Payments and Advances. 1.6.1 Upon approval of any Work Program and Budget, if Operator so requests, each Non-Operator shall Advance its share of estimated cash requirements for the succeeding month's operations ("Cash Call"). Each such Cash Call shall be equal to the Operator's estimate of the money to be spent in the currencies required to perform its duties under the approved Work Program and Budget during the month concerned. For informational purposes the Cash Call shall contain an estimate of the funds required for the next succeeding two (2) months detailed by the categories designated in the approved Work Program and Budget submitted by Operator in accordance with Article 6.4 of the Agreement. 1.6.2 Each such Cash Call, detailed by the categories designated in the approved Work Program and Budget submitted by Operator in accordance with Article 6.4 of the Agreement, shall be made in writing and delivered to all Non-Operators not less than fifteen (15) Days before the payment due date. The due date for payment of such Advances shall be set by Operator but shall be no sooner than the first Business Day of the month for which the Advances are required, All Advances shall be made without bank charges. Any charges related to receipt of Advances from a Non-Operator shall be borne by that Non-Operator. 1.6.3 Each Non-Operator shall wire transfer its share of the full amount of each such Cash Call to Operator on or before the due date, in the currencies requested or any other currencies acceptable to Operator, and to a bank designated by Operator. If currency provided by a Non- Operator is other than the requested currency, then the entire cost of converting to the requested currency shall be charged to that Non-Operator. 1.6.4 Notwithstanding the provisions of Section 1.6.2, should Operator be required to pay any sums of money for the Joint Operations which were unforeseen at the time of providing the Non- Operators with said estimates of its requirements, Operator may make a written request of the Non-Operators for special Advances covering the Non-Operators' share of such payments. Each such Non-Operator shall make its proportional special Advances within ten (10) Days after receipt of such notice. 1.6.5 If a Non-Operator's Advance exceeds its share of cash expenditures, the next succeeding Advance requirements, after such determination, shall be reduced accordingly. A Non- Operator may request in writing that its excess Advance be refunded, and Operator shall refund said excess Advance within ten (10) Days after receipt of such request. 1.6.6 If Non-Operator's Advances are less than its share of cash expenditures, the deficiency shall, at Operator's option, be added to any subsequent Advance requirements or be paid by Non- Operator within ten (10) Days following the receipt of Operator's billing to Non-Operator for such deficiency. 1.6.7 If, under the provisions of the Agreement, Operator is required to segregate funds received from the Parties, any interest received on such funds in the Joint Account shall be applied against the next succeeding cash call or, if directed by the Operating Committee, distributed quarterly. The interest thus received shall be allocated to the Parties on an equitable basis taking into consideration date of funding by each Party to the accounts in proportion to the total funding into the account. A monthly statement summarizing receipts, disbursements, transfers to each joint bank account and beginning and ending balances thereof shall be provided by Operator to the Parties. Any interest received by Operator from interest-bearing accounts containing commingled funds received from the Parties shall be credited to the Parties in accordance with the allocation procedure as set forth above. 1.6.8 If Operator does not request Non-Operators to advance their share of estimated cash requirements, each Non-Operator shall pay its share of cash expenditures within ten (10) Days following receipt of Operator's billing. 1.6.9 Payments of Advances or xxxxxxxx shall be made on or before the due date. If these payments are not received by the due date the unpaid balance shall bear and accrue interest from the due date until payment is received by Operator at the Agreed Interest Rate. For the purpose of determining the unpaid balance and interest owed, Operator shall translate to Dollars all amounts owed in other currencies using the currency exchange rate readily available to Operator at the close of the last Business Day prior to the due date for the unpaid balance as quoted by the applicable authority identified in Section 1.4.3 of Section I hereof. 1.6.10 Subject to governmental regulation, Operator shall have the right, at any time and from time to time, to convert the funds Advanced or any part thereof to other currencies to the extent that such currencies are then required for Joint Operations. The cost of any such conversion shall be charged to the Joint Account. 1.6.11 Operator shall endeavor to maintain funds held for the Joint Account in bank accounts at a level consistent with that required for the prudent conduct of Joint Operations. 1.6.12 If under the Agreement, Operator is required to segregate funds received from or for the Joint Account, the provisions under Section 1.6 for payments and advances by Non-Operators shall apply also to Operator.
Appears in 2 contracts
Samples: Joint Operating Agreement (Bontan Corp Inc), Joint Operating Agreement (Bontan Corp Inc)
Payments and Advances. 1.6.1 Upon approval of any Work Program and Budget, if (A) If Operator so requests, each Non-Operator shall Advance must advance its share of estimated cash requirements for the succeeding month's operations ("Cash Call")’s Operations. Each such Cash Call shall will be equal to the Operator's ’s estimate of the money to be spent on approved work in the currencies required to perform its duties under the associated approved Work Program and Budget during the month concerned. For informational purposes purposes, the Cash Call shall will contain an estimate of the funds by currency required for the next succeeding two (2) months Months detailed by the categories designated in the approved Work Program and Budget submitted by Operator in accordance with Article 6.4 of the AgreementOperator.
1.6.2 (B) Each such Cash Call, detailed by the categories designated in the approved Work Program and Budget submitted by Operator in accordance with Article 6.4 Clause 3 of the AgreementAssociation Contract, shall must be made in writing and delivered to all Non-Operators not less than fifteen (15) Days before the payment due date. The due date for payment of such Advances shall will be set by Operator but shall must be no sooner than the first Business Day of the month period for which the Advances are required, . All Advances shall be made without bank charges. Any charges related to receipt of Advances from a Non-Operator shall must be borne by that Non-Operator.
1.6.3 (C) Each Non-Operator shall wire must electronically transfer its share of the full amount of each such Cash Call to Operator on or before the due date, in the currencies requested or any other currencies acceptable to Operator, Operator and to at a bank designated by Operator. If currency provided by a Non- Non-Operator is other than the requested currency, then the entire cost of converting to the requested currency shall will be charged to that Non-Operator.
1.6.4 (D) Notwithstanding the provisions of Section 1.6.21.7(A), should Operator be required to pay any sums of money for the Joint Operations which were unforeseen at the time of providing the Non- Non-Operators with said estimates of its requirements, Operator may make a written request of the Non-Non- Operators for special Advances covering the Non-Operators' ’ share of such payments. Each such Non-Operator shall must make its proportional special Advances within fifteen(15) Days after receipt of such Notice.
(E) If a Non-Operator’s Advances exceed its share of cash expenditures, the next succeeding cash advance requirements, after such determination, will be reduced accordingly. However, if the amount of such excess Advance is greater than the amount of the next Month’s estimated cash requirements for such Non-Operator, the Non-Operator may request a refund of the difference if the difference is more than $500,000 USD, which refund must be made by Operator within ten (10) Days after receipt of such notice.
1.6.5 If a Non-the Non- Operator's Advance exceeds its share of cash expenditures, the next succeeding Advance requirements, after such determination, shall be reduced accordingly. A Non- Operator may request in writing that its excess Advance be refunded, and Operator shall refund said excess Advance within ten (10) Days after receipt of such ’s request.
1.6.6 (F) If Non-Operator's ’s Advances are less than its share of cash expenditures, the deficiency shallwill, at Operator's ’s option, be added to any subsequent Advance cash advance requirements or be paid by Non- such Non-Operator within ten (10) Days following the receipt of Operator's ’s billing to Non-Operator for such deficiency.
1.6.7 If, under the provisions of the Agreement, (G) All interest received by Operator is required to segregate from interest-bearing accounts containing funds received from the Parties, any interest received on such funds in the Joint Account shall Parties will be applied against the next succeeding cash call or, if directed by the Operating Committee, distributed quarterly. The interest thus received shall be allocated credited to the Parties on an equitable basis taking into consideration date of funding by each Party to the accounts in proportion to the total funding into the account. A monthly statement summarizing receipts, disbursements, transfers to each joint bank account and beginning and ending balances thereof shall be provided by Operator to the Parties. Any interest received by Operator from interest-bearing accounts containing commingled funds received from the Parties shall be credited to the Parties in accordance with the allocation procedure as set forth above.
1.6.8 (H) If Operator does not request Non-Operators to advance their share of estimated cash requirements, each Non-Operator shall must pay its share of cash expenditures within ten (10) Days following receipt of Operator's billingnotice from Operator of the expenditure that is due and owing.
1.6.9 (I) Payments of Advances or xxxxxxxx shall must be made on or before the due date. If In accordance with Clause 6.4 of the Association Contract, if these payments are not received by the due date the unpaid balance shall will bear and accrue interest from the due date until the payment is received by Operator at the Agreed Interest Rate. For the purpose of determining To determine the unpaid balance and interest owed, Operator shall will translate to Dollars USD all amounts owed in other currencies using the currency exchange rate readily available to Operator rate, determined in accordance with Section 1.5(C), at the close of the last Business Day prior to the due date for the unpaid balance as quoted by the applicable authority identified in Section 1.4.3 of Section I hereofbalance.
1.6.10 (J) Subject to governmental regulationRegulation, Operator shall have the right, at any time and from time to time, to may convert the funds Advanced advanced or any part thereof to other currencies currencies, to the extent that such currencies are then required for Joint Operationsoperations. The cost of any such conversion shall will be charged to the Joint Account.
1.6.11 (K) Operator shall endeavor will endeavour to maintain funds held for the Joint Account in bank accounts at a level consistent with that required for the prudent conduct of Joint Operations.
1.6.12 (L) If under the AgreementAssociation Contract, Operator is required to segregate funds received from or for the Joint Account, the provisions under Section 1.6 1.7 for payments and advances by Non-Operators shall will apply also to Operator.
Appears in 2 contracts
Samples: Association Contract for Joint Exploration and Exploitation of Hydrocarbons, Association Contract for Joint Exploration and Exploitation of Hydrocarbons
Payments and Advances. 1.6.1 Upon approval 1.7.1 Not less than ten (10) days prior to the beginning of any Work Program and Budgeteach month, if Operator so requestsexcept pursuant to Turnkey contracts, each Non-Operator shall furnish the Parties with a Cash Call, requesting an Advance its share of or Advances for such month and showing estimated cash requirements Cash Calls for the succeeding two (2) months immediately following that month's operations ("Cash Call"). Each such The amount requested in a Cash Call shall be equal to the Operator's estimate of the money amount required from the Parties to be spent enable Operator to defray the net cash payments, being cash payments less cash receipts as adjusted for cash on hand, due in the currencies required to perform its duties relevant month under the approved Work Program and Budget during the month concerned. For informational purposes the Cash Call shall contain an estimate of the funds required for the next succeeding two (2) months detailed by the categories designated in the approved Work Program and Budget submitted obligations properly incurred by Operator in connection with the Joint Operations and in accordance with Article 6.4 of the Agreement.
1.6.2 1.7.2 Each such Cash Call, detailed by the categories designated in the approved Work Program and Budget submitted by Operator in accordance with Article 6.4 of the Agreement, Call shall be made in writing and delivered to all Non-Operators not less than fifteen twenty (1520) Days days before the payment due datedate and shall be accompanied by a statement indicating the Budget and, where applicable, AFEs for which the funds are required and the amounts attributed to each major budget heading for which the funds are required, analysed by Budget and, where applicable, AFE. The due date for payment of such Advances shall be set by Operator but shall be no sooner than the first Business Day day of the month for which the Advances are required, . All Advances shall be made without bank charges. Any charges related to receipt of Advances from a Non-Operator shall be borne by that Non-Operator.
1.6.3 1.7.3 Each Non-Operator shall wire transfer its share of the full amount of each such Cash Call cash call to Operator on or before the due date, in the currencies requested or any other currencies acceptable to Operatorrequested, and to a bank account established under Section 1.6 designated by OperatorOperator and denominated in the relevant currency. If currency provided by a Non- Non Operator is other than the requested currencyas requested, then the entire cost of converting to the requested currency shall be charged to that Non-Operator.
1.6.4 1.7.4 Notwithstanding the provisions of Section 1.6.21.7.2, should Operator be required to pay any sums of money for the Joint Operations which were unforeseen at the time of providing the Non- Non-Operators with said estimates of its requirementsrequirements and which have been authorised by the Parties in an approved Budget and, if applicable, an AFE, Operator may make a written request of the Non-Operators for special Advances advances covering the Non-Operators' share of such payments. Each such Non-Operator shall make its proportional special Advances advances within ten fifteen (1015) Days days after receipt of such notice.
1.6.5 1.7.5 If a Non-Operator's Advance exceeds advances exceed its share of cash expenditures, the next succeeding Advance cash advance requirements, after such determination, shall be reduced accordingly. A Non- Non-Operator may request in writing that its excess Advance advances be refunded, and . Operator shall make such refund said excess Advance within ten (10) Days days after receipt of such requestthe Non-Operator's request provided that the amount is in excess of the requesting Non-Operator's share of the cash advance requirements for the succeeding Month.
1.6.6 1.7.6 If Non-Operator's Advances advances are less than its share of cash expenditures, the deficiency shall, at Operator's option, be added to any subsequent Advance cash advance requirements or be paid by Non- Non-Operator within ten (10) Days days following the receipt of Operator's billing to Non-Operator for such deficiency.
1.6.7 1.7.7 If, under the provisions of the Agreement, Operator is required to segregate funds received from the Parties, any interest received on such funds in the Joint Account shall be applied against the next succeeding cash call or, if directed by the Operating Committee, distributed quarterly. The interest thus received shall be allocated to the Parties on an equitable basis taking into consideration date of funding by each Party to the accounts in proportion to the total funding into the account. A monthly statement summarizing receipts, disbursements, transfers to each joint bank account and beginning and ending balances thereof shall be provided by Operator to the Parties. Any interest received by Operator from interest-bearing accounts containing commingled funds received from the Parties shall be credited to the Parties in accordance with the allocation procedure as set forth above.
1.6.8 If Operator does not request Non-Operators to advance their share of estimated cash requirements, each Non-Operator shall pay its share of cash expenditures within ten (10) Days following receipt of Operator's billing.
1.6.9 Payments of Advances or xxxxxxxx shall be made on or before the due date. If these payments are not received by the due date the unpaid balance shall bear and accrue interest from the due date until payment is received by Operator at the Agreed Interest Rate. For the purpose of determining the unpaid balance and interest owed, Operator shall translate to Dollars all amounts owed in other currencies using the currency exchange rate readily available to Operator at the close of the last Business Day prior to the due date for the unpaid balance as quoted by the applicable authority identified in Section 1.4.3 of Section I hereof.
1.6.10 1.7.8 Subject to governmental regulation, Operator shall have the right, at any time and from time to time, to convert the funds Advanced advanced or any part thereof to other currencies to the extent that such currencies are then required for Joint Operationsoperations. The cost of any such conversion shall be charged to the Joint Account.
1.6.11 1.7.9 Operator shall endeavor to maintain funds held for the Joint Account in bank accounts at a level consistent with that required for the prudent conduct of Joint Operations.
1.6.12 1.7.10 If under the Agreement, Operator is required to segregate funds received from or for the Joint Account, the provisions under this Section 1.6 1.7 for payments and advances Advances by Non-Operators shall apply also to Operator.
Appears in 2 contracts
Samples: Joint Operating Agreement (Avenue Group Inc), Joint Operating Agreement (Avenue Group Inc)
Payments and Advances. 1.6.1 Upon approval of any Work Program and Budget, if Operator so requests, each Non-Operator shall Advance its share of estimated cash requirements for the succeeding month's operations ("Cash Call"). Each such Cash Call shall be he equal to the Operator's estimate of the money to be spent in the currencies required to perform its duties under the approved Work Program and Budget during the month concerned. For informational purposes the Cash Call shall contain an estimate of the funds required for the next succeeding two (2) months detailed by the categories designated in the approved Work Program and Budget submitted by Operator in accordance with Article 6.4 of the Agreement.
1.6.2 Each such Cash Call, detailed by the categories designated in the approved Work Program and Budget submitted by Operator in accordance with Article 6.4 of the Agreement, shall be made in writing and delivered to all Non-Operators not less than fifteen (15) Days before the payment due date. The due date for payment of such Advances shall be set by Operator but shall be no sooner than the first Business Day of the month for which the Advances are required, All Advances shall be made without bank charges. Any charges related to receipt of Advances from a Non-Operator shall be borne by that Non-Operator.
1.6.3 Each Non-Operator shall wire transfer its share of the full amount of each such Cash Call to Operator on or before the due date, in the currencies requested or any other currencies acceptable to Operator, and to a bank designated by Operator. If currency provided by a Non- Non-Operator is other than the requested currency, then the entire cost of converting to the requested currency shall be charged to that Non-Operator.
1.6.4 Notwithstanding the provisions of Section 1.6.2, should Operator be required to pay any sums of money for the Joint Operations which were unforeseen at the time of providing the Non- Non-Operators with said estimates of its requirements, Operator may make a written request of the Non-Operators for special Advances covering the Non-Operators' share of such payments. Each such Non-Operator shall make its proportional special Advances within ten (10) Days after receipt of such notice.
1.6.5 If a Non-Operator's Advance exceeds its share of cash expenditures, the next succeeding Advance requirements, after such determination, shall be reduced accordingly. A Non- Non-Operator may request in writing that its excess Advance be refunded, and Operator shall refund said excess Advance within ten (10) Days after receipt of such request.
1.6.6 If Non-Operator's Advances are less than its share of cash expenditures, the deficiency shall, at Operator's option, be added to any subsequent Advance requirements or be paid by Non- Non-Operator within ten (10) Days following the receipt of Operator's billing to Non-Operator for such deficiency.
1.6.7 If, under the provisions of the Agreement, Operator is required to segregate funds received from the Parties, any interest received on such funds in the Joint Account shall be applied against the next succeeding cash call or, if directed by the Operating Committee, distributed quarterly. The interest thus received shall be allocated to the Parties on an equitable basis taking into consideration date of funding by each Party to the accounts in proportion to the total funding into the account. A monthly statement summarizing receipts, disbursements, transfers to each joint bank account and beginning and ending balances thereof shall be provided by Operator to the Parties. Any interest received by Operator from interest-bearing accounts containing commingled funds received from the Parties shall be credited to the Parties in accordance with the allocation procedure as set forth above.
1.6.8 If Operator does not request Non-Operators to advance their share of estimated cash requirements, each Non-Operator shall pay its share of cash expenditures within ten (10) Days following receipt of Operator's billing.
1.6.9 Payments of Advances or xxxxxxxx bxxxxxxx shall be made on or before the due date. If these payments are not received by the due date the unpaid balance shall bear and accrue interest from the due date until payment is received by Operator at the Agreed Interest Rate. For the purpose of determining the unpaid balance and interest owed, Operator shall translate to Dollars all amounts owed in other currencies using the currency exchange rate readily available to Operator at the close of the last Business Day prior to the due date for the unpaid balance as quoted by the applicable authority identified in Section 1.4.3 of Section I hereof.
1.6.10 Subject to governmental regulation, Operator shall have the right, at any time and from time to time, to convert the funds Advanced or any part thereof to other currencies to the extent that such currencies are then required for Joint Operations. The cost of any such conversion shall be charged to the Joint Account.
1.6.11 Operator shall endeavor to maintain funds held for the Joint Account in bank accounts at a level consistent with that required for the prudent conduct of Joint Operations.
1.6.12 If under the Agreement, Operator is required to segregate funds received from or for the Joint Account, the provisions under Section 1.6 for payments and advances by Non-Operators shall apply also to Operator.
Appears in 1 contract
Samples: Joint Operating Agreement (Geoglobal Resources Inc.)
Payments and Advances. 1.6.1 Upon approval of any Work Program and Budget, if Operator so requests, each Non-Operator shall Advance advance its share of estimated cash requirements for the succeeding month's operations ("Cash Call")one month of operations. Each such Cash Call cash call shall be equal to the Operator's estimate of the money to be spent in the currencies required to perform its duties under the approved Work Program and Budget during the month concerned. For informational purposes the Cash Call cash call shall contain an estimate of the funds required for the next succeeding two (2) months detailed by AIPN MODEL INTERNATIONAL ACCOUNTING PROCEDURE MAY 17, 2000 PAGE 3 <PAGE> the categories designated in the approved Work Program and Budget submitted by Operator in accordance with Article 6.4 6 of the Agreement.
1.6.2 Each such Cash Callcash call, detailed by the categories designated in the approved Work Program and Budget submitted by Operator in accordance with Article 6.4 6 of the Agreement, Agreement shall be made in writing and delivered to all Non-Operators not less than fifteen (15) Days before the payment due date. The due date for payment of such Advances advances shall be set by Operator but shall be no sooner than the first Business Day of the month for which the Advances advances are required, . All Advances advances shall be made without bank charges. Any charges related to receipt of Advances advances from a Non-Operator shall be borne by that Non-Operator.
1.6.3 Each Non-Operator shall wire transfer its share of the full amount of each such Cash Call cash call to Operator on or before the due date, in the currencies requested or any other currencies acceptable to Operator, Operator and to at a bank designated by Operator. If currency provided by a Non- Non-Operator is other than the requested currency, then the entire cost of converting to the requested currency shall be charged to that Non-Operator.
1.6.4 Notwithstanding the provisions of Section 1.6.2, should Operator be required to pay any sums of money for the Joint Operations which were unforeseen at the time of providing the Non- Non-Operators with said estimates of its requirements, Operator may make a written request of the Non-Operators for special Advances advances covering the Non-Operators' share of such payments. Each such Non-Operator shall make its proportional special Advances advances within ten (10) Days after receipt of such notice.
1.6.5 If a Non-Operator's Advance exceeds advances exceed its share of cash expenditures, the next succeeding Advance cash advance requirements, after such determination, shall be reduced accordingly. A Non- Operator may request in writing that its excess Advance be refunded, and Operator shall refund said excess Advance within ten (10) Days after receipt of such request.
1.6.6 If Non-Operator's Advances advances are less than its share of cash expenditures, the deficiency shall, at Operator's option, be added to any subsequent Advance cash advance requirements or be paid by Non- Non-Operator within ten (10) Days following the receipt of Operator's billing to Non-Operator for such deficiency.
1.6.7 If, under the provisions of the Agreement, Operator is required to segregate funds received from the Parties, any interest received on such funds in the Joint Account shall be applied against the next succeeding cash call or, if directed by the Operating Committee, distributed quarterly. The interest thus received shall be allocated to the Parties on an equitable basis taking into consideration date of funding by each Party to the accounts in proportion to the total funding into the account. A monthly statement summarizing receipts, disbursements, transfers to each joint bank account and beginning and ending balances thereof shall be provided by Operator to the Parties. Any interest received by Operator from interest-bearing accounts containing commingled funds received from the Parties shall be credited to the Parties in accordance with the allocation procedure as set forth above.
1.6.8 If Operator does not request Non-Operators to advance their share of estimated cash requirements, each Non-Operator shall pay its share of cash expenditures within ten (10) Days following receipt of Operator's billing. AIPN MODEL INTERNATIONAL ACCOUNTING PROCEDURE MAY 17, 2000 PAGE 4 <PAGE> 1.
1.6.9 Payments of Advances or xxxxxxxx shall be made on or before the due date. If these payments are not received by the due date the unpaid balance shall bear and accrue interest from the due date until payment is received by Operator at the Agreed Interest Rate. For the purpose of determining the unpaid balance and interest owed, Operator shall translate to Dollars all amounts owed in other currencies using the currency exchange rate readily available to Operator at the close of the last Business Day prior to the due date for the unpaid balance as quoted by the applicable authority identified in Section 1.4.3 of Section I hereof.
1.6.10 Subject to governmental regulation, Operator shall have the right, at any time and from time to time, to convert the funds Advanced or any part thereof to other currencies to the extent that such currencies are then required for Joint Operations. The cost of any such conversion shall be charged to the Joint Account.
1.6.11 Operator shall endeavor to maintain funds held for the Joint Account in bank accounts at a level consistent with that required for the prudent conduct of Joint Operations.
1.6.12 If under the Agreement, Operator is required to segregate funds received from or for the Joint Account, the provisions under Section 1.6 for payments and advances by Non-Operators shall apply also to Operator.
Appears in 1 contract
Samples: Joint Operating Agreement
Payments and Advances. 1.6.1 Upon approval of any Work Program and Budget, if Operator Opera tor so requests, each Non-Operator shall Advance advance its share of estimated cash requirements for the succeeding month's operations ("Cash Call")operations. Each such Cash Call cash call shall be equal to the Operator's estimate of the money to be spent in the currencies required to perform its duties under the approved Work Program and Budget during the month concerned. For informational purposes the Cash Call cash call shall contain an estimate of the funds required for the next succeeding two (2) months detailed by the categories designated in the approved Work Program and Budget submitted by Operator in accordance with Article 6.4 of the Agreementmonths.
1.6.2 Each such Cash Callcash call, detailed by the categories designated in the approved Work Program and Budget submitted by Operator in accordance with Article 6.4 of the Agreementmajor budget catego ries, shall be made in writing and delivered to all Non-Non- Operators not less than fifteen (15) Days before the payment due date. The due date for payment of such Advances ad vances shall be set by Operator but shall be no sooner than the first Business Day of the month for which the Advances advances are required, . All Advances advances shall be made without bank charges. Any charges related to receipt of Advances advances from a Non-Operator shall be borne by that Non-Non- Operator.
1.6.3 Each Non-Operator shall wire transfer its share of the full amount of each such Cash Call cash call to Operator on or before the due date, in the currencies US dollars or Colombian pesos as requested or any other currencies acceptable to by Operator, and to at a bank designated by Operator. If currency provided by a Non- Non-Operator is other than the requested currency, then the entire cost of converting to the requested currency shall be charged to that Non-Operator.
1.6.4 Notwithstanding the provisions of Section 1.6.2, should Operator be required to pay any sums of money for the Joint Operations which were unforeseen at the time of providing the Non- Non-Operators with said estimates of its requirements, Operator may make a written request of the Non-Operators for special Advances advances covering the Non-Non- Operators' share of such payments. Each such Non-Non- AIPN MODEL INTERNATIONAL ACCOUNTING PROCEDURE JUNE 8, 1992 Operator shall make its proportional special Advances advances within ten fifteen (1015) Days after receipt of such notice.
1.6.5 If a Non-Operator's Advance exceeds advances exceed its share of cash expenditures, the next succeeding Advance requirementscash advance require ments, after such determination, shall be reduced accordingly. A Non- Non-Operator may request in writing that its excess Advance advances be refunded, and . Operator shall make such refund said excess Advance within ten (10) Days after receipt of such requestthe Non-Operator's request provided that the amount is in excess of the requesting Non-Operator's share of the cash advance requirements for the succeeding month.
1.6.6 If Non-Operator's Advances advances are less than its share of cash expenditures, the deficiency shall, at Operator's option, be added to any subsequent Advance cash advance requirements or be paid by Non- Non-Operator within ten fifteen (1015) Days following the receipt of Operator's billing to Non-Non- Operator for such deficiency.
1.6.7 If, under the provisions of the Agreement, Operator is required to segregate funds received from the Parties, any interest received on such funds in the Joint Account shall be applied against the next succeeding cash call or, if directed by the Operating Committee, distributed quarterly. The interest thus received shall be allocated to the Parties on an equitable basis taking into consideration date of funding by each Party to the accounts in proportion to the total funding into the account. A monthly statement summarizing receipts, disbursements, transfers to each joint bank account and beginning and ending balances thereof shall be provided by Operator to the Parties. Any interest received by Operator from interest-bearing accounts containing commingled funds received from the Parties shall be credited to the Parties in accordance with the allocation procedure as set forth above.
1.6.8 If Operator does not request Non-Operators to advance their share of estimated cash requirements, each Non-Non- Operator shall pay its share of cash expenditures within ten fifteen (1015) Days following receipt of Operator's billing.. AIPN MODEL INTERNATIONAL ACCOUNTING PROCEDURE JUNE 8, 1992
1.6.9 Payments of Advances advances or xxxxxxxx billings shall be made on or before the due date. If these Ix xxxxx payments are not received by the due date the unpaid balance shall bear and accrue interest from the due date until the payment is received by Operator at the Agreed Interest Rate. For the purpose of determining the unpaid balance and interest owed, Operator shall translate to Dollars U.S. currency all amounts owed in other currencies using the currency exchange rate readily available to Operator at the close of the last Business Day prior to the due date for the unpaid balance as quoted by the applicable authority identified in Section 1.4.3 of this Section I hereof.I.
1.6.10 Subject to governmental regulation, Operator shall have the right, at any time and from time to time, to convert the funds Advanced advanced or any part thereof to other currencies to the extent that such currencies are then required for Joint Operationsoperations. The cost of any such conversion conver sion shall be charged to the Joint Account.
1.6.11 Operator shall endeavor to maintain funds held for the Joint Account in bank accounts at a level consistent with that required for the prudent conduct of Joint Operations.
1.6.12 If under the Agreement, Operator is required to segregate segre gate funds received from or for the Joint Account, the provisions under this Section 1.6 for payments and advances by Non-Operators shall apply also to Operator.
Appears in 1 contract
Samples: International Operating Agreement (Seven Seas Petroleum Inc)
Payments and Advances. 1.6.1 Upon approval of any Work Program and Budget, if Operator so requests, each Non-Operator shall Advance advance its share of estimated cash requirements for the succeeding month's operations ("Cash Call")’s operations. Each such Cash Call cash call shall be equal to the Operator's ’s estimate of the money to be spent in the currencies required to perform its duties under the approved Work Program and Budget during the month concerned. For informational purposes the Cash Call cash call shall contain an estimate of the funds required for the next succeeding two (2) 2 months detailed by the categories designated in the approved Work Program and Budget submitted by Operator in accordance with Article 6.4 of the Agreement.
1.6.2 Each such Cash Callcash call, detailed by the categories designated in the approved Work Program and Budget submitted by Operator in accordance with Article 6.4 of the Agreement, shall be made in writing and delivered to all Non-Operators not less than fifteen (15) Days before the payment due date. The due date for payment of such Advances advances shall be set by Operator but shall be no sooner than the first Business Day of the month for which the Advances advances are required, . All Advances advances shall be made without bank charges. Any charges related to receipt of Advances advances from a Non-Operator shall be borne by that Non-Operator.
1.6.3 Each Non-Operator shall wire transfer its share of the full amount of each such Cash Call cash call to Operator on or before the due date, in the currencies requested or any other currencies acceptable to Operator, Operator and to at a bank designated by Operator. If currency provided by a Non- Non-Operator is other than the requested currency, then the entire cost of converting to the requested currency shall be charged to that Non-Operator.
1.6.4 Notwithstanding the provisions of Section 1.6.2, should Operator be required to pay any sums of money for the Joint Operations which were unforeseen at the time of providing the Non- Non-Operators with said estimates of its requirements, Operator may make a written request of the Non-Operators for special Advances advances covering the Non-Operators' ’ share of such payments. Each such Non-Operator shall make its proportional special Advances advances within ten (10) 10 Days after receipt of such notice.
1.6.5 If a Non-Operator's Advance exceeds ’s advances exceed its share of cash expenditures, the next succeeding Advance cash advance requirements, after such determination, shall be reduced accordingly. A Non- However, if the amount of such excess advance is greater than the amount of the next month’s estimated cash requirements for such Non-Operator, the Non-Operator may request in writing that its excess Advance a refund of the difference, which refund shall be refunded, and made by Operator shall refund said excess Advance within ten (10) Days after receipt of such requestthe Non-Operator’s request provided that the amount is in excess of U.S. $100,000.
1.6.6 If Non-Operator's Advances ’s advances are less than its share of cash expenditures, the deficiency shall, at Operator's ’s option, be added to any subsequent Advance cash advance requirements or be paid by Non- Non-Operator within ten (10) Days following the receipt of Operator's ’s billing to Non-Operator for such deficiency.
1.6.7 If, under the provisions of the Agreement, Operator is required to segregate funds received from the Parties, any interest received on such funds in the Joint Account shall be applied against the next succeeding cash call or, if directed by the Operating Committee, distributed quarterly. The interest thus received shall be allocated to the Parties on an equitable basis taking into consideration date of funding by each Party to the accounts in proportion to the total funding into the account. A monthly statement summarizing receipts, disbursements, transfers to each joint bank account and beginning and ending balances thereof shall be provided by Operator to the Parties. Any interest received by Operator from interest-bearing accounts containing commingled funds received from the Parties shall be credited to the Parties in accordance with the allocation procedure as set forth above.
1.6.8 If Operator does not request Non-Operators to advance their share of estimated cash requirements, each Non-Operator shall pay its share of cash expenditures within ten (10) Days following receipt of Operator's ’s billing.
1.6.9 Payments of Advances advances or xxxxxxxx shall be made on or before the due date. If In accordance with Article 8 of the Agreement, if these payments are not received by the due date the unpaid balance shall bear and accrue interest from the due date until the payment is received by Operator at the Agreed Interest Rate. For the purpose of determining the unpaid balance and interest owed, Operator shall translate to Dollars U.S. currency all amounts owed in other currencies using the currency exchange rate readily available to Operator rate, determined in accordance with Section 1.4.3, at the close of the last Business Day prior to the due date for the unpaid balance as quoted by the applicable authority identified in Section 1.4.3 of Section I hereofbalance.
1.6.10 Subject to governmental regulation, Operator shall have the right, at any time and from time to time, to convert the funds Advanced advanced or any part thereof to other currencies to the extent that such currencies are then required for Joint Operationsoperations. The cost of any such conversion shall be charged to the Joint Account.
1.6.11 Operator shall endeavor to maintain funds held for the Joint Account in bank accounts at a level consistent with that required for the prudent conduct of Joint Operations.
1.6.12 If under the Agreement, Operator is required to segregate funds received from or for the Joint Account, the provisions under Section 1.6 for payments and advances by Non-Operators shall apply also to Operator.
Appears in 1 contract
Payments and Advances. 1.6.1 Upon approval 1.7.1 Not less than ten (10) days prior to the beginning of any Work Program and Budgeteach Month, if Operator so requests, each Non-Operator shall furnish the Parties with a Cash Call, requesting an Advance its share of or Advances for such Month and showing estimated cash requirements Cash Calls for the succeeding month's operations two ("Cash Call")2) Months immediately following that Month. Each such The amount requested in a Cash Call shall be equal to the Operator's estimate of the money amount required from the Parties to be spent enable Operator to defray the net cash payments, being cash payments less cash receipts as adjusted for cash on hand, due in the currencies required to perform its duties relevant Month under the approved Work Program and Budget during the month concerned. For informational purposes the Cash Call shall contain an estimate of the funds required for the next succeeding two (2) months detailed by the categories designated in the approved Work Program and Budget submitted obligations properly incurred by Operator in connection with the Joint Operations and in accordance with Article 6.4 of the Agreement.
