7.2 for each phase of the Exploration Period, then the Contractor shall be deemed to have satisfied the Minimum Financial Commitments for each such phase. (c) . If the Contractor fails to complete the Minimum Work Obligations for any phase of the Exploration Period and such commitment has not been moved to the next phase, if any, with the consent of the National Petroleum Agency, then the Contractor shall pay to the State by deposit into the National Petroleum Account (i) the difference between the Minimum Financial Commitment for the then current phase and the amount actually expended in Petroleum Operations for such phase and (ii) eight two percent (8%) 2% of the Minimum Financial Commitment for the subsequent phase that is not initiated, as liquidated damages in full and final settlement of all potential claims for breach of this Contract and, subject to notwithstanding Clause 20, this Contract shall automatically terminate.

Minimum Financial Commitments. (a) The Contractor shall be obligated to incur the following minimum financial commitment (the "“Minimum Financial Commitment"”): Phase I: Five Million Two Hundred Thousand US$15,000,000 (fifteen million United States Dollars (U.S $5,200,000dollars) Phase II: Twenty Four Million Five Hundred Thousand US$30,000,000 (thirty million United States Dollars (U.S $24,500,000dollars) Phase III: Twenty Four Million Five Hundred Thousand US$30,000,000 (thirty million United States Dollars (U.S $24,500,000dollars) (b) If the Contractor fulfills the Minimum Work Obligations set forth in Clause 7.2 ‎7.2 for each phase of the Exploration Period, then the Contractor shall be deemed to have satisfied the Minimum Financial Commitments for each such phase. (c) . If the Contractor fails to complete the Minimum Work Obligations for any phase of the Exploration Period and such commitment has not been moved to the next phase, if any, with the consent of the National Petroleum Agency, then the Contractor shall pay to the State by deposit into the National Petroleum Account (i) the difference between the Minimum Financial Commitment for the then current phase and the amount actually expended in Petroleum Operations for such phase and (ii) eight two percent (8%) 2% of the Minimum Financial Commitment for the subsequent phase that is not initiated, as liquidated damages in full and final settlement of all potential claims for breach of this Contract and, subject to notwithstanding Clause 20‎20, this Contract shall automatically terminate.

Minimum Financial Commitments. (a) The Contractor shall be obligated to incur the following minimum financial commitment (the "Minimum Financial Commitment"): Phase I: Five Million Two Hundred Thousand :US$15,000,000 (fifteen million United States Dollars (U.S $5,200,000dollars) Phase II: Twenty Four Million Five Hundred Thousand US$30,000,000 (thirty million United States Dollars (U.S $24,500,000dollars) Phase III: Twenty Four Million Five Hundred Thousand US$30,000,000 (thirty million United States Dollars (U.S $24,500,000dollars) (b) If the Contractor fulfills the Minimum Work Obligations set forth in Clause 7.2 for each phase of the Exploration Period, then the Contractor shall be deemed to have satisfied the Minimum Financial Commitments for each such phase. (c) . If the Contractor fails to complete the Minimum Work Obligations for any phase of the Exploration Period and such commitment has not been moved to the next phase, if any, with the consent of the National Petroleum Agency, then the Contractor shall pay to the State by deposit into the National Petroleum Account (i) the difference between the Minimum Financial Commitment for the then current phase and the amount actually expended in Petroleum Operations for such phase and (ii) eight two percent (8%) 2% of the Minimum Financial Commitment for the subsequent phase that is not initiated, as liquidated damages in full and final settlement of all potential claims for breach of this Contract and, subject to notwithstanding Clause 20, this Contract shall automatically terminate.