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Work Program and Budget Sample Clauses

Work Program and Budget. 10.1 After the Date of Commencement of the Implementation of the Contract, the Operator shall propose and submit to JMC the annual Work Program and budget for the remainder of the same Calendar Year at the first regular meeting of JMC. Before the fifteenth (15th) day of September of each Calendar Year, the Operator shall complete and submit to JMC for its review an annual Work Program and budget for the next Calendar Year except as otherwise agreed by CUCBM. JMC shall either adopt the annual Work Program and budget as submitted or make such modifications agreed by the Parties. The adopted annual Work Program and budget shall be submitted to CUCBM for review and approval within one (l) month as of the date on which they are submitted to JMC. Within fifteen (15) days following the receipt of the annual Work Program and budget, CUCBM shall notify JMC in writing of its approval or disapproval or any modifications thereto with its detailed reasons. If CUCBM requests any modifications to the aforesaid annual Work Program and budget, the Parties shall promptly hold meetings to make modifications and any modifications agreed upon by the Parties shall be effected immediately. In case CUCBM fails to notify JMC in writing of its approval or disapproval or any modification within fifteen (15) days, the annual Work Program and budget adopted by JMC shall be deemed to have been approved by CUCBM. The Operator shall make its best efforts to perform the CBM Operations in accordance with the approved annual Work Program and budget. For reviewing Work Program and budget by JMC, the Operator shall provide to JMC the supporting data when requested. During the exploration period, the budgets so approved by CUCBM shall be sufficient to allow the Operator to fulfill the Work Programs and its obligations under the Contract. 10.2 The Operator may, in accordance with the following provisions, incur excess expenditures or expenditures outside the budget in carrying out the Work Program and budget, provided that the objectives of the approved Work Program and budget are not changed. 10.2.1 In carrying out an approved budget for a single item, such as for the drilling of a well, the Operator may, if necessary, incur excess expenditures of no more than ten percent (10%) of the budgeted amount except in the case of emergencies. The Operator shall report the aggregate amount of all such excess expenditures to JMC for confirmation on a Calendar Quarter basis. 10.2.2 For the efficient perf...
Work Program and BudgetThe Borrower: (i) not later than September 30 in each calendar year, shall, through the MOH, prepare and submit to the Bank for its review and approval a proposed work program and budget for the following Project implementation year setting forth the annual action plan and proposed expenditures; and (ii) thereafter, shall cause the MOH to adopt the said work program and budget taking into consideration the Bank’s comments thereon and carry out the Project in accordance therewith.
Work Program and Budget. Upon the occurrence of a Redesign Trigger Event, Developer and the Authority shall meet and confer to mutually agree on a work program and budget (the “Work Program” and the “Redesign Budget”) for a Redesign Plan to be submitted to the Navy no later than one hundred eighty (180) days after a Redesign Trigger Event (as such date may be extended by the Navy in accordance with the terms of the Conveyance Agreement). The Work Program shall set forth the anticipated work program and schedule necessary to prepare, entitle and implement the Redesign Plan. The Redesign Budget shall estimate the anticipated costs necessary to prepare, entitle and implement the Redesign Plan (the “Redesign Costs”). Redesign Costs shall include, without limitation, all Soft Costs related to the Redesign Plan, including without limitation, costs associated with any subsequent environmental review that is required pursuant to CEQA, and Hard Costs related to the rebuilding, replacing, relocating or incremental cost of additional Horizontal Infrastructure as necessary to accommodate the Redesign Plan. If after Navy’s ninety (90) day review process under Section 4.2.4 of the Conveyance Agreement, the Navy objects to the Work Program and Redesign Budget, Developer shall fully participate in the Authority’s discussions with the Navy unless the Navy prohibits such participation, and the Authority shall consult and coordinate closely with Developer and provide Developer with reasonable prior notice of all dispute resolution proceedings pursuant to the terms of the Conveyance Agreement.
Work Program and Budget. (a) Not less than 10 days nor more than 60 days before the end of each calendar year, the executive management shall prepare and submit to the Board for approval, a work program and budget for the Company and the Colombia Business (having regard to, among other things, the capital requirements and financial obligations of the Relevant Companies) (“Work Program and Budget”). (b) Each annual Work Program and Budget shall, with respect to the applicable calendar year, contain: (i) a reasonably detailed list of the operations and activities to be conducted, described in sufficient detail to afford ready identification of the nature, scope, location, and expected timing and duration of each such activity; (ii) an estimate of the costs corresponding to each line item or category; (iii) reasonable and necessary supporting information; and (iv) such additional information and detail, if any, as the executive management of the Company may deem suitable. (c) Each of the Shareholders acknowledges that, as it is the case for any oil and gas operation, the Work Program and Budget will include a number of assumptions, estimates and projections provided by the Company using its best judgment and knowledge. Actual development of results within the operations may differ from the anticipated Work Program and Budget for many reasons, including but not limited to: (i) changes in oil and gas prices, (ii) changes in well production rates, (iii) drilling results, (iv) decisions made by operators or partners in Blocks where any Relevant Company does not operate and has limited voting rights, (v) necessary changes to drilling schedules given issues that are beyond any Relevant Company’s control such as drilling results, local communities, road access, land access, availability of environmental permits from Governmental Entities, availability of adequate drilling and work-over rigs, among others, (vi) availability of equipment and services, and (vii) facts, circumstances or events that may cause immediate harm to human health, safety, property or the environment or that otherwise constitute emergencies. (d) The Shareholders must use all reasonable endeavors and will empower the Company’s executive management to ensure that during the calendar year to which a Work Program and Budget relates, the Company and each Relevant Company conducts the Colombian Business in accordance with such Work Program and Budget, including any necessary deviation or modification to such Work Program and ...