1.6.2 1.7.2 Each such Cash Call, detailed by the categories designated in the approved Work Program and Budget submitted by Operator in accordance with Article 6.4 of the Agreement, Call shall be made in writing and delivered to all Non-Operators not less than fifteen (15) Days before the payment due datedate and shall be accompanied by a statement indicating the Budget and, where applicable, AFEs for which the funds are required and the amounts attributed to each major budget heading for which the funds are required, analysed by Budget and, where applicable, AFE. The due date for payment of such Advances shall be set by Operator but shall be no sooner than the first Business Day of the month Month for which the Advances are required, . All Advances shall be made without bank charges. Any charges related to receipt of Advances from a Non-Operator shall be borne by that Non-Operator.
1.6.3 1.7.3 Each Non-Operator shall wire transfer its share of the full amount of each such Cash Call cash call to Operator on or before the due date, in the currencies requested or any other currencies acceptable to Operatorrequested, and to a bank account established under Section 1.6 designated by OperatorOperator and denominated in the relevant currency. If currency provided by a Non- Non Operator is other than the requested currencyas requested, then the entire cost of converting to the requested currency shall be charged to that Non-Operator.
1.6.4 1.7.4 Notwithstanding the provisions of Section 1.6.21.7.2, should Operator be required to pay any sums of money for the Joint Operations which were unforeseen at the time of providing the Non- Non-Operators with said estimates of its requirementsrequirements and which have been authorised by the Parties in an approved Budget and, if applicable, an AFE, or are incurred pursuant to and in accordance with Article 5.8 of the Agreement, Operator may make a written request of the Non-Operators for special Advances advances covering the Non-Operators' share of such payments. Each such Non-Operator shall make its proportional special Advances advances within ten (10) Days after receipt of such notice.
1.6.5 1.7.5 If a Non-Operator's Advance exceeds advances exceed its share of cash expenditures, the next succeeding Advance cash advance requirements, after such determination, shall be reduced accordingly. A Non- Non-Operator may request in writing that its excess Advance advances be refunded, and . Operator shall make such refund said excess Advance within ten (10) Days after receipt of such requestthe Non-Operator's request provided that the amount is in excess of the requesting Non-Operator's share of the cash advance requirements for the succeeding Month.
1.6.6 1.7.6 If Non-Operator's Advances advances are less than its share of cash expenditures, the deficiency shall, at Operator's option, be added to any subsequent Advance cash advance requirements or be paid by Non- Non-Operator within ten (10) Days following the receipt of Operator's billing to Non-Operator for such deficiency.
1.6.7 1.7.7 If, under the provisions of the Agreement, Operator is required to segregate funds received from the Parties, any interest received on such funds in the Joint Account shall be applied against the next succeeding cash call or, if directed by the Operating Committee, distributed quarterly. The interest thus received shall be allocated to the Parties on an equitable basis taking into consideration date of funding by each Party to the accounts in proportion to the total funding into the account. A monthly Monthly statement summarizing receipts, disbursements, transfers to each joint bank account and beginning and ending balances thereof shall be provided by Operator to the Parties. Any interest received by Operator from interest-bearing accounts containing commingled funds received from the Parties shall be credited to the Parties in accordance with the allocation procedure as set forth above.
1.6.8 If Operator does not request Non-Operators to advance their share of estimated cash requirements, each Non-Operator shall pay its share of cash expenditures within ten (10) Days following receipt of Operator's billing.
1.6.9 Payments of Advances or xxxxxxxx shall be made on or before the due date. If these payments are not received by the due date the unpaid balance shall bear and accrue interest from the due date until payment is received by Operator at the Agreed Interest Rate. For the purpose of determining the unpaid balance and interest owed, Operator shall translate to Dollars all amounts owed in other currencies using the currency exchange rate readily available to Operator at the close of the last Business Day prior to the due date for the unpaid balance as quoted by the applicable authority identified in Section 1.4.3 of Section I hereof.
1.6.10 1.7.8 Subject to governmental regulation, Operator shall have the right, at any time and from time to time, to convert the funds Advanced advanced or any part thereof to other currencies to the extent that such currencies are then required for Joint Operationsoperations. The cost of any such conversion shall be charged to the Joint Account.
1.6.11 1.7.9 Operator shall endeavor to maintain funds held for the Joint Account in bank accounts at a level consistent with that required for the prudent conduct of Joint Operations.
1.6.12 1.7.10 If under the Agreement, Operator is required to segregate funds received from or for the Joint Account, the provisions under this Section 1.6 1.7 for payments and advances Advances by Non-Operators shall apply also to Operator.
Appears in 1 contract
Payments and Advances. 1.6.1 Upon approval 1.7.1 Not less than ten (10) days prior to the beginning of any Work Program and Budgeteach month, if Operator so requestsexcept pursuant to Turnkey contracts, each Non-Operator shall furnish the Parties with a Cash Call, requesting an Advance its share of or Advances for such month and showing estimated cash requirements Cash Calls for the succeeding two (2) months immediately following that month's operations ("Cash Call"). Each such The amount requested in a Cash Call shall be equal to the Operator's estimate of the money amount required from the Parties to be spent enable Operator to defray the net cash payments, being cash payments less cash receipts as adjusted for cash on hand, due in the currencies required to perform its duties relevant month under the approved Work Program and Budget during the month concerned. For informational purposes the Cash Call shall contain an estimate of the funds required for the next succeeding two (2) months detailed by the categories designated in the approved Work Program and Budget submitted obligations properly incurred by Operator in connection with the Joint Operations and in accordance with Article 6.4 of the Agreement.
1.6.2 1.7.2 Each such Cash Call, detailed by the categories designated in the approved Work Program and Budget submitted by Operator in accordance with Article 6.4 of the Agreement, Call shall be made in writing and delivered to all Non-Operators not less than fifteen twenty (1520) Days days before the payment due datedate and shall be accompanied by a statement indicating the Budget and, where applicable, AFEs for which the funds are required and the amounts attributed to each major budget heading for which the funds are required, analysed by Budget and, where applicable, AFE. The due date for payment of such Advances shall be set by Operator but shall be no sooner than the first Business Day day of the month for which the Advances are required, . All Advances shall be made without bank charges. Any charges related to receipt of Advances from a Non-Operator shall be borne by that Non-Operator.
1.6.3 1.7.3 Each Non-Operator shall wire transfer its share of the full amount of each such Cash Call cash call to Operator on or before the due date, in the currencies requested or any other currencies acceptable to Operatorrequested, and to a bank account established under Section 1.6 designated by OperatorOperator and denominated in the relevant currency. If currency provided by a Non- Non Operator is other than the requested currencyas requested, then the entire cost of converting to the requested currency shall be charged to that Non-Operator.
1.6.4 1.7.4 Notwithstanding the provisions of Section 1.6.21.7.2, should Operator be required to pay any sums of money for the Joint Operations which were unforeseen at the time of providing the Non- Non-Operators with said estimates of its requirementsrequirements and which have been authorised by the Parties in an approved Budget and, if applicable, an AFE, Operator may make a written request of the Non-Operators for special Advances advances covering the Non-Operators' share of such payments. Each such Non-Operator shall make its proportional special Advances advances within ten fifteen (1015) Days days after receipt of such notice.
1.6.5 1.7.5 If a Non-Operator's Advance exceeds advances exceed its share of cash expenditures, the next succeeding Advance cash advance requirements, after such determination, shall be reduced accordingly. A Non- Non-Operator may request in writing that its excess Advance advances be refunded, and . Operator shall make such refund said excess Advance within ten (10) Days days after receipt of such requestthe Non-Operator's request provided that the amount is in excess of the requesting Non-Operator's share of the cash advance requirements for the succeeding Month.
1.6.6 1.7.6 If Non-Operator's Advances advances are less than its share of cash expenditures, the deficiency shall, at Operator's option, be added to any subsequent Advance cash advance requirements or be paid by Non- Non-Operator within ten (10) Days days following the receipt of Operator's billing to Non-Operator for such deficiency.
1.6.7 1.7.7 If, under the provisions of the Agreement, Operator is required to segregate funds received from the Parties, any interest received on such funds in the Joint Account shall be applied against the next succeeding cash call or, if directed by the Operating Committee, distributed quarterly. The interest thus received shall be allocated to the Parties on an equitable basis taking into consideration date of funding by each Party to the accounts in proportion to the total funding into the account. A monthly statement summarizing receipts, disbursements, transfers to each joint bank account and beginning and ending balances thereof shall be provided by Operator to the Parties. Any interest received by Operator from interest-bearing accounts containing commingled funds received from the Parties shall be credited to the Parties in accordance with the allocation procedure as set forth above.
1.6.8 If Operator does not request Non-Operators to advance their share of estimated cash requirements, each Non-Operator shall pay its share of cash expenditures within ten (10) Days following receipt of Operator's billing.