Work Program and BudgetNo Credit Party shall, and each Credit Party shall cause its Subsidiaries to not, materially amend, modify, supplement or revise the Work Program and Budget without the prior consent of the Lender. No Credit Party shall, and each Credit Party shall cause its Subsidiaries to not, make, agree to make, accrue or incur any expenditure of any nature whatsoever, or any commitment therefor, in excess of US$50,000 individually, or $250,000 in the aggregate, unless such expenditure is included and described in the Work Program and Budget.
Work Program and BudgetThe Executive Director shall prepare annually a proposed Work Program and Budget for the ensuing fiscal year that shall be prepared and submitted to the Board of Directors for consideration on or before June 1 of the preceding fiscal year. The Board of Directors shall review the proposed Work Program and Budget and on or before the last regularly scheduled meeting of the Board in the preceding fiscal year shall approve and adopt a program of work and budget for the next fiscal year, which budget shall set the assessment fee for all classes of General Members, for Special Purpose Members and Ex-officio Members. The basis upon which the assessment fee and/or contribution requirements of Members of all categories is determined shall be established and set forth in the Bylaws.
Work Program and Budget. 29 Article 11
Work Program and BudgetNo Credit Party shall, and each Credit Party shall cause its Subsidiaries to not, materially amend, modify, supplement or revise the Work Program and Budget without the prior consent of the Borrower’s Board of Directors and, if such consent is obtained, then by the Lender. For the purposes of the foregoing, a material amendment, modification, supplement or revision requiring consent of the Borrower’s Board of Directors and the Lender shall not include an anticipated or actual negative variance in the Work Program and Budget (a) created solely by a change in the timing of when a Credit Party makes an expenditure or (b) that relates solely to an expenditure that the Credit Parties, to their knowledge and in accordance with generally accepted industry practices, reasonably expect to offset against other savings within the period of time covered by such Work Program and Budget. No Credit Party shall, and each Credit Party shall cause its Subsidiaries to not, make, agree to make, accrue or incur any expenditure of any nature whatsoever, or any commitment therefor, in excess of $50,000 individually, or $250,000 in the aggregate, unless such expenditure is included and described in the Work Program and Budget or unless such expenditure receives prior approval by the Borrower’s Board of Directors and, if such approval is obtained, then by the Lender.
Work Program and Budget. No later than one hundred eighty (180) days 24 after a Redesign Trigger Event (as such date may be extended in the reasonable discretion of 25 the Navy), the Authority shall submit to the Navy a work program and budget (the “Work 27 forth the anticipated work program and schedule necessary to prepare, entitle and implement 28 the Redesign Plan. The Redesign Budget shall estimate the anticipated costs necessary to 29 prepare, entitle and implement the Redesign Plan (the “Redevelopment Plan Redesign 30 Costs”). Redevelopment Plan Redesign Costs shall include, without limitation, all Soft Costs 31 related to the Redesign Plan, including without limitation, costs associated with any subsequent 32 environmental review that is required pursuant to CEQA, and Hard Costs related to the 33 rebuilding, replacing, relocating or incremental cost of additional Horizontal Infrastructure as 34 necessary to accommodate the Redesign Plan. The Navy shall have ninety (90) days to review 35 the Work Program and Redesign Budget and shall be deemed to have approved the Work 36 Program and Redesign Budget unless it delivers a written objection notice within such ninety 37 (90) day period including reasonably detailed grounds for any material objections thereto. The 38 sole grounds for the Navy’s objection rights shall be that the proposed Redevelopment Plan 39 Redesign Costs exceeds the scope for such costs permitted under Section 4.2.3 hereof. Failure 40 of the Navy to deliver a written objection notice within such ninety (90) day period shall be 41 deemed approval of the Redevelopment Plan Redesign Costs. 42
Work Program and BudgetSubject to applicable Laws, at least 60 days before the beginning of each fiscal year, the Company shall provide the Board with an annual draft work program budget for the Company for approval by the Board (to include at least one nominee director from each of Asia Sixth and Meridian). Such draft work program and budget will include income statement, balance sheet and statement of changes in financial position (including acquisitions and capital expenditures).