1.6.9 Payments of Advances or xxxxxxxx shall be made on or before the due date. If these payments are not received by the due date the unpaid balance shall bear and accrue interest from the due date until payment is received by Operator at the Agreed Interest Rate. For the purpose of determining the unpaid balance and interest owed, Operator shall translate to Dollars all amounts owed in other currencies using the currency exchange rate readily available to Operator at the close of the last Business Day prior to the due date for the unpaid balance as quoted by the applicable authority identified in Section 1.4.3 of Section I hereof.
1.6.10 1.7.8 Subject to governmental regulation, Operator shall have the right, at any time and from time to time, to convert the funds Advanced advanced or any part thereof to other currencies to the extent that such currencies are then required for Joint Operationsoperations. The cost of any such conversion shall be charged to the Joint Account.
1.6.11 1.7.9 Operator shall endeavor endeavour to maintain funds held for the Joint Account in bank accounts at a level consistent with that required for the prudent conduct of Joint Operations.
1.6.12 1.7.10 If under the Agreement, Operator is required to segregate funds received from or for the Joint Account, the provisions under this Section 1.6 1.7 for payments and advances Advances by Non-Operators shall apply also to Operator.
Appears in 1 contract
Payments and Advances. 1.6.1 Upon approval of any Work Program and Budget, if Operator so requests, each Non-Operator shall Advance advance its share of estimated cash requirements for the succeeding month's operations ("Cash Call")one month of operations. Each such Cash Call cash call shall be equal to the Operator's estimate of the money to be spent in the currencies required to perform its duties under the approved Work Program and Budget during the month concerned. For informational purposes the Cash Call cash call shall contain an estimate of the funds required for the next succeeding two (2) months detailed by the categories designated in the approved Work Program and Budget submitted by Operator in accordance with Article 6.4 6 of the Agreement.
1.6.2 Each such Cash Callcash call, detailed by the categories designated in the approved Work Program and Budget submitted by Operator in accordance with Article 6.4 6 of the Agreement, Agreement shall be made in writing and delivered to all Non-Operators not less than fifteen (15) Days before the payment due date. The due date for payment of such Advances advances shall be set by Operator but shall be no sooner than the first Business Day of the month for which the Advances advances are required, . All Advances advances shall be made without bank charges. Any charges related to receipt of Advances advances from a Non-Operator shall be borne by that Non-Operator.
1.6.3 Each Non-Operator shall wire transfer its share of the full amount of each such Cash Call cash call to Operator on or before the due date, in the currencies requested or any other currencies acceptable to Operator, Operator and to at a bank designated by Operator. If currency provided by a Non- Non-Operator is other than the requested currency, then the entire cost of converting to the requested currency shall be charged to that Non-Operator.
1.6.4 Notwithstanding the provisions of Section 1.6.2, should Operator be required to pay any sums of money for the Joint Operations which were unforeseen at the time of providing the Non- Non-Operators with said estimates of its requirements, Operator may make a written request of the Non-Operators for special Advances advances covering the Non-Operators' share of such payments. Each such Non-Operator shall make its proportional special Advances advances within ten (10) Days after receipt of such notice.
1.6.5 If a Non-Operator's Advance exceeds advances exceed its share of cash expenditures, the next succeeding Advance cash advance requirements, after such determination, shall be reduced accordingly. A Non- Operator may request in writing that its excess Advance be refunded, and Operator shall refund said excess Advance within ten (10) Days after receipt of such request.
1.6.6 If Non-Operator's Advances are less than its share of cash expenditures, the deficiency shall, at Operator's option, be added to any subsequent Advance requirements or be paid by Non- Operator within ten (10) Days following the receipt of Operator's billing to Non-Operator for such deficiency.
1.6.7 If, under the provisions of the Agreement, Operator is required to segregate funds received from the Parties, any interest received on such funds in the Joint Account shall be applied against the next succeeding cash call or, if directed by the Operating Committee, distributed quarterly. The interest thus received shall be allocated to the Parties on an equitable basis taking into consideration date of funding by each Party to the accounts in proportion to the total funding into the account. A monthly statement summarizing receipts, disbursements, transfers to each joint bank account and beginning and ending balances thereof shall be provided by Operator to the Parties. Any interest received by Operator from interest-bearing accounts containing commingled funds received from the Parties shall be credited to the Parties in accordance with the allocation procedure as set forth above.
1.6.8 If Operator does not request Non-Operators to advance their share of estimated cash requirements, each Non-Operator shall pay its share of cash expenditures within ten (10) Days following receipt of Operator's billing.
1.6.9 Payments of Advances or xxxxxxxx shall be made on or before the due date. If these payments are not received by the due date the unpaid balance shall bear and accrue interest from the due date until payment is received by Operator at the Agreed Interest Rate. For the purpose of determining the unpaid balance and interest owed, Operator shall translate to Dollars all amounts owed in other currencies using the currency exchange rate readily available to Operator at the close of the last Business Day prior to the due date for the unpaid balance as quoted by the applicable authority identified in Section 1.4.3 of Section I hereof.
1.6.10 Subject to governmental regulation, Operator shall have the right, at any time and from time to time, to convert the funds Advanced or any part thereof to other currencies to the extent that such currencies are then required for Joint Operations. The cost of any such conversion shall be charged to the Joint Account.
1.6.11 Operator shall endeavor to maintain funds held for the Joint Account in bank accounts at a level consistent with that required for the prudent conduct of Joint Operations.
1.6.12 If under the Agreement, Operator is required to segregate funds received from or for the Joint Account, the provisions under Section 1.6 for payments and advances by Non-Operators shall apply also to Operator.
Appears in 1 contract
Samples: International Operating Agreement (Radial Energy, Inc.)
Payments and Advances. 1.6.1 3.1 Upon approval of any Work Program and BudgetBudget and any AFE, if Operator so requests, each Non-Operator shall Advance advance its share of estimated cash requirements for the succeeding month's operations ("Cash Call")operations. Each such Cash Call cash call shall be equal to the Operator's estimate of the money to be spent in the currencies required to perform its duties under the approved Work Program and Budget Budget, and the approved AFE, during the month concerned. For informational purposes the Cash Call shall contain an estimate of the funds required for the next succeeding two (2) months detailed by the categories designated in the approved Work Program and Budget submitted by Operator in accordance with Article 6.4 of the Agreement.
1.6.2 3.2 Each such Cash Call, detailed by the categories designated in the approved Work Program and Budget submitted by Operator in accordance with Article 6.4 of the Agreement, cash call shall be made in writing and delivered to all Non-Operators not less than fifteen twenty (1520) Days days before the payment due date. The due date for payment of such Advances advances shall be set by Operator but shall be no sooner than the first Business Day of the month for which the Advances advances are required, . All Advances advances shall be made without bank charges. Any charges related to receipt of Advances advances from a Non-Operator shall be borne by that Non-Operator.
1.6.3 3.3 Each Non-Operator shall wire transfer its share of the full amount of each such Cash Call cash call to Operator on or before the due date, in the currencies requested or any other currencies acceptable to Operator, and to at a bank designated by Operator. If the currency provided by a Non- Non-Operator is other than the requested currency, then the entire cost of converting to the requested currency shall be charged to that Non-Operator. All advances shall be made without bank charges.
1.6.4 3.4 Notwithstanding the provisions of Section 1.6.2Article 3.2, should Operator be required to pay any sums of money for the Joint Operations which were unforeseen at the time of providing the Non- Non-Operators with said estimates of its requirements, Operator may make a written request of the Non-Operators for special Advances advances covering the Non-Operators' share of such payments. Each such Non-Operator shall make its proportional special Advances advances within ten fifteen (1015) Days days after receipt of such notice.
1.6.5 3.5 Each monthly cash call notice shall clearly indicate the following information
3.5.1 All costs and expenses for the cash call to be shared by each Party as shown in the approved Budget and, if required, the approved AFE.
3.5.2 Detail by major Budget category and relevant AFE identification, if required.
3.5.3 Funds to be advanced by each Party in the month for which the funds will be used and, for informational purposes, the estimated amount of funds to be advanced by each Party in the following two (2) months.
3.5.4 The date when funds are to be advanced, currency, and with respect to the account into which the advances are to be made, the name of the bank, its address, account number, name of the account, and particulars required for the advances to be made by wire transfers.
3.5.5 The Dollar equivalent of the total cash called. The Operator shall also specify the estimated amounts of required Renminbi and Dollars.
3.6 If a Non-Operator's Advance exceeds advances exceed its share of cash expenditures, the next succeeding Advance cash advance requirements, after such determination, shall be reduced accordingly. A Non- Non-Operator may request in writing that its excess Advance advances be refunded, and . Operator shall make such refund said excess Advance within ten (10) Days days after receipt of such requestthe Non-Operator's request provided that the amount is in excess of the requesting Non-Operator's share of the cash advance requirements for the succeeding month.
1.6.6 3.7 If Non-Operator's Advances advances are less than its share of cash expenditures, the deficiency shall, at Operator's option, be added to any subsequent Advance cash advance requirements or be paid by Non- Non-Operator within ten fifteen (1015) Days days following the receipt of Operator's billing to Non-Operator for such deficiency.
1.6.7 3.8 If, under the provisions of the Joint Operating Agreement, Operator is required to segregate funds received from the Parties, any interest received on such funds in the Joint Account shall be applied against the next succeeding cash call or, if directed by the Operating Committee, distributed quarterly. The interest thus received shall be allocated to the Parties on an equitable basis taking into consideration date of funding by each Party to the accounts in proportion to the total funding into the account. A monthly statement summarizing receipts, disbursements, transfers to each joint bank account and beginning and ending balances thereof shall be provided by Operator to the Parties. Any interest received by Operator from interest-bearing accounts containing commingled funds received from the Parties shall be credited to the Parties in accordance with the allocation procedure as set forth above.
1.6.8 3.9 If Operator does not request Non-Operators to advance their share of estimated cash requirements, each Non-Operator shall pay its share of cash expenditures within ten twenty (1020) Business Days following receipt of Operator's billing.
1.6.9 3.10 Payments of Advances advances or xxxxxxxx billings shall be made on or before the due date. If these payments are not xxx xxx received by the due date the unpaid balance shall bear and accrue interest from the due date until the payment is received by Operator at the Agreed Interest Rate. For the purpose of determining the unpaid balance and interest owed, Operator shall translate to Dollars all amounts owed in other currencies using the currency exchange rate readily available to Operator at the close of the last Business Day prior to the due date for the unpaid balance as quoted by the applicable authority identified in Section 1.4.3 1.6 of Section I hereofthis Accounting Procedure.
1.6.10 3.11 Subject to governmental regulation, Operator shall have the right, at any time and from time to time, to convert the funds Advanced advanced or any part thereof to other currencies to the extent that such currencies are then required for Joint Operationsoperations. The cost of any such conversion shall be charged to the Joint Account.
1.6.11 3.12 Operator shall endeavor to maintain funds held for the Joint Account in bank accounts at a level consistent with that required for the prudent conduct of Joint Operations.
1.6.12 3.13 If under the Joint Operating Agreement, Operator is required to segregate funds received from or for the Joint Account, the provisions under Section 1.6 this Article 3 for payments and advances by Non-Operators shall apply also to Operator.
3.14 Payments of any advances or billings shall not prejudice the right of any Non-Operator to protesx xx xxxstion the correctness thereof; provided, however, all bills and statements rendered to Non-Operators by Operator during any calendar year shall conclusively be presumed to be true and correct after twenty-four (24) months following the end of such calendar year, unless within the said twenty-four (24) month period a Non-Operator takes written exception thereto and makes claim on Operator for adjustment. Failure on the part of a Non-Operator to make claim on Operator for adjustment within such period shall establish the correctness thereof and preclude the filing of exceptions thereto or making claims for adjustment thereon. No adjustment favorable to Operator shall be made unless it is made within the same prescribed period. The provisions of this paragraph shall not prevent adjustments resulting from a physical inventory of the property as provided for in Article 4.7. Operator shall be allowed to make adjustments to the Joint Account after such twenty-four (24) month period if these adjustments result from audit exceptions outside of this Joint Operating Agreement, third party claims, or Governmental Authority or CNPC requirements. Any such adjustments shall be subject to audit within the time period specified in Article 8.
Appears in 1 contract
Payments and Advances. 1.6.1 Upon approval of any Work Program and Budget, if Operator so requests, each Non-Operator shall Advance advance its share of estimated cash requirements for the succeeding month's operations ("Cash Call")’s operations. Each such Cash Call cash call shall be equal to the Operator's ’s estimate of the money to be spent in the currencies required to perform its duties under the approved Work Program and Budget during the month concerned. For informational purposes the Cash Call cash call shall contain an estimate of the funds required for each of the next succeeding two (2) months detailed by the major work categories designated in the approved Work Program and Budget submitted by Operator in accordance with Article 6.4 of the Agreement.
1.6.2 Each such Cash Callcash call, detailed by the major Work Program and Budget categories designated in the approved Work Program and Budget submitted by Operator in accordance with Article 6.4 of the Agreement, Agreement shall be made in writing and delivered to all Non-Operators not less than fifteen (15) Days before the payment due date. The due date for payment of such Advances cash calls shall be set by Operator but shall be no sooner than the first Business Day of the month for which the Advances advances are required, . All Advances advances and payments shall be made without exclusive of bank and other charges. Any charges related to transfer or receipt of Advances advances or payments from a Non-Operator shall be borne by that Non-Operator.
1.6.3 Each Non-Operator shall wire transfer its share of the full amount of each such Cash Call cash call to Operator on or before the due date, in the currencies requested or any other currencies acceptable to Operator, Operator and to at a bank designated by Operator. If currency provided by a Non- Non-Operator is other than the requested currency, then the entire cost of converting to the requested currency shall be charged to that Non-Operator.
1.6.4 Notwithstanding the provisions of Section 1.6.2, should Operator be required to pay before receipt of the next cash call any sums of money for the Joint Operations included in an approved Work Program and Budget which were unforeseen at the time of providing the Non- Non-Operators with said estimates of its requirements, Operator may make a written request of to the Non-Operators for special Advances advances covering the Non-Operators' ’ share of such payments. Each such Non-Operator shall make its proportional respective special Advances advance within ten (10) Days after receipt of such notice.
1.6.5 If a Non-Operator's Advance exceeds ’s advances exceed its share of cash expenditures, the next succeeding Advance requirementscash call requirement, after such determination, shall be reduced accordingly. A Non- However, if the amount of such excess is greater than the amount of the next month’s estimated cash requirements for such Non-Operator, the Non-Operator may request in writing that its excess Advance a refund of the difference, which refund shall be refunded, and made by Operator shall refund said excess Advance within ten (10) Days after receipt of the Non-Operator’s request provided that such requestamount is greater than one hundred fifty thousand U.S. dollars (U.S.$150,000).
1.6.6 If Non-Operator's Advances ’s advances are less than its share of cash expenditures, the deficiency shall, at Operator's ’s option, be added to any subsequent Advance cash advance requirements or be paid by Non- Non-Operator within ten (10) Days following the receipt of Operator's ’s billing to Non-Operator for such deficiency.
1.6.7 If, under the provisions of the Agreement, Operator is required to segregate funds received from the Parties, any interest received on such funds in the Joint Account shall be applied against the next succeeding cash call or, if directed by the Operating Committee, distributed quarterlyeach Calendar Quarter. The interest interest, if any, thus received shall be allocated to the Parties on an equitable basis taking into consideration the date of funding by each Party to the accounts account in proportion to the total funding into the account. A monthly statement summarizing receipts, disbursements, transfers to each joint bank account and beginning and ending balances thereof shall be provided by Operator to the Parties. Any interest received by Operator from interest-bearing accounts containing commingled funds received from the Parties shall be credited to the Parties in accordance with the allocation procedure as set forth above.
1.6.8 If Operator requires a separate advance billing or does not request Non-Operators to advance their share of estimated cash requirements, each Non-Operator shall pay its share of cash expenditures within ten (10) Days following receipt of Operator's ’s billing.
1.6.9 Payments of Advances advances or xxxxxxxx shall be made on or before the due date. If these payments are not received by the due date the unpaid balance shall bear and accrue interest from the due date until the payment is received by Operator at the Agreed Interest Rate. For the purpose of determining the unpaid balance and interest owed, Operator shall translate to Dollars U.S. currency all amounts owed in other currencies using the currency exchange rate readily available to Operator at the close of the last Business Day prior to the due date for the unpaid balance as quoted by the applicable authority identified in Section 1.4.3 of this Section I hereof.I.
1.6.10 Subject to governmental Government regulation, Operator shall have the right, at any time and from time to time, to convert the funds Advanced advanced or any part thereof to other currencies currencies, other than PEN (Peruvian Nuevo Sol), to the extent that such currencies are then required for Joint Operationsoperations. If this is the case the Operator shall advise each participant of such adjustments as an attachment in the monthly statements. The cost of any such conversion shall be charged to the Joint Account.
1.6.11 Operator shall endeavor to maintain funds held for the Joint Account in bank accounts at a level consistent with that required for the prudent conduct of Joint Operations.
1.6.12 If under the Agreement, Operator is required to segregate funds received from or for the Joint Account, the provisions under Section 1.6 for payments and advances by Non-Operators shall apply also to Operator.
Appears in 1 contract
Payments and Advances. 1.6.1 Upon approval of any Work Program and Budget, if Operator so requests, each Non-Operator shall Advance its share of estimated cash requirements for the succeeding month's operations ("Cash Call"). Each such Cash Call shall be he equal to the Operator's estimate of the money to be spent in the currencies required to perform its duties under the approved Work Program and Budget during the month concerned. For informational purposes the Cash Call shall contain an estimate of the funds required for the next succeeding two (2) months detailed by the categories designated in the approved Work Program and Budget submitted by Operator in accordance with Article 6.4 of the Agreement.
1.6.2 Each such Cash Call, detailed by the categories designated in the approved Work Program and Budget submitted by Operator in accordance with Article 6.4 of the Agreement, shall be made in writing and delivered to all Non-Operators not less than fifteen (15) Days before the payment due date. The due date for payment of such Advances shall be set by Operator but shall be no sooner than the first Business Day of the month for which the Advances are required, All Advances shall be made without bank charges. Any charges related to receipt of Advances from a Non-Operator shall be borne by that Non-Operator.
1.6.3 Each Non-Operator shall wire transfer its share of the full amount of each such Cash Call to Operator on or before the due date, in the currencies requested or any other currencies acceptable to Operator, and to a bank designated by Operator. If currency provided by a Non- Non-Operator is other than the requested currency, then the entire cost of converting to the requested currency shall be charged to that Non-Operator.
1.6.4 Notwithstanding the provisions of Section 1.6.2, should Operator be required to pay any sums of money for the Joint Operations which were unforeseen at the time of providing the Non- Non-Operators with said estimates of its requirements, Operator may make a written request of the Non-Operators for special Advances covering the Non-Operators' share of such payments. Each such Non-Operator shall make its proportional special Advances within ten (10) Days after receipt of such notice.
1.6.5 If a Non-Operator's Advance exceeds its share of cash expenditures, the next succeeding Advance requirements, after such determination, shall be reduced accordingly. A Non- Non-Operator may request in writing that its excess Advance be refunded, and Operator shall refund said excess Advance within ten (10) Days after receipt of such request.
1.6.6 If Non-Operator's Advances are less than its share of cash expenditures, the deficiency shall, at Operator's option, be added to any subsequent Advance requirements or be paid by Non- Non-Operator within ten (10) Days following the receipt of Operator's billing to Non-Operator for such deficiency.
1.6.7 If, under the provisions of the Agreement, Operator is required to segregate funds received from the Parties, any interest received on such funds in the Joint Account shall be applied against the next succeeding cash call or, if directed by the Operating Committee, distributed quarterly. The interest thus received shall be allocated to the Parties on an equitable basis taking into consideration date of funding by each Party to the accounts in proportion to the total funding into the account. A monthly statement summarizing receipts, disbursements, transfers to each joint bank account and beginning and ending balances thereof shall be provided by Operator to the Parties. Any interest received by Operator from interest-bearing accounts containing commingled funds received from the Parties shall be credited to the Parties in accordance with the allocation procedure as set forth above.
1.6.8 If Operator does not request Non-Operators to advance their share of estimated cash requirements, each Non-Operator shall pay its share of cash expenditures within ten (10) Days following receipt of Operator's billing.
1.6.9 Payments of Advances or xxxxxxxx shall be made on or before the due date. If these payments are not received by the due date the unpaid balance shall bear and accrue interest from the due date until payment is received by Operator at the Agreed Interest Rate. For the purpose of determining the unpaid balance and interest owed, Operator shall translate to Dollars all amounts owed in other currencies using the currency exchange rate readily available to Operator at the close of the last Business Day prior to the due date for the unpaid balance as quoted by the applicable authority identified in Section 1.4.3 of Section I hereof.
1.6.10 Subject to governmental regulation, Operator shall have the right, at any time and from time to time, to convert the funds Advanced or any part thereof to other currencies to the extent that such currencies are then required for Joint Operations. The cost of any such conversion shall be charged to the Joint Account.
1.6.11 Operator shall endeavor to maintain funds held for the Joint Account in bank accounts at a level consistent with that required for the prudent conduct of Joint Operations.
1.6.12 If under the Agreement, Operator is required to segregate funds received from or for the Joint Account, the provisions under Section 1.6 for payments and advances by Non-Operators shall apply also to Operator.
Appears in 1 contract
Samples: Joint Operating Agreement (Geoglobal Resources Inc.)
Payments and Advances. 1.6.1 Upon approval of any Work Program and Budget, if Operator so requests, each Non-Operator shall Advance advance its share of estimated cash requirements for the succeeding month's operations ("Cash Call")operations. Each such Cash Call cash call shall be equal to the Operator's estimate of the money to be spent in the currencies required to perform its duties under the approved Work Program and Budget during the month concerned. For informational purposes the Cash Call cash call shall contain an estimate of the funds required for the next succeeding two (2) months detailed by the categories designated in the approved Work Program and Budget submitted by Operator in accordance with Article 6.4 of the Agreement.months. Alliance Operating Agreement - 20F
1.6.2 Each such Cash Callcash call, detailed by the categories designated in the approved Work Program and Budget submitted by Operator in accordance with Article 6.4 of the Agreementmajor budget categories, shall be made in writing and delivered to all Non-Operators not less than fifteen (15) Days before the payment due date. The due date for payment of such Advances advances shall be set by Operator but shall be no sooner than the first Business Day of the month for which the Advances advances are required, . All Advances advances shall be made without bank charges. Any charges related to receipt of Advances advances from a Non-Operator shall be borne by that Non-Operator.
1.6.3 Each Non-Operator shall wire transfer its share of the full amount of each such Cash Call cash call to Operator on or before the due date, in the currencies requested or any other currencies acceptable to Operator, and to at a bank designated by Operator. If currency provided by a Non- Non-Operator is other than the requested currency, then the entire cost of converting to the requested currency shall be charged to that Non-Operator.
1.6.4 Notwithstanding the provisions of Section 1.6.2, should Operator be required to pay any sums of money for the Joint Operations which were unforeseen at the time of providing the Non- Non-Operators with said estimates of its requirements, Operator may make a written request of the Non-Operators for special Advances advances covering the Non-Operators' share of such payments. Each such Non-Operator shall make its proportional special Advances advances within ten (10) Days after receipt of such notice.
1.6.5 If a Non-Operator's Advance exceeds advances exceed its share of cash expenditures, the next succeeding Advance cash advance requirements, after such determination, shall be reduced accordingly. A Non- Non-Operator may request in writing that its excess Advance advances be refunded, and . Operator shall make such refund said excess Advance within ten (10) Days after receipt of such requestthe Non-Operator's request provided that the amount is in excess of the requesting Non-Operator's share of the cash advance requirements for the succeeding month.
1.6.6 If Non-Operator's Advances advances are less than its share of cash expenditures, the deficiency shall, at Operator's option, be added to any subsequent Advance cash advance requirements or be paid by Non- Non-Operator within ten (10) Days following the receipt of Operator's billing to Non-Operator for such deficiency.
1.6.7 If, under the provisions of the Agreement, Operator is required to segregate funds received from the Parties, any Any interest received on such funds in the Joint Account funds shall be applied against the next succeeding cash call or, if directed by the Operating Committee, distributed quarterly. The interest thus received shall be allocated to the Parties on an equitable basis taking into consideration date of funding by each Party party to the accounts in proportion to the total funding into the account. A monthly statement summarizing receipts, disbursements, transfers to each joint bank account and beginning and ending balances thereof shall be provided by Operator to the Parties. Any interest received by Operator from interest-bearing accounts containing commingled funds received from the Parties shall be credited to the Parties in accordance with the allocation procedure as set forth above.
1.6.8 If Operator does not request Non-Operators to advance their share of estimated cash requirements, each Non-Operator shall pay its share of cash expenditures within ten fifteen (1015) Days following receipt of Operator's billing.. Alliance Operating Agreement - 20F
1.6.9 Payments of Advances advances or xxxxxxxx shall be made on or before the due date. If these payments are not received by the due date the unpaid balance shall bear and accrue interest from the due date until the payment is received by Operator at the Agreed Interest Rate. For the purpose of determining the unpaid balance and interest owed, Operator shall translate to Dollars U.S. currency all amounts owed in other currencies using the currency exchange rate readily available to Operator at the close of the last Business Day prior to the due date for the unpaid balance as quoted by the applicable authority identified in Section 1.4.3 of this Section I hereof.I.
1.6.10 Subject to governmental regulation, Operator shall have the right, at any time and from time to time, to convert the funds Advanced advanced or any part thereof to other currencies to the extent that such currencies are then required for Joint Operations. The cost of any such conversion shall be charged to the Joint Account.
1.6.11 Operator shall endeavor to maintain funds held for the Joint Account in bank accounts at a level consistent with that required for the prudent conduct of Joint Operations.
1.6.12 If under the Agreement, Operator is required to segregate funds received from or for the Joint Account, the provisions under this Section 1.6 for payments and advances by Non-Operators shall apply also to Operator.
Appears in 1 contract